Home » Xiaomi’s new machine MIX FOLD 2 is about to be released, institutions are bullish on the consumer electronics industry chain – yqqlm

Xiaomi’s new machine MIX FOLD 2 is about to be released, institutions are bullish on the consumer electronics industry chain – yqqlm

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Xiaomi’s new machine MIX FOLD 2 is about to be released, institutions are bullish on the consumer electronics industry chain – yqqlm


Source: Huashengtong

Today, the consumer electronics sector in the A-share market rose sharply, and a number of consumer electronics stocks such as Lingyi Zhizao, Changying Precision, Lens Technology, Zhengye Technology, and Kerui Technology rose.

Market data from: straight flush

In the Hong Kong stock market, the concept of Apple, the representative sector of consumer electronics, has risen collectively today.Qiu Titanium TechnologySoaring more than 11%.

Market data from: Huashengtong

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According to media reports, Xiaomi MIX FOLD 2 will be released on August 11. Compared with the first generation, MIX FOLD 2 is expected to achieve a comprehensive improvement in proportion, configuration, performance, image, etc.; on the same day, Motorola will also release its iterative folding flagship phone. The Samsung Galaxy Z Fold4/Flip4 was unveiled the day before and started the pioneer plan. With the advent of the traditional stocking season for consumer electronics, under the catalysis of the frequent release of new machines, the folding screen industry chain has ushered in opportunities.

Jingyan Technology: At present, the folding screen mobile phone hinge project has obtained mass production orders, mainly for a global Android-based mobile phone head brand. The company has begun mass production and shipment according to customer orders.

Dinglong Co., Ltd.: PI paste is used in the flexible display industry, among which curved mobile phones and folding screen mobile phones are mainly used.

The mobile phone market continues to be cold, and upstream and downstream companies in the industry chain are forced to find new ways.

Apple mobile phone price cuts, industry chain companies are concerned by capital

Recently, Apple has rarely cut prices before the release of new phones, and the entire Apple iPhone 13 series has reduced prices by 600 yuan. Prior to this, OPPO, Xiaomi and other Android mobile phone manufacturers have also launched price reductions.

The pressure of the terminal market is transmitted upward along the industrial chain, and many domestic Android mobile phone suppliers are greatly affected.

According to the latest shipment data, in June,Sunny Optical Technology(02382.HK) The shipments of mobile phone lens and mobile phone camera modules decreased by 15.7% and 21.4% year-on-year. Qiutai Technology (01478.HK) The shipments of mobile phone camera modules and fingerprint recognition modules decreased by 22.3% and 38.4% year-on-year. .

On July 28, the heads of several panel and chip manufacturers expressed their conservative estimates of the future of the mobile phone market to the Times Weekly reporter, and emphasized the importance of expanding multiple products such as in-vehicle and medical products.

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In response to the weakening of the mobile phone market, many companies in the Android mobile phone industry chain have recently adjusted their thinking and moved closer to emerging industries such as new energy vehicles.

“Compared with the previous entry of Apple’s industry chain manufacturers into the new energy vehicle industry, this batch of Android mobile phone supply chain manufacturers is more likely to enter the new energy vehicle industry, and the new energy vehicle industry has policy support. Auto manufacturers and Internet manufacturers jointly promote the industry. Development, the time to enter is better now.” On July 28, Wang Jiping, vice president of IDC China Research, told reporters.

The pressure is transmitted to the upstream of the industrial chain

The domestic mobile phone market is already close to saturation. Recently, users’ willingness to switch phones has declined, and the market has become more difficult.

According to data from the China Academy of Communications, in the first half of this year, domestic mobile phone shipments fell by 21.7% year-on-year, and in June, domestic brand mobile phone shipments fell by 0.5% year-on-year.

Wang Jiping pointed out that from the perspective of the situation in the second quarter of this year, the domestic Android mobile phone mid-to-high-end market capacity has fallen sharply year-on-year. On the whole, manufacturers demand more sales from the low-end market, and the market in the middle price segment narrows.

A domestic mobile phone distributor mainly targeting the African market has a deep understanding. He told the Times Weekly reporter that the impact of the epidemic on many international markets has led to a decline in the willingness to consume in the local market. In the past, African consumers preferred feature phones and low-end smart phones, but now they are more reluctant to buy mid-end products. They can only adjust the purchase structure and reduce mid-to-high-end models.

The downstream changes are gradually transmitted to the upstream, and a long and complex Android mobile phone industry chain begins to shake.

At present, the domestic Android industry chain covers panels, chips, cameras, casings, fingerprint recognition and other links. The performance of many listed suppliers has been affected.

Among the chip manufacturers, Goodix Technology (603160.SH) expects that its net profit in the first half of this year will decrease by 96.2%-94.29% year-on-year. The company announced that the decline in profits is due to the decline in the smartphone market and customer demand.

Weir, a chip designer known for supplying image sensor solutions, saw a 13.9% year-on-year drop in net profit in the first quarter of this year, which it announced was affected by the decline in shipments in the mobile phone market and the epidemic.

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Affected by the mobile phone market, domestic panel companies also showed signs of slow sales. According to data, the inventory turnover days of BOE A (000725.SZ), TCL Technology (000100.SZ), and Shentianma A (000050.SZ) have increased from 48.4 days, 31.4 days, and 39.2 days in the first quarter of last year to the first of this year. In the 66 days, 37.6 days and 43.9 days of the quarter, the inventory scale increased by 40% to 80% year-on-year.

The relevant person in charge of the securities department of TCL Technology told the Times Weekly reporter that the demand for consumer electronics such as mobile phones and black electronics is very poor this year. Since June, panel manufacturers have reduced production in a consistent manner, allowing the industry to accumulate inventory first and digest it to achieve a new balance of supply and demand.

Some manufacturers’ high-end products are particularly difficult to sell. In June, the sales of 32-megapixel and above camera modules and under-screen fingerprint recognition modules of Qiutai Technology fell by 35.4% and 48.7% year-on-year respectively, and the decline was higher than the 15.5% of camera modules below 32 million pixels, capacitive fingerprint recognition 25.3% of mods.

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Organization: optimistic about the consumer electronics industry chain

It is reported that the consumer electronics industry is characterized by high elasticity. Whenever new products appear, such as touch screen mobile phones, TWS earphones, smart wearable devices, etc., it can bring about explosive growth in the performance of listed companies in the related industry chain. Therefore, the main driving force of the consumer electronics industry comes from innovation, and the segments that benefit from technological innovation and new product launches are expected to stand out during the period.

According to the research report of Huachuang Securities, the revenue of the A-share consumer electronics sector in 2021 and the first quarter of 2022 will increase by 15.18% and 17.12% year-on-year, respectively. The revenue of the sector continues to expand, and the industry is still on the rise. In addition, Flush data shows that in the first quarter of this year, more than 30% of the companies in the sector achieved both revenue growth and net profit attributable to the parent. Among them, the industry chain leader Luxshare Precision’s net profit attributable to the parent increased by 33.63%, USI, The net profit of more than a dozen companies such as Meige Intelligence increased by more than 50%.

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Essence Securities said that as of July 25, the PE of the Consumer Electronics (Shenwan) Index was 29.58 times, and the PE percentile in the past 10 years was 8.77%. The consumer electronics sector is in a historically undervalued range. You can pay attention to the progress of the VR industry chain and the progress of companies transforming to automotive-grade products.

  CITIC SecuritiesIt is believed that the current demand in the consumer electronics industry is at the bottom. Under the influence of the resumption of work and production and the promotion of consumption policies, domestic consumer demand is gradually returning to normal, and it is expected to improve with high certainty in the second half of the year. Releases, etc., superimposed on the stabilization of upstream raw material prices, the favorable RMB exchange rate trend for exporting companies, the improvement of tariff policies, the opening of shipping channels and the decline in freight rates, etc., we are optimistic that the performance of related enterprises in the consumer electronics industry chain will continue to improve, and the capacity utilization rate is expected to be high in the second half of the year. Certainty returns.

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