The epidemic has impacted the operation and transportation of some enterprises, and the performance has been delayed, waiting for the flowers to bloom in the second quarter. In the past week, the Shanghai Composite Index fell 0.94%, electronics fell 4.67%, and semiconductors in the sub industry fell 5.58%. Due to the impact of the epidemic in Shanghai and other regions, some electronic enterprises reported that they were impacted in production, operation and material transportation. The pace of performance fulfillment in March was delayed. As Q2 is the off-season of the consumer electronics industry chain and under the condition of abundant production capacity, the overall impact on 1H22 performance is small. In addition, the resilience of the consumer electronics industry is expected to be strengthened after the rapid expansion of the terminal q219-19 epidemic season, and the resilience of the consumer electronics industry is expected to be basically improved after the terminal q219-19 epidemic season, which is similar to that of the terminal q20-19 epidemic.
In the 21 year, the IC share of Chinese mainland enterprises was only 4%, and TSMC and 1Q22 were the highest.
According to the latest ICInsights data, Chinese mainland IC companies have only 4% global share in 21 years, of which 9% of Fabless design companies, and 1% of IDM enterprises, have a wide space for self-sufficiency. In addition, according to the revenue data of Taiwan stocks, the demand for 1q22 wafer foundry and silicon wafer is still strong. TSMC’s revenue is NT $491.1 billion (yoy36%, qoq12%), UMC’s revenue is NT $63.4 billion (yoy35%, qoq7%), world advanced revenue is NT $13.5 billion (yoy47%, qoq6%), and global wafer revenue is NT $16.3 billion (yoy10%, qoq4%). At the current time point, we will continue to recommend Sg Micro Corp(300661) , Amlogic (Shanghai) Co.Ltd(688099) , Semiconductor Manufacturing International Corporation(688981) , Huahong semiconductor, Hangzhou Lion Electronics Co.Ltd(605358) , etc. with increased benefit share and high demand.
Vivoxfold will be released soon, and the number of folding screen mobile phones is expected to double year-on-year to 17.8 million in 2022.
According to stonepartners data, the global shipments of folding screen mobile phones are expected to increase from 8 million in 2021 to 17.8 million in 2022, of which Samsung, glory, Xiaomi, Huawei, oppo and vivo are expected to ship 1390, 100, 80, 70, 300 and 200000 respectively. Vivo plans to release its first folding screen mobile phone vivoxfold on April 11. So far, all mainstream Android brands have entered the blue ocean market of folding screen mobile phones. We believe that folding screen mobile phones will become an important starting point for the Android camp to push up the product pricing range and promote the high-end brand. Under the catalysis of the frequent occurrence of new folding screen phones, we will 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.
With the acceleration of global automobile electrification, the supply of chips continued to be tight, and the average delivery time in March was further extended. April 3rd
Byd Company Limited(002594) automobile officially announced that it would stop the production of fuel vehicles since March 22 and would focus on pure electric and plug-in hybrid vehicles, becoming the first automobile enterprise in the world to officially announce the shutdown of fuel vehicles. In addition, on April 5, Honda and General Motors announced the joint development of pure electric vehicles and plans to start producing millions of electric vehicles worldwide in 2027. Volkswagen announced that it would abandon dozens of internal combustion engine models by 2030 and increase the development of software and new components. In the context of accelerated global electrification, the average delivery time of global chips in March was extended to 26.6 weeks, a record high. Continue to recommend Huahong semiconductor, the leader of power semiconductor OEM, as well as vehicle specification power semiconductor manufacturers Hangzhou Silan Microelectronics Co.Ltd(600460) , Wingtech Technology Co.Ltd(600745) , etc.
The destocking of Q2 passive components is coming to an end, and the industry is expected to usher in an upward turning point. According to mantianxin,
Qinkai, a large manufacturer of passive component materials, said that according to the current order receiving situation, the pulling force of capacitors, inductors and resistors has gradually picked up, the demand for replenishing inventory in the terminal market has emerged one after another, and the inflection point of the boom of passive components is close. In addition, Guoju said that it would not rule out raising the quotation to reflect the rise in transportation and production costs. At present, the demand for niche products is booming, the order shipment ratio remains above 1, and the general products are still in inventory correction, but the orders have increased, and the market is bottoming out. It is suggested that the passive component industry chain pay attention to 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) , etc.
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
