Market overview of last week (2 / 21-2 / 25):
The semiconductor market outperformed the main indexes last week. The Shenwan semiconductor industry index rose 5.97% last week, the gem index rose 1.03% in the same period, the Shanghai Composite Index fell 1.13%, the Shenzhen composite index fell 0.35%, the small and medium-sized board index rose 0.25%, and wandequan a fell 0.45%. The semiconductor industry index outperformed the major indexes.
Semiconductor segments rose as a whole. Among the semiconductor segments, last week, the semiconductor equipment segment rose 8.7%, the semiconductor material segment rose 6.4%, the discrete device segment rose 5.4%, the IC Design segment rose 5.0%, the semiconductor manufacturing segment rose 3.1%, and the packaging and testing segment rose 1.4%.
Suddenly, like the spring breeze of the night, semiconductor ushered in the market of the sector. On February 6, 2022, in our report “the market may have been ahead of schedule and overreacted to pessimistic expectations”, we proposed that “the semiconductor shortage may continue in 2022, and the short-term rapid correction may improve the cost performance of the semiconductor sector”. The recent market confirmed our previous judgment. In the context of continuous shortage of production capacity, we continue to be optimistic about the structural market of the sector throughout the year. The opportunities of six segments of automotive electronics, server chips, special ICs, materials and equipment, wafer factories and IOT chips deserve attention.
\u3000\u30001. Automotive electronics: “electrification” and “intelligence” are the two main lines. We believe that the long-term growth of power semiconductor and lidar can be expected under the two main lines.
\u3000\u30002. Servers: new demands such as “meta universe” catalyze the increase in the demand for enterprise level servers, and policies such as “counting from the east to the west” have improved the localization level of server chips, and the growth of domestic server chips can be expected.
\u3000\u30003. Special IC: short supply is expected to continue throughout the year, and the non market pricing makes the sector independent of the semiconductor cycle.
\u3000\u30004. Materials and equipment: ‘production expansion’ and ‘localization’ are the main logic. We believe that SMIC Huahong Changcun Changxin has entered a “strategic” production expansion. With the gradual expansion of production capacity, the demand for domestic semiconductor materials has gradually increased since 22 years. Throughout the year, the growth of materials is significant.
\u3000\u30005. Semiconductor manufacturing: “production expansion” and “price rise” have laid the foundation for growth and cycle.
\u3000\u30006. Internet of things: aiot has entered the accelerated stage of development, and the supporting intelligent technology has been mature. In addition, the epidemic situation in 2020 will catalyze the rapid and large-scale production of intelligent products
It is recommended to pay attention to:
(1) semiconductor design: designfor the design of the semiconductor:: designingthe design of the design of the semiconductor: the\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\ / Shanghai Fudan Microelectronics Group Co.Ltd(688385)
\u3000\u30002）IDM: Wingtech Technology Co.Ltd(600745) Sanan Optoelectronics Co.Ltd(600703) Zhuzhou Crrc Times Electric Co.Ltd(688187) Hangzhou Silan Microelectronics Co.Ltd(600460) ；
3) wafer foundry: Huahong semiconductor / Semiconductor Manufacturing International Corporation(688981) ;
4) semiconductor equipment materials: Naura Technology Group Co.Ltd(002371) / Jiangsu Yoke Technology Co.Ltd(002409) / Shanghai Sinyang Semiconductor Materials Co.Ltd(300236) / Advanced Micro-Fabrication Equipment Inc.China(688012) / Wuhan Jingce Electronic Group Co.Ltd(300567) / Beijing Huafeng Test & Control Technology Co.Ltd(688200) / Hangzhou Chang Chuan Technology Co.Ltd(300604) / Grinm Advanced Materials Co.Ltd(600206) ;
Risk warning: macro uncertainty, the epidemic situation continues to deteriorate; The impact of trade war; The demand is less than expected
