Index
On April 20, 2022, the Shanghai Composite Index closed at 315105 points, down 1.35%; Shenzhen composite index closed at 1139223 points, down 2.07%. The sensor index closed at 737.26 points, down 0.81%; The semiconductor index closed at 455629 points, down 1.20%; The automotive electronics index closed at 234918 points, down 0.33%. The companies with the top three gains in sensor index component stocks are: Hamaton Automotive Technology Co.Ltd(300643) ( Hamaton Automotive Technology Co.Ltd(300643) , 5.63%), Acrel Co.Ltd(300286) ( Acrel Co.Ltd(300286) , 2.99%), Cubic Sensor And Instrument Co.Ltd(688665) ( Cubic Sensor And Instrument Co.Ltd(688665) , 2.20%); The companies with the top three gains in component stocks of automotive electronics index are: Ningbo Shuanglin Auto Parts Co.Ltd(300100) ( Ningbo Shuanglin Auto Parts Co.Ltd(300100) , 20.00%), Ningbo Tianlong Electronics Co.Ltd(603266) ( Ningbo Tianlong Electronics Co.Ltd(603266) , 10.03%), Hamaton Automotive Technology Co.Ltd(300643) ( Hamaton Automotive Technology Co.Ltd(300643) , 5.63%).
Comments
Recently, the automobile industry branch of the China Council for the promotion of international trade released the report “2022 · Q1 ranking of China’s automobile hedging rate”. The report data show that the one-year hedging rate of new energy vehicles has generally improved compared with the same period last year. The top three one-year hedging rates of pure electric cars with a range of more than 400 kilometers are Tesla Model 3, Porsche taycan and Xiaopeng P7. Among them, the hedging rate of Tesla Model 3 was as high as 79.58%, which was 67.43% in the same period last year. The improvement of brand strength, product optimization and the continuous shortage of supply in the market of new energy vehicle manufacturers have driven the growth of the hedging rate. Although the consumer electronics market is relatively sluggish due to multiple factors such as inflation, epidemic situation and innovation, the continuous high-profile outlook of the new energy vehicle market is relatively stable, which can be reflected in the significant growth of the hedging rate, and the relevant electronic components are expected to continue to benefit.
Industry dynamics
Market research firm sigmaintell recently showed that the price of CIS sensor may continue to decline in the second quarter. In terms of low pixel products, 2m pixel products have sufficient production capacity but weak demand, and the competition among peer manufacturers is fierce. Sigmaintell expects the price to drop by about 5% in the second quarter. In terms of high pixel products, with the gradual maturity of module assembly technology, the marginal cost of 64M pixel products decreases. In addition, the backlog of inventory needs to be digested when its early demand is low. Sigmaintell expects the price of 64M pixel products to decrease by about 4.9% in the second quarter. The continued war between Russia and Ukraine and the spread of China’s epidemic situation recently led to a further decline in demand in Eastern Europe and Chinese mainland. Moreover, the epidemic has caused the extension of logistics and transportation cycles and delays in the release of new products across the Chinese mainland. The two quarter mobile phone plan will be lower than expected. （Sigmaintell）
Risk tips: the impact of the epidemic spread exceeded expectations, the impact of global inflation exceeded expectations, and the impact of the price rise of new energy vehicles exceeded expectations.
