Core view
The trend of “electronics +” remains the same, new engine catalysis occurs frequently, and the prosperity of vehicle specification semiconductor continues. Over the past week, the Shanghai Composite Index fell 0.11%, electronics fell 4.26%, semiconductors in sub industries fell 2.17%, and consumer electronics fell 7.41%. Since the beginning of the year, the electronics sector has fallen by 15.64%, ranking the second in the industry. Compared with 2018, when the market is pessimistic about the consistency of smartphone volume and price growth space, although the performance differentiation of some cyclical links in the current industrial chain is taking shape, the “electronic +” trend of electronization of non electronic products and intellectualization of simple electronic products represented by aiot and smart cars remains, At the same time, the high prosperity of vehicle gauge semiconductor and China Semiconductor upstream equipment, materials and midstream OEM continues. Therefore, from the perspective of the whole year, we are optimistic about the high-quality stocks in the above direction α The market outlook is optimistic.
Apple’s spring 2022 new product launch will be held on March 9, and the new iPhone se is expected to be released. Apple announced that it would hold a spring press conference at 2 a.m. Beijing time on March 9. It is expected to launch new products such as iPhone se, iPad air, macbook pro and mac mini. Among them, Se3 is expected to follow the appearance of iphone8 series, support touchid, A15 processor and 5g (MMW & sub-6ghz). We believe that under the background that Huawei mobile phones are still restricted by chips, Apple’s global market share is still rising, and the basic user base of IOS system continues to expand. Under the catalysis of new product release, it is recommended to pay attention to Goertek Inc(002241) , Luxshare Precision Industry Co.Ltd(002475) , Avary Holding (Shenzhen) Co.Limited(002938) , Wingtech Technology Co.Ltd(600745) , etc.
Mwc2022 opened and gloriously released the flagship machine with a starting price of 899 euros. TCL showed the folding screen concept machine. At the 22nd world mobile communication conference, the flagship mobile phone magic4 series was released with a starting price of 899 euros to strengthen the layout of the high-end market; TCL showed two folding screen concept machines, TCL 360 degree ultra flex and TCL fold n ‘roll (folding + scroll). Local large manufacturers have become the protagonists of MWC innovation. In the past 22 years, 3C sector continued to recommend the glory of high annual performance, frequent catalysis of new products and being in the stage of “quantitative change leading to qualitative change”, folding screen and VR / AR industry chain.
Semiconductor capital expenditure is expected to increase by 24% in 22 years, focusing on local upstream equipment. IC insights expects capex in the semiconductor industry to grow 24% to a new high in 22 years, which is the first double-digit growth for three consecutive years since 19931995. This is mainly due to the continuous high capacity utilization of large OEM plants in the new round of silicon content improvement cycle driven by aiot. At the same time, under the influence of geopolitics, more countries stated that they would vigorously develop the local IC industry: last week, Italy announced that it would invest more than 4 billion euros to develop Chinese semiconductors, and the Minister of innovation, science and industry of Canada announced the establishment of a fund of 150 million Canadian dollars to strengthen Canada’s Chinese advantages in semiconductor development and supply. Based on the expectation of rapid expansion of local production capacity, Naura Technology Group Co.Ltd(002371) , Shanghai Wanye Enterprises Co.Ltd(600641) , Advanced Micro-Fabrication Equipment Inc.China(688012) , etc. are recommended.
Key portfolio
Consumer electronics: Guangzhou Shiyuan Electronic Technology Company Limited(002841) \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\ Avary Holding (Shenzhen) Co.Limited(002938) , Shenzhen Transsion Holdings Co.Ltd(688036) , Hangzhou Hikvision Digital Technology Co.Ltd(002415) , Boe Technology Group Co.Ltd(000725) , Hongli Zhihui Group Co.Ltd(300219) , Suzhou Shihua New Material Technology Co.Ltd(688093) , Shenzhen Everwin Precision Technology Co.Ltd(300115) , Tcl Technology Group Corporation(000100)
Semiconductor: Sg Micro Corp(300661) \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\, Maxscend Microelectronics Company Limited(300782) , Gigadevice Semiconductor (Beijing) Inc(603986) , Tongfu Microelectronics Co.Ltd(002156) , Jcet Group Co.Ltd(600584) , Sai Microelectronics Inc(300456)
Equipment and materials: Shanghai Wanye Enterprises Co.Ltd(600641) , Naura Technology Group Co.Ltd(002371) , Anji Microelectronics Technology (Shanghai) Co.Ltd(688019) , Hubei Dinglong Co.Ltd(300054) , Advanced Micro-Fabrication Equipment Inc.China(688012) , National Silicon Industry Group Co.Ltd(688126) , Zhejiang Mtcn Technology Co.Ltd(003026) 3 Tianjin Futong Information Science&Technology Co.Ltd(000836) 88312
Passive parts: Zhejiang Jiemei Electronic And Technology Co.Ltd(002859) , Shenzhen Sunlord Electronics Co.Ltd(002138) , Nantong Jianghai Capacitor Co.Ltd(002484) , Guang Dong Fenghua Advanced Technology (Holding) Co.Ltd(000636) , Chaozhou Three-Circle(Group) Co.Ltd(300408) , Tkd Science And Technology Co.Ltd(603738)
Risk warning: the epidemic situation repeatedly affects the downstream demand; Industrial development is less than expected; Industry competition intensifies
