Core view
Semiconductor: there is a strong demand for semiconductor equipment parts and components, and domestic substitution has begun. The global semiconductor parts and components market is about 30 billion US dollars. American and Japanese companies are in a monopoly position in semiconductor equipment parts and components. The localization level of semiconductor parts and components in China is low. Only a few types of semiconductor parts and components such as quartz finished products, showerhead and edgering have a localization rate of more than 10%, valve, gauge O-ring basically depends 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.
Consumer electronics: we are optimistic about the growth certainty of Apple's industrial chain. With the release of iphonese and the expansion of the price range, we are optimistic about the future sales of iPhone series mobile phones. M1 chip is loaded on ipadaair5 and desktop chip peak product m1ultra is integrated into MAC series products, which will also push up the moat of Apple's various series of products. Apple's supply chain is expected to grow with the expansion of Apple platform. We continue to be optimistic about the performance of the core targets of Apple's industrial chain. We suggest paying attention to Luxshare Precision Industry Co.Ltd(002475) ( Luxshare Precision Industry Co.Ltd(002475) . SZ) which cuts into the iPhone assembly business and Avary Holding (Shenzhen) Co.Limited(002938) ( Avary Holding (Shenzhen) Co.Limited(002938) . SZ), Lingyi Itech (Guangdong) Company(002600) ( Lingyi Itech (Guangdong) Company(002600) . SZ), Lens Technology Co.Ltd(300433) ( Lens Technology Co.Ltd(300433) . SZ), etc.
Led: the industry boom is picking up. Miniled business is accelerating. Benefiting from the strong recovery of the industry and the accelerated penetration of miniled backlight technology, we believe that the LED industry will usher in a new round of business cycle. It is suggested to pay attention to the LED 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 China led solid crystal machine faucet Shenzhen Xinyichang Technology Co.Ltd(688383) ( Shenzhen Xinyichang Technology Co.Ltd(688383) . SH).
Investment suggestion: we believe that the profit side of the electronics industry is expected to maintain rapid growth. The valuation level of the industry is close to the medium and long-term negative standard deviation level. There is still much room for improvement and maintain the "recommended" rating. Semiconductors maintain a high boom. It is suggested to pay attention to China's leading storage and MCU Gigadevice Semiconductor (Beijing) Inc(603986) ( Gigadevice Semiconductor (Beijing) Inc(603986) . SH), leading vehicle specification semiconductor enterprises Wingtech Technology Co.Ltd(600745) ( Wingtech Technology Co.Ltd(600745) . SH), Yachuang Electronics (301099. SZ), semiconductor materials company Konfoong Materials International Co.Ltd(300666) ( Konfoong Materials International Co.Ltd(300666) . SZ), etc. It is suggested to pay attention to VR leading manufacturer Goertek Inc(002241) ( Goertek Inc(002241) . SZ) and precision manufacturing leading Luxshare Precision Industry Co.Ltd(002475) ( Luxshare Precision Industry Co.Ltd(002475) . SZ). The LED industry has entered a new business cycle. It is suggested to pay attention to the LED chip leader Sanan Optoelectronics Co.Ltd(600703) ( Sanan Optoelectronics Co.Ltd(600703) . SH), the downstream display leader Leyard Optoelectronic Co.Ltd(300296) ( Leyard Optoelectronic Co.Ltd(300296) . SZ), and the Chinese led solid crystal machine leader Shenzhen Xinyichang Technology Co.Ltd(688383) ( Shenzhen Xinyichang Technology Co.Ltd(688383) . Sh).
Risk tip: there is a risk that the demand for new products is less than expected and the technological breakthrough of Chinese manufacturers is less than expected.
