The semiconductor industry continued to be highly prosperous. The performance of semiconductor equipment companies from January to February of 22 years exceeded expectations, and domestic substitution accelerated. Due to the unprecedented intensity and duration of the expansion of wafer factories in the past two years, there is a shortage of parts required for superimposed semiconductor equipment, and the supply of semiconductor equipment has exceeded the demand. From January to February 2022, Naura Technology Group Co.Ltd(002371) operating revenue increased by about 135% year-on-year; New orders increased by more than 60% year-on-year Pnc Process Systems Co.Ltd(603690) operating revenue increased by 388.14% year on year Beijing Huafeng Test & Control Technology Co.Ltd(688200) operating income increased by 171.97% year-on-year; The net profit attributable to the parent company increased by 241.35% year-on-year. According to semi data, in 2020 and 2021, China is the country with the largest sales of semiconductor equipment in the world, while the penetration rate of domestic equipment is low, and there is huge room for domestic substitution. It is suggested to pay attention to the “one large and one small” of equipment: Naura Technology Group Co.Ltd(002371) + Kingsemi Co.Ltd(688037) , other equipment leaders such as shengmei Shanghai, Beijing Huafeng Test & Control Technology Co.Ltd(688200) , Hangzhou Chang Chuan Technology Co.Ltd(300604) , Shanghai Wanye Enterprises Co.Ltd(600641) , etc.
There is a strong demand for aiot and vehicle specification chips, and IC design companies are expected to benefit fully. According to IDC’s calculation, the global aiot market will reach US $226.4 billion in 2019 and US $482 billion in 2022, with an average annual growth rate of 28.65%. With the large volume of aiot products, it will boost the demand for SOC and power management chips. Driven by new energy vehicles, intelligent cockpit and intelligent driving chips maintain sustained and high growth, and the supply of on-board MCU chips is still tight, which will accelerate the process of domestic substitution. Analog IC recommended attention Wuxi Chipown Micro-Electronics Limited(688508) : fast and large-scale power management of large household appliances, leading performance in China. Digital IC design suggestions focus on Will Semiconductor Co.Ltd.Shanghai(603501) , Rockchip Electronics Co.Ltd(603893) , Amlogic (Shanghai) Co.Ltd(688099) , Allwinnertech Technology Co.Ltd(300458) , Ingenic Semiconductor Co.Ltd(300223) , Gigadevice Semiconductor (Beijing) Inc(603986) .
Benefiting from the demand of electric vehicles and photovoltaic, the boom of power semiconductor continued to exceed expectations. Power semiconductors benefit from the continued high boom of electric vehicles and new energy power generation. According to the prediction of Fuchang electronics, the product delivery date of power semiconductor manufacturers represented by Infineon in 2022q1 remains stable and rising. According to the prediction of Jibang consulting, the new installed capacity of global PV will increase by about 30% year-on-year in 2022; It is expected that the tight supply of power semiconductors will be difficult to ease in 2022. It is suggested to pay attention to Starpower Semiconductor Ltd(603290) , Hangzhou Silan Microelectronics Co.Ltd(600460) , Wuxi Nce Power Co.Ltd(605111) , etc.
The demand for semiconductor materials represented by silicon wafers is strong, and it is expected that the supply will exceed the demand after the wafer factory is put into operation. Benefiting from the increased demand of high-end logic chips and memory chips for advanced processes, the global demand for semiconductor silicon wafers is concentrated to 12 inches. According to semi, more than 30 12 inch wafer manufacturing enterprises will be added in the world from 2020 to 2024. After the wafer factory is put into operation, the demand for semiconductor silicon wafers will be greatly increased: according to the prediction of National Silicon Industry Group Co.Ltd(688126) and sumco, the supply of 12 inch silicon wafers will continue to exceed the demand in the next few years, and the global market demand for 12 inch semiconductor silicon wafers will reach 7.5 million pieces / month by 2024. It is suggested to pay attention to National Silicon Industry Group Co.Ltd(688126) , Hangzhou Lion Electronics Co.Ltd(605358) , etc.
Under the trend of smart electronics, there are rich investment opportunities for vehicle electronic components. Electric and intelligent vehicles are unstoppable. As the main market demand for new energy vehicles in China is strong, we once again suggest the long-term layout of automobile electronic Changpo thick snow track. The matrix of automotive electronic products is rich, and the investment opportunities of relevant industrial chains are rich. It is suggested to focus on the fields of lidar, connector and vehicle PCB.
Risk tip: risk of escalation of Sino US trade friction, lower downstream demand than expected, market competition risk
