Core view
The main contradiction of the market is still on the demand side, which needs to track the market toughness reflected by the postponement of 3C consumption, and pay attention to the impact of exchange rate depreciation on the statements of export-oriented enterprises. In the past week, the Shanghai Stock Exchange fell 3.87%, electronics fell 4.28%, and electronics fell 34.81% year to date. The information about the resumption of work and production of some technology enterprises last week only led to the market sentiment on Monday. We believe that the main contradiction of the current electronic market is still the market’s concern about the demand side. The resumption of work and production is only an improvement on the supply side, and the supply side is not the bottleneck of 1H industry in the off-season. It is suggested to track the recovery of 3C consumption power after the relief of epidemic factors. Under the background of changeable external environment and reduced market risk preference, we should pay attention to high-quality assets with stable business style, healthy cash flow and strong anti risk ability. At the same time, it is suggested to pay attention to the positive performance contribution to Apple industrial chain and some export-oriented enterprises due to exchange rate depreciation and US dollar settlement factors. 1q22 global smartphone shipments decreased by 11% year-on-year, and the shares of Samsung and apple increased. According to canalys data, affected by adverse factors such as weak economy, conflict between Russia and Ukraine and repeated epidemic, 1q22 global smartphone shipments decreased by 11% year-on-year, of which Samsung ranked first with 24% (YoY + 2pct) market share; Driven by the best-selling iphone13 series and the release of new iphonee3 products, apple ranked second with 18% (YoY + 3PCT) market share; Xiaomi, oppo and vivo ranked third to fifth with 13%, 10% and 8% market share respectively. Under the pressure of global mobile phone shipments, Apple’s market share is still rising, the basic user base of IOS system continues to expand, and the industrial chain continues to recommend Wingtech Technology Co.Ltd(600745) , Suzhou Dongshan Precision Manufacturing Co.Ltd(002384) , Goertek Inc(002241) , Avary Holding (Shenzhen) Co.Limited(002938) , etc.
Huawei will release matexs2 folding flagship on April 28. Huawei announced that the matexs2 folding flagship press conference will be held on April 28. Yu Chengdong, managing director of Huawei, bgceo of terminal and buceo of smart car solutions, said that matexs2 is the fifth folding flagship released by Huawei and will surpass everyone’s imagination of folding screen mobile phones. According to oledindustry, matexs2 is expected to adopt the external folding scheme and be equipped with Kirin 90004g chip. We believe that the folding machine is the starting point for the Android camp to promote the differentiated competition of high-end brands. On the other hand, as a collection of mobile phones and tablets, it will expand users’ demand for large screen applications. Under the catalysis of the frequent occurrence of new 2q22 folding screen machines, it is recommended to pay attention to Jiangsu Gian Technology Co.Ltd(300709) , Kunshan Kersen Science & Technology Co.Ltd(603626) , Wuhu Token Sciences Co.Ltd(300088) and other industrial chain related companies. Ten 12 inch wafer plants will be put into operation in 22 years, and the global wafer capacity utilization is expected to remain at a high level of 93%. According to the latest data from icinsights, the global annual wafer production capacity was equivalent to 8 inches in 21 years, with an increase of 8.5% to 243 million chips. It is expected that it will continue to grow by 8.7% to 264 million chips in 22 years, mainly from 10 new 12 inch wafer plants to be put into operation. Despite inflationary pressure, continuous supply chain problems and other disturbing factors, the current chip demand is still strong. Icinsights expects the chip shipment to increase by 9.2% in 22 years, and predicts that the global wafer capacity utilization will remain at a high level of 93%, down only 0.8pct. In the context of booming market supply and demand, continue to recommend Semiconductor Manufacturing International Corporation(688981) , Huahong semiconductor, Hangzhou Silan Microelectronics Co.Ltd(600460) , Naura Technology Group Co.Ltd(002371) , Hangzhou Lion Electronics Co.Ltd(605358) and Sg Micro Corp(300661) , Amlogic (Shanghai) Co.Ltd(688099) and others benefiting from local capacity expansion and domestic alternative demand, as well as Sg Micro Corp(300661) , Amlogic (Shanghai) Co.Ltd(688099) .
New energy vehicles have entered a new stage of large-scale, and the penetration of domestic vehicle power modules has accelerated. According to the statistics of the Ministry of industry and information technology, China has promoted 10.33 million new energy vehicles, and 1q22 has corresponding production and sales of 1.293 million and 1.257 million, an increase of 1.4 times year-on-year. At present, the market penetration of new energy vehicles has reached 19.3%, with a year-on-year increase of 11.4pct, of which the cumulative sales volume of domestic brand new energy passenger vehicles has increased by 1.5 times year-on-year. With the rapid development of China Shanxi Guoxin Energy Corporation Limited(600617) automobile, domestic power module manufacturers have grown rapidly. According to the statistics of NE era, 1q22 Starpower Semiconductor Ltd(603290) , CRRC Zhuzhou Crrc Times Electric Co.Ltd(688187) , Byd Company Limited(002594) supply power modules are more than 100000 sets; In addition, Hangzhou Silan Microelectronics Co.Ltd(600460) v generation IGBT modules have been applied to Byd Company Limited(002594) and other auto customers in batches. It is expected that the market share will gradually increase with the release of 12 inch line capacity. Relevant industrial chains continue to recommend vehicle specification power semiconductor manufacturers with continuous release of capacity Hangzhou Silan Microelectronics Co.Ltd(600460) , Wingtech Technology Co.Ltd(600745) , etc.
Key portfolio
Consumer electronics: followingthe following consumer electronics: followingthe Wingtech Technology Co.Ltd(600745) Wuhu Token Sciences Co.Ltd(300088) , 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)
Semiconductors: Sg Micro Corp(300661) Amlogic (Shanghai) Co.Ltd(688099) huahong semiconductor, Hangzhou Silan Microelectronics Co.Ltd(600460) Semiconductor Manufacturing International Corporation(688981) Hangzhou Alltest Biotech Co.Ltd(688606) 886068860 Wuxi Etek Microelectronics Co.Ltd(688601) equipment and materials: Jcet Group Co.Ltd(600584) Sai Microelectronics Inc(300456)
Passive parts: Nantong Jianghai Capacitor Co.Ltd(002484) , Zhejiang Jiemei Electronic And Technology Co.Ltd(002859) , Shenzhen Sunlord Electronics Co.Ltd(002138) , Guang Dong Fenghua Advanced Technology (Holding) Co.Ltd(000636) , Chaozhou Three-Circle(Group) Co.Ltd(300408) , 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
