Semiconductor equipment / automotive semiconductor / special semiconductor
After intensive industrial chain and listed company research in the early stage, we believe that the prosperity of many subsequent semiconductor sub industries may be differentiated to a certain extent. On the whole, the sub industries with high correlation with the downstream of consumer products are less likely to rise further due to the downstream inventory adjustment. Although the relevant companies benefit from the domestic substitution trend, However, due to the pressure of further expansion of gross profit margin in the next 3 ~ 5 years, it is still difficult to further expand the gross profit margin. At the current time point, we focus on the subdivided industries with further upward Prosperity: semiconductor equipment / automotive semiconductor / special semiconductor:
Semiconductor equipment: domestic substitutes are expected to enter the deep water area from 28nm to 14nm, and the potential market space is doubled. It is recommended that Naura Technology Group Co.Ltd(002371) / Shanghai Sheng Jian Environment Technology Co.Ltd(603324) ;
Automotive semiconductor: the demand side benefits from the explosion of new energy vehicles and the increase of single vehicle value. The supply side is subject to the relatively cautious capital expenditure of large manufacturers + the long introduction cycle of emerging manufacturers. The industry is still in the stage of replenishing inventory. Automotive semiconductor may be the semiconductor sub industry with the highest prosperity in the future, Recommend Wingtech Technology Co.Ltd(600745) / Yangzhou Yangjie Electronic Technology Co.Ltd(300373) / Wuxi Nce Power Co.Ltd(605111) / China Resources Microelectronics Limited(688396) / Huahong semiconductor / Semiconductor Manufacturing International Corporation(688981) ;
Special semiconductors: military industry / Satellite Internet and other downstream products continue to have a large volume, recommended Shanghai Fudan Microelectronics Group Co.Ltd(688385) .
Automotive electronics
The penetration rate of electric vehicles has accelerated, a variety of new technologies and applications have bloomed, and the supply chain has become more open. In addition to the significant increase in the consumption of vehicle specification semiconductors represented by power semiconductors, industrial trends such as the upgrading of intelligent driving / the recovery of the proportion of lithium iron phosphate / the improvement of the integration of electric drive assemblies are also emerging. A large number of incremental markets have brought many investment opportunities, It is expected to reproduce the investment opportunities of the smartphone innovation cycle from 2010 to 2013. The market demand for mature processes is strong, and the mature processes of Semiconductor Manufacturing International Corporation(688981) and other large factories are steadily expanding production, and the sealing and testing and equipment links are expected to benefit significantly.
Recommendation: Guangdong Hoshion Aluminium Co.Ltd(002824) / Will Semiconductor Co.Ltd.Shanghai(603501) / Shunyu optical technology.
New hardware faucet
The consumer electronics industry has lost more than a year of Innovation window due to the product cycle, and most companies have reduced their performance to varying degrees due to the intensification of track competition and exchange rate. The whole sector has experienced a systematic Davis double kill market. We believe that with the arrival of AR / VR and other new hardware innovation cycles, there is room for the valuation of the sector to be repaired, The performance growth of relevant leading stocks is expected to bottom out and pick up, and the current location allocation has a high cost performance.
Recommendation: Suzhou Dongshan Precision Manufacturing Co.Ltd(002384) / Goertek Inc(002241) / Byd Company Limited(002594) electronic / Suzhou Shihua New Material Technology Co.Ltd(688093) ? Risk tips:
The epidemic development exceeded expectations; The macroeconomic growth rate is lower than expected; The confrontation between China and the United States in science and technology has intensified; Market competition tends to be fierce.
