This week (2 / 14-2 / 18), the SW electronics industry index rose 2.38%, and the electronics industry index outperformed the CSI 300 index by 1.29 percentage points, ranking 10 / 28 among all primary industries. SW electronics sub industries: semiconductor equipment (5.33%), other electronics III (5.24%), consumer electronics parts and assemblies (4.12%), optical components (3.88%), digital chip design (2.48%), passive components (2.45%), semiconductor materials (2.11%), discrete devices (2.02%), printed circuit boards (1.64%), electronic chemicals III (1.51%), LEDs (1.48%) IC packaging test (1.09%), brand consumer electronics (0.76%), analog chip design (0.42%), panel (- 0.49%). As of the close of this week, the pe-ttm of the electronics industry was 32.49 times.
Key points supporting rating
Industry dynamics: the project of “counting from the east to the west” was officially launched. Recently, the national development and Reform Commission and other departments jointly issued a notice, agreeing to start the construction of National Computing hub nodes in 8 places, including Beijing, Tianjin and Hebei, the Yangtze River Delta, Guangdong, Hong Kong, Macao, Dawan District, Chengdu and Chongqing, Inner Mongolia, Guizhou, Gansu and Ningxia, and planned 10 national data center clusters, and the “computing from the east to the west” project was officially launched. With the development and penetration of digital economy and the rapid growth of computing power demand, the launch of “East digital West computing” project will promote the construction of computing power, and the relevant chips of data center and data communication PCB are expected to meet the demand growth. It is suggested to pay attention to: Montage Technology Co.Ltd(688008) , Shanghai Anlogic Infotech Co.Ltd(688107) – u, Cambricon Technologies Corporation Limited(688256) – u, Gigadevice Semiconductor (Beijing) Inc(603986) , Ingenic Semiconductor Co.Ltd(300223) , Giantec Semiconductor Corporation(688123) , Shennan Circuits Co.Ltd(002916) . TSMC upgraded the capital expenditure amount, process manufacturing capacity and wafer capacity of the Japanese wafer factory. TSMC disclosed that Denso will invest US $350 million and hold more than 10% equity in its wafer manufacturing subsidiary established and majority owned in Kumamoto Prefecture, Japan. According to TSMC’s latest announcement, the investment of the plant increased from the previously announced US $7 billion to US $8.6 billion; In addition to the previously announced 22 / 28nm process, the process will also provide 12 / 16nm FinFET process; The production capacity increased from 45000 to 55000 12 inch wafers. Infineon plans to invest more than 2 billion euros to improve the manufacturing capacity of third-generation semiconductors. Infineon announced that it plans to invest more than 2 billion euros to improve its manufacturing capacity in the field of third-generation semiconductor silicon carbide SiC and gallium nitride Gan. Infineon said it would build a third plant at its plant in curin, Malaysia, to increase production capacity. The new plant will generate an additional annual income of 2 billion euros, mainly involving key processes such as epitaxy and wafer cutting. Construction will begin in June. It is expected that the first batch of wafers will be offline in the second half of 2024. Infineon will also continue to inject capital into its third-generation semiconductor business and transform the 6-inch and 8-inch silicon-based semiconductor production line in filach, Austria into a third-generation semiconductor production line in the next few years. Amd completed the acquisition of Xilinx, a large FPGA manufacturer. According to the current stock trading value of both parties, the acquisition amount is US $49.8 billion.
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) , Montage Technology Co.Ltd(688008) , Shanghai Anlogic Infotech Co.Ltd(688107) – u, Cambricon Technologies Corporation Limited(688256) – u, Gigadevice Semiconductor (Beijing) Inc(603986) , Giantec Semiconductor Corporation(688123) , Changsha Jingjia Microelectronics Co.Ltd(300474) , Unigroup Guoxin Microelectronics Co.Ltd(002049) 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.
