The electronics industry index rose or fell this week: as of December 10, 2021, Shenwan electronics industry rose 0.84% this week, ranking 15th among Shenwan’s 28 industries; Shenwan electronics rose 1.90% in December, underperforming the CSI 300 index by 2.72 percentage points. Shenwan electronics rose 16.91% this year, outperforming the CSI 300 index by 19.90 percentage points; Rise and fall of each secondary sub sector: as of December 10, 2021, the five secondary sub sectors of Shenwan electronics sector rose and fell each other this week. The rise of each secondary sub sector from high to low was: SW electronic manufacturing (5.39%), SW optical Optoelectronics (3.53%), SW components (- 0.24%), SW other electronics (- 2.89%) and SW semiconductor (- 3.56%).
Valuation of the sector: as of December 10, 2021, The PE (TTM) of electronic industry is 33.37 times, which is lower than the average value in recent year (38.11 times in recent year); the manufacturing valuation of SW semiconductor, SW other electronics, SW components, SW optical optoelectronics and SW electronics are 68.11 times, 43.98 times, 33.62 times, 18.11 times and 30.32 times respectively, and the average PE (TTM) of each secondary subsidiary industry in recent year is 82.88 times, 49.28 times, 35.50 times, 34.44 times and 30.20 times.
View of the electronics industry week: the global electronics industry is still in a high boom period. On the one hand, grasp the domestic substitution process in the fields of semiconductor equipment / materials, power semiconductors and IC carrier boards, on the other hand, pay attention to the performance driving effect of downstream innovations such as AR / VR, automotive electronics and miniled on supply chain enterprises. It is recommended to pay attention to Goertek Inc(002241) (002241), Lianchuang Electronic Technology Co.Ltd(002036) (002036), Wuhu Token Sciences Co.Ltd(300088) (300088), Electric Connector Technology Co.Ltd(300679) (300679), Naura Technology Group Co.Ltd(002371) (002371), Hubei Dinglong Co.Ltd(300054) (300054), Hangzhou Silan Microelectronics Co.Ltd(600460) (600460), Starpower Semiconductor Ltd(603290) (603290), Avary Holding (Shenzhen) Co.Limited(002938) (002938), Suzhou Dongshan Precision Manufacturing Co.Ltd(002384) (002384), Shenzhen Fastprint Circuit Tech Co.Ltd(002436) (002436), Victory Giant Technology (Huizhou)Co.Ltd(300476) , Sanan Optoelectronics Co.Ltd(600703) (600703), Foshan Nationstar Optoelectronics Co.Ltd(002449) (002449), Leyard Optoelectronic Co.Ltd(300296) (300296) and other relevant beneficiary enterprises.
Risk tip: downstream demand is not as expected, domestic substitution is not as expected, and industrial innovation slows down.
