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Great Wall Securities: semiconductor Q1 financial report preheating market to start non-mobile growth is expected to make up for the overall demand
Apr 9,2020
Source:Great Wall Securities
The content below was translated by Tencent automatically for reference.

SMM News: industry recovery inertia hedge epidemic impact, semiconductor overall quarterly results are expected to be beautiful: the electronics industry continued in the fourth quarter of last year extremely high outlook into the first quarter of this year, pulled by optical innovation and 5G, semiconductor contract manufacturing, sealing and equipment are expected to hedge the impact of the epidemic. January 2020 contract manufacturing, closed testing and other multi-link orders full capacity constraints and triggered price increases. Since the impact of the epidemic in February, semiconductor plate upstream supply-side orders are still full, Q1 as a whole is expected to meet high growth expectations.

In addition, the first half of 2019 for the semiconductor industry nearly a decade low, low performance base; semiconductor plate Q1 is expected to grow significantly from the same period last year, the overall quarterly results of the plate is expected to be beautiful.

Huawei releases P40 series new machine, multi-camera phone is expected to accelerate penetration: Huawei officially released P40 series new machine, the release of P40, P40Pro, P40Pro+ respectively configured with rear 3 photo, 4 photo, 5 photo, of which P40 rear equipped with 50m main camera + 16m ultra wide angle + 8m telephoto lens, P40Pro rear equipped with 50m main camera + 40m ultra wide angle + 12m telephoto + ToF lens, P40Pro+ rear equipped with 50m master + 40m ultra wide angle + ToF lens The P40Pro+ creatively uses rear 5 cameras to form the industry's first ultra-long-range optical zoom system, supporting 10x optical zoom, 20x hybrid zoom and up to 100x digital zoom, bringing a whole new photo experience. In addition, Xiaomi has also released a new RedmiK30Pro series of machines, in which the standard version is equipped with a combination of 64m master (Sony IMX686 sensor, 6p lens) + 13m extended angle + 5m long focus macro + depth of field camera, and the zoom version is equipped with 64m main camera (Sony IMX686 sensor, 7p lens) + 13m ultra wide angle + 8m long focal macro + depth of field camera combination. High-definition active + multi-photo-assisted + 3D scheme has gradually become the mainstream optical scheme of mobile phones, the demand for optical track is growing exponentially, multi-camera phones are expected to accelerate penetration, the impact of the epidemic is difficult to shake the long business cycle of the industry.

SMIC is cautiously optimistic about the impact of the epidemic, and Meiguang expects strong growth in data center demand next quarter: SMIC looks forward to translating its technology research and development into production and revenue in 2020, optimistic about the business growth brought about by new technologies. At present, the operation of the company's wafer factory is not affected by the epidemic, the production line is operating normally, and remain vigilant about the impact of the future global epidemic. Looking ahead to 2020, the company is still pleased to see positive growth momentum and strong order demand; in view of Q1, the company aims to grow revenue by 11% to 19% in 2020, with gross profit margin expected to remain at 20% and remain profitable.

As the epidemic spreads around the world, Micron expects demand for data centers to grow strongly in the third quarter, leading to some supply shortages. At the same time, the rise of home work and online education has led to a recent increase in demand for PC. Overall, the continuation of the epidemic has led to lower-than-expected demand for smartphones, consumer electronics and cars in the second half of the year. However, in the long run, the demand of the DRAM industry will maintain a high double-digit compound annual growth rate, and the demand of the NAND industry will maintain a compound annual growth rate of 30%.

Mainland China is the only growth region in the semiconductor materials market in 2019: on March 31, SEMI reported that sales in the global semiconductor materials market fell slightly by-1.1 per cent in 2019. Global sales of wafer manufacturing materials fell by 0.4% to $32.8 billion in 2019, with process chemicals, sputtering targets and CMP down more than 2% from a year earlier. Sales of packaging materials in 2019 were $19.2 billion, down 2.3 per cent from a year earlier. Mainland China is the only growing semiconductor material market in 2019, with the third largest sales scale. With the expansion of local wafer capacity in mainland China and the increase in the localization rate of semiconductor materials, the market for semiconductor materials in mainland China is expected to continue to grow.

Investment suggestions: 1) Consumer Electronics proposes to pay attention to iPhone wireless communication module and iWatch SiP module supplier Huanxu Electronics; COMS chip supplier Weir shares; memory supplier Zhaoyi innovation; domestic general radio frequency leading letter communication; domestic ODM and power semiconductor leader Wentai technology; security leading enterprise Dahua shares; domestic passive component leading Fenghua high technology; (2) Semiconductor plate proposes to pay attention to holding TEL certification of electronic grade quartz products manufacturers quartz shares; benefit from AMD market share increase of the domestic seal test leader rich micro electric; CIS-TSV leading enterprise crystal square technology; infrastructure + semiconductor double benefit pump industry leader Hanzhong fine machine; CIS and semiconductor double benefit packaging leader Huatian technology; consumer + semiconductor double benefit high clean material leader Xinlai applied material.

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