Today is another happy day. The semiconductor sector has surged. The semiconductor and components index has risen 3.79% in half a day, hitting a record high. Currently, there is a global shortage of cores and chip prices are rising, which is good for the semiconductor industry. The latest report from SFG last night showed that the overall chip delivery time in May was extended to 18 weeks, a further increase of 7 days from the previous month, setting a four-year high. This delivery cycle is more than 4 weeks longer than the previous peak in 2018.
The logic of the rise of semiconductors:
1. Future technology competition is a relationship between the strength of countries around the world. , and chips are the underlying support of technology. The industry has broad prospects. This is long-term logical support;
2. There is a shortage of chips around the world, This is both an epidemic and an epidemic. influence The chip production capacity is insufficient, and there is also the rapid rise in demand brought about by economic recovery and the incremental demand brought about by technological upgrading. In short, the supply cannot cope with the rising prices, and the stock prices will inevitably rise. The logic is the same as that of early investment in resource cyclical stocks;
3. The United States has launched a comprehensive technological crackdown on China, including the suppression of Chinese technology companies and the ban on Chinese chips. Some people regard this as a big negative, but we think in the opposite direction. The more the United States suppresses, the more we must develop. , then there will be greater support from the policy and capital levels.
Why is there such a shortage of cores in the world?
To sum up in one sentence: All kinds of people, people, and monsters come together at the right time and place.
The chip industry is characterized by iterative blocks. Large inventories will lead to impairment or low-price sales. Therefore, inventories have always been low. The industry determines production based on sales. However, there are several things that have directly greatly stimulated the demand side.
Due to the large number of remote working caused by the epidemic last year, the sales of notebooks and tablets have increased significantly, which has also driven the sales of peripheral products such as web cameras and routers, which are large chip consumers.
In the field of mobile phone chips, before Huawei was sanctioned last year, it was hoarding chips crazily. Manufacturers such as Xiaomi were afraid of following in their footsteps and began to concentrate on stocking up. In addition, the surge in Bitcoin triggered mining, new energy vehicle power chips (IGBT), TWS headsets, and 5G. Mobile phone Damai, etc... Where is the supply side of
? Not to mention giving in too much.
The chip industry chain is highly divided around the world. The key links are only a few global companies. The competition pattern is stable and there is no motivation to actively expand production. No one expected that the demand for chips has exploded recently, and short-term production expansion cannot keep up. In addition to the 8-inch wafer fab, which is the main force in chip production, several companies have also encountered earthquakes, power outages, etc. Basically, almost everything that should have come has come, and what should not have come has also come.
Another point is that chips are a cluster development of the global industrial chain. China, which has the most comprehensive manufacturing and production capacity, is not allowed to play the poker table.
The intraday stock price hit a record high. Chip stocks
15 stocks rose across the board in the second quarter. The stock price of Fumman Electronics more than doubled, the stock prices of Allwinner Technology, Rockchip Micro and Silan Micron doubled, and Star Semiconductor, which had the lowest increase, also more than doubled. 30%.
Chip industry chain
According to the research of Founder Semiconductor Group, when the semiconductor boom cycle comes in history, it will follow a general sequence:
Equipment first: Since the equipment preparation, transportation and installation cycle is close to one year, midstream manufacturing will start orders one year in advance, resulting in improved prospects for the equipment sector, so upstream equipment is the most sensitive;
Manufacturing relay: Midstream manufacturing will subsequently enjoy an increase in both volume and price as it actively replenishes inventory, mainly wafer manufacturing, plus packaging and testing;
Materials are out of stock: After the large-scale expansion of midstream manufacturing, production capacity and materials will increase significantly. As a result, the supply of materials exceeds demand, resulting in periodic "silicon wafer crises"; ht If ml3
corresponds to A-shares, this time because midstream manufacturers have no time to prepare for expansion, midstream wafer manufacturers have the most direct benefits, which will be passed on to upstream equipment manufacturers in the future. Many upstream chip design companies may not be able to enjoy it. The good news is that chip design companies are more like doing pioneering work step by step, which more directly reflects the technology iteration cycle of semiconductors. This time it is not the high prosperity brought by technology iteration.
power management IC supply outage is the most serious! Complete list of beneficiaries:
Power management chips are analog chips. In almost all electronic products and equipment, they are the heart of the power supply for electronic equipment and are also the largest market segment for analog chips. Power management ICs have the most serious delays, with delivery times as long as 25.6 weeks, nearly two weeks longer than in April. The supply situation of microcontrollers (MCUs), analog ICs, etc. is improving. In addition, optoelectronic components, including the chips that help convert solar energy into electricity in solar panels, are becoming increasingly difficult to obtain.
Founder Securities predicts that power management chips will usher in a wave of explosive growth in the future..
Shengbang Co., Ltd. is the leader in domestic analog chips, focusing on power management and signal chain analog chips. The company has been deeply involved in the field of analog chips for more than ten years, and currently has 25 major categories with a total of more than 1,600 products covering the signal chain and power management fields.
Xinpeng Micro has been deeply involved in the power management IC track for many years. Currently, the company has a variety of competitive products such as highly integrated home appliance AC-DC chips and fast charging primary control power chips. In the home appliance market, the company has an industry-leading market share.
Weil Co., Ltd. is one of the leaders in power management. The company's main business is the R&D and design of semiconductor products such as semiconductor discrete devices and power management ICs.
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