Core view
Semiconductors: the revenue of TSMC, Samsung and liandian increased by more than 18% year-on-year in 2021, and the price increase may be narrowed in 2022
TSMC’s revenue in 2021 reached US $56.82 billion, a record high. On January 13, TSMC released its financial report for 2021. The revenue of TSMC in the fourth quarter was US $15.74 billion, an increase of 21.2% year-on-year. It achieved growth for six consecutive quarters and exceeded the previous performance guidance of US $15.7 billion. In 2021, the annual revenue was USD 56.82 billion, with a year-on-year increase of 24.9%. According to the performance forecast of Samsung Electronics, the revenue of Samsung Electronics in the fourth quarter may reach 76 trillion won, a year-on-year increase of 23.48% and a month on month increase of 2.73%. According to this data, the annual revenue of Samsung Electronics may reach 279 trillion won in 2021, a year-on-year increase of 18%. According to the financial report of liandian, the operating revenue in December was NT $20.28 billion, a year-on-year increase of 32.65% and a month-on-month increase of 3.14%. In 2021, the revenue reached a record high, and the total operating revenue in 2021 was NT $213.011 billion, a year-on-year increase of 20.47%.
The price of 2022q1 wafer foundry will rise again, and the price rise momentum in 2022 is expected to slow down. Since 2020q3, with the substantial growth of the demand side, the outbreak of covid-19 epidemic on the supply side, frequent natural disasters and other factors have led to the imbalance between supply and demand in the semiconductor industry. The state of short supply has lasted for five quarters, and the price of wafer foundry has continued to increase. According to the prediction of DIGITIMES, the wafer foundry industry will continue to rise in 2022q1. TSMC, UMC, lismc, world advanced and other Taiwanese Fabs have issued 2022q1 price increase plans. However, for the price increase of wafer foundry in 2022, DIGITIMES predicts that the price increase trend of wafer foundry industry may converge from 2022q2. The subsequent price increase plan needs to pay attention to whether TSMC, the leading enterprise, will have a price increase plan in the next step.
We believe that compared with 2021, it is not surprising that the price rise of major wafer foundries in 2022 will slow down. On the one hand, with the gradual release of wafer plant capacity in the second half of this year, the pressure on the supply side will decrease. On the other hand, the shortage of applications represented by some non automotive products on the demand side will be alleviated. In addition, after the price rise of the wafer factory in 2021, some IC design enterprises have limited room to increase the acceptable cost again, and the end customers are less willing to accept the cost transfer. Therefore, the demand side of IC design enterprises may decline. From the perspective of wafer foundry industry, with the gradual release of production capacity in 2022, the price will remain high, and the enterprise revenue may still be higher than that in 2021.
Consumer electronics: glory Magic V came out, and the folding screen market entered the Warring States era
Glory Magic V was released on January 10, and the folding screen market is competing for the best. On the evening of January 10, the first flagship model of glory folding screen series Magic V was officially released. Magic V adopts the suspended water drop hinge technology to reduce the weight and thickness. The turning frame of the external screen of this model is 5.61mm, which is narrower than 9mm in the industry, making glory Magic V the first model with more than 90% of the internal and external screens in the industry. At the same time, the latest generation of multi-layer composite cover sector is adopted for the inner screen, the impact resistance of the screen is improved, and it has passed the 200000 fold without damage test. In terms of price, the price of glory Magic V 12gb + 256gb / 12gb + 512gb is 9999 yuan and 10999 yuan respectively.
The shipment of folding screen mobile phones surged, and the shipment is expected to reach 17.5 million in 2022. According to the prediction of DSCC, the shipment volume of the global folding screen smartphone market is expected to increase to 17.5 million in 2022, with a year-on-year increase of 132%. At present, mainstream mobile phone manufacturers such as Samsung, Huawei, Xiaomi, oppo, glory and Motorola have laid out a folding screen mobile phone track. It is expected that more products of other brands will be launched in 2022.
We believe that in the era when the smart phone market enters the stock game, the folding screen mobile phone market will become an important factor in the structural growth of the smart phone market in 2022. The scale expansion of the folding screen mobile phone market will improve the development of the smart phone industry. Meanwhile, as China’s mainstream mobile phone brands Xiaomi, glory and oppo gradually join the folding screen mobile phone industry, the industry pattern is expected to change in the next few years. Chinese enterprises have certain market competitiveness in folding screen mobile phones such as panels, cover materials and hinges. Therefore, we continue to be optimistic about folding screen industry chain enterprises.
Risk tips
The downstream demand for semiconductors is lower than expected, the shutdown risk caused by repeated global epidemic, and the folding screen is lower than expected.
Related subject matter
Semiconductor design: [ Will Semiconductor Co.Ltd.Shanghai(603501) ] [ Allwinnertech Technology Co.Ltd(300458) ] [ Gigadevice Semiconductor (Beijing) Inc(603986) ] [ Sg Micro Corp(300661) ] [ Maxscend Microelectronics Company Limited(300782) ] [ Chipsea Technologies (Shenzhen) Corp.Ltd(688595) ]; Wafer Foundry: [ Semiconductor Manufacturing International Corporation(688981) ] [Huahong semiconductor]; Semiconductor material: [ Red Avenue New Materials Group Co.Ltd(603650) ] [Jingrui Co., Ltd.]; Power semiconductor: [ Wingtech Technology Co.Ltd(600745) ] [ China Resources Microelectronics Limited(688396) ] [ Hangzhou Silan Microelectronics Co.Ltd(600460) ] [ Starpower Semiconductor Ltd(603290) ] [ Wuxi Nce Power Co.Ltd(605111) ]
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]
Panel: [BOE] [shentianma] folding screen: [ Jiangsu Gian Technology Co.Ltd(300709) ] [ Wuhu Token Sciences Co.Ltd(300088) ]
