Market overview of this week:
Semiconductor market underperformed major indexes this week. This week, the Shenwan semiconductor industry index fell 5.58%, the gem index fell 3.64%, the Shanghai Composite Index fell 0.94%, the Shenzhen composite index fell 2.20%, the small and medium-sized board index fell 2.14%, and wandequan a fell 1.74%. The semiconductor industry index underperformed the main index. Most of the semiconductor segments have declined. Semiconductor sector fell by 4.4% this week, while semiconductor sector fell by 4.4% this week, while semiconductor sector fell by 2.4% this week, while semiconductor sector fell by 2.4% this week.
Automotive intelligence + electrification drives the upgrading of the composition of the overall industrial value chain, and the content + importance of automotive chips has doubled. It is expected that the proportion of automotive semiconductors in the total cost of automobiles will reach 50% in 2030, which will become a new profit growth point of automobiles.
We are optimistic about the continuous improvement of assisted driving + automatic driving + vehicle electrification, driving the volume and price of automotive semiconductors to rise at the same time. At present, the localization rate of automotive electronics is less than 1%. The leading manufacturers are monopolized and have a strong relationship with Tier1. They are optimistic about the opportunities of Chinese companies under the wave of Intelligent & Electrification and the wave of domestic substitution.
\u3000\u30001. Controller: according to the prediction of GAC Research Institute, there are about 40-70 traditional automobile controllers and 400700 chips. The number of new energy vehicles increased to 45-80 and the number of chips increased to 500800, with a significant increase in the number of traditional vehicles;
\u3000\u30002. Analog chip: it is estimated that the L2 level car will carry 6 sensors, with a value of $160, and the L5 level car will carry 32 sensors, with a value of $970 (including 10 ultrasonic radars + 2 long-range radar sensors + 6 short-range radar sensors + 5 look around cameras + 4 long-range cameras + 2 stereo cameras + 1 ubolo + 1 lidar + 1 dead reckoning). The proportion of automotive semiconductors has increased significantly Will Semiconductor Co.Ltd.Shanghai(603501) and other new products of the company have been introduced into the vehicle market, and Hesai, Suteng and Valeo have released new products of laser radar;
\u3000\u30003. Main control chip: the computing power continues to increase with the improvement of intelligence. From L1 1tops to l51000 + tops, the computing power promotes the rapid growth of main control chip. 1) Smart cockpit chip: compared with autopilot chip, smart cockpit chip has relatively lower requirements for safety. In the future, the development of “one core and multi screen” technology in the vehicle will depend on smart cockpit SOC, and the chip itself will also develop in the direction of miniaturization, integration and high performance. 2) Autopilot chip: on the one hand, the autopilot chip needs to meet a higher safety level. At the same time, with the prompt of several times of autopilot, it needs higher computing power support. In the future, the autopilot chip will develop to the heterogeneous SOC integrating “CPU + XPU” (XPU includes GPU / FPGA / ASIC, etc.), Amlogic (Shanghai) Co.Ltd(688099) , Rockchip Electronics Co.Ltd(603893) , Shanghai Fullhan Microelectronics Co.Ltd(300613) , etc;
\u3000\u30004. Power semiconductors: from the classification, the value of power semiconductors has increased the most. The single vehicle value of power semiconductors for fuel vehicles has reached US $87.6 and US $458.7 for new energy vehicles, realizing more than four times the growth. IGBT is a just needed chip for new energy applications, which is expected to grow rapidly. At the same time, the price difference between SiC and traditional products continues to narrow. It is expected that sic2022 will usher in a growth inflection point and will be fully launched in 2026, Wingtech Technology Co.Ltd(600745) , Dongwei semiconductors, Hangzhou Silan Microelectronics Co.Ltd(600460) Zhuzhou Crrc Times Electric Co.Ltd(688187) , Starpower Semiconductor Ltd(603290) , Macmic Science & Technology Co.Ltd(688711) and other companies actively layout;
\u3000\u30005. Memory chip: Automotive intelligence and Internet of vehicles have accelerated the application of automotive storage, especially the continuous improvement of the number and resolution of image sensors and the demand for data storage. It is expected that with the improvement of intelligent level, the capacity and performance of automobile storage system will grow rapidly, and the automobile will become the core factor for the memory to enter the $100 billion market. The products of Ingenic Semiconductor Co.Ltd(300223) , Gigadevice Semiconductor (Beijing) Inc(603986) and other companies have been introduced into the automobile market.
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 foundry: Huahong semiconductor / Semiconductor Manufacturing International Corporation(688981) ;
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.
