TCL released new mini LED products, and the mini LED industry entered a period of rapid growth: on May 16, TCL officially released the new mini LED TV q10g, which has achieved high-end standards in five elements: definition, color, brightness, contrast and refresh rate. Q10g series offers 55, 65, 75 and 85 inches, with prices of 5999 / 7999 / 9999 / 14999 yuan respectively, and 4499 / 6499 / 8499 / 12999 yuan for the first time.
Q10g Series Mini LED TV adopts 240 partition backlight for 55 inches, 288 partition backlight for 65 inches, 360 partition backlight for 75 inches and 448 partition backlight for 85 inches. With the accelerated commercialization of mini led, major manufacturers have launched Mini LED products, driving the continuous maturity of the mini LED industry chain.
TSMC’s revenue hit a record high in April, and the momentum of wafer foundry is expected to continue: TSMC’s consolidated revenue in April 2022 was about NT $172561 billion, a year-on-year increase of 55.0% and a month on month increase of 0.3%, reaching a single month record high. TSMC expects Q2 revenue of US $17.6 billion to US $18.2 billion, gross profit margin of 56% – 58%, and annual revenue growth of 25% to 29%. Affected by the epidemic, the demand for consumer electronics represented by mobile phones, PCs and TVs is weak, but the demand for automotive electronics, HPC and the Internet of things is still strong. Driven by the strong demand for 5g, HPC and automotive chips, TSMC’s wafer foundry capacity will be tight throughout the year. Coupled with the overall increase in wafer foundry prices this year, the momentum of wafer foundry is expected to continue.
The macro environment superimposes the impact of the epidemic, and China’s mobile phone market continues to bottom out: according to the data of China Academy of communications and communications, in March 2022, the shipment of mobile phones in China market was 21.46 million, a year-on-year decrease of 40.5%. Among them, there were 16.185 million 5g mobile phones, a year-on-year decrease of 41.1%, accounting for 75.4% of mobile phone shipments in the same period. From January to March 2022, the total shipments of mobile phones in the Chinese market totaled 69.346 million, a year-on-year decrease of 29.2%, including 53.884 million 5g mobile phones, a year-on-year decrease of 22.9%, accounting for 77.7% of mobile phone shipments in the same period. Under the influence of the epidemic situation, the conflict between Russia and Ukraine, inflation, seasonality and other factors, China’s mobile phone market has been bottoming out.
Investment suggestion: power semiconductor: the demand for downstream new energy vehicles, photovoltaic and other fields is rising, so it is suggested to pay attention to Wingtech Technology Co.Ltd(600745) and China Resources Microelectronics Limited(688396) ; Semiconductor materials: the expansion of Wafer Factory drives the continuous expansion of silicon wafer demand and the acceleration of localization rate. It is suggested to pay attention to Hangzhou Lion Electronics Co.Ltd(605358) , National Silicon Industry Group Co.Ltd(688126) , etc; MCU: China’s leading manufacturers have achieved steady growth in performance through high-end products and market share improvement. It is suggested to pay attention to Sino Wealth Electronic Ltd(300327) , Gigadevice Semiconductor (Beijing) Inc(603986) etc; Led: Ultra HD display and backlibacklibacklidual driving. The miniled industrial chain continues to work hard, and the miniled industrial chain continues to make a sustained effort. It’s suggested to focus on the Hongli Zhihui Group Co.Ltd(300219) 1 etc.
Risk warning: the epidemic control is not as expected; Downstream demand is lower than expected; Capacity expansion is less than expected; Trade frictions in the field of science and technology have intensified.
