Key points:
In the past two weeks (from January 24 to February 11), the market fluctuated downward, and other electronics achieved positive returns. In the past two weeks (01.24-02.11), the market fluctuated downward. The Shanghai Composite Index, Shenzhen Component Index, gem index and Shanghai and Shenzhen 300 fell by 1.69%, 5.74%, 9.50% and 3.72% respectively. From the perspective of Shenwan tertiary industry, other electronic III sectors increased the most, at 1.38%. Semiconductor equipment, optical components and digital chip design sectors decreased significantly, down 15.53%, 13.53% and 12.86% respectively. As of February 11, the P / E ratio of Shenwan electronics industry (TTM, overall method, excluding negative values) was 31.82 times, at the bottom of history, and the valuations of each subdivided industry were at the bottom of history.
Industry high-frequency data tracking: the decline of it panel may expand, mobile phone sales are expected to continue to grow this year, and the decline of TV panel price is expected to gradually converge in February. In addition to the gradual stabilization of demand, the decline of small-size TV panels has converged to more than $1, and the decline of medium and large-size TV panels is also expected to converge to less than $10. Due to the continuous expansion of supply and the off-season adjustment on the demand side, the decline of it panel price shows signs of expansion.
According to IDC data, the global smartphone shipment volume in the fourth quarter of 2021 was 362.4 million, a year-on-year decrease of 3.2%, and the smartphone shipment volume showed negative growth for the second consecutive quarter. In the whole year, the smartphone shipment volume in 2021 reached 1.35 billion, a year-on-year increase of 5.7%. As channel inventories are low in almost all regions and supply constraints will ease by the middle of the year, IDC expects depressed demand to drive the market to achieve steady growth in 2022.
This week’s view: the sales volume of new energy vehicles continues to grow rapidly, and automotive electronics ushers in a period of rapid development. The rapid growth of sales volume of new energy vehicles and the popularization of automatic driving technology drive the rapid development of automotive electronics industry. At the same time, the rise of Shanxi Guoxin Energy Corporation Limited(600617) vehicle industry gives domestic automotive electronics manufacturers the opportunity to enter the supply chain. At present, a number of domestic connector manufacturers have entered the supply chain of mainstream new energy vehicle enterprises such as Tesla, Byd Company Limited(002594) and Weilai. We calculate that the compound growth rate of Shanxi Guoxin Energy Corporation Limited(600617) vehicle high-voltage connector market scale from 2021 to 2025 will reach 21.87%, the compound growth rate of high-speed connector market scale from 2020 to 2025 will reach 77.2%, and the revenue scale of Shanxi Guoxin Energy Corporation Limited(600617) vehicle connector suppliers is mostly small, It is expected that the rapid growth of the connector market will provide greater performance flexibility for relevant manufacturers.
With the rapid development of the automatic driving market, the vehicle lens market has ushered in a period of rapid development. According to the data of markets and markets, the market scale of vehicle lens will reach US $6.8 billion in 2021 and is expected to reach US $11.3 billion in 2026, with a compound growth rate of 10.69% from 2021 to 2026. We are optimistic about the manufacturers entering the lens supply chain of the head car enterprises.
Investment advice
It is suggested to pay attention to the relevant stocks of new energy vehicle connector and vehicle lens industry. Give the “overweight” rating to the new energy vehicle connector and on-board lens industry.
Risk tips
The sales volume of new energy vehicles is lower than expected; The popularity of automatic driving is lower than expected.
