Industry core view:
Last week, the electronics index (shenwanyi level) rose by 0.81%, 2.33 percentage points lower than the CSI 300 index. In terms of sub industries, the electronics manufacturing industry in the secondary sub industry increased the most, with an increase of 5.39%. The electronics system assembly industry in the tertiary sub industry increased the most, with an increase of 6.30%. In the industry dynamics last week, in the photovoltaic electronics sector, Lens Technology Co.Ltd(300433) Signed cooperation with China building materials to promote the implementation of photovoltaic glass projects, and the prosperity spillover trend of photovoltaic industry is significant; In the display panel sector, the decline of panel prices of all sizes narrowed further in November, and the trend of narrowing and stopping the decline is expected to be further consolidated in the next two months. Investors are advised to pay attention to important boom tracks in the electronics industry and recommend high-profile segments such as photovoltaic electronics and display panels.
Key investment points:
Lens Technology Co.Ltd(300433) accelerate the implementation of photovoltaic glass projects: Lens Technology Co.Ltd(300433) announced on December 7 that it had signed a strategic cooperation agreement with Triumph Science & Technology Co.Ltd(600552) group, a wholly-owned subsidiary of China building materials, which would give full play to its advanced technology and industrial scale advantages in the field of glass processing, as well as the advanced technical advantages of the partner Triumph Science & Technology Co.Ltd(600552) group in the field of new photovoltaic materials, Promote in-depth cooperation between the two sides in technology, materials and equipment in the field of new energy and new materials, and accelerate the implementation of the whole industrial chain layout of resource selection, kiln construction and technical processing of Lansi photovoltaic glass project. With the increasing prosperity of photovoltaic installation, major consumer electronics manufacturers Lens Technology Co.Ltd(300433) accelerated the layout and implementation of their photovoltaic glass projects, adding a new strong development momentum to their growth. Photovoltaic glass is mainly used to transmit light and protect cells, accounting for a large proportion of the weight of the whole photovoltaic module. Cooperation with CNBM, one of the leading players in the track, can better ensure the quality and speed of the landing of Lansi photovoltaic glass project.
The decline of display panel price further narrowed: according to the data released by discien, a market research institution, the decline of display panel price narrowed in November 2021. The decline of 32 inch, 43 inch and 65 inch panels in October was $7, $7 and $25 respectively. By November, the decline narrowed to $2, $3 and $10 respectively. Discien, based on the production and procurement of TV panel plant in December and January, expects that 32 inches will drop slightly to $40 in December, and 65 inches and 75 inches will drop by $8; It is expected that 32 inches will maintain a decline of US $1 in January, and 65 inches and 75 inches will fall by US $5, further narrowing the decline. In recent half a year, the tightening of local property market regulation policies in China has led to the continuous expansion of the decline of housing sales area, the performance of TV retail related to it is lower than expected, and the stimulus attribute of global housing economy has further subsided. The demand of terminal manufacturers for capacity control to control inventory has increased, and the panel price has experienced this periodic correction for several months, which is the phased need of industrial economic development, As the balance level of supply and demand is further corrected, the price decline is expected to narrow further.
There is a large room for the rise of Industry Valuation: the PE (TTM) of SW electronics sector is 42.60 times, 88.11 times higher than the peak, and there is a large upward space of 51.66%.
Last week, the performance of the electronics sector was weak: among the 337 stocks in Shenwan electronics industry last week, 110 rose, 219 fell and 8 were flat, with an increase ratio of 32.64%.
Risk factors: the risk that technology R & D cannot keep up with expectations; The risk of intensified competition in the same industry;
