20230506-德邦证券-电子周观点_关注半导体复苏+汽车电子修复行情_3页_621kb

Semiconductor Sector

Electronic semiconductor market is expected to recover by the second half of 2023. Q1 2023 contract liability increased compared to Q4 2022, but revenue growth for test and assembly companies slowed, with inventory adjustment continuing into Q2. Global semiconductor sales rose 3% year-over-year in March 2023, and China's sales increased 12%. Major players like TSMC and Chang Electron project a return to healthy capacity utilization by mid-year. Key recommendations include packaging companies such as Long Electron and Tongfu Microelec, digital IC firms like Lexin Technology and Jingchun Shares, and analog IC companies such as Nashuwei, Diowu, and Yachuang Electron.

Automotive Electronics

Tesla's global price hike for Model 3 and Model Y, along with government support for charging infrastructure, suggests a repair in the automotive electronics sector. Companies in laser radar, cameras, and connectors are affected by Q1 sales declines in consumer electronics and安防. Long-term opportunities include charging piles and connectors. Recommended companies: charging pile sector includes Oulutong, Yonggui Electric, Kelihua, and Jingquanhua; connectors include Weifeng Electron, Electric Connection Tech, Ruikela, and Zhucheng Tech; optics includes Welshare, Stemwin, Jingfang Tech, Changguang Huaxing, Jiuguang Tech, and Yongxin Optics.

Passive Components

Passive components face inventory reduction with terminal customer stockpiles down about 20% from highs. With sales旺季 approaching, terminal demand and restocking could drive sector rebound by year-end. These components have strong channel elasticity due to inventory buffers. Recommended companies: Sanhong Group, Shunlao Electron, Jiejia Tech, and Fenghua Gaoke.

Overall Investment Recommendations

Focus on semiconductor and automotive electronics recovery opportunities. Specific stocks to monitor include packaging, digital IC, analog IC, charging piles, connectors, optics, and passive components as listed. Common risks involve slowing demand, intensified competition, and trade issues. Market outlook indicates electronic sector performance may improve but remains volatile based on external factors.