Last week’s market overview:
Last week, the semiconductor market underperformed the main indexes. Last week, Shenwan semiconductor industry index fell by 3.32%, the gem index rose by 1.10%, the Shanghai Composite Index rose by 2.19%, the Shenzhen Composite Index rose by 1.29%, the small and medium-sized board index rose by 0.99%, and wandequan a rose by 1.25%.
Semiconductor segments fell as a whole. Among the semiconductor segments, the semiconductor material segment fell 2.4%, the discrete device segment fell 2.8%, the semiconductor equipment segment fell 2.0%, the semiconductor manufacturing segment fell 4.6%, the packaging and testing segment fell 2.4%, the IC Design segment fell 3.6% and other segments fell 2.1% last week.
We are firmly optimistic about the structural market of semiconductors throughout the year. Previously, in our report “the structural market continues, and the six major segments deserve attention” on March 1, 2022, we proposed that “under the background of the continuous shortage of production capacity, we continue to be optimistic about the structural market of the whole year, and the opportunities of the six major segments deserve attention, such as automotive electronics, server chips, special ICs, materials and equipment, wafer factories and IOT chips”. At the current time, we have entered the disclosure window of the annual report, The performance of related companies exceeds expectations or brings short-term stock price response.
The sales of semiconductor equipment reached a new high, and the market focus gradually shifted from the equipment to the upstream of the equipment. In 2021, the global sales of semiconductor equipment is expected to increase by 45% year-on-year to US $103 billion, a record high. Since 2021, there has been a continuous shortage of semiconductor production capacity. Major wafer factories are accelerating the expansion of production capacity, and the market growth continues to exceed expectations. The global sales of semiconductor equipment is expected to reach 114 billion US dollars in 2022. In the context of the global semiconductor equipment market boom, its supply chain related enterprises are expected to benefit. The strength of China’s semiconductor equipment enterprises drives the development of China’s semiconductor equipment parts industry. The localization of parts may become a trend.
The localization process of equipment parts continues to advance. Can relevant enterprises really usher in the spring of the industry? International political uncertainty continues to increase, and the importance of the autonomy of the whole semiconductor industry chain is highlighted. On the one hand, semiconductor equipment parts are affected by the equipment procurement demand driven by the expansion of downstream wafer factories. At the same time, domestic semiconductor equipment manufacturers also have the demand for parts localization. It seems that the Growth Logic of the industry is clear. Considering the wide variety of equipment parts and components, whether domestic equipment parts can really usher in the spring of the industry depends on the improvement rate of localization ratio of equipment manufacturers, And the technical strength of relevant industrial chain companies.
It is recommended to pay attention to:
1) semiconductor material and equipment: ofthe material and equipment for the semiconductor material: ofthe \ / Hubei Dinglong Co.Ltd(300054) ;
\u3000\u30002） IDM: Wingtech Technology Co.Ltd(600745) Sanan Optoelectronics Co.Ltd(600703) Zhuzhou Crrc Times Electric Co.Ltd(688187) Hangzhou Silan Microelectronics Co.Ltd(600460) Yangzhou Yangjie Electronic Technology Co.Ltd(300373) ；
(3) wafer: huadaihong;
4) semiconductor design: semiconductor design: semiconductor design: semiconductor design: semiconductor design: semiconductor design: semiconductor design: semiconductor design: semiconductor design: semiconductor design: the East micro and half guide / 3Peak Incorporated(688536) / Shanghai Awinic Technology Co.Ltd(688798) / Godson Zhongke / haiguang information;
Risk tip: the epidemic continues to deteriorate, industrial policy changes, international trade disputes intensify, and the demand of downstream industries is lower than expected.
