View of semiconductor industry: the global science and technology sector is not calm during our Spring Festival holiday in the year of the tiger. Some interest rate hikes still put pressure on the science and technology sector. The revenue and profit growth of meta / Facebook were not as good as expected and plummeted 26 points the next day. The revenue guidance of Logic Semiconductor Equipment Factory was not as good as expected due to lack of core and memory semiconductor equipment due to lack of demand, However, during this period, AMD, a large high-speed computing chip manufacturer, NXP, a large automotive chip microcontroller manufacturer, Infineon, a large automotive chip IGBT manufacturer, microchip, a large MCU manufacturer, Qualcomm, a leader in smart phone chips, cirruslogic, a leader in Apple mobile phone audio chips, and Google, a leader in search engine, have successively announced better than expected revenue and results in the fourth quarter and provided better than expected revenue and profit guidance in the first quarter, We attribute it to high-speed computing, higher than expected demand for vehicles, mobile phones and semiconductor chips, and the gradual easing of the bottleneck of short materials. Coupled with the benefits of semiconductor inflation, the revenue growth this year can not be underestimated. At present, it seems that the revenue growth in 2022 can be higher than the 25-30% Y / y of global wafer foundry and TSMC. Technology and semiconductor companies should be the winners of stock price performance.
View of the electronics industry: new energy vehicles continue to maintain a strong development momentum. In January 2022, Byd Company Limited(002594) new energy vehicles sold 93200 vehicles, a year-on-year increase of 361.73%, including 46400 pure electric vehicles, a year-on-year increase of 220.72%. The new trend of car building continued to maintain a rapid growth rate. One fifth of new car sales in the UK in January were battery driven vehicles, of which the sales of pure electric vehicles more than doubled, and the sales of plug-in hybrid vehicles increased by 45%. According to the prediction of the passenger Association, the number of Shanxi Guoxin Energy Corporation Limited(600617) vehicles is expected to exceed 6 million in 2022, and the development of electric vehicles also actively promotes the rapid improvement of vehicle intelligent penetration. In terms of consumer electronics, Q4 global smartphone sales were poor in 2021, down 3.1% year-on-year, and China’s shipments fell 3.5% year-on-year. Apple’s financial report shows that in Q4 of 2021, iPhone revenue increased by 9% year-on-year, which has a good performance. With the mitigation of chip shortage, it is expected to continue in the first quarter. Apple is expected to release a new generation iphonese3 with 5g function at the Spring Festival press conference, which is expected to have a positive pull on the industrial chain in the relatively off-season. On the whole, we continue to be optimistic about the opportunities of electronic semiconductors for new energy and smart vehicles. In terms of consumer electronics, it is suggested to pay attention to the opportunities brought by the industrial chain and innovation drive after the year. The application direction of new energy and intelligent vehicles focuses on silicon carbide, thin film capacitors, intelligent driving (camera, lidar) and connectors; Consumer electronics is mainly optimistic about AR / VR, folding mobile phone innovation, passive components and other fields; PCB is mainly optimistic about vehicle and server.
View of communication industry: meta released its first “meta universe” financial report. Under the trend of deepening digitization, the investment opportunities of communication industry are transferred to a new generation of ICT industry. Meta released its latest financial report on Wednesday. The company’s “meta universe” development department, reality labs, lost $10.2 billion in 2021 and earned less than $2.3 billion. Meanwhile, meta expects a “significant increase” in losses in 2022. The first “meta universe” report shows that the technology companies led by meta are still in the early stage of building the “meta universe”, and the business model is still being explored. This is also in line with our judgment that the intergenerational change of science and technology industry and the transfer of value chain comply with the law of “infrastructure hardware software platform application and service”. Both “meta universe” and digital economy are different descriptions under the same trend of digitization of the physical world. The new generation of ICT infrastructure represented by information and communication technology will take the lead in deeply benefiting. In this context, the investment opportunities in the communication industry will be further transferred to the new generation of ICT industry. The growth investment opportunities will come from the scene of the integration of communication and vertical industries, including new industries such as aiot, cloud computing, digital energy and smart cars.
Recommended combinations: Montage Technology Co.Ltd(688008) , Wingtech Technology Co.Ltd(600745) , Sanan Optoelectronics Co.Ltd(600703) , Gigadevice Semiconductor (Beijing) Inc(603986) , Xiamen Faratronic Co.Ltd(600563) , Novoray Corporation(688300) , Suzhou Recodeal Interconnect System Co.Ltd(688800) , Quectel Wireless Solutions Co.Ltd(603236) , Inspur Electronic Information Industry Co.Ltd(000977) , Shenzhen H&T Intelligent Control Co.Ltd(002402) .
Risk tip: the sales volume of new energy vehicles / mobile phones is lower than expected, the intelligent configuration is not as expected, and the valuation is high
