Core view
Semiconductor: the average revenue growth rate of China’s power semiconductor is nearly 50%, and the overall revenue exceeds 100 billion
In 2021, the average revenue growth rate of China power semiconductor company was 48.11%, and the overall revenue scale exceeded 100 billion yuan. If the semiconductor business of giant Wingtech Technology Co.Ltd(600745) is calculated separately, the revenue growth rate of national power semiconductor companies has exceeded 50% in 2021, and the overall revenue scale has reached 100 billion yuan. Among the 18 enterprises selected according to jiwei.com, 12 enterprises have a revenue of more than 1 billion yuan.
Power semiconductors have a wide range of downstream fields, and new energy vehicles will be one of the main hotspots. Automotive electronics, industrial control, renewable energy power generation, 5g base station, data center, computer, lighting, rail transit, consumer electronics and other industries are inseparable from power semiconductors. According to the calculation data of China automobile center, the electric drive system accounts for about 11% of the cost of the whole vehicle, and the IGBT power module accounts for 44% of the cost of the whole electronic control system. Therefore, the value of IGBT module can reach about 5% of the cost of the whole vehicle. With the emergence of pure electric vehicle brands Tesla, Byd Company Limited(002594) , Weilai, Xiaopeng, ideal and other manufacturers, as well as traditional automobile brands such as GM, Volkswagen, Hyundai, Renault, Nissan Mitsubishi alliance, BMW and other manufacturers have also increased the output of new energy vehicles, and the scale of power semiconductor market is expected to be further improved.
Consumer electronics: Huawei matexs2 released, and new products were added to the folding screen market
On April 28, Huawei matexs2, Huawei’s flagship mobile phone with a new generation of folding screen, was officially released. Huawei matexs2 adopts the original double rotating Eagle wing hinge, which improves the screen flatness by 70% compared with matexs, effectively reducing the problems such as screen creases and flatness. The structure adopts innovative materials such as ultra light glass fiber, aviation grade titanium alloy and ultra light and super strong steel to bring high strength and toughness and realize the overall weight reduction of the fuselage. The weight of the whole machine is only 255g.
We believe that although the consumer electronics end has shown a weak state since this year, on the one hand, with the continuous introduction of new folding screen mobile phones by traditional mobile phone manufacturers such as Huawei and vivo, the smartphone market may be boosted. On the other hand, the demand for high-performance and high-standard products such as IGBT modules and third-generation semiconductors in the fields of new energy vehicles, renewable energy power generation and rail transit still far exceeds the supply. On the supply side, the effective capacity of major manufacturers will continue to be released from the end of 2022 to 2023. On the demand side, the wave of demand for electronic products caused by the epidemic has gradually receded. According to the data of jiwei.com, the shipments of China’s mobile phone market fell by more than 10% year-on-year in the first quarter of this year, and the sales volume of home appliance market also fell by more than 10% in the first quarter. The demand side of China’s power market may enter the stage of structural change. For power manufacturers, emerging application fields such as automotive electronics, renewable energy power generation, industrial control and energy storage will be an important development direction in the next few years. Under the background of large incremental market and domestic substitution, we should focus on domestic power semiconductor enterprises with rich product series and stable production capacity.
Risk tips
Downstream demand is lower than expected; Repeated outbreaks pose the risk of capacity disruption. Related subject matter
Semiconductor design: [ Will Semiconductor Co.Ltd.Shanghai(603501) ] [ Gigadevice Semiconductor (Beijing) Inc(603986) ] [ Sg Micro Corp(300661) ] [ Maxscend Microelectronics Company Limited(300782) ]; Wafer Foundry: [ Semiconductor Manufacturing International Corporation(688981) ] [Huahong semiconductor]; Semiconductor materials: [ Red Avenue New Materials Group Co.Ltd(603650) ] [Jingrui shares]; Power semiconductor: [ Wingtech Technology Co.Ltd(600745) ] [ China Resources Microelectronics Limited(688396) ] [ Hangzhou Silan Microelectronics Co.Ltd(600460) ] [ Starpower Semiconductor Ltd(603290) ] [ Yangzhou Yangjie Electronic Technology Co.Ltd(300373) ] [ Wuxi Nce Power Co.Ltd(605111) ] [ Shenzhen Minde Electronics Technology Ltd(300656) ]
Consumer electronics: [ Goertek Inc(002241) ] [ Sunwoda Electronic Co.Ltd(300207) ] [ Avary Holding (Shenzhen) Co.Limited(002938) ] [ Luxshare Precision Industry Co.Ltd(002475) ]; Smartphone: [Xiaomi group] folding screen: [ Jiangsu Gian Technology Co.Ltd(300709) ] [ Wuhu Token Sciences Co.Ltd(300088) ]
