Industry core view:
Last week, the electronic index (Shenwan level) rose by 0.54%, outperforming the Shanghai and Shenzhen 300 index by 0.15 percentage points. From the perspective of sub industries, other electronics II in the secondary sub industries increased the most, with an increase of 4.08%. Among the tertiary sub industries, the largest increase was semiconductor equipment, with an increase of 5.09%. In the industry dynamics last week, in the integrated circuit sector, Gallen Electronics was listed on the science and innovation board, and China's capital market ushered in the first listed company with EDA as its main business; In the automotive electronics sector, Tesla recently released its 21q4 production and delivery data, and the rapid growth momentum has been further verified. Investors are advised to pay attention to important boom tracks in the electronics industry and recommend high-profile segments such as EDA and automotive electronics.
Key investment points:
China's capital market ushered in the first EDA listed company: on December 28, 2021, Gallen Electronics was listed on the science and innovation board, and China's capital market officially ushered in the first EDA based listed company. The company's main products and services include manufacturing EDA tools, design EDA tools, semiconductor device characteristic testing instruments and semiconductor engineering services. The company's main customers include TSMC, Samsung Electronics, SK Hynix, micron technology, liandian, Semiconductor Manufacturing International Corporation(688981) and other global leading integrated circuit enterprises. In the market environment monopolized by international EDA giants, Gallen electronics is one of the typical representatives of China's EDA enterprises who take the lead in breaking through the core tools of key links. It focuses on EDA process innovation and makes key breakthroughs in the two key links of integrated circuit manufacturing and Design: device modeling and circuit simulation verification, Effectively support the design and manufacturing of large-scale complex integrated circuits under advanced process nodes such as 7Nm / 5nm / 3nm, help the wafer factory evaluate and optimize the reliability, yield and other characteristics of the process platform in the process development stage, and optimize the circuit design.
Tesla released 21q4 production and delivery data: Recently, Tesla released its production data for the fourth quarter of 2021. In 2021q4, Tesla produced more than 305000 vehicles and delivered more than 308000 vehicles worldwide, with a year-on-year increase of about 70%. In 2021, Tesla produced 930422 vehicles and delivered 936172 vehicles, with a year-on-year increase of about 87%. Global chip shortage, overseas epidemic interference and other factors did not significantly suppress Tesla's rapid growth momentum. As a leading enterprise of new energy vehicles, Tesla's delivery data growth is of wind vane significance for the new energy vehicle industry. Electric energy saving, intelligent interaction, beautiful design and other product features help it lead the market expansion and make rapid progress.
There is a large room for the rise of Industry Valuation: PE (TTM) in SW electronics sector is 45.73 times, 88.11 times higher than the peak, and there is a large upward space of 48.10%.
Last week, the performance of the electronics sector was strong: among the 355 stocks in Shenwan electronics industry last week, 242 rose, 108 fell and 5 were flat, with an increase ratio of 68.17%.
Risk factors: the risk that technology R & D cannot keep up with expectations; The risk of intensified competition in the same industry; The risk of science and technology friction; The risk of the epidemic spreading again
