Summary of the latest developments 1 The United States resumed tariff exemption for 352 Chinese products, Zte Corporation(000063) won the lawsuit and ended the probation, and the Sino US science and technology friction eased in stages. The office of the U.S. trade representative issued a statement announcing the re exemption of 352 tariffs on goods imported from China under article 301. The new provisions will apply to goods imported from China between October 12, 2021 and December 31, 2022 Zte Corporation(000063) announced that the US Court ruled that the probation period would expire on March 22, the original us time, without any additional punishment. We believe that the US tariff exemption and the end of the suspension of Zte Corporation(000063) victory show that the periodic marginal easing of Sino US science and technology friction. Although the long-term situation of Sino US science and technology competition will not change, the periodic easing is still conducive to the repair of investment sentiment in the science and technology industry. We are optimistic about the rebound opportunities of semiconductor and other science and technology industries. 2. When the localization substitution of semiconductor parts is in progress. According to the statistics of VLSI, a semiconductor industry survey company, semiconductor equipment includes eight core subsystems, including gas-liquid flow control system, vacuum system, process diagnosis system and optical system. Each subsystem contains a large number of parts. The global market scale of semiconductor parts is about 30 billion US dollars. American and Japanese companies are in a monopoly position in semiconductor equipment parts. The localization level of semiconductor parts in China is low. Only a few types of semiconductor parts such as quartz finished products, showerhead and edgering have a localization rate of more than 10%, and valve, gauge and O-ring basically rely on imports. At present, Sichuan Injet Electric Co.Ltd(300820) , Shanghai Wanye Enterprises Co.Ltd(600641) , Kunshan Kinglai Hygienic Materials Co.Ltd(300260) , Jingjiang pioneer, Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) , Konfoong Materials International Co.Ltd(300666) many enterprises are committed to the localization of semiconductor parts. We are optimistic about companies with first mover advantages in this field. It is suggested to pay attention to Konfoong Materials International Co.Ltd(300666) ( Konfoong Materials International Co.Ltd(300666) . SZ), Shanghai Wanye Enterprises Co.Ltd(600641) ( Shanghai Wanye Enterprises Co.Ltd(600641) . SH), Kunshan Kinglai Hygienic Materials Co.Ltd(300260) ( Kunshan Kinglai Hygienic Materials Co.Ltd(300260) . SZ), fuchuang precision, etc.
Driven by the strong demand for 5g terminals and automotive electrification, the profit side of the electronics industry will accelerate growth in 2022 and maintain the “recommended” rating. In terms of domestic substitution of semiconductors, it is suggested to pay attention to the field of wafer foundry Semiconductor Manufacturing International Corporation(688981) (0981. HK), Huahong semiconductor (1347. HK), etc; Maxscend Microelectronics Company Limited(300782) ( Maxscend Microelectronics Company Limited(300782) . SZ), Wingtech Technology Co.Ltd(600745) ( Wingtech Technology Co.Ltd(600745) . SH), Montage Technology Co.Ltd(688008) ( Montage Technology Co.Ltd(688008) . SH) with core competitiveness in the design field; In terms of equipment, it is suggested to pay attention to Naura Technology Group Co.Ltd(002371) ( Naura Technology Group Co.Ltd(002371) . SZ), Advanced Micro-Fabrication Equipment Inc.China(688012) ( Advanced Micro-Fabrication Equipment Inc.China(688012) . SH), etc. In terms of automotive electronics, it is suggested to pay attention to the intelligent cockpit company Foryou Corporation(002906) ( Foryou Corporation(002906) . SZ), camera enterprise Shunyu optical technology (2382. HK), Lianchuang Electronic Technology Co.Ltd(002036) ( Lianchuang Electronic Technology Co.Ltd(002036) . SZ), Ofilm Group Co.Ltd(002456) ( Ofilm Group Co.Ltd(002456) . SZ) and vehicle specification CIS supplier Will Semiconductor Co.Ltd.Shanghai(603501) ( Will Semiconductor Co.Ltd.Shanghai(603501) . SH), etc. In terms of consumer electronics, it is suggested to pay attention to the leading VR manufacturer Goertek Inc(002241) ( Goertek Inc(002241) . SZ) and the core targets of the iPhone industry chain Luxshare Precision Industry Co.Ltd(002475) ( Luxshare Precision Industry Co.Ltd(002475) . SZ), Avary Holding (Shenzhen) Co.Limited(002938) ( Avary Holding (Shenzhen) Co.Limited(002938) . SZ), etc. In terms of LED, it is suggested to pay attention to downstream display faucet Leyard Optoelectronic Co.Ltd(300296) ( Leyard Optoelectronic Co.Ltd(300296) . SZ), LED chip faucet Sanan Optoelectronics Co.Ltd(600703) ( Sanan Optoelectronics Co.Ltd(600703) . SH) and Chinese led solid crystal machine faucet Shenzhen Xinyichang Technology Co.Ltd(688383) ( Shenzhen Xinyichang Technology Co.Ltd(688383) . SH).
Risk warning: the downstream demand is less than expected, and the risk of domestic substitution is less than expected.
