Core summary
Computer: focus on VR track investment opportunities. The development of VR at the C-end has achieved remarkable results, and the shipment volume of hardware terminals has exceeded ten million. Zuckerberg, the founder of Facebook (meta), once said that about 10 million people need to use and buy VR content on a platform to enable developers to continuously develop and make profits. Once this threshold is exceeded, the content and ecosystem will achieve leapfrog development. Driven by the rapid growth of shipments of oculusquest2 head display terminals, VR head display terminals and content are expected to usher in resonant development. We continue to be optimistic about VR track and "strongly recommend" Thunder Software Technology Co.Ltd(300496) .
Electronics: Semiconductor Manufacturing International Corporation(688981) increase capital expenditure. Capital expenditure is expected to be US $5 billion in 2022 (US $4.3 billion in 2021), and the capacity increase is expected to be higher than last year. According to semi (International Semiconductor Industry Association), from 2020 to 2024, 60 12 inch wafer plants will be built or expanded in the world, and 25 8-inch wafer plants will be put into mass production in the same period. Equipment manufacturers are expected to benefit from the wave of production expansion. With the leaders of TSMC and other wafer factories starting a new round of production expansion cycle, technology upgrading, the transfer of wafer production capacity to the mainland and the strong support of Chinese policies, China's semiconductor equipment and material market ushered in an upward cycle.
Intelligent Manufacturing: focus on opportunities for battery structural parts and equipment. We believe that the demand for battery structural parts will surge with the explosion of downstream demand such as electric vehicles, and relevant enterprises will enter the tide of production expansion. At present, structural parts and equipment are mainly provided by overseas enterprises, and domestic substitution is accelerating. With the arrival of new technologies such as 4680, domestic battery structural parts and equipment enterprises are expected to overtake on the curve. It is suggested to pay attention to the leading enterprise Jdm Jingda Machine(Ningbo)Co.Ltd(603088) of domestic structural parts and equipment.
Risk tips: 1) supply chain risk increases. 2) Policy support was less than expected. 3) Market demand may be lower than expected. 4) Domestic substitution is less than expected.
