The performance of the electronics industry in 2021 is brilliant. As of January 22, 2022, through the disclosed performance forecast of A-share electronic listed companies in 2021, we can see that most companies in various segments of electronics have achieved ultra-high growth. In the net profit attributable to the parent, chip design company Jingchen has achieved a year-on-year increase of 579.2% ~ 631.5% and Shanghai Bright Power Semiconductor Co.Ltd(688368) a year-on-year increase of 858.0% ~ 887.0%; Among power semiconductors, Hangzhou Silan Microelectronics Co.Ltd(600460) achieved year-on-year growth of 2145.0% ~ 2165.0%, and Jilin Sino-Microelectronics Co.Ltd(600360) achieved year-on-year growth of 207.2% ~ 246.7%; Semiconductor equipment company North Huachuang achieved a year-on-year growth of 75.0% ~ 125.0%, and Beijing Huafeng Test & Control Technology Co.Ltd(688200) achieved a year-on-year growth of 112.0% ~ 133.5%; Among the upstream materials, Hubei Dinglong Co.Ltd(300054) achieved a year-on-year increase of 230.4% ~ 249.0%; BOE, the leading panel company, achieved a year-on-year growth of 410.0% ~ 416.0%.
The high outlook of the semiconductor industry is expected to continue in 2022. According to the latest data released by the American Semiconductor Industry Association (SIA) in December, the global semiconductor sales in October 2021 were US $48.8 billion, yoy + 24% and QoQ + 1.1%. At the same time, with the continuous production of wafer factories, we believe that the industry output value is expected to exceed US $trillion in 2030. For the market, in 2021, benefiting from the boom cycle of the industry, “shortage and price rise” companies increased relatively higher. In the next stage, we believe that the investment focus of semiconductor design will shift from price factors to the platform expansion of enterprises themselves, and we are optimistic about the rise of platform leaders. In the short term, Ningde’s power exchange policy support is a strong catalyst; In the long run, the power exchange mode is just the trend of the times. Contemporary Amperex Technology Co.Limited(300750) on January 18, the evogo power exchange brand and the integrated power exchange solution of “power exchange block + quick exchange station + app” were released. We believe that the entry of the power battery leader is expected to greatly promote the process of battery standardization and accelerate the penetration of power exchange mode! In November 2021, the national development and Reform Commission issued the notice on starting the pilot work of the application of new energy vehicle power exchange mode to start the pilot work of power exchange. 11 cities were included in the pilot work to accelerate the development of electric vehicle power exchange mode. In the long run, the power change mode can achieve charging in 3-5 minutes, and the user experience is excellent. Compared with the charging mode (slow charging and fast charging), the membrane charging mode “has little impact on the power grid when charging at leisure”, “centralized battery maintenance is conducive to prolonging the battery life”, “renting batteries has low cost for initial car purchase and easy subsequent battery upgrading”.
Smart cars are in the ascendant, and on-board optical multi-point flowering. With the accelerated penetration of ADAS, the demand for sensors brought by automatic driving is growing. Among them, the demand for on-board cameras and lidar as mainstream sensors is increasing. We believe that the number of on-board cameras equipped with single vehicles will reach 7-9 in the future. At the same time, lidar will also play an indispensable role in L4 and higher-level automatic driving. At the same time, we believe that the subdivided products such as HUD and intelligent headlights in vehicle optics are expected to take the east wind of automatic driving, and realize high-speed penetration in the future with the vigorous development of intelligent vehicles.
Attach great importance to the unprecedented reconstruction and change of China’s semiconductor and automobile industry pattern, as well as the leader of consumer electronics segment:
1) semiconductor core design: industrial opportunities such as optical chip, storage, simulation, RF, power, FPGA, processor and IP;
2) semiconductor OEM, packaging and testing and supporting service industry chain;
3) core target of intelligent vehicle;
4) VR, miniled, panel, optics, battery and other subdivision tracks;
5) core leading company of Apple industrial chain. See investment suggestions on the last page for relevant core targets
Risk warning: downstream demand is less than expected; Sino US trade friction; Measurement or error risk
