Mobile phone data tracking: from January to February 2022, the shipment of 5g mobile phones in the Chinese market was 37.698 million, accounting for 78.7%. In February 2022, the overall shipment volume of China’s mobile phone market was 14.864 million, down 31.7% year-on-year and 55% month on month; Among them, the shipment of 5g mobile phones was 11.374 million, accounting for 76.5% of the mobile phone shipment in the same period.
VR / AR shipments, financing mergers and acquisitions, platform tracking: (1) in terms of VR, the annual VR shipments in 2021 were 11.1 million units, an increase of 66% at the same time. It is expected that the global VR shipments will reach 20 million units in 2022, an increase of 80%. By 2025, the global VR shipments will exceed 100 million units, with 21-25 CAGR reaching 77.43%. (2) In terms of AR, the global shipment of AR glasses in 2021 was 570000 units, an increase of 42.5%. It is expected that the global shipment in 2022 will be 1.1 million units, an increase of 93%. (3) In terms of industry leader meta, oculusxr head display brand’s shipment volume ranked first in each quarter from 2020q1 to 2021q1. In 2021, oculusquest series’ share reached 80%, and in 2021q4, the shipment volume was 3.4 million units, an increase of 126.7%. (4) In terms of financing and M & A, the amount of global VR / AR financing and M & A in February 2022 was 3.712 billion yuan, an increase of 229.66% at the same time. (5) In terms of platform, as of February 2022, the top 5 ranked by VR content are steam, viveport, sidequest, oculuspc and apple. In March 2022, steamvr active players accounted for 2.12% of the total number of steam players, an increase of 0.01pct compared with February 2022, and the proportion of VR active users remained at 2%.
Tracking of TWS headset and smart watch shipments: (1) TWS: 2021q4tws shipments increased by 21% year-on-year to 103.8 million, breaking the 100 million mark for the first time. By brand, in 2021, Q4 apple, Samsung, Xiaomi, boat and Edifier ranked among the top five in the global TWS market with 38.9%, 7.5%, 6.7%, 3.6% and 3.1% market share of shipments respectively. (2) Smart watches: with the launch of applewatch7 series and the continuous strength of Samsung Galaxy watch 4, the global shipment of Q4 smart watches increased by 21% year-on-year in 2021, and the single quarter shipment reached 42.4 million.
Tracking of server shipments: (1) global server shipments reached 4.163 million units in 2021q4, with a year-on-year increase of 26.15% and a month on month increase of 23.31%. (2) The market shares of 21q3hpe, Dell, Inspur and Lenovo were 15.7% / 15.4% / 9.9% / 6.9% respectively. (3) Taiwan Xinhua, the leader of server BMC chip, had a cumulative revenue of 259 million yuan in 2022q1, an increase of 52.44%, of which 96 million yuan was achieved in March, an increase of 60.7%.
Consumer electronics components supply chain data tracking: (1) optics: daliguang’s revenue in March 2022 was NT $3.756 billion (yoy-6.3%, qoq44.0%); Yujingguang achieved a revenue of 1.236 billion new Taiwan dollars (yoy51.6%, qoq47%) in March 2022; Shunyu optics: in March of 22, the shipment of mobile phone lens, vehicle lens and mobile phone camera module decreased by 8.1% / 9.9% / 20.1% respectively year-on-year. Qiu Ti Technology: in March 22, the mobile camera module shipped 38.706 million pieces, an increase of 7.3%, and the fingerprint identification module shipped 9.919 million pieces, an increase of 7.7%. (2) FPC: Avary Holding (Shenzhen) Co.Limited(002938) 22 March achieved revenue of RMB 2.829 billion, an increase of 45.2% at the same time.
Investment suggestions for the electronics industry: it is recommended to focus on (1) semiconductors: (1.1) high prosperity portfolio: Montage Technology Co.Ltd(688008) 8233
Investment suggestions for the communication industry: we believe that the communication sector has experienced a decline for more than a year, the sector has stopped falling and stabilized, and there are phased opportunities in the subdivided fields in the future. Among them, 5g construction focuses on the wired side investment of operators. We expect that in 2022, the capital expenditure of China’s three major operators will increase slightly year-on-year. Among them, the wireless side construction may reach the peak, and the investment focus is expected to transition to the wired and transmission side in the future. Secondly, with the commercial promotion of 5g, there are opportunities for the post 5g cycle sector. It is suggested to pay attention to (1) optical fiber and optical cable: Yangtze Optical Fibre And Cable Joint Stock Limited Company(601869) , Hengtong Optic-Electric Co.Ltd(600487) , Jiangsu Zhongtian Technology Co.Ltd(600522) ; (2) Cable main equipment supplier: Zte Corporation(000063) , Fiberhome Telecommunication Technologies Co.Ltd(600498) ; (3) Optical module: Accelink Technologies Co.Ltd(002281) ; (4) Operator; (5) Internet of things: Fibocom Wireless Inc(300638) , Quectel Wireless Solutions Co.Ltd(603236) , Meig Smart Technology Co.Ltd(002881) ; (6) 5g private network: Beijing Jiaxun Feihong Electrical Co.Ltd(300213) ; （7 Xiamen Meiya Pico Information Co.Ltd(300188) Shenzhen Sinovatio Technology Co.Ltd(002912) 。
Risk analysis: the downstream demand of semiconductors is less than expected, the penetration of 5g mobile phones is less than expected, the risk of repeated trade frictions between China and the United States, and the competition in TWS industry is intensified.
