Industry core view:
Last week, the electronic index (Shenwan level) rose by 2.45%, outperforming the Shanghai and Shenzhen 300 index by 4.12 percentage points. From the perspective of sub industries, among the secondary sub industries, semiconductors increased the most, with an increase of 5.97%. Among the tertiary industries, the largest increase was semiconductor equipment, with an increase of 10.98%. In the industry dynamics last week, in the Automotive PCB (printed circuit board) sector, the total sales of new energy vehicles increased significantly in 2021, and the incremental market of Automotive PCB is broad; In the power semiconductor sector, China’s photovoltaic industry will continue to improve in 2021. Policy support and “carbon neutralization” will give birth to a huge demand for power semiconductors. Investors are advised to pay attention to the important boom tracks in the electronics industry and recommend landscape segmentation fields such as Automotive PCB and power semiconductor.
Key investment points:
The incremental market of Automotive PCB benefits from the growth of sales volume of new energy vehicles: according to trendforce Jibang consulting research, the total sales volume of new energy vehicles (including pure electric vehicles, plug-in hybrid electric vehicles and fuel cell vehicles) reached 6.473 million in 2021, with an annual growth of 122%, reaching a new high since the development of vehicle electrification. It is estimated that the total number of new energy vehicles will exceed 10 million in 2022. In the middle of 2021, the sales volume of Shanxi Guoxin Energy Corporation Limited(600617) vehicles once again exceeds half of the global total. The penetration rate of new energy vehicles in EU countries, Germany and France and the electric vehicle market in the United States are worth looking forward to. Under the new four modernizations trend of the automotive industry, the increment of Automotive PCB is considerable. In the past, gasoline vehicles were mainly ordinary multi-layer boards and double panels, and the PCB value of a single vehicle was about 400600 yuan / vehicle. The display system, battery system and electronic control system of new energy vehicles need to use vehicle PCB, and the performance of PCB is more focused, and the value of single vehicle PCB is significantly increased. With the growth and penetration of new energy vehicle sales, the incremental market of vehicle PCB is broad.
The broad prospect of photovoltaic industry drives the demand for power semiconductors: on February 23, Wang Bohua, honorary chairman of China Photovoltaic Industry Association, pointed out in the “development review in 2021 and situation outlook in 2022” that China’s photovoltaic industry will continue to improve in 2021, ranking first in the world in terms of photovoltaic module output and new photovoltaic installed capacity. Driven by the goal of “carbon neutrality” in many countries, clean energy transformation and green recovery, it is estimated that from 2022 to 2025, the average annual new installed capacity of global photovoltaic will reach 232286gw and that of China will reach 83-99gw. Photovoltaic power generation will be unstable due to the change of the intensity of sunlight. It requires the participation of rectifier and inverter before the current generated by photovoltaic panels can be transmitted to the power grid. Power semiconductor is the core device of rectifier and inverter. Therefore, under the background of national policy support for photovoltaic development and “carbon neutralization”, the demand for power semiconductors is huge.
The industry valuation level gradually entered a lower range: the PE (TTM) of SW electronics sector was 29.75 times, significantly lower than the peak level of 88.11 times in the 4G construction cycle.
The performance of the electronics sector rebounded last week: among the 365 stocks in Shenwan electronics industry last week, 242 rose, 120 fell and 3 remained flat, with an increase ratio of 66.30%.
Risk factors of Russia Ukraine conflict; Trade friction risk; Technology research and development can not keep up
