Semiconductor Manufacturing International Corporation(688981) has strong performance and further increased capital expenditure: Semiconductor Manufacturing International Corporation(688981) achieved a revenue of US $5.443 billion in 2021, a year-on-year increase of 39.3%; The net profit attributable to the parent company was US $17.02, with a year-on-year increase of 137.71%, and the gross profit margin was 30.8%, with a year-on-year increase of 7.2pct; The net interest rate was 25.6%, with a year-on-year increase of 17.6pct; Among them, Q4 achieved a revenue of US $1.587 billion, an increase of 61.1% year-on-year and 11.6% month on month; The gross profit margin was 35%, up 17 PCT year-on-year and 1.9 PCT month on month.
The annual and single quarter revenue reached a record high, and the single quarter revenue exceeded US $1.5 billion for the first time. The company will continue to expand its production. It is expected that the revenue growth in 2022 will be higher than the average value of the same industry, and the annual capital expenditure will reach US $5 billion. It is estimated that the supply and demand pattern in 21 years will continue to 22 years, the mobile phone and consumer product market will become the stock market, and the supply and demand will gradually reach a balance; There is a structural capacity gap in incremental markets such as the Internet of things, electric vehicles and medium and high-end simulation, and the demand for application platforms such as RF, microcontroller and power management remains strong; The wafer foundry industry has changed from overall shortage to structural shortage.
The decline of TV panel price continues to converge, and the decline of it panel expands: after the sharp decline of 2021h2 panel price, there is limited room for the decline of panel price of all sizes, and the panel price is expected to show a steady and gentle rise and fall trend throughout the year. At present, the proportion of small panel size in the delivery of TV panels is still low, which is conducive to the recovery of small panel size, but the price of TV panels is still close to that of the factory. At present, the panel size is still small, which is conducive to the recovery of small panel size. As the traditional off-season for goods preparation, the weak overall demand in the first quarter will also drive the panel price to further bottom. In the second quarter, as the price bottomed out, the brand factories began to pull goods for China 618 and Qatar world cup in advance. The panel demand is expected to gradually recover in the second quarter and the price is expected to increase. In terms of it panel, the decline showed signs of expansion due to the continuous increase of supply and the off-season adjustment of the demand side. In terms of laptop, all sizes show a downward trend, and the decline is expected to expand in February.
Investment suggestion: focus on China’s ODM and power semiconductor leader Wingtech Technology Co.Ltd(600745) in the field of automotive electronics; The semiconductor industry recovers periodically. It is recommended to seal and test Jcet Group Co.Ltd(600584) , Tianshui Huatian Technology Co.Ltd(002185) , Tongfu Microelectronics Co.Ltd(002156) ; Semiconductor material sector National Silicon Industry Group Co.Ltd(688126) , Anji Microelectronics Technology (Shanghai) Co.Ltd(688019) ; Semiconductor equipment sections Advanced Micro-Fabrication Equipment Inc.China(688012) , Shanghai Hanbell Precise Machinery Co.Ltd(002158) , Kunshan Kinglai Hygienic Materials Co.Ltd(300260) ; Power semiconductor manufacturer China Resources Microelectronics Limited(688396) ; Related companies of LCD panel: BOE and TCL technology. Ultra high definition display and backlight dual drive, miniled industry chain continues to make efforts. It is recommended to pay attention to Shenzhen Refond Optoelectronics Co.Ltd(300241) , Hongli Zhihui Group Co.Ltd(300219) , Sanan Optoelectronics Co.Ltd(600703) , Hc Semitek Corporation(300323) , Xiamen Changelight Co.Ltd(300102) , Shenzhen Jufei Optoelectronics Co.Ltd(300303) , Ledman Optoelectronic Co.Ltd(300162) , Wg Tech (Jiang Xi) Co.Ltd(603773) .
Risk warning: the epidemic control is not as expected; Downstream demand is lower than expected; Capacity expansion is less than expected; Trade frictions in the field of science and technology have intensified.
