Core view of this week: the electronics industry index fell by 1.33% this week. Among the 350 targets, excluding the suspension targets, 79 rose throughout the week, 29 rose more than 3 points per week, 17 rose more than 5 points per week, 298 fell throughout the week, 149 fell more than 3 points per week and 68 fell more than 5 points per week.
Although the recent investment sentiment in the electronic sector is beginning to ease from the negative geopolitical impact such as the conflict between Russia and Ukraine, the epidemic control in the electronic industry cluster areas such as Shenzhen and Shanghai has not improved. The logistics control and shutdown of closely connected risk units and projects will amplify the impact of core shortage on the industrial chain. In view of the fact that the first quarterly report will be released immediately, the epidemic The impact of the lack of core on the entire A-share electronic sector will be more worrying than happy. The “neutral” rating of the industry will be maintained temporarily, and the epidemic situation in Shanghai and Shenzhen will ease.
On the 16th, a 7.4-magnitude earthquake struck Fukushima, Japan. Many electronics industry chain companies were affected to varying degrees, such as automotive MCU, storage, CIS chip, photoresist, silicon wafer and passive components, especially in the automotive MCU link. Many factories of Renesas were affected. The automotive electronics industry chain already under pressure will undoubtedly be even more difficult in the short term. Renesas controls the “single” supply of many chips of automotive electronics in the world, Last year’s fire has fully proved its impact on the global shortage of auto chips. The continuous impact of the lack of core has begun to force auto brand manufacturers to lower the production target. On the 17th, Toyota announced that it would lower the expected output from April to June by more than 10%. From a long-term perspective, the horizontal entry trend of automotive electronics, intelligence and electronic industry chain is relatively clear, but the short-term disturbance can not be ignored.
The strong demand for on-board power chips has led to the continuous full production capacity of wafer manufacturing. The expectation of Hanlei, a power and module device foundry in Taiwan, on the comprehensive price increase of yingfeiling, a key customer, and the 8-inch increase in the OEM quotation of TSMC Q3 for mature processes fully reflects the long-term short supply of power chip wafer manufacturing capacity. It is suggested to pay attention to the high demand of domestic wafer foundry and IDM enterprises in the downstream And the strong growth in the domestic substitution trend.
Industry focus: according to jiwei.com, after the earthquake in Northeast Japan, Renesas, Murata, Sony and other precision parts manufacturers suspended some businesses on Thursday (17th local time), which is the latest blow to the global supply chain.
According to the data provided by the International Semiconductor Industry Association (semi), the global semiconductor material market revenue increased by 15.9% in 2021, reaching US $64.3 billion, exceeding the market high of US $55.5 billion set in 2020. In 2021, the total revenue of wafer manufacturing materials and packaging materials was US $40.4 billion and US $23.9 billion respectively, with a year-on-year increase of 15.5% and 16.5%.
On March 17, businesskorea reported that Huawei accounted for 28.7% of the global communication equipment market last year in terms of sales. Although total sales and smartphone sales have declined, Huawei ranks first for two consecutive years.
Apple’s iPhone reached more than half of its new smartphone industry milestone in January, according to Bloomberg. According to the data of counterpoint research, smart phones using 5g technology have accounted for 51% of global smart phone sales.
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.
