This week (2 / 7-2 / 11), the SW electronics industry index fell 3.32%, and the electronics industry index beat the CSI 300 index by 4.15 percentage points, ranking 27 / 28 in the primary industry. Rise and fall of various sub industries: Other Electronics III (4.25%), analog chip design (3.63%), brand consumer electronics (2.09%), panel (2.06%), integrated circuit sealing and testing (2.02%), electronic chemicals III (- 0.81%), LED (- 1.33%), discrete devices (- 2.12%), printed circuit board (- 2.19%), semiconductor materials (- 4.29%), optical components (- 4.35%) Semiconductor design and electronic components (- 24.6%), passive electronic components (- 30.6%), and digital consumer components (- 10.6%). As of the close of this week, the P / E ratio of the electronics industry was pe-ttm31 82 times.
Key points supporting rating
Industry trends: Semiconductor Manufacturing International Corporation(688981) release the fourth quarter financial report of 2021. 4q21 achieved a revenue of US $1.58 billion, an increase of 11.6% month on month and 61.1% year-on-year; The net profit attributable to the shareholders of the listed company was US $534 million, an increase of 66.4% month on month and 107.8% year-on-year; The gross profit margin reached 35.0%, a record high, with a month on month increase of 1.9 percentage points and a year-on-year increase of 17.0 percentage points. It is expected that 1q22 revenue will increase by 15% – 17% month on month, and the gross profit margin will range from 36% – 38%. It is estimated that the growth rate of the company’s sales revenue in 2022 will be better than the average value of the agency industry, the gross profit margin is higher than the company’s level in 2021, the capital expenditure is expected to be about US $5 billion, and the capacity increment is higher than that in 2021. Key project plan of Guangzhou in 2022. According to the plan, the key construction projects in Guangzhou in 2022 include Yuexin semiconductor project phase II, Guangdong core YUENENG semiconductor electronic component manufacturing project phase I, Zengxin technology 12 inch MEMS sensor and characteristic process wafer manufacturing mass production line project, etc; The construction preparation projects include phase II of Yuexin semiconductor project, phase I of YUENENG semiconductor electronic components manufacturing project, 12 inch MEMS sensor of Zengxin technology and mass production line of characteristic process wafer manufacturing project, etc. The US Department of Commerce will include 33 Chinese entities in the “unverified list”. Entities listed in UVL are not eligible to receive items subject to the export administration regulation ear through “license exceptions”. In addition, when exporting, re exporting or transferring (within the territory) items subject to the jurisdiction of the US ear to the listed entity, even if it is not necessary to apply for an export license in accordance with the provisions of the ear, the exporter, re exporter or transferor must also require the listed entity to provide an end-user and end use declaration. The European Commission formally proposed the European chip act. According to the bill, the European Commission plans to allocate 11 billion euros of public funds for semiconductor research, design and manufacturing, and boost a total of 43 billion euros of public and private investment by 2030. The EU plans to increase the share of chip production in the world from the current 10% to 20% by 2030.
Investment advice
IC Design: it is recommended to pay attention to Will Semiconductor Co.Ltd.Shanghai(603501) , Sg Micro Corp(300661) , Ingenic Semiconductor Co.Ltd(300223) , Maxscend Microelectronics Company Limited(300782) , Shanghai Awinic Technology Co.Ltd(688798) , Bestechnic (Shanghai) Co.Ltd(688608) , Gigadevice Semiconductor (Beijing) Inc(603986) , etc.
Power semiconductor: it is recommended to pay attention to Hangzhou Silan Microelectronics Co.Ltd(600460) , China Resources Microelectronics Limited(688396) , Zhuzhou Crrc Times Electric Co.Ltd(688187) , Jiangsu Jiejie Microelectronics Co.Ltd(300623) , Wuxi Nce Power Co.Ltd(605111) .
IC manufacturing: it is recommended to pay attention to Semiconductor Manufacturing International Corporation(688981) and Huahong semiconductor (Hong Kong stocks).
IC sealing test: it is recommended to pay attention to Jcet Group Co.Ltd(600584) , Tianshui Huatian Technology Co.Ltd(002185) , Tongfu Microelectronics Co.Ltd(002156) , China Wafer Level Csp Co.Ltd(603005) , etc.
Consumer & Automotive Electronics: it is recommended to pay attention to Luxshare Precision Industry Co.Ltd(002475) , Goertek Inc(002241) , Universal Scientific Industrial(Shanghai)Co.Ltd(601231) , Zhejiang Crystal-Optech Co.Ltd(002273) , etc.
Risk tips
Overseas epidemic control is less than expected; The semiconductor boom is less than expected; The terminal demand is lower than expected.
