Semiconductors: domestic substitutes for global Fabs that are optimistic about semiconductor materials and equipment will greatly expand their production. 19 new high-capacity Fabs will be built before the end of 2021, and another 10 will be started in 2022, which will further stimulate the demand for semiconductor equipment and materials. In particular, with the centralized release of new capacity from 2022 to 2023, semiconductor materials belonging to the post cycle will usher in an explosion. After preliminary adjustment, the current valuation of the semiconductor sector has a high cost performance. From the revenue data and outlook of overseas semiconductor enterprises, semiconductors still maintain a high prosperity. We continue to be optimistic about domestic alternative investment opportunities for semiconductors.
Automotive electronics: the trend of intelligence is accelerating, and Tencent will deepen its layout in the automotive field. We believe that the trend of automotive intelligence will accelerate its penetration, and the global L3 penetration will reach 12% in 2025. Tesla reduces the difficulty of building cars through vertical integration. Consumer electronics enterprises such as apple, Xiaomi and Huawei enter the market to produce cars. Consumer electronics and automotive electronics have similar development logic. Consumer electronics enterprises tend to integrate existing EMS resources and expand to the field of automotive electronics. Consumer electronics EMS suppliers represented by Luxshare Precision Industry Co.Ltd(002475) , Wingtech Technology Co.Ltd(600745) , Hon Hai group are expected to give play to their long-term cooperation advantages. It is suggested to pay attention to Luxshare Precision Industry Co.Ltd(002475) , Wingtech Technology Co.Ltd(600745) , Shenzhen Everwin Precision Technology Co.Ltd(300115) , etc.
Consumer electronics: we are optimistic about fruit chain, VR / AR and folding machine. We are optimistic about the advantages of Apple mobile phones in the high-end market. We believe that apple is expected to launch 5giphonese Series in 2022h1 to supplement the blank of low-cost 5g mobile phones, which is expected to further stimulate the replacement demand of 5giphones. It is expected that the shipment of iPhones will reach 245 million in 2022. We continue to be optimistic about the performance of the core targets of Apple’s industrial chain. At the same time, VR / AR and folding machine, as important innovation increment of consumer electronics, will grow rapidly in the future. It is suggested to pay attention to the companies with the first release Bureau in the industrial chain Goertek Inc(002241) , Shenzhen Everwin Precision Technology Co.Ltd(300115) , etc.
Investment suggestion: driven by the strong demand for 5g terminals and automobile electrification, the profit side of the electronics industry is expected to maintain rapid growth. At present, the valuation level of the electronics industry is close to the medium and long-term negative one standard deviation level, and there is still much room for improvement to maintain the “recommended” rating. Semiconductors maintain a high prosperity. It is recommended to pay attention to image sensor leader Will Semiconductor Co.Ltd.Shanghai(603501) ( Will Semiconductor Co.Ltd.Shanghai(603501) . SH), vehicle specification semiconductor leading enterprise Wingtech Technology Co.Ltd(600745) ( Wingtech Technology Co.Ltd(600745) . SH), wafer OEM enterprise Semiconductor Manufacturing International Corporation(688981) (0981. HK), etc. It is suggested to pay attention to VR leading manufacturer Goertek Inc(002241) ( Goertek Inc(002241) . SZ) and precision manufacturing leading Luxshare Precision Industry Co.Ltd(002475) ( Luxshare Precision Industry Co.Ltd(002475) . SZ). LED industry leader (sh\u0dff\u0dff\u0dff\u0dff), LED industry leader (sh\u0dff\u0dff\u0dff\u0dff\u0dff\u0dff\u0dff\u0dff\u0dff\u0dff), LED industry leader (sh\u0dff\u0dff\u0dff\u0dff\u0dff\u0dff\u0dff\u0dff\u0dff\u0dff\u0dff\u0dff\u0dff\u0dff\u0dff\u0dff\u0dff\u0dff\u0dff\u0dff35.
Risk tip: there is a risk that the demand for new products is less than expected and the technological breakthrough of Chinese manufacturers is less than expected.
