Core view
Build an emotional bottom in the repeated epidemic, build a fundamental bottom when returning to work and production, and wait for 2q flowers to bloom. In the past week, the Shanghai Composite Index fell by 1.25% and the electronics fell by 4.20%. Since the beginning of the year, the performance of the electronics cyclical direction has differentiated and the overall valuation center has moved down, with a cumulative decline of 31.9%. The decline rate is faster than that in 2018 before the opening of this 5g + aiot innovation cycle and the market is uniformly pessimistic about the growth space of consumer electronics volume and price. Recently, affected by 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 and April was delayed. As 2q is the off-season of the electronic industry chain and under the condition of abundant production capacity, the overall impact on 1H22 performance is relatively small. When the resumption of work and production is approaching, the industry supply side fundamentals are expected to bottom, and the market toughness reflected in the postponement of electronic product consumption will be followed up, Focus on the allocation value when the industry valuation is at the bottom of history.
1q22 TSMC's revenue and gross profit margin exceeded the upper limit of the guidelines, and the automobile and HPC business performed strongly. TSMC 1q22's revenue reached US $17.57 billion (yoy36.0%, qoq11.6%), exceeding the upper limit of the guidelines (US $16.6-17.2 billion); The gross profit margin is 55.6%, exceeding the upper limit of the guidelines (53% - 55%), and the company expects that its OEM price will not decline during the year. From the downstream, 1q22hpc and cars increased by 26% month on month, while mobile phones and IOT increased by 1% and 5% month on month respectively. TSMC expects 2q22 revenue of US $17.6-18.2 billion (YoY 32.0% - 36.5%, QoQ 0.2% - 3.6%), gross profit margin of 56% - 58%, and annual production capacity will remain tight. Although disturbed by the epidemic in the short term, we are still optimistic about the market expansion driven by the increase of silicon content and the share increase of local enterprises under the background of independent control. We continue to recommend Sg Micro Corp(300661) , Amlogic (Shanghai) Co.Ltd(688099) , Wingtech Technology Co.Ltd(600745) , Will Semiconductor Co.Ltd.Shanghai(603501) , Semiconductor Manufacturing International Corporation(688981) , Huahong semiconductor, etc.
OBC enterprises actively introduce SiC, and the global penetration accelerates again. On April 12, Toyota announced the launch of electric vehicle bz4xsuv, which will be launched in May. Its on-board charging device ESU is equipped with on-board charger (OBC) and DC-DC converter based on Japanese electric installation SiC technology. Based on SiC, the volume of the device can be reduced and the cost can be effectively reduced by 30%. At the same time, Roma also announced that the electric vehicle lucidair will use the high-efficiency OBC built by its silicon carbide MOSFET to increase its range by 80 miles. In addition, OBC manufacturers such as Shinry Technologies Co.Ltd(300745) , WiMAX and inbor in China have also released product solutions based on silicon carbide. In the early stage of large-scale production in the industry, Hangzhou Silan Microelectronics Co.Ltd(600460) and others leading in the mass production process of vehicle specification level sicmosfet are recommended.
Pico released piconeo3link, accelerating the maturity of local VR / ar software and hardware ecology. Pico unveiled the new VR head display neo3link in lavalvirtual2022, priced at 449 euros. It will first be limited to European markets such as Germany, France, Spain and the Netherlands. In terms of hardware, the display resolution of the device is 3664 × 1920, with a refresh rate of 90hz, equipped with Qualcomm snapdragon XR2 chip and two 6DOF controllers; In terms of content, the device supports unlimited streaming with PC to access steamvr games, and supports more than 200 6DOF works in picostore. Based on the consumption power of oculus series products in overseas markets, we are optimistic about the business opportunity of accelerating the maturity of local VR / ar software and hardware ecology. Relevant industrial chains continue to recommend Goertek Inc(002241) , Wuhu Token Sciences Co.Ltd(300088) , Hongli Zhihui Group Co.Ltd(300219) , Suzhou Dongshan Precision Manufacturing Co.Ltd(002384) , etc.
The flagship of vivo fold is released, starting from 8999 yuan. On April 11, vivo released its first folding machine xfold, priced at 8999 yuan (12 + 256gb) / 9999 yuan (12 + 512gb). So far, all head Android brands have entered the blue ocean market of folding screen. In terms of hinges, xfold has built a space class floating wing, with a cost of more than 1200 yuan, a strength increase of 76% and a weight decrease of 21g; In terms of screen, Samsung e5120hzamoled is adopted for both internal and external screens, and Schott UTG cover sector is equipped on the external screen, which can effectively weaken creases; In addition, it is also equipped with 3D ultrasonic double screen fingerprint, Xiaolong 8gen1 chip, full focus Cai Si Si photography, etc. We believe that the folding machine is becoming an important starting point for the Android camp to promote the high-end brand. Under the catalysis of the frequent occurrence of new 2q folding machines, we recommend Jiangsu Gian Technology Co.Ltd(300709) , Kunshan Kersen Science & Technology Co.Ltd(603626) , Wuhu Token Sciences Co.Ltd(300088) , 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) , Shenzhen Sunlord Electronics Co.Ltd(002138) , Chaozhou Three-Circle(Group) Co.Ltd(300408) , Zhejiang Jiemei Electronic And Technology Co.Ltd(002859) , Guang Dong Fenghua Advanced Technology (Holding) Co.Ltd(000636) , 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
