Summary of the latest developments 1 In 2022, total semiconductor sales will increase by 11% and reach a record US $680.6 billion. According to IC insights, the global semiconductor revenue has increased by 25% in 21 years, and the total semiconductor sales are expected to increase by 11% in 2022. We believe that semiconductors still maintain a high outlook. After preliminary adjustment, the current valuation of the semiconductor sector has a high cost performance. We continue to be optimistic about domestic substitution of semiconductors and high boom track investment opportunities such as automobile chips.
\u3000\u30002. Under the return line of American Consumer Electronics Show (CES) in 2022, automotive intelligence has become the biggest highlight. Many enterprises released high-performance chips to support the demand for automatic driving computing power. NVIDIA and Qualcomm released autonomous driving platforms based on Orin and snapdragon ride respectively; Mobileye launched eyeqltra system integration chip, and it is expected to realize vehicle specification level mass production in 2025. Lidar products appear intensively. Valeo released the third generation scanning lidar; Suteng juchuang released solid-state lidar rs-lidar-m1 and NFL. Three factors, including performance advantage, price decline and downstream demand, have promoted lidar to become the mainstream scheme for mass production of supporting vehicles. Cabin intelligence has become an important trend. Qualcomm released Xiaolong digital chassis to provide an overall solution for intelligent vehicles; Panasonic released ar-hud 2.0 system to provide immersive digital experience. We believe that the trend of automotive intelligence will accelerate penetration. Last December, Mercedes Benz L3 class automatic driving system was approved by the German Federal Traffic Control Bureau on the way to officially open the global L3 automatic driving road. In 2025, the global L3 penetration rate will reach 12%. It is recommended that we pay close attention to the Wingtech Technology Co.Ltd(600745) (600745.SH) and Will Semiconductor Co.Ltd.Shanghai(603501) (603501.SH) of the core chain of the smart car industry chain. Shunyu optical technology (2382. HK), etc.
Driven by the strong demand for 5g terminals and automobile electrification from the perspective of industry configuration, the profit end of the electronics industry will accelerate growth in 2021 and maintain the “recommended” rating. In terms of domestic substitution of semiconductors, it is suggested to pay attention to the field of wafer foundry Semiconductor Manufacturing International Corporation(688981) (0981. HK), Huahong semiconductor (1347. HK), etc; Maxscend Microelectronics Company Limited(300782) (300782. SZ), Wingtech Technology Co.Ltd(600745) (600745. SH), Montage Technology Co.Ltd(688008) (688008. SH) with core competitiveness in the design field; In terms of equipment, it is recommended to pay attention to Naura Technology Group Co.Ltd(002371) (002371. SZ), Advanced Micro-Fabrication Equipment Inc.China(688012) (688012. SH), etc. In terms of automotive electronics, it is recommended to pay attention to intelligent cockpit company Foryou Corporation(002906) (002906. SZ), camera enterprise Shunyu optical technology (2382. HK), Lianchuang Electronic Technology Co.Ltd(002036) (002036. SZ), Ofilm Group Co.Ltd(002456) (002456. SZ) and vehicle specification CIS supplier Will Semiconductor Co.Ltd.Shanghai(603501) (603501. SH). In terms of consumer electronics, it is recommended to pay attention to the leading VR manufacturer Goertek Inc(002241) (002241. SZ) and the core targets of the iPhone industry chain Luxshare Precision Industry Co.Ltd(002475) (002475. SZ), Avary Holding (Shenzhen) Co.Limited(002938) (002938. SZ), etc. In terms of LED, it is suggested to pay attention to the downstream display faucet Leyard Optoelectronic Co.Ltd(300296) (300296. SZ), LED chip faucet Sanan Optoelectronics Co.Ltd(600703) (600703. SH) and China led solid crystal machine faucet Shenzhen Xinyichang Technology Co.Ltd(688383) (688383. SH).
Risk warning: the penetration of automatic driving is less than the expected risk.
