The prosperity of semiconductors exceeded expectations, leading equipment orders were strong, wafer factories still showed a price rise trend, OEM continued to expand production, and the price of Italian French semiconductor Q2 products is expected to rise. According to the report of jiwei.com on March 24, the Asia Pacific region of Italian French semiconductor has issued a notice to the distribution channels. The demand of the semiconductor market continues to be strong and the impact of the epidemic, and the raw materials and logistics costs rise. In order to continue to meet the needs of customers, the company decided to raise the prices of all its product lines during Q2 2022, including the current backlog of orders. At the public performance meeting of Italian French semiconductor on January 26, the company said that it had invested about US $3.4 billion to US $3.6 billion in capital expenditure this year. Among them, about US $2.1 billion is used for capacity increase and product portfolio layout, and about US $900 million is used for strategic investment. In the performance meeting, the company said that the visibility of the backlog of orders of Italian French semiconductor is about 18 months, which is much higher than the current and planned capacity of Italian French semiconductor in 2022. The gross profit margin guidelines of global wafer factories in 2022q1 generally increased month on month, and the industry still has a price rise trend. According to statistics, in 2022, the growth rate of capex, the world's main OEM, was as high as 42%, and the peak of OEM expansion is expected to exceed expectations.
Intelligent and electric vehicles have made rapid progress, and intelligent new energy vehicles have entered a golden decade of rapid growth. Mercedes Benz has been approved by KBA in Germany, and its S-class and EQS flagship cars have been approved by L3 automatic driving on the road. In China, we see that new forces have successively released new models, Huawei has created a new model for car manufacturing, and Xiaomi has stepped into the automobile industry, all implying the general trend of the development of intelligent and electric vehicles. At the same time, according to canalys, electric vehicles will account for more than 7% of global new car sales in 2021, with a further increase of 66%, and the sales volume will exceed 5 million; In 2028, the sales volume of electric vehicles will increase to 30 million; By 2030, electric vehicles will account for nearly half of the total sales of passenger cars in the world.
The continuous improvement of silicon content in vehicles has promoted the accelerated expansion of vehicle semiconductor market. With the improvement of the trend of intelligent and electric vehicles, the silicon content of vehicles is expected to surge, driving the continuous growth of the semiconductor market. According to sumco's data, we can see that in 2021, the demand for 6 / 8 / 12 inch silicon wafers of automotive semiconductors is expected to be 40 / 100 / 300000 Wafers / month, while by 2024, the monthly demand for the three different sizes of wafers is expected to reach 40 / 150 / 400000 wafers, which will further promote the accelerated expansion of the semiconductor market.
Adas accelerated penetration, strong demand for vehicle lens, and Shunyu optics continued to expand production. In recent years, Shunyu has continuously maintained the first position of vehicle lens in the world and arranged in advance in the field of vehicle lens. At present, it has completed the research and development of 5 million pixel glass plastic hybrid cabin detection vehicle lens and 8 million pixel automatic driving vehicle lens. At the same time, the company actively explores the business opportunities of various lens products for Chinese new power new energy vehicle customers, widens the income base, and continues to enjoy the high prosperity of the new energy vehicle industry. The on-board lens is expected to maintain a rapid growth of 20-30% in 2022. Last year, the company also completed the R & D and mass production of a number of vehicle modules, 8 million pixel vehicle modules suitable for horizon, Mobileye and NVIDIA platforms, won more than 10 customer fixed-point projects, and the business is progressing smoothly. In the field of lidar, the company has also made a comprehensive layout of transceiver modules, core optical elements and components, and the on-board product line has blossomed at many points. We believe that in the future, with the steady increase in the sales of smart cars and the increase in the number of single vehicle mounted lenses, the vehicle mounted lenses will maintain a rapid growth trend and will deeply benefit the relevant companies in the industrial chain.
Attach great importance to the unprecedented reconstruction and change of China's semiconductor and automobile industry pattern, as well as the leader of consumer electronics segment:
1) semiconductor core design: industrial opportunities such as optical chip, storage, simulation, RF, power, FPGA, processor and IP;
2) semiconductor OEM, packaging and testing and supporting service industry chain;
3) core target of intelligent vehicle;
4) VR, miniled, panel, optics, battery and other subdivision tracks;
5) core leading company of Apple industrial chain. See investment suggestions on the last page for relevant core targets
Risk warning: downstream demand is less than expected; Sino US trade friction.
