Report summary
Core view of this week: the electronics industry index fell by 4.26% this week. Among the 350 targets, excluding the suspension targets, 62 rose throughout the week, 21 rose more than 3 points per week, 13 rose more than 5 points per week, 280 fell throughout the week, 152 fell more than 3 points per week, and 79 fell more than 5 points per week, 13 with weekly decline of more than 10 points.
In the past week, the sector has adjusted again with the fluctuation of the market. Since the industry adjustment in mid and late December, the withdrawal range of many target sectors has exceeded 30-40% or even more. Although the market environment faced by consumer electronics is still difficult, there is still structural growth space for the targets of many other segments, Whether from the perspective of performance support or cross year valuation system adjustment, the current position belongs to the low-level area with safety margin, and the industry “recommended” rating is still maintained.
MWC 2022 was held in Spain this week. The development and evolution of 5g / 6G, AI, cloud and the development trend of future car and meta universe, including Internet of vehicles, aiot and Internet of vehicles, AR / VR, etc., have become the main focus of this session. Intelligent terminals have been marginalized and neglected. The transformation of the above focus theme is almost the same as the change in the focus of investment in the capital market. Judging from the industry sales data in the past quarter, the shipments of Android models, especially hmov, including the glory of rebirth, and flagship models are not satisfactory. The recession of the global economy, the obstruction of the epidemic and the shortage of goods in the supply chain are important factors, but the lack of innovation of intelligent terminals, the surplus of performance and the white hot competition brought by homogenization are also indisputable facts. In his recent speech at MWC, Zhao Ming, CEO of glory, proposed that the folding machine will grow 10 times in 2022. Although it is intended to build momentum for Magic V, the differentiated structure innovation of folding machine has become one of the few highlights in the second half of the ninth inning of the intelligent terminal market, and the corresponding growth of folding machine supply chain will also be in the panel, UTG (CPT) It is generated in structures and connectors such as rotating shaft parts and components.
The impact of the conflict between Russia and Ukraine is still fermenting. Although the overall impact on the electronic supply chain, including semiconductors, is controllable, the first impact seen recently is under the traditional automobile supply chain. Ukraine is the main source of supply of traditional products such as automotive industry harnesses in Europe. The stagnation of the supply of these automotive components has exacerbated the shortage of parts and components faced by some European carmakers, led to a further decline in the production rate of some carmakers, and the associated supply of automotive electronics supply chain may also be repaired, And through Tier1 and other component manufacturers, it has brought a certain degree of adverse impact on the performance of China’s front-line suppliers in the first quarter. At present, after the sharp rise in the attention of the automotive electronics supply chain last year, the short-term expected changes are noteworthy.
Industry focus: yole D é veloppement, a market research organization, released its latest report on the 3rd, but the price increase of MCU in 2021 exceeded expectations. It is expected to continue to rise in 2022, and it is unlikely to fall sharply before 2026. The report points out that in 2024 and beyond, the excessive construction of wafer factories may drive down the price, but it is unlikely to directly affect the MCU market. Counterpoint research, a market research agency, released a report on the 3rd. In the fourth quarter of 2021, Apple’s smartphone shipments reached 81.5 million, accounting for 22% of the market, surpassing Samsung as the world’s largest smartphone supplier.
According to jiwei.com, on February 28, the Information Office of the State Council held a press conference to promote the stable operation, quality improvement and upgrading of industry and informatization. Xiao Yaqing, Minister of industry and information technology, introduced that in 2021, the toughness of the industrial chain supply chain was improved, and China’s chip output increased by 33.3%. Highlights of stocks and logic in this week’s highlights and logic: the highlights of this week highlight stocks and logic: our key stock pool targets include: Shenzhen Fluence Technology Plc(300647) \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\, Sihui Fuji Electronics Technology Co.Ltd(300852) .
Risk tips: (1) systemic risk caused by the unexpected decline of the market; (2) Focus on the uncertainty risk of promoting relevant matters of the company.
