Market overview of this week:
Semiconductor market outperformed major indexes this week. This week, the Shenwan semiconductor industry index fell 3.70%, the gem index fell 5.59%, the Shanghai Composite Index rose 3.02%, the Shenzhen composite index fell 0.78%, the small and medium-sized board index fell 1.19%, and wandequan a rose 1.24%. The semiconductor industry index underperformed the main index.
Most of the semiconductor segments fell. Among the semiconductor sub sectors, the sealed test sector rose 0.8% this week, the semiconductor manufacturing sector rose 0.6% this week, other sectors fell 0.3% this week, the IC design sector fell 2.6% this week, the discrete device sector fell 3.8% this week, the semiconductor material sector fell 4.1% this week, and the semiconductor equipment sector fell 8.4% this week.
A number of overseas power semiconductor enterprises released the latest financial reports. The overall month on month ratio remains strong. The annual production capacity of many companies is scheduled to be full. We expect that the shortage of supply will continue. Benefiting from the high demand for silicon carbide driven by new energy vehicles, many companies actively layout & continue to expand SiC production capacity, and are optimistic about the future. The SiC sector will benefit from the continuous high growth driven by the downstream. IGBT + SiC benefits from the rapid growth of new energy demand. It is suggested to pay attention to relevant enterprises in China that have achieved a 0-1 breakthrough + grasp the localization opportunity of shortage and start large-scale production.
\u3000\u30001. Infineon: the performance of 2022q1 increased rapidly, and SiC doubled in 2021
The performance of 2022q1 increased rapidly, and the gross profit margin and net profit margin increased rapidly. On February 3, Infineon, the leader of industrial semiconductor, released 22q1 financial report, and the company’s financial data continued to highlight the performance. According to the disclosed data, the company achieved a revenue of € 3.159 billion in the first quarter of fiscal year 2022, an increase of 5% month on month and 20% year-on-year compared with the previous quarter; The profit reached 717 million euros, an increase of 16.4% month on month; The profit margin is 22.7%; Free cash flow reached 378 million euros. The gross profit margin also increased to 41.2% from 39.1% in the previous quarter. Silicon carbide revenue doubled and continued to grow at a high momentum in 2022. Infineon’s SiC revenue in fiscal year 2021 increased by 100%, exceeding 1.3 billion yuan. SiC revenue is expected to increase by 90% in fiscal year 2022, exceeding 2.4 billion yuan. The company predicts that the revenue of silicon carbide will reach 6.4 billion yuan by 2025, accounting for 30% of the global market share.
\u3000\u30002. Ansenmey: 2021q4 hit a record high, and SiC capacity continued to expand
The automobile and industrial business is growing rapidly, and the proportion is increasing. On February 8, ansenmey announced the fourth quarter and full year results of fiscal year 2021. According to the financial report, ansenmey’s revenue in fiscal year 2021 was US $6.74 billion, a year-on-year increase of 28.3%. Among them, the revenue of 21q4 is $1.85 billion. 63% of the company’s 21q4 revenue was contributed by the automotive and industrial business, with a total of about US $1.163 billion, with a year-on-year growth rate of 35%. The performance in 2022 remains optimistic and SiC capacity continues to expand. In the first quarter of fiscal year 2022, ansenmey expects capital expenditure of about US $150-170 million to expand the production capacity of 12 inch silicon production line and quadruple the SiC production capacity in 2022.
\u3000\u30003. STMicroelectronics: 2021q4 revenue exceeded expectations, and the demand of automobile sector continued to be strong
2021q4 revenue exceeded expectations and the growth of downstream applications was strong. On January 28, Italy France semiconductor released the fourth quarter financial report of 21 years. According to the report, the company’s revenue performance was higher than expected, with a revenue of US $3.56 billion in 21q4, a year-on-year increase of 9.9% and a month on month increase of 12.2%; The net profit was 750 million US dollars, with a gross profit margin of 45.2% and a net profit margin of 24.9%. The company achieved revenue of US $12.76 billion in fiscal year 21, with a year-on-year increase of 24.9%. The terminal market showed strong performance, and the three major markets achieved double-digit rapid growth. The demand of automobile sector continued to be strong, and SiC accelerated growth. The revenue of 22q1 is expected to be USD 3.5 billion, with a slight decrease quarter on quarter. The revenue of 22 years is expected to be USD 14.8 billion-15.3 billion, with a year-on-year increase of 16% – 20%.
\u3000\u30004. Wolfspeed: revenue growth in 2022q2 is bright, and it is predicted that the capacity shortage of silicon carbide will continue in the future
Wolfspeed announced the revenue in the second quarter of fiscal year 2022, and the overall performance growth was bright. On January 26, wolfspeed announced its revenue in the second quarter of fiscal year 2022. It is reported that wolfspeed’s revenue in the quarter increased to $173.1 million, an increase of 11% month on month and 36% year-on-year. Silicon carbide production capacity continues to be tight, and customer demand increases rapidly. At present, wolfspeed is very short of capacity. Due to “the sharp increase in customer demand for silicon carbide, some customer orders will not be completed in this fiscal year”. In the third quarter of fiscal year 2022, wolfspeed aims to reach US $185-195 million, which is mainly driven by power devices.
\u3000\u30005. NXP: the growth rate in fiscal year 2021 is bright, and it is optimistic about the continuous high growth of future performance
NXP released its report for fiscal year 2021, and the overall revenue growth was bright. On January 31, NXP announced its fourth quarter and full year financial results as of December 31, 2021. In 2021, the company achieved a total operating revenue of US $11.06 billion, a year-on-year increase of 28%; 21q4 achieved a total revenue of US $3.04 billion, a year-on-year increase of 21%, with a gross profit margin of 56.2% and a net profit margin of 26.6%.
Investment suggestions:
1) IGBT & SiC: Wingtech Technology Co.Ltd(600745) / Dongwei semiconductor / Hangzhou Silan Microelectronics Co.Ltd(600460) / Zhuzhou Crrc Times Electric Co.Ltd(688187) / Starpower Semiconductor Ltd(603290) / Macmic Science & Technology Co.Ltd(688711) / Wuxi Nce Power Co.Ltd(605111) / China Resources Microelectronics Limited(688396) / Yangzhou Yangjie Electronic Technology Co.Ltd(300373) / Jilin Sino-Microelectronics Co.Ltd(600360) / Byd Company Limited(002594) semiconductor;
2) semiconductor design: Sg Micro Corp(300661) / 3Peak Incorporated(688536) / Montage Technology Co.Ltd(688008) / Amlogic (Shanghai) Co.Ltd(688099) / Rockchip Electronics Co.Ltd(603893) / Sino Wealth Electronic Ltd(300327) / Starpower Semiconductor Ltd(603290) / Macmic Science & Technology Co.Ltd(688711) / Wuxi Nce Power Co.Ltd(605111) / Allwinnertech Technology Co.Ltd(300458) / Bestechnic (Shanghai) Co.Ltd(688608) / Shanghai Fullhan Microelectronics Co.Ltd(300613) / Gigadevice Semiconductor (Beijing) Inc(603986) / Will Semiconductor Co.Ltd.Shanghai(603501) / Maxscend Microelectronics Company Limited(300782) / Shanghai Bright Power Semiconductor Co.Ltd(688368) / Unigroup Guoxin Microelectronics Co.Ltd(002049) / Shanghai Fudan;
\u3000\u30003)IDM: Wingtech Technology Co.Ltd(600745) / Sanan Optoelectronics Co.Ltd(600703) / Zhuzhou Crrc Times Electric Co.Ltd(688187) / Hangzhou Silan Microelectronics Co.Ltd(600460) ；
4) wafer foundry: Huahong semiconductor / Semiconductor Manufacturing International Corporation(688981) ;
5) semiconductor equipment materials: Naura Technology Group Co.Ltd(002371) / Jiangsu Yoke Technology Co.Ltd(002409) / Shanghai Sinyang Semiconductor Materials Co.Ltd(300236) / Advanced Micro-Fabrication Equipment Inc.China(688012) / Wuhan Jingce Electronic Group Co.Ltd(300567) / Beijing Huafeng Test & Control Technology Co.Ltd(688200) / Hangzhou Chang Chuan Technology Co.Ltd(300604) / Grinm Advanced Materials Co.Ltd(600206) ;
Risk tips: changes in industrial policies, intensified international trade disputes, and the development of downstream industries is less than expected
