Core view of this week: the electronics industry index fell by 4.67% this week. Of the 456 targets, 48 rose throughout the week after deducting the suspension targets, 13 rose more than 3 points per week, 7 rose more than 5 points per week, 396 fell throughout the week, 286 fell more than 3 points per week, 171 fell more than 5 points per week, and 10 fell more than 10 points per week.
In the past two weeks, the electronics sector has continued its adjustment trend. From the recently disclosed annual report and the forecast of the first quarter report, the performance of consumer electronics industry chain companies is relatively weak. From the shipment of smart phones in the first quarter, the bad situation of negative growth in shipment continues to deteriorate. Major brand manufacturers have begun to reduce the annual shipment target to varying degrees, which can be seen from the weakness of demand. Recently, The partial closure and control of the supply chain and some regions and cities such as the Pearl River Delta and the Yangtze River Delta brought about by the epidemic is even worse for manufacturing and processing companies. Under the heavy pressure of high uncertainty of the epidemic, there is great pressure to effectively improve the performance of consumer electronics targets in the second quarter.
Semiconductor companies gave good growth answers in the first quarter as a whole. However, due to the high overall market expectations last year, the growth rate of most of the targets basically fell within the expectations, so it takes several quarters of continuous growth to support the new expectations. However, recently, some investors in the market are worried that the negative impact of the epidemic on the demand and production of new energy vehicles will have a short-term impact on the prosperity of power semiconductors, On April 9, Weilai has announced that due to the epidemic, the supply chain partners have stopped production one after another, and the whole vehicle production has been suspended. Therefore, the current digestion progress of high growth expectations of semiconductor targets needs to wait for the epidemic to ease. In the current situation, it is difficult to see positive changes in the electronic sector in the short term.
Industry focus: Recently, according to Taiwan media reports, following the launch of the first self-developed image processing neural network computing (NPU) chip by China’s mobile phone manufacturer oppo last year, its IC Design subsidiary Shanghai zheku has launched the research and development of application processor (AP) and mobile phone system single chip (SOC). It is expected that the first AP will be launched in 2023 and produced by TSMC 6 nm process, In 2024, the mobile phone SOC integrating AP and modem will be launched, and TSMC’s 4-nm process will be further adopted.
On April 6, according to the Taiwan media “Economic Daily”, the continuous war between Russia and Ukraine and the rising inflation momentum have led to the weakening of global consumption. Following the massive order cutting in the non Apple mobile phone industry, the latest news of the supply chain pointed out that a new wave of order cutting has spread to the PC industry, and almost all first-line PC brands have begun to revise their annual shipment targets recently. According to the report, the supply chain revealed that Lenovo, HP, Acer and ASUS are all reducing their orders this year by about double-digit percentage.
Key stocks and logic recommended this week: the targets of our key stock pool include: Shenzhen Fluence Technology Plc(300647) , Jilin Oled Material Tech Co.Ltd(688378) , Zhuhai Cosmx Battery Co.Ltd(688772) , Wingtech Technology Co.Ltd(600745) , Ningbo Kangqiang Electronics Co.Ltd(002119) , Tdg Holding Co.Ltd(600330) .
Risk tips: (1) systemic risk caused by the unexpected decline of the market; (2) Focus on the uncertainty risk of promoting relevant matters of the company.
