Visit：2495次    Date：2022-05-07

In terms of demand: 1) Global Connector: In 2021, with the restart of the global economy and the superposition of a series of economic stimulus measures in various countries, the connector industry has developed rapidly. It is estimated that global connectors in 2021 will increase by 24%to 25%year -on -year, and the BB value (order/shipment) will reach 1.14, and the delivery cycle will reach 13 weeks. The industry prosperity will reach a new high. Looking forward to 2022, it is expected that global connector sales will increase by 7%to 8%year -on -year in 2022. 2) Automotive connector: In 2021, due to the acceleration of automotive electrification and intelligence, China's high -voltage connector and high -speed connector market reached 6.633 billion yuan, an increase of 141%.81%year -on -year. Looking forward to 2022, it is expected that China's high -voltage connector and high -speed connector market will reach 9.455 billion yuan, an increase of 43%.55%year -on -year. It is estimated that the high -pressure connector and high -speed connector market in 2025 will reach 20.61 million yuan, and CAGR will reach 50%in 5 years.  
 
Supplyist: 1) Global Connector: In 2019, TOP10, a global car connector manufacturer, is mainly US and Japanese companies, with CR10 61%. 2) Automotive connector: ① In 2019, the global car connector manufacturer TOP10 is mainly US and Japanese companies. The sum of the market share of Thai, Yazaki, and Apo -Ford reached 67%. The market share of the United States, Japan and European companies reaches 41%.30%. 16%. China accounts for 30%of the global automotive demand, but the share of Chinese companies in the car connector market is less than 5%, and the gap between the Chinese automotive industry and the connector industry and overseas. ② We estimate that the domestic low -voltage connector in 2020 is 5%, the domestic production rate of high -voltage connectors is 25%, and the localization rate of high -speed connectors is 5%.  
 
In the long run, we believe that the product performance of domestic enterprises is high, the R \\u0026 D speed is better, the service capacity is better, and the overall cost is lower. It is expected that we will get more market share in the future. In addition, due to changes in the competition pattern of automobile manufacturers, connectors that are bound to high -quality customers have gained growth opportunities. The time difference between the low -voltage connector is the same. The high -voltage and high -speed industries are developing simultaneously at home and abroad. The technology gap is small, and the domesticization rate is expected to accelerate. ③ The requirements of the car connection device are strict, the technical barriers are high, the customer barriers are high, the industry's first -mover advantage is obvious, and the enterprise growth of high -quality customers is better.  
 
In terms of cost: 1) We estimate that the cost of copper/copper alloy and plastic in the connector accounts for about 19%.13%. In 2021, the prices of commodities such as copper and petroleum rose sharply, and the price of copper increased by 50%year -on -year, and oil rose 70%year -on -year. Overseas companies with strong bargaining capabilities have increased prices, and domestic companies' general profit margins are under pressure. We believe that with the stability of commodity prices in 2022, the superimposed midstream has gradually passed the pressure on prices to downstream, and the profit margin of domestic enterprises has rebounded stably. 2) At present, the supply of high -end copper alloy belt used by connectors is mainly led by overseas. We believe that with the rise of domestic connector companies, the domestic rate of high -end copper alloy belt materials in upstream raw materials is accelerating.  
 
Financial aspect: 1) Since the third quarter of 2021, Ruikeda's income and net profit attributable to mothers increased by 64%.95%year -on -year, leading the industry listed companies, mainly because the company's new energy vehicle business accounted for the highest proportion of new energy vehicle business. The volume of high -quality customers is fast. 2) Starting in the first three quarters of 2021, Ding Tong's scientific and technological income and net profit attributable to mothers to the upstream component supplier of the connector increased by 53%.59%year -on -year, leading the industry listed companies, reflecting the height of the connector industry this year Prosperity.