Electronics industry: semiconductor industry is facing the winter.

10/29/2022 10:42:58 AM

The price index of electronic components continued to decline.

The price index of electronic components in this issue was 103.41 points, down by 0.14%. The price indexes of electronic components and integrated circuits have a slight downward trend, and the discrete devices are the same as the previous period. The overall price of electronic components continues to relax, and the shrinking downstream demand is still the main reason for the price decline.

The performance of global panel leading enterprises in the third quarter is bleak.

Under the bleak prospect of slowing panel demand and falling prices, China's high-generation panel projects have been stopped one after another, and LGD announced that it would postpone the Guangzhou 8.5 generation line indefinitely; Suzhou Samsung 7.5 generation line and AUO Kunshan 8.5 generation factory have not been actually built so far. Due to the continuous decline in panel prices, LGD has suffered losses for four consecutive quarters, with a loss of about $600 million in a single quarter; AUO's loss in the third quarter also increased to $524 million.

In the fourth quarter, the semiconductor industry faced a cold winter.

Despite the surge in sales of tablets and smartphones, Asian chip makers such as TSMC and Hynix were dragged down by the global economic downturn, which not only made their third-quarter results far less than expected, but also made their prospects in the fourth quarter not optimistic. Both Ti Yi and stmicroelectronics are bearish on the fourth quarter, revealing that the global economy is not good, the demand for electronic products is weakening, and the * * * semiconductor factory will also fall into the fate of revenue decline in the fourth quarter.

Industry rating and investment advice

Since the third quarter, the industry's prosperity has been lower than expected, and there is a further downward trend, maintaining the "holding" rating. It is suggested to focus on Crystal Optoelectronics (002273) and Changying Precision (300115) related to intelligent terminals. Desai (000049), Xinwangda (300207), Hongli Optoelectronics (300219) and Alto Electronics (002587), which are the beneficiaries of capacity transfer of lithium battery modules.

Risk warning

The risk that the industry boom is lower than expected; The risk of continuous decline in product prices and gross profit margins.

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