Koboda (603786): One of the two core automotive electronics core targets

Koboda (603786): One of the two core automotive electronics core targets
Investment logic: The leader in the field of automotive controllers. Koboda, the core target of automotive electronics, is one of the few domestic manufacturers of automotive intelligence and energy-saving electronic components.Car companies have benefited from the trend of LED lights and volume and prices in the short term, and have benefited from the expansion of product categories under the increase of automotive electronics loading rates in the long term. Main business introduction: one wing, one car with multiple business lines. The company ‘s current business wing, headlight controller: motor controller: on-board electronics, approximately 2: 1: 1 revenue ratio, with the headlight controller as a company traditionAdvantageous business (domestic market share is about 10%). The industry benefits from the expansion of the LEDization market. After the LEDization of the entire system, the domestic market space is nearly 20 billion, and the global market space is nearly 60 billion. Motor controllers and vehicle electronics are in the automotive industry.Under the trend of intelligent electrification, the use of bicycles has gradually increased, and the market prospect is broad. Logic one: Automotive electronics penetration increases, driving the company’s product category expansion. Currently, the cost of automotive electronics in embedded models accounts for about 15%, and the cost of mid-to-high-end models can reach 30% -40%.Among electric vehicles, the cost of automotive electronics accounts for up to 65%. Following the trend of new energy and intelligence in automobiles, the proportion of automotive electronics costs will continue to increase. It is estimated that the automotive electronics industry globally is 1.5 trillion yuan and the domestic 600 billion market.Koboda has a bright market prospect for its controllers in production, and its fund-raising projects complement 1.With four times the production capacity, the construction of an automotive electronics research and development center has begun, and future categories are expected to continue to expand. Logic two: 上海夜网论坛 The core breakthrough of the lamp industry chain, benefiting from the future lamp LED, intelligent trend The current mainstream lamp sources of light are divided into two types of bidirectional-HID-LED. LED lamps are the mainstream of future lamps.It is mainly used in HID / LED products.The headlight controller accounts for 15% -20% of the cost of LED headlights. The main controller unit core benefits during the process of LEDization of headlights. 1) Headlights: Koboda’s LED main light source controller revenue has increased rapidly.The gross profit margin is expected to improve.2) Rear taillights: LED taillight controllers are trial-produced for Volkswagen, and BMW is under development.3) Coaxial lights: The use of the inertia light controller has been increased. Risk warning: the risk of decline in automobile production and sales, and the risk of a single customer. Investment suggestion: High-quality customers and broad development prospects. The new shares temporarily give a “neutral” investment rating. Koboda, as an automotive electronic standard for existing high-quality customers, benefits from the upgrade of the lamp structure and the intelligentization of automobiles, and has a bright future.We expect the EPS in 19/20/21 to be 1, respectively.28/1.52/1.86 yuan, the corresponding PE is 40.4/33.8/27.7 times, the current valuation of new shares is relatively high, the first coverage, given a neutral investment rating.