The gearbox is the core component of the automobile powertrain system, which plays the role of connecting the engine and the driving system and transmitting power, and its average value accounts for about 10% of the whole vehicle.

Gearboxes are mainly divided into two types: manual gearbox and automatic gearbox. Automatic gearbox can be divided into two types: AT/AMT/DCT and CVT. The domestic automatic transmission market is mainly divided into three categories: AT, CVT and DCT

In 2016, the market size of CVT in China was 26.8 billion yuan, accounting for about 20% of the whole automatic gearbox market.

Compared with AT and DCT, CVT does not rely on gear shift, has higher shift efficiency and can effectively reduce fuel consumption.

CVT does not have a clear gear, can achieve the whole process of stepless transmission, the speed change of the vehicle is more stable.

The cost of CVT in automatic transmission is lower than that of AT and DCT.

There is still a lot of market space for automatic transmission in our country. The domestic road situation is more congested than that of the United States and Japan. At present, the proportion of automatic blocking in North America and Japan has reached 94% and 83%.

From the point of view of the product structure of automatic transmission, North America, Europe and China are dominated by AT, while Japan is dominated by CVT. CVT has a high performance-to-price ratio and is relatively sensitive to the price of its own brands and small-engine car market. CVT is expected to quickly replace MT.

The penetration rate of automatic transmission in China's passenger car market increased rapidly to 50.27% in 2017 from 33.74% in 2013. In the context of consumption upgrading, we expect this trend to continue in the next few years.

Although the overall penetration rate of automatic block in China's passenger car market is more than 50%, the penetration rate of independent brands is only about 35%. The next few years will be a period of accelerated increase in the penetration rate of automatic block of independent brands.

It is estimated that the market size of autonomous automatic transmission will exceed 60 billion yuan in 2020.

Risk hint

Car sales fell short of expectations

The promotion of automatic gearbox is not as expected.

The real estate industry is in a recession.

The problem of the large proportion of shareholders' equity pledge