Key investment points:
Key point review: in 2021, stimulated by the boom and domestic substitution, the semiconductor industry has twists and turns, but the overall yield is ahead of the major indexes. Looking forward to 2022, from the tracked capital expenditure and short-term inventory indicators, 2022 is in the transition stage from the early boom to the late boom, the overall supply and demand situation remains tight, and there is still a gap in the supply of some chip products. We are optimistic about the long-term investment value of domestic alternative Dongfeng from IC design to semiconductor equipment. At the same time, automotive electronics, as the support of semiconductor growth in the future, deserves special attention.
Analog chip: compared with logic chip, analog chip products have the characteristics of long life cycle, small price fluctuation and many product item numbers. Companies in the industry obtain stable revenue growth through the number of new item numbers. In recent years, thanks to the increased support for domestic chips at the industrial level and the financing support for relevant companies at the capital level, the R & D investment and product quantity of China’s major analog chip companies have increased rapidly. At the industrial level, large factories outside Shanghai have gradually abandoned distribution channels and focused on large customers The transfer of consumer electronics and panel industry chain to China has brought potential opportunities to China’s large and small simulation enterprises. Although the stock price and valuation of the main simulation enterprises are at an all-time high, we are optimistic about their long-term value and suggest paying attention to: Sg Micro Corp(300661) and 3Peak Incorporated(688536) .
Semiconductor equipment: according to the statistical data, the disclosed 8-inch and 12 inch new capacity in China accounted for more than 40% and 110% of the total installed capacity in the past respectively. From the capacity planning of each company, China will enter the stage of intensive film production and mass production by the end of 2022. Under the super cycle of capital expenditure, the market share of China’s domestic equipment is low, the core links almost all rely on imports, and the market share of some competitive links is only between 20-30%, so some links need zero breakthrough. Domestic substitution opportunities bring investment opportunities to China semiconductor equipment company. Suggested attention: Beijing Huafeng Test & Control Technology Co.Ltd(688200) .
Automotive semiconductors: the popularity of electrification and policy incentives promote the accelerated development of new energy vehicles. The large-scale use of electronic systems has also led to a large-scale increase in the demand for power devices. The automobile is changing from a vehicle to a large mobile intelligent terminal, and the value of its semiconductor single car is also increasing with electrification and intelligence, becoming an important pillar to support the growth of semiconductors in the future. Recommended concerns: Will Semiconductor Co.Ltd.Shanghai(603501) , Hangzhou Silan Microelectronics Co.Ltd(600460) and Yangzhou Yangjie Electronic Technology Co.Ltd(300373) .
Risk tip: downstream demand is less than expected, product certification is less than expected, and market competition intensifies.
