This week's view
In 2022, we will continue to focus on the industrial trend of "bottom localization" of semiconductors. Based on the localization trend of IC design and equipment from 2019 to 2021, we will focus on anchoring the domestic accelerated investment opportunities at the bottom of equipment parts and materials.
Attach importance to one of the main strategies of 2022 [bottom localization]: the report clearly puts forward "strengthening the supply guarantee of raw materials, key parts and components, implementing the project of ensuring and stabilizing the chain of leading enterprises, and maintaining the safety and stability of the supply chain of the industrial chain". Looking back on the chip design from 2019 to 2020 and the acceleration period of semiconductor equipment localization from 2020 to 2022, the localization focus of the semiconductor industry continues to extend from the design / equipment link to the bottom support such as equipment parts / materials / EDA. According to the dynamic tracking of the industry, 21h2 Chinese equipment enterprises and wafer manufacturers have a clear demand for the substitution of raw materials such as parts / consumables, It is expected to enter the month on month acceleration period from 2022 to 2025.
Attach importance to the second main strategy of 2022 [energy semiconductors and intelligent electric vehicles]: the report proposes to "cultivate and expand digital industries such as integrated circuits and artificial intelligence, and improve the innovation and supply capacity of key software and hardware technologies". Under the influence of global geopolitical factors, the production capacity planning and vehicle planning product layout around the automobile and energy semiconductor industry chain have become the core bottleneck restricting the independent development of local industries. In 2022, we emphasize that - ① the energy semiconductor industry chain maintains the trend of tight supply and demand throughout the year; ② The main line of automotive electronics is upgraded from electrification to intelligence - electrification focuses on the trend of 800V and fast charging, while intelligence focuses on the landing of optical / Radar scheme and cockpit upgrading
Focus on
Focus on:
Konfoong Materials International Co.Ltd(300666) / shengmei Shanghai / 3Peak Incorporated(688536) / Starpower Semiconductor Ltd(603290) .
Key companies:
IC equipment - Naura Technology Group Co.Ltd(002371) / shengmei Shanghai / Shanghai Wanye Enterprises Co.Ltd(600641) / Advanced Micro-Fabrication Equipment Inc.China(688012) / Kingsemi Co.Ltd(688037) .
Equipment parts - Konfoong Materials International Co.Ltd(300666) / Thinkon Semiconductor Jinzhou Corp(688233) / Kunshan Kinglai Hygienic Materials Co.Ltd(300260) .
IC material - National Silicon Industry Group Co.Ltd(688126) / Hangzhou Lion Electronics Co.Ltd(605358) / Red Avenue New Materials Group Co.Ltd(603650) .
Electric upgrade - Starpower Semiconductor Ltd(603290) / Hangzhou Silan Microelectronics Co.Ltd(600460) / Zhuzhou Crrc Times Electric Co.Ltd(688187) .
Intelligent driving - Will Semiconductor Co.Ltd.Shanghai(603501) / Wingtech Technology Co.Ltd(600745) / Lianchuang Electronic Technology Co.Ltd(002036) / Shunyu optical technology.
Cabin upgrade - Shenzhen Longli Technology Co.Ltd(300752) / Skyworth Digital Co.Ltd(000810) .
Risk tips
The development of downstream demand is less than expected; Technology research and development is not as expected; Foundry risk.
