Core view
The mood is more pessimistic than the number. In the “electronic +” era, the category expansion logic remains the same, and the industry allocation value is strengthened. The week before the festival, Shanghai Stock Exchange rose 2.19%, electronics fell 3.10%, consumer electronics fell 5.16%, and electronics fell 25.43% since the beginning of the year, ranking first in the whole industry. Recently, affected by the cut-off of iphonese and the decline of China’s mobile phone shipment data, the industry volatility has increased, and some blue chip stocks represented by goer and Lixun have also fallen sharply one after another. In the short term, when the shortage of materials is alleviated, the dynamic adjustment of shipment expectations by brand factories is the norm in the industry. “Apple cutting orders” has also become a “regular topic” in the 3C industrial chain in the first quarter of 2017. In terms of data, the sales of 2h21 iPhone increased by 5.41% year-on-year, and the sales of 4q21airpods and apple watch increased by 11.9% and 14.0% year-on-year. The boom is good, and Apple’s share price is close to an all-time high. We believe that compared with 2018, when the market is pessimistic about the consistency of 3C volume and price growth space, at the starting point of 5g innovation cycle, the “electronic +” trend represented by aiot and smart cars is still, and the sentiment is more pessimistic than the number, the industry configuration value is strengthened.
The second phase of the large fund has made continuous investment and paid attention to the opportunity of accelerating the localization of semiconductors. According to the announcement of Shanghai Wanye Enterprises Co.Ltd(600641) 3 on March 30, the second phase of the national integrated circuit industry investment fund invested 350 million yuan to increase its subsidiary Zhejiang praseodymium core (focusing on semiconductor equipment parts business); The previous week, the 12 inch high-performance analog chip production line project Hangzhou Fuxin semiconductor industrial and commercial change showed that it was invested in the second phase of the large fund. Since 2022, the second phase of the large fund has successively invested in Shennan Circuits Co.Ltd(002916) , Shilan Jike, National Silicon Industry Group Co.Ltd(688126) and other projects. We think that this is a move or show that we think that this is a move or show that the trend of semiconductor localization is once again accelerating again. We continue to recommend local analog and the trend of semiconductor localization, continue to recommend the trend of semiconductor localization, continue to recommend the trend of semiconductor localization, continue to recommend the trend of semiconductor localization, continue to recommend the trend of semiconductor localization, continue to recommend local simulation and power tap Konfoong Materials International Co.Ltd(300666) 6 Client Service International Inc(300663) 0066 Client Service International Inc(300663) 0066300 etc.
Automotive applications drive the high growth of SiC market, and domestic SiC devices press the “acceleration key”. According to yole’s latest data, the global SiC device market exceeded US $1 billion (yoy57%) in 21 years, and the SiC revenue growth of the top three suppliers: Italian French semiconductor, Infineon and wolfspeed exceeded 50%. In addition, the annual performance of sic-fab OEM increased by 61%. With the strong impetus of automotive applications, the global SiC device market will increase from US $1.1 billion to US $6.3 billion from 2021 to 2027. According to Hangzhou Silan Microelectronics Co.Ltd(600460) annual report, its SiC pilot line has been connected in 2q21, and the 6-inch SiC mass production line will be connected in 3q22; The company has completed the research and development of vehicle specification level sicmosfet devices, and will send them to customers for evaluation and start mass production. In addition, the construction of 6-inch SiC production lines such as Jita and Zhuzhou Crrc Times Electric Co.Ltd(688187) is also accelerating. At the initial stage of the rise of the industry, continue to recommend Hangzhou Silan Microelectronics Co.Ltd(600460) and others with leading mass production progress of vehicle specification products.
Apple cooperates with LG display to develop foldable OLED panel, which is expected to be used in iPad and MacBook. According to the elec, apple is working with LG display to develop foldable OLED screens for future iPad and MacBook models. In addition, LG display plans to provide HP with OLED foldable laptop panel in Q3. The product adopts the form of inward folding, which is 11 inches when folded and 17 inches when expanded. HP’s related laptop products are expected to be available at the end of this year or early next year. The participation of leading consumer electronics enterprises such as apple and Hewlett Packard is expected to further promote the penetration and maturity of folding screen, and continue to recommend Jiangsu Gian Technology Co.Ltd(300709) , Kunshan Kersen Science & Technology Co.Ltd(603626) , Wuhu Token Sciences Co.Ltd(300088) and other industrial chain related companies.
In February, China’s smartphone shipments were under pressure, and glory became the top five brands with positive growth. According to cinno data, in February, the sales volume of smart phones in China was 23.48 million, a year-on-year decrease of 20.5% and a month-on-month decrease of 24.0%. Affected by macroeconomic, repeated epidemic and other factors, mobile phone brands began to cut supply chain orders. Among the top five brands sold in February (oppo, glory, apple, vivo and Xiaomi), glory shipped 3.9 million units, with a year-on-year increase of 141.6%. It is the only brand with positive year-on-year growth. Glory 60 ranks fourth in the single machine sales list, second only to iPhone 13, iPhone 13 Pro Max and iPhone 13 pro, supporting the strong return of glory. Glory industry chain continues to recommend Dbg Technology Co.Ltd(300735) .
Key portfolio
Consumer electronics: Wingtech Technology Co.Ltd(600745) Avary Holding (Shenzhen) Co.Limited(002938) , Shenzhen Transsion Holdings Co.Ltd(688036) , Hangzhou Hikvision Digital Technology Co.Ltd(002415) , Boe Technology Group Co.Ltd(000725) , Hongli Zhihui Group Co.Ltd(300219) , Suzhou Shihua New Material Technology Co.Ltd(688093) , Kunshan Kersen Science & Technology Co.Ltd(603626) , Shenzhen Everwin Precision Technology Co.Ltd(300115) , Tcl Technology Group Corporation(000100)
Semiconductor: Sg Micro Corp(300661) , Shanghai Awinic Technology Co.Ltd(688798) , 3Peak Incorporated(688536) , Maxscend Microelectronics Company Limited(300782) , Gigadevice Semiconductor (Beijing) Inc(603986) , Tongfu Microelectronics Co.Ltd(002156) , Jcet Group Co.Ltd(600584) , Sai Microelectronics Inc(300456)
Equipment and materials: Naura Technology Group Co.Ltd(002371) , Shanghai Wanye Enterprises Co.Ltd(600641) , Hangzhou Lion Electronics Co.Ltd(605358) , Anji Microelectronics Technology (Shanghai) Co.Ltd(688019) , Hubei Dinglong Co.Ltd(300054) , Advanced Micro-Fabrication Equipment Inc.China(688012) , National Silicon Industry Group Co.Ltd(688126) , Zhejiang Mtcn Technology Co.Ltd(003026) 3 Tianjin Futong Information Science&Technology Co.Ltd(000836) 88312
Passive parts: Nantong Jianghai Capacitor Co.Ltd(002484) , Zhejiang Jiemei Electronic And Technology Co.Ltd(002859) , Shenzhen Sunlord Electronics Co.Ltd(002138) , Guang Dong Fenghua Advanced Technology (Holding) Co.Ltd(000636) , Chaozhou Three-Circle(Group) Co.Ltd(300408) , Tkd Science And Technology Co.Ltd(603738)
Risk warning: the epidemic situation repeatedly affects the downstream demand; Industrial development is less than expected; Industry competition intensifies.
