Core view of this week: the electronics industry index fell 4.27% this week. Among the 350 targets, excluding the suspension targets, 51 rose throughout the week, 24 rose more than 3 points per week, 19 rose more than 5 points per week, 297 fell throughout the week, 241 fell more than 3 points per week, 163 fell more than 5 points per week, and 27 fell more than 10 points per week.
In the early morning of the 9th of last week, Apple released a variety of products such as green iphone13 series, iphonee3, iPad air equipped with M1 chip and upgraded chip m1ultra at its spring new product launch. There is no doubt that the most popular product is Se3. The new se364gb version is 3499 yuan, 128GB version is 3899 yuan and 256gb version is 4699 yuan. Previously, the ultra-low price of $400 passed by Taiwan media network did not appear, But the pressure on Android has not decreased. In the absence of Huawei and the inability of other brand manufacturers to take over the banner of Huawei’s innovation, Se3, which is cost-effective and can finally adapt to 5g network, has a strong attraction for the migration of Android users and the upgrading and replacement of Apple’s old models. In 2022, the growth pressure of the traditional Android mobile phone supply chain is still large. The shrinking terminal market will still show the phenomenon that users will further focus on apple.
Recently, the epidemic in China has begun to spread gradually. The infection growth in many cities, including Shenzhen and Shanghai, has not yet converged. Many cities have begun to increase the control of logistics and the shutdown control of closely connected risk units and factories. To some extent, the impact of shutdown at the beginning of the epidemic in China in early 2020 is likely to reappear in some areas in the short term, This will have a negative impact on the operation of supply chain companies in relevant regions in the first and second quarters. Superimposed on the current overseas Russian Ukrainian war and the extension of European and American sanctions, the electronic sector faces certain uncertainty in the short term. We revised the industry rating to “neutral”.
Recently, it has gradually entered the annual report release and the first quarterly report release period. The overall pressure bearing probability of the subject matter of the intelligent terminal supply chain is large, and it is difficult to improve in the short term. The material segments that are beneficial to the cost reduction of localization substitution and local supply may be a few segments that still have growth.
Industry focus: on March 6, cinnorresearch data showed that in January, the sales volume of smart phones in the Chinese market was about 30.87 million, a year-on-year increase of 0.4% and a month on month increase of 38.6%. From the perspective of brand, oppo / vivo still ranked first and second in China’s smartphone sales, with a month on month increase of 42.6% and 55.8% respectively, and a year-on-year decrease of 21.1% and 13.2% respectively. According to yole development, a consulting firm, the capital expenditure of semiconductor manufacturers in the field of advanced packaging in 2021 was about $11.9 billion. The agency said that the volume of the advanced packaging market in 2021 will be about US $2.74 billion, and predicted that the market will achieve a compound annual growth rate of 19% by 2027, when the volume of the advanced packaging market will reach US $7.87 billion per year.
Icinsights, a world-renowned semiconductor analysis firm, updated the 2022 McLean report. The report showed that the global wafer foundry market rebounded strongly by 21% in 2020, driven by the sales of 5g smart phone application processor and other telecommunications equipment. The market continued to grow by 26% in 2021. If the 20% growth of the global wafer foundry market predicted by icinsights can be realized this year, the period from 2020 to 2022 will be the strongest three-year growth span of the whole wafer foundry market since 2 Yunnan Yuntou Ecology And Environment Technology Co.Ltd(002200) 4.
Key recommended stocks and logic this week: the targets of our key stock pool include: Shenzhen Fluence Technology Plc(300647) , Zhuhai Cosmx Battery Co.Ltd(688772) , Wingtech Technology Co.Ltd(600745) , Ningbo Kangqiang Electronics Co.Ltd(002119) , Tdg Holding Co.Ltd(600330) .
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.
