ASML's new orders have increased significantly, and its revenue is expected to increase by 20% year-on-year in 2022: ASML released the latest financial report. In the fourth quarter of 2021, the company achieved a revenue of 5 billion euros, a year-on-year increase of 17.21% and a month-on-month increase of - 4.86%. The previous guidance was 4.9 billion to 5.2 billion euros, and the annual revenue in 2021 was 18.6 billion euros, an increase of 33.14%. In terms of orders, the amount of new orders in 2021q4 was 7.1 billion euros, a year-on-year increase of 66.35% and a month on month increase of 14.10%. In 2021, new orders were 26.2 billion euros, a year-on-year increase of more than twice. Looking forward to 2022, ASML predicts that the revenue in the first quarter of 2022 will be about 3.3 billion ~ 3.5 billion euros, with a year-on-year increase of - 24.38% ~ - 19.8% and a month-on-month increase of - 33.81% ~ - 29.8%. The decline in revenue is mainly due to the strategy of rapid delivery, resulting in the expected revenue of 2 billion euros in the first quarter will be deferred to subsequent quarters. The company expects the revenue to increase by about 20% year-on-year in 2022. Considering that the company also plans to deliver goods quickly at the end of this year, the revenue will be transferred to 2023. If these delayed revenues are added, the growth of shipment value will be about 25%.
Cinno predicts that the global sales volume of folding screen smart phones is expected to exceed 57 million in 2025, with CAGR reaching 66%. With the contradiction between consumers' demand for a larger mobile phone screen and the convenience and portability of one hand operation becoming increasingly prominent, folding screen has gradually become a new trend in the development of smart phones. Cinnorresearch predicts that in 2022, the sales volume of folding screen smartphones in the global market is expected to reach 15.69 million, with a year-on-year increase of 107%. In 2025, the sales volume of folding screen smartphones in the global market is expected to reach 57.4 million, with CAGR as high as 66%. Cinnorresearch believes that in the future, the folding screen smartphone model may be mainly vertical folding, with the price dropping to the gear of 5000-8000 yuan, facing the medium and high-end market, while the horizontal folding is positioned in the high-end business market, with a price of about 10000 yuan. In terms of market pattern, Samsung will still occupy the leading position in the folding screen Market in the future, with a market share estimated to exceed 70%.
Italy France semiconductor plans to mass produce 8-inch SiC wafers in 2024, and many Gan projects outside China are put into operation. Recently, in an exclusive interview with the wind direction of the third generation semiconductor, Italy France semiconductor revealed that it has successfully produced the first batch of 8-inch SiC wafers. It plans to mass produce and realize 40% independent supply in 2024. It is expected that the SiC revenue will reach US $1 billion (about 6.4 billion yuan) by 2024. In the field of Gan, the Swedish company epinovatech plans to mass produce 8-inch 1200V silicon-based gallium nitride epitaxial wafers in 2022; The "industrialization of the third generation compound semiconductor material gallium nitride epitaxial wafer" project initiated by Wenzhou Xinshengdai Technology Co., Ltd. has completed the trial production of 6-inch silicon-based gallium nitride epitaxial wafer, which is planned to reach the production capacity before 2024, and the annual production capacity is expected to be 100000 pieces after reaching the production capacity; Yachuang Electronics announced that it would acquire 55% equity of Yi Hytera Communications Corporation Limited(002583) for 117 million yuan. The latter Gan power device is in the stage of docking and negotiation with end customers, and the two will jointly build a gallium nitride project.
The price of upstream raw materials is loose, and the performance of PCB sector is generally good: according to wind data, as of January 23, LME copper price spot settlement price is $9970 / ton, a decrease of 6.8% from the highest price of $10652 / ton in 2021. Since October 21, 2021, copper price has fluctuated around the price center of $9700 / ton, and epoxy resin in East China market was 28000 yuan / ton on January 21, Compared with the highest price of 40150 yuan / ton in 2021, a decrease of 43.39%. The price of raw materials in the upstream is loose, the sales volume of electric vehicles in the downstream is higher than expected and the penetration rate of intelligent vehicles is increased. The demand for PCB in the automobile sector is obvious, the semiconductor boom is upward, the orders for IC carrier sectors are full, and the performance of PCB Companies is expected to continue to improve.
Huahong Wuxi added a large number of bidding equipment: according to the data of electronic trading platform for bidding and tendering of mechanical and electrical products, Huahong semiconductor (Wuxi) added 555 bidding equipment this week.
Investment suggestions: automotive electronics focus on Gigadevice Semiconductor (Beijing) Inc(603986) , Wuhan Lincontrol Automotive Electronics Co.Ltd(688667) , Will Semiconductor Co.Ltd.Shanghai(603501) , Ingenic Semiconductor Co.Ltd(300223) , Cubic Sensor And Instrument Co.Ltd(688665) ; In the SiC field, China Resources Microelectronics Limited(688396) , Wingtech Technology Co.Ltd(600745) , Starpower Semiconductor Ltd(603290) are recommended, and Zhuzhou Crrc Times Electric Co.Ltd(688187) , Roshow Technoiogy Co.Ltd(002617) , Phenix Optical Company Limited(600071) are concerned; Semiconductor equipment recommends Shanghai Wanye Enterprises Co.Ltd(600641) , Kunshan Kinglai Hygienic Materials Co.Ltd(300260) , Suzhou Uigreen Micro&Nano Technologies Co.Ltd(688661) , Naura Technology Group Co.Ltd(002371) , and pays attention to Pnc Process Systems Co.Ltd(603690) , Suzhou Hyc Technology Co.Ltd(688001) ; Miniled recommends Shenzhen Xinyichang Technology Co.Ltd(688383) , Hongli Zhihui Group Co.Ltd(300219) , pays attention to Shenzhen Refond Optoelectronics Co.Ltd(300241) , Shenzhen Longli Technology Co.Ltd(300752) , etc; IC design concerns Shanghai Belling Corp.Ltd(600171) , 3Peak Incorporated(688536) , Sg Micro Corp(300661) , Chipsea Technologies (Shenzhen) Corp.Ltd(688595) , Ninestar Corporation(002180) ; Folding screen focuses on Triumph Science & Technology Co.Ltd(600552) , Jiangsu Gian Technology Co.Ltd(300709) , Nbtm New Materials Group Co.Ltd(600114) , etc; PCB focuses on Shennan Circuits Co.Ltd(002916) , Wus Printed Circuit (Kunshan) Co.Ltd(002463) , Shenzhen Fastprint Circuit Tech Co.Ltd(002436) , Victory Giant Technology (Huizhou)Co.Ltd(300476) , Shenzhen Kinwong Electronic Co.Ltd(603228) , Guangdong Ellington Electronics Technology Co.Ltd(603328) , Olympic Circuit Technology Co.Ltd(603920) , etc.
Risk warning: downstream demand is less than expected; Domestic substitution is less than expected; Continuous risk of epidemic impact
