Overseas stock markets rose sharply during the Spring Festival, and technology leaders performed brilliantly. During the Spring Festival (22 / 1 / 31-2 / 6), both US and Hong Kong stock markets achieved large gains, including Dow Jones index + 1.05%, NASDAQ index + 2.38%, S & P 500 index + 1.55%, Hang Seng Index + 4.34%, Hang Seng technology index + 5.48% and Philadelphia Semiconductor Index 4.53%. Overseas technology leaders performed particularly well, with AMD + 17.45%, velai + 14.64%, luminar + 13.58%, innoviz + 10.96%, Tesla + 9.09% and Qualcomm + 7.59%.
Resume overseas leading performance meeting, optimistic about semiconductor equipment materials and analog chips, and pay attention to the consumer electronics sector. Apple's 22fq1 performance reached a new high and focused on Mr innovation. Apple released its 22fq1 financial report on January 28. The 22fq1 revenue reached a new high of US $124 billion, an increase of 11.2% and 48.7% respectively; The net profit was US $34.6 billion, an increase of 20.2% at the same time and 68.5% in a ring, mainly due to 1) alleviating the shortage of chips and other supply chains, and 2) gaining more market share through low price strategy. Looking ahead, we believe that the strategy of some domestic android high-end machines may shrink in 2022, and Apple's advantages are expected to further expand. In addition, Apple has made in-depth layout in the AR field, acquired a number of hardware & content companies and reserved relevant patents, which is expected to open a new growth pole. It is suggested to pay attention to the relevant targets of China's apple industry chain: Luxshare Precision Industry Co.Ltd(002475) , Goertek Inc(002241) , Shunyu optics, Suzhou Dongshan Precision Manufacturing Co.Ltd(002384) , Han'S Laser Technology Industry Group Co.Ltd(002008) , Gaowei electronics, etc.
The tight supply of 22fq2 parts of Fanlin semiconductor affects the release of performance, but the demand is still strong. Fanlin group, a leading US stock equipment company, released its 22fq2 financial report on January 26, with a revenue of US $4.2 billion in a single quarter, an increase of 22% at the same time; The adjusted net profit was US $1.2 billion, an increase of 28% at the same time. The company's single quarter revenue hit a record high, but it was lower than Bloomberg's unanimous expectation, mainly because the epidemic affected the delivery and supply of parts. However, the company said that the demand side is still good. In 22 years, the enthusiasm of the wafer factory to expand production has been further strengthened, and the high demand for downstream equipment and materials will continue. TSMC's capital expenditure is expected to be 40-44 billion US dollars in 22 years, an increase of 33-46% at the same time; Italy France semiconductor expects capital expenditure of 3.4-3.6 billion US dollars in 22 years, an increase of 86-97% at the same time; SMIC Shenzhen took the land and started construction in December 21, with a total investment of 2.4 billion yuan. SMIC announced the commencement in January 22, with a total investment of 8.9 billion yuan. It is recommended to pay attention to the subject matter of semiconductor equipment and materials.
The performance of Texas Instruments exceeded expectations, and the high outlook of the simulation industry continued. Texas Instruments released its 21fq4 financial report on January 26, with a revenue of $4.8 billion in a single quarter, an increase of 19% and a ring increase of 4%, exceeding Bloomberg's consensus expectation of $4.4 billion; The net profit reached US $2.5 billion, an increase of 38.34% and a ring increase of 6.7%, highlighting the continuous high-profile atmosphere of the simulation industry. Under the background of tight production capacity, Texas Instruments and other overseas simulation giants give priority to ensuring the supply of overseas industrial and automotive major customers, and analog IC for consumer electronics continues to be in short supply. Hmov and other mobile phone brand manufacturers have strengthened the introduction of domestic products, bringing accelerated substitution opportunities to domestic analog manufacturers. It is recommended to pay attention to Sg Micro Corp(300661) , 3Peak Incorporated(688536) , Shanghai Awinic Technology Co.Ltd(688798) , Shanghai Bright Power Semiconductor Co.Ltd(688368) , Wuxi Chipown Micro-Electronics Limited(688508) .
The delivery of new energy vehicles made a "good start" in January, and continued to pay attention to the main line of vehicle intelligence + electrification. China January
The sales volume of new energy vehicles increased significantly year-on-year and ushered in a good start. The new energy vehicle leader Byd Company Limited(002594) delivered 93000 new energy vehicles in January, slightly higher than that in December, with a year-on-year increase of + 368%; Xiaopeng delivered 13000 units, with an increase of + 115%, breaking 10000 for five consecutive months; The ideal delivery is 12000 units, with a year-on-year increase of + 128%, breaking 10000 for three consecutive months; Weilai delivered 9652 sets, with an increase of + 34%. In addition, Nezha, Zero run and other enterprises performed equally well in January. Nezha delivered 11000 vehicles in January, with an increase of + 402%, breaking 10000 for three consecutive months; Zero run delivered 8000 vehicles in January, with a year-on-year increase of + 434%, reaching a new high of single month delivery. In the past 22 years, the target sales volume of new car manufacturers doubled, the wave of electrification continued, and intelligence was also at the industry singularity spanning L2 to L3. Around this trend, vehicle optics, lidar, automotive acoustics, display, connector, Automotive PCB, etc. will usher in a new round of growth cycle, and the relevant targets deserve high attention.
Intellectualization: focus on the incremental market and grasp the golden track. Intelligent vehicles have spawned two incremental markets: automatic driving and intelligent cockpit. Perception layer camera and lidar; Smart cockpit central control screen and acoustic track have great growth potential. We are firmly optimistic about Will Semiconductor Co.Ltd.Shanghai(603501) , Lianchuang Electronic Technology Co.Ltd(002036) , Ningbo Yong Xin Optics Co.Ltd(603297) , Ingenic Semiconductor Co.Ltd(300223) , Amlogic (Shanghai) Co.Ltd(688099) , Juguang technology, Wuhu Token Sciences Co.Ltd(300088) and other track leaders. In the 21st year, the number of subdivisional tracks rose, and in the 22nd year, it is necessary to track the breakthrough of vehicle orders and revenue recognition of manufacturers. In addition, we can pay attention to the subject matter that has not been fully recognized in the upstream of the industrial chain, such as optical component manufacturer Zhejiang Lante Optics Co.Ltd(688127) (subject matter of vehicle camera and lidar multiplexing industrial chain), Shenzhen Xunjiexing Technology Corp.Ltd(688655) (LIDAR PCB manufacturer).
Electrification: IGBT market takes the lead, and the undervalued value of PCB is prominent. Automobile electrification mainly focuses on IGBT, PCB and automobile capacitor. Among them, IGBT, as the core of electric drive, experienced the rapid advance of the sector at the end of 21, and the market has different views on IGBT landscape recently. Compared with the market pessimism, we believe that IGBT will remain in short supply in the medium and long term, and the performance elasticity of relevant companies is worth looking forward to. Focus on IGBT leaders Zhuzhou Crrc Times Electric Co.Ltd(688187) , Hangzhou Silan Microelectronics Co.Ltd(600460) , Starpower Semiconductor Ltd(603290) ; Tianyue {60071}, {6000c} and so on. In addition, the value of PCB for new energy vehicles has also increased significantly: the upgrading of electric drive, electronic control and intelligent cockpit promotes the demand for HDI; Millimeter wave radar drives the increase of high-frequency PCB consumption; The trend of replacing wire harness with flexible sector for CCS cover sector of automobile battery also deserves attention. It is suggested to focus on leading companies such as Wus Printed Circuit (Kunshan) Co.Ltd(002463) , Olympic Circuit Technology Co.Ltd(603920) , Shenzhen Kinwong Electronic Co.Ltd(603228) , Suzhou Dongshan Precision Manufacturing Co.Ltd(002384) .
Investment suggestions:
1) continue to be optimistic about semiconductor equipment, materials and analog chip sectors:
Semiconductor equipment: Naura Technology Group Co.Ltd(002371) , Advanced Micro-Fabrication Equipment Inc.China(688012) , shengmei Shanghai, Kingsemi Co.Ltd(688037) , Shanghai Wanye Enterprises Co.Ltd(600641) , Konfoong Materials International Co.Ltd(300666) ;
Semiconductor materials: Jiangsu Yoke Technology Co.Ltd(002409) , Hubei Dinglong Co.Ltd(300054) , Red Avenue New Materials Group Co.Ltd(603650) , National Silicon Industry Group Co.Ltd(688126) , Guangdong Huate Gas Co.Ltd(688268) ;
Analog chip: Sg Micro Corp(300661) , 3Peak Incorporated(688536) , Shanghai Awinic Technology Co.Ltd(688798) , Shanghai Bright Power Semiconductor Co.Ltd(688368) , Wuxi Chipown Micro-Electronics Limited(688508) etc;
2) grasp the golden track of automotive electronics:
Intellectualization: Will Semiconductor Co.Ltd.Shanghai(603501) , Lianchuang Electronic Technology Co.Ltd(002036) , Ningbo Yong Xin Optics Co.Ltd(603297) , Ingenic Semiconductor Co.Ltd(300223) , Amlogic (Shanghai) Co.Ltd(688099) , Juguang technology, Wuhu Token Sciences Co.Ltd(300088) etc;
Electrification: Zhuzhou Crrc Times Electric Co.Ltd(688187) , Hangzhou Silan Microelectronics Co.Ltd(600460) , Starpower Semiconductor Ltd(603290) , Sanan Optoelectronics Co.Ltd(600703) , Wus Printed Circuit (Kunshan) Co.Ltd(002463) , Shenzhen Kinwong Electronic Co.Ltd(603228) , Suzhou Dongshan Precision Manufacturing Co.Ltd(002384) etc.
Risk warning: downstream demand is less than expected, domestic substitution is less than expected, and R & D progress is less than expected.
