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電子行業投資策略報告:深練內功,厚積薄發,維持“推薦”行業評級
格隆匯 11-13 10:29

機構:興業證券

評級:推薦

投資要點

投資建議:iPhone產業鏈和麪板經歷多年成長,迎來厚積薄發;半導體國產化和汽車電子等核心器件,將繼續深練內功。

iPhone和麪板產業鏈經歷多年積累,迎來厚積薄發。蘋果產業鏈經歷了過去黃金十年成長,大陸公司陸續躋身一流,未來在模組、機殼、整機等難度和價值量更高等領域實現更高的份額提升。新款iPhone12發佈,繼續發揚性價比優勢,我們看好新機潛力,將在中高端手機擁有壓倒性優勢,帶動iPhone產業鏈實現量價齊升。另外,AirPods、AppleWatch等穿戴設備也成為產業鏈重要成長點,打開供應鏈更大的增量市場,產業鏈迎來全面的厚積薄發。我們繼續看好鵬鼎控股、東山精密、領益智造、欣旺達和長盈精密等iPhone核心供應商,立訊精密和歌爾股份作為蘋果全產業鏈龍頭,也將繼續強者恆強。面板作為過去十年持續崛起的產業,未來看到京東方和TCL在行業份額進一步提升,行業格局將越來越集中化,國內龍頭將擁有充分的定價能力,同時未來供需格局改善以後,京東方、TCL科技、深天馬等彈性可觀。

半導體、汽車電子和被動元器件加快深練內功,長期國產化趨勢不改。導體國產化大趨勢不改,我們看到越來越多的優秀團隊在崛起,產業鏈也開始了從上游設備材料、製造到設計和封裝等環節持續突破。行業將進一步深練內功。看好匯頂科技、韋爾股份、北方華創等行業龍頭進一步壯大,另外半導體也有很多小而美的公司安集科技、卓勝微值得關注。汽車電子和被動元器件等也具備非常高的行業壁壘,未來受益汽車電子化、電動車等趨勢,也有更多彎道超車的機會,我們看好三環集團、景旺電子、世運電路等優質公司。

風險提示:終端需求低於預期、中美貿易摩擦導致成本上升、週期性產能供過於求。

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