Market overview of this week:
The semiconductor market significantly underperformed the main indexes this week. This week, the Shenwan semiconductor industry index fell 8.09%, the gem index fell 6.80%, the Shanghai Composite Index fell 1.65%, the Shenzhen composite index fell 3.46%, the small and medium-sized board index fell 4.13%, and wandequan a fell 2.61%. The semiconductor industry index significantly underperformed the major indexes.
Semiconductor segments fell as a whole. Among the semiconductor segments, the semiconductor packaging and testing segment fell 3.6%, the semiconductor manufacturing segment fell 3.7%, the semiconductor material segment fell 6.7%, the discrete device segment fell 7.6%, the IC Design segment fell 8.2% and the semiconductor equipment segment fell 11.8% this week.
According to the announcement on the official website of Huahong semiconductor, on January 7, the company's third plant had a short-term power outage, and there were no casualties on the site. The power supply was restored at noon that day. At present, production is gradually restored. It is not expected to have a significant impact on the company's performance.
Wafer factories are in the middle of the semiconductor industry chain, and their production capacity determines the supply of the semiconductor industry. The industry chain has a significant position. Emergencies such as power failure / fire / earthquake have a short-term impact on the operation, so they have attracted extensive attention from investors. We judge that for wafer foundries, Short term power failure and shutdown may lead to ① scrapping of on-line wafer products ② equipment failure after restart ③ clean room pollution, and finally affect short-term quarterly performance. For wafer factory customers: if the unfortunately produced products are scrapped due to accidents, it will affect the short-term delivery rhythm. However, with the resumption of production in the factory, the construction period can be returned in a few weeks, with little impact.
We believe that after the event, the short-term stock price may reflect the impact on the current performance, and the medium and long-term industrial trend will not be affected. According to the company's announcement on the 8th, the company expects that it will not have a significant impact on the performance, and the impact on the current performance may be better than expected. Under the background of continuous price rise of wafer factories, the medium and long-term wafer factory industry trend is upward. Just like our previous report (Foundry: or jump in the abyss, 20211102; how to view the recent adjustment of the foundry sector, 20211220), we are firmly optimistic about the upward cycle of the foundry sector in the medium term. In the long term, the foundry industry in mainland China has entered the strategic expansion period, and its growth is expected to exceed expectations. If the short-term stock price is corrected due to a one-time power outage, we should pay special attention to it, At the same time, pay close attention to the time when the factory fully resumes production to clarify the specific impact on the current quarter.
It is recommended to pay attention to:
1) semiconductor design: Sg Micro Corp(300661) / 3Peak Incorporated(688536) / Montage Technology Co.Ltd(688008) / Amlogic (Shanghai) Co.Ltd(688099) / Rockchip Electronics Co.Ltd(603893) / Sino Wealth Electronic Ltd(300327) / Starpower Semiconductor Ltd(603290) / Macmic Science & Technology Co.Ltd(688711) / Wuxi Nce Power Co.Ltd(605111) / Allwinnertech Technology Co.Ltd(300458) / Bestechnic (Shanghai) Co.Ltd(688608) / Shanghai Fullhan Microelectronics Co.Ltd(300613) / Gigadevice Semiconductor (Beijing) Inc(603986) / Will Semiconductor Co.Ltd.Shanghai(603501) / Maxscend Microelectronics Company Limited(300782) / Shanghai Bright Power Semiconductor Co.Ltd(688368) / Unigroup Guoxin Microelectronics Co.Ltd(002049) / Shanghai Fudan
\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) ；
3) wafer foundry: Semiconductor Manufacturing International Corporation(688981) / Huahong semiconductor;
4) semiconductor equipment materials: Naura Technology Group Co.Ltd(002371) / Jiangsu Yoke Technology Co.Ltd(002409) / Shanghai Sinyang Semiconductor Materials Co.Ltd(300236) / Advanced Micro-Fabrication Equipment Inc.China(688012) / Wuhan Jingce Electronic Group Co.Ltd(300567) / Beijing Huafeng Test & Control Technology Co.Ltd(688200) / Hangzhou Chang Chuan Technology Co.Ltd(300604) / Grinm Advanced Materials Co.Ltd(600206) / Jiangyin Jianghua Microelectronics Materials Co.Ltd(603078) ;
Risk warning: the epidemic situation continues to deteriorate; The impact of trade war; Demand is less than expected
