Industry status
Last week (4 / 25-4 / 29), the SW electronics index fell 1.6%, the SW communications index fell 1.1%, the Hang Seng technology index rose 11.8%, the S & P 500 index fell 3.3%, the NASDAQ index fell 3.9% and the Philadelphia Semiconductor Index fell 2.3%.
Commentary
Semiconductor: last week, semiconductor companies successively released their annual reports for 2021 or the first quarterly report for 2022. The performance of Anji Microelectronics Technology (Shanghai) Co.Ltd(688019) , Konfoong Materials International Co.Ltd(300666) , Shanghai Anlogic Infotech Co.Ltd(688107) , Gigadevice Semiconductor (Beijing) Inc(603986) and other companies exceeded expectations, and the Chinese epidemic had a negative impact on the 1q22 performance of some companies. The Shanghai epidemic has ushered in an inflection point, and the resumption of work and production of companies has attracted market attention. Looking forward to 2q22, we believe that the production and logistics disturbance caused by the closure and control of the epidemic will be reflected in the profitability of some companies. We suggest investors to be cautious, but also suggest investors to pay attention to some companies whose stock prices have been corrected in place. We are optimistic about the long-term development trend of China’s semiconductor industry and suggest paying attention to Huahong semiconductor, Sanan Optoelectronics Co.Ltd(600703) and other manufacturing companies Hangzhou Silan Microelectronics Co.Ltd(600460) , Starpower Semiconductor Ltd(603290) , China Resources Microelectronics Limited(688396) and other power device companies Naura Technology Group Co.Ltd(002371) , Advanced Micro-Fabrication Equipment Inc.China(688012) , shengmei Shanghai, Circuit Fabology Microelectronics Equipment Co.Ltd(688630) and other equipment / material companies Will Semiconductor Co.Ltd.Shanghai(603501) , Sg Micro Corp(300661) , Gigadevice Semiconductor (Beijing) Inc(603986) and other IC design companies.
Consumer electronics: last week, Huawei held a flagship folding and full scene new product launch, and released a new generation of folding screen mobile phone mate XS 2. It is optimistic that the penetration rate of folding machine will continue to improve. In addition, Apple’s latest quarterly earnings and net profit of fy22 exceeded the expectations of Apple’s downstream market last week; Meta 1q22 performance and dau exceeded market expectations. In addition, the performance of Lixun and huanxu 1q22 exceeded expectations, and the prediction of goer 1H22 exceeded expectations. We believe that the current market is too pessimistic about the fruit chain and arvr landscape, and the relevant core targets continue to maintain high growth, with a high margin of safety. We suggest investors to pay attention to: 1) Goertek Inc(002241) , Shunyu optics and other arvr core targets; 2) Luxshare Precision Industry Co.Ltd(002475) , Universal Scientific Industrial(Shanghai)Co.Ltd(601231) , Suzhou Dongshan Precision Manufacturing Co.Ltd(002384) and Avary Holding (Shenzhen) Co.Limited(002938) and other apple industrial chain companies; 3) Xiaomi group, Suzhou Anjie Technology Co.Ltd(002635) and other folding screen brands and related supply chain companies.
Smart cars and aiot: last week, Huizhou Desay Sv Automotive Co.Ltd(002920) launched the first generation of intelligent computing platform “Aurora” in the world, which realized the technology implementation from “domain control” to “central computing”. This is also the first mass-produced on-board intelligent computing platform in the industry. It is recommended to continue to pay attention. We continue to look at the investment opportunities brought by the market change under the trend of smart cars. We continue to look at the investment opportunities brought by the market change under the trend of smart cars. We suggest focusing on the CIS sensor tap 603 Will Semiconductor Co.Ltd.Shanghai(603501) Luxshare Precision Industry Co.Ltd(002475) . It is recommended to pay attention to the manufacturers of server head Dawning Information Industry Co.Ltd(603019) , Inspur Electronic Information Industry Co.Ltd(000977) , optical fiber and cable faucet Jiangsu Zhongtian Technology Co.Ltd(600522) , optical module manufacturer Zhongji Innolight Co.Ltd(300308) .
Valuation and recommendations
Maintain the rating, profit forecast and target price of the covered companies unchanged.
Risk
The recovery of the epidemic was less than expected, the Sino US trade friction intensified, and the performance of individual stocks did not meet expectations.
