In early trading today, the main indexes of the A-share market were mixed. The Shanghai Composite Index fell slightly, while the Growth Enterprise Market Index rose slightly by 0.36%.
In terms of sectors, the large consumer sectors with strong strength in the early stage collectively fell today, with hotel catering, food and beverage, tourism and other sectors all falling by more than 1%. The semiconductor sector continued to strengthen, closing up more than 1% in early trading. Among them, the advanced packaging concept index continued to explode, rising by more than 5% yesterday and by more than 4% this morning. In terms of individual stocks, Yi Tian shares continued to trade at a daily limit of 20cm, while the leading Dagang shares continued to trade at a daily limit, and the share price reached a new high in the year.
Dagang shares hit a new high.
Under the background of Moore's Law going to the bottleneck, the small chip scheme can reduce the complexity and cost of chip design, which is conducive to the subsequent product iteration, accelerate the product listing cycle, and is expected to reshape the value of the semiconductor industry chain. With the gradual maturity of small chip technology ecology, domestic manufacturers will promote the value remodeling of all links through self-reliance and self-iterative utilization of many advantages of technology, and high-quality standards in the industrial chain will gain new performance growth space under the surge in demand.
Chiplet technology refers to the design dimension, and advanced packaging is the premise of realizing chiplets, which are an organic whole. In early trading, the concept of advanced packaging once again exploded by more than 4%, with Yi Tian shares trading at a daily limit of 20cm and Dagang shares trading at a daily limit. Looking back, Dagang shares have taken the lead in the first wave of market, and once there were eight consecutive daily limit boards. On the interactive platform, the company said that TSV technology really belongs to the technical premise of small chips. At present, Suzhou Keyang, the holding company of the company, is mainly engaged in TSV wafer-level packaging business, and has not involved small chip related business so far.
Semiconductor valuation is at a historical low.
Chiplet, as a branch of the semiconductor sector, performed well, but this year, the semiconductor sector as a whole continued to adjust, with a cumulative decline of more than 33%, ranking fourth in the decline list of Shenwan's secondary industry. Judging from the valuation, the rolling P/E ratio of the semiconductor sector is 37.42 times, which is lower than the historical percentile of 5%. Guohai Securities said that in the third quarter of 2022, the operating data of most semiconductor companies declined year-on-year/month-on-month, but from the perspective of valuation, the valuation of the sector was at a historically low level; The inventory of all links in the industrial chain is constantly revised. Therefore, considering the current valuation level and the development trend of industry prosperity, the semiconductor sector has a good configuration value and is optimistic about the performance of the subsequent sectors.
Industrial Securities said that the US export control policy has an impact on the domestic industrial chain in the short term, but in the medium and long term, it highlights the importance of self-control of the domestic semiconductor core bottom industrial chain. Industrial Securities is optimistic about the continuous expansion and sustainability of domestic storage factories and fabs in order to seize the global share in the medium and long term, as well as the further advancement of the self-controllable process of overlapping core supply chains. Domestic substitution of equipment, materials and parts is the general trend.
The secret of sustained high-growth stocks
A-share growth stocks are more flexible. Securities Times Data Treasure counts the stocks whose future performance is expected to continue to grow at a high speed. The screening conditions are as follows: there are more than five rating agencies, and the agencies unanimously predict that the growth rate of net profit this year, next year and 2024 will be above 30%. After screening, a total of 40 chip concept stocks entered the list. From the perspective of institutional attention, North Huachuang has 33 institutions rated, and Starr Semiconductor, Naxinwei, Ziguang Guowei and Lan Qi Technology have more than 20 institutions rated.
From the perspective of future growth, the stock institutions such as Xinyuan U, Anlu Technology, Guang Hai Information and Lianchuang Electronics unanimously predict that the average growth rate of net profit this year, next year and 2024 will all exceed 100%. According to public information, Xinyuan Co., Ltd. -U is an enterprise that relies on independent semiconductor ip to provide customers with platform, all-round and one-stop chip customization services and semiconductor IP authorization services. 1 1 institutions unanimously predict that the company's net profit growth rate this year, next year and 2024 will be 47 1.59%, 1 19.80% and 6 1.49% respectively.
Judging from the market performance, the stock prices of chip concept stocks with sustained high growth have diverged, with Hechuan Technology rising by over 150%, and Sanan Optoelectronics and Lihewei falling by over 50%. On the whole, the average decline of stocks in the list was less than 2% during the year, far outperforming the performance of major indexes in the same period.