Matters:
On April 26, Goertek Inc(002241) , Will Semiconductor Co.Ltd.Shanghai(603501) released the performance forecast for the second quarter, in which: Goertek Inc(002241) it is estimated that the net profit attributable to the parent company after non deduction of 1H22 will increase by 35% – 55% year-on-year to 19032185 million, corresponding to 1.025-1.307 billion in 2q22 single quarter, with a year-on-year increase of 26.8% – 61.7% and a month on month increase of 16.7% – 48.8% Will Semiconductor Co.Ltd.Shanghai(603501) it is estimated that the net profit attributable to the parent company of 2q22 will not be less than 1.344 billion, with a year-on-year increase of more than 11.8% and a month on month increase of more than 50%.
Guoxin electronics view: as we emphasized in the weekly report of the electronics industry on April 24, the information about the resumption of work and production of some science and technology enterprises only drives the market sentiment on April 18. 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, The recovery of 3C’s consumption power after the epidemic factors are alleviated is an important indicator for follow-up market tracking, and the 2q22 performance guidance of leading companies is particularly important Goertek Inc(002241) , Will Semiconductor Co.Ltd.Shanghai(603501) two leading companies’ strong guidance on 2q22 performance has effectively responded to the market’s concerns about the demand for 2q consumer electronic terminal products from the two chains of apple and Android, and the pessimistic expectation of the market is expected to reach the bottom.
The electronics industry has fallen 41.7% year to date, and the PE (TTM) is 20.32 times, of which the consumer electronics PE (TTM) is 22.08 times and the semiconductor PE (TTM) is 34.79x, both of which are the lowest levels in recent three years. Compared with 2018, when the market is pessimistic about the consistency of the growth space of consumer electronics volume and price, we believe that the “electronic +” trend represented by aiot and smart cars remains.
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