Sichuan caizhou viewpoint
Last week, the electronics industry showed a significant correction, and the subdivided sectors fell across the board. In particular, the discrete devices, passive components, optical components and other sectors representing emerging technology industries such as new energy vehicles fell significantly. The decline of panels, PCBs and other sectors with deep cumulative decline in the early stage was relatively small, but they still maintained a downward trend with the industry as a whole. The recent epidemic has caused many industrial bases in Shanghai, Jiangsu, Jilin, Hebei and other places to face obstacles such as transportation and production, which has a high probability of affecting the phased growth of the industry. The market is expected to revise the electronic technology sector in an overall phased manner. The certainty of medium and long-term steady growth in the fields of photovoltaic electronics, automotive electronics and semiconductor equipment and materials reflected in the first quarterly report of the industry is still high, and the repair under phased valuation will bring more suitable investment opportunities to relevant fields.
Market performance in one week
Last week, Shenwan electronics industry fell 4.67%, the Shanghai stock index fell 0.94%, and the Shanghai and Shenzhen 300 index fell 1.06%. Among the sub sectors, the discrete component sector fell 9.60%, the passive component sector fell 6.34%, and the optical component sector fell 5.96%. In terms of individual stocks, the top three companies in the electronics industry are: Harbin Viti Electronics Corp(603023) ( Harbin Viti Electronics Corp(603023) . Sh, 18.12%), Hunan Corun New Energy Co.Ltd(600478) ( Hunan Corun New Energy Co.Ltd(600478) . Sh, 11.93%), Wuxi Hodgen Technology Co.Ltd(300279) ( Wuxi Hodgen Technology Co.Ltd(300279) . SZ, 8.92%); The companies with the first three weeks of decline are: Suzhou Recodeal Interconnect System Co.Ltd(688800) ( Suzhou Recodeal Interconnect System Co.Ltd(688800) . Sh, – 16.85%), 3Peak Incorporated(688536) ( 3Peak Incorporated(688536) . Sh, – 12.23%), Zhejiang Sunoren Solar Technology Co.Ltd(603105) ( Zhejiang Sunoren Solar Technology Co.Ltd(603105) . Sh, – 11.57%).
Industry dynamics
According to the latest statistics of the Ministry of public security, by the end of March 2022, the number of new energy vehicles was 8.915 million, and 1.11 million were newly registered in the first quarter, a year-on-year increase of 138.20%. (Ministry of Public Security)
The domestic high-end 8 / 12 inch wafer thinning machine independently developed by Beijing CETC Electronic Equipment Co., Ltd. has realized batch application, and is expected to form a delivery capacity of 100 thinning machines per year. (Beijing Economic Development Zone)
Recently, Hebei Zhengding launched a semiconductor chip project with a scale of about 8 billion yuan to build the first 12 inch power semiconductor production line in North China. The project will have synergistic effects with downstream automobile industry, photovoltaic industry and new display industry to promote the formation of a strong industrial chain. (Netease News)
On April 8, Guangdong Dowstone Technology Co.Ltd(300409) announced that in order to enhance the competitive strength of its subsidiary Griffin and promote the rapid and steady development of the company’s carbon materials business, the company plans to increase the capital of Griffin and introduce Byd Company Limited(002594) and other strategic shareholders, with a proposed capital increase of 600 million yuan (the final amount shall be subject to the actual capital increase). (Tencent)
Zhejiang Lishui Economic Development Zone signed a contract with Dongxu group to build a high-end photoelectric semiconductor material project, with a total investment of 11 billion yuan. The project will further extend the semiconductor industry chain to the field of photoelectric display and create a “core” highland of the semiconductor industry together with 17 projects such as semiconductor equipment, design, manufacturing and sealing test that have been implemented. (China liquid crystal network) Guangdong Shaoguan Bureau of industry and information technology issued the development plan of semiconductor industry, and proposed to strive to achieve a total output value of more than 5 billion yuan, an output value of more than 2 billion yuan in packaging and testing, and more than 1 billion yuan in module manufacturing and material industries by 2025. (Netease News)
Company announcement
Guoxin Technology: the internal test of the new product of automotive electronic body and gateway control MCU developed by the company has been successful. As of April 7, the company has obtained 9 customers with actual orders of more than 1.1 million.
Tianjin Zhonghuan Semiconductor Co.Ltd(002129) : the company and Tcl Technology Group Corporation(000100) Group Co., Ltd. signed contracts with the people’s Government of Inner Mongolia Autonomous Region and the people’s Government of Hohhot respectively on April 7. It is planned to build about 120000 tons of high-purity polycrystalline silicon project, semiconductor monocrystalline silicon material and supporting project and national silicon material R & D center project in Inner Mongolia, with a total investment of about 20.6 billion yuan.
Jiangsu Nata Opto-Electronic Material Co.Ltd(300346) : from January to March, the company achieved a revenue of about 70-83 million yuan, with a year-on-year increase of about 64.33% – 94.85%; The net profit attributable to the parent company was about 54-67 million yuan, with a year-on-year increase of about 67.57% – 107.92%.
Universal Scientific Industrial(Shanghai)Co.Ltd(601231) : the company’s consolidated operating income in March was 4.908 billion yuan, an increase of 25.92% over the same period last year and 18.63% over the same period in February. From January to March, the consolidated operating income was 13.953 billion yuan, an increase of 27.61% over the same period last year.
Zhuzhou Kibing Group Co.Ltd(601636) : the company plans to invest in four new 1200t / D photovoltaic glass production lines in Zhaotong City, Yunnan Province, with a total investment of about 5180 million yuan, and plans to build a new 1200t / D photovoltaic glass production line in Dongshan County, Zhangzhou City, with a total investment of about 1140 million yuan.
Shuangliang Eco-Energy Systems Co.Ltd(600481) : the company signed an agreement with the Management Committee of Baotou rare earth high tech Industrial Development Zone and plans to invest 5 billion yuan in the high tech Zone to build 20GW high-efficiency photovoltaic module project, of which the construction period of phase I 5GW photovoltaic module is two years and is still in its infancy.
Risk tips: the impact of the epidemic spread exceeded expectations, the US science and technology sanctions resumed, and the pressure on the price of new energy vehicles remained unabated.
