Core view
Car companies take shares in power semiconductor manufacturers, bind production capacity and accelerate R & D progress. With the increasing emphasis of automobile enterprises on semiconductor supply chain, many automobile enterprises have taken the way of investment to become shareholders of semiconductor manufacturers, so that they can get production capacity in the case of tight semiconductor supply, and form a feedback mechanism in wafer production, chip design, packaging and testing through close communication with upstream semiconductor manufacturers, Accelerate the overall R & D Progress of products.
GAC, SAIC, Xiaopeng, great wall, BAIC, Chery and many other automobile enterprises participated in the investment of power semiconductors. On January 20, GAC jointly Zhuzhou Crrc Times Electric Co.Ltd(688187) set up IGBT for blue semiconductor layout; On January 5, SAIC, GAC, Xiaopeng and other auto companies appeared on the Tianyue advanced IPO strategic placement list; In December 2021, Great Wall Motor Company Limited(601633) took shares in Tongguang and invested in SiC substrate materials; In November 2021, BAIC invested in core electronics and coded SiC MOSFET; In May 2021, Geely joined hands with xinjuneng and Xinhe technology to jointly establish xinyueneng and lay out SiC chip manufacturing.
Car companies actively entered the market and accelerated the localization of power semiconductors such as IGBT and SiC. New energy vehicle is the largest downstream application field of IGBT and SiC in the future. The iteration and development of semiconductor technology are inseparable from the rapid development of downstream application fields. As a downstream emerging application field, Chinese enterprises and overseas brands are relatively on the same starting line. With the strong support of downstream automobile enterprises, Chinese power semiconductor manufacturers are expected to accelerate the realization of localization and substitution.
The market of electronic sector is weaker than the market
From January 17 to January 21, the Shanghai index rose 0.04%, and CITIC electronics fell 2.01%, underperforming the market by 2.05 percentage points. Year to date, the Shanghai index fell 3.22%, CITIC electronics fell 8.91%, underperforming the market by 5.69 percentage points. From January 17 to January 21, the Philadelphia Semiconductor Index fell 11.94%; Year to date, the Philadelphia Semiconductor Index fell 12.96%.
Increase in electronic industry segments
From January 17 to January 21, only security rose 0.91% this week in the electronic segment industry, and other sectors were falling. Since the beginning of the year, the top five sectors in the electronic segment industry are panel, optical optoelectronics, PCB, security and display zero group, down 1.95%, 6.58%, 7.49%, 7.58% and 8.25% respectively.
Rise and fall of individual stocks: A shares
From January 17 to January 21, the top five companies in the electronics industry were Szzt Electronics Co.Ltd(002197) , Xiamen Xindeco Ltd(000701) , Wuxi Etek Microelectronics Co.Ltd(688601) , Wuhan Dr Laser Technology Corp.Ltd(300776) and Zhejiang Lante Optics Co.Ltd(688127) , up 17.85%, 11.73%, 11.35%, 10.14% and 7.02% respectively; The companies with the top five declines were * ST Zhongxin, Shen Zhen Australis Electronic Technology Co.Ltd(300940) , Shenzhen Click Technology Co.Ltd(002782) , Beijing Xiaocheng Technology Stock Co.Ltd(300139) and Zhejiang Shengyang Science And Technology Co.Ltd(603703) , down 22.40%, 16.53%, 15.66%, 14.09% and 13.99% respectively.
Investment suggestion: it is suggested to actively pay attention to the investment progress of vehicle enterprises in IGBT and SiC related enterprises. Recommended targets Zhuzhou Crrc Times Electric Co.Ltd(688187) , Starpower Semiconductor Ltd(603290) , Macmic Science & Technology Co.Ltd(688711) , Hangzhou Silan Microelectronics Co.Ltd(600460) , Wuxi Nce Power Co.Ltd(605111) , saijing technology, Tianyue advanced, Sanan Optoelectronics Co.Ltd(600703) , Roshow Technoiogy Co.Ltd(002617) , Phenix Optical Company Limited(600071) , etc.
Risk tip: the penetration rate of new energy vehicles is lower than expected, the domestic substitution is lower than expected, and the industry competition is intensified.
