Investment advice
The performance of the electronics industry increased by 95% in the whole year of 21 and decreased by 7% in 22q1. The revenue of the electronics industry in 2021 was 2880.7 billion yuan, with an increase of 15%, and the net profit attributable to the parent company was 182.2 billion yuan, with an increase of 95%. The revenue in the first quarter of 2022 was 643 billion yuan, with a decrease of 1%, and the net profit attributable to the parent company was 34.2 billion yuan, with a decrease of 7%. The decrease of 22q1 performance can be mainly attributed to the weakness of downstream consumer electronics, the impact of the epidemic and the rise in the price of upstream raw materials.
In terms of sectors, power semiconductors benefited from the continuous high growth of new energy market, and the boom of 22q1 continued. In terms of performance data in 2021, the net profit attributable to the parent company of optical optoelectronics, other electronics, RF semiconductors and power semiconductors ranked the top four, with a year-on-year growth rate of 355%, 190%, 115% and 79% respectively. The corresponding driving forces include the strong demand for panels in 21 years, the rising price of raw materials and the prominent domestic substitution trend of RF front-end. In terms of performance data in 22q1, other electronics, electronic chemicals, power semiconductors The year-on-year growth rate of net profit attributable to the parent company of automotive electronics sector ranked the top four, with 65%, 55%, 53% and 16% respectively.
By further analyzing the leading financial data, it can be seen that the internal differentiation of the electronics industry is obvious, the demand of the downstream consumer electronics and communication market is weak, and new energy vehicles and photovoltaic wind power have become the main driving forces of the company’s performance in the industry. It is suggested to pay attention to power semiconductors, automotive electronics, thin film capacitors and other sectors. Since the second half of 2021, the demand of consumer electronics market tends to be weak and the peak of 5g construction has passed, resulting in the downward growth of consumer electronics, electronic components, RF semiconductors and other sectors related to the strong scene of consumer electronics and communication market, benefiting from the high growth of new energy vehicles and photovoltaic wind power market. Since 2021, the power semiconductor sector has continued to be in a high boom, including automotive electronics, thin film capacitors The growth performance of electrolytic capacitor in China has improved. 22q1 China’s newly installed photovoltaic capacity reached 13.2gw, a year-on-year increase of 148%, and the newly installed wind power capacity reached 7.9gw, a year-on-year increase of more than 50%. The new energy market is not light in the off-season; The sales volume of 22q1 new energy vehicles was 1.07 million, a year-on-year increase of 147%. The price of electric vehicles has risen for many rounds in the past 22 years, which does not change the high growth trend of sales volume. We expect that the new energy market will continue the high growth trend in 2022. It is suggested to pay attention to power semiconductors, automotive electronics, thin film capacitors and other sectors.
Recomrecomrecomrecomrecomrecomrecomrecomrecomrecomrecomrecomrecomrecomrecomrecomrecomrecomrecomrecomrecomrecomrecomrecomrecomrecomrecomrecomrecomrecomrecomrecomrecomrecomrecomrecomportfolio: forthe combination of the Wus Printed Circuit (Kunshan) Co.Ltd(002463)
Risk warning: the demand for new energy (electric vehicles, wind power, photovoltaic and energy storage) is lower than expected; Chip shortage and price rise repeatedly, and the mitigation speed is lower than expected; Affected by the epidemic, the demand of communication market (smart phone, base station, IOT, etc.) is lower than expected
