电子行业：关注消费复苏相关受益标的-20221120-华泰证券-25正式版.doc

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1、证券研究报告电子关注消费复苏相关受益标的华泰研究2022 年 11 月 20 日中国内地专题研究华泰观点：关注消费复苏相关受益标的在国内疫情防控措施优化及国内消费复苏期待的带动下，上周港股 A 股持续跑赢美股。其中，恒生科技指数、中概股及 A 股电子板块分别上涨7.2/4.3/3.5%，跑赢纳斯达克指数（-1.6%）。11/15, 伯克希尔披露 Q3 新建仓台积电，台积电成为其第十大重仓股，A 股投资人期待半导体周期提早见底，增持消费电子类半导体、模拟芯片设计等板块。我们认为，受半导体供应链区域化及中国消费电子需求疲软等影响，中国半导体行业复苏将慢于全球，目前芯片设计板块仍处于去库存阶段。建议

2、关注面板（京东方），被动元器件（顺络、风华）和 PCB（生益科技）等板块。A 股： SW 电子上涨 3.5%，跑赢上证指数（+0.3%）上周全部 A 股日均成交额合计 9,955 亿元，环比上升 5.7%。上周半导体板块设计板块受到市场关注，恒玄科技（+21.4%）、乐鑫科技（+20.6%）、卓胜微（+18.9%）等涨幅居前；跌幅居前企业包括：华阳集团（-11.1%）、德赛电池（-6.9%）、拓荆科技（-5.2%）。北向资金上周合计净流入 323 亿元，主要增持歌尔股份、圣邦股份、蓝思科技，减持闻泰科技、兆易创新、韦尔股份。TMT 其它板块，SW 通信涨 1.8%，SW 计算机涨3.9%，SW

3、 传媒涨 5.1%。港股：恒生科技指数上涨 7.2%，跑赢恒生指数（+3.8%）上周全部港股日均成交额合计 1,391 亿港元，环比上升 40.3%。恒生科技主要成分股中涨幅居前企业包括：阿里健康（+36.1%）、哔哩哔哩（+24.1%）、商汤科技（18.2%）；跌幅居前企业包括：比亚迪电子（-6.1%）、携程（-3.8%）、瑞声科技（-3.4%）。传媒互联网板块，快手涨13.4%，阿里巴巴涨 12.9%，腾讯涨 11.4%，百度涨 9.7%，美团涨 0.5%。南向资金上周合计净流入 32 亿元，主要增持腾讯、中国联通、华虹半导体，减持美团、小米、中国移动。海外：纳斯达克中概股上涨 4.3%，

4、纳指下跌 1.6%，标普 500 下跌 0.7%上周纳斯达克中概股涨 4.3%，纳指跌 1.6%，标普 500 跌 0.7%，费城半导体指数跌 1.1%。十年期美债利率维持 3.82%。伯克希尔披露 Q3 重仓台积电，美股半导体板块涨幅居前为台积电（+10.3%）、英飞凌（+8.4%）、联电（+3.6%），跌幅较大的为拉姆研究（-8.8%）、镁光（-6.3%）、英伟达（-5.6%）。互联网板块：SEA 涨 15.2%，谷歌涨 1.1%，Meta 跌 0.9%，亚马逊跌 6.6%。美股汽车板块：蔚来跌 9.4%，小鹏跌 8.6%，特斯拉跌8.1%，理想跌 5.7%。上周比特币跌 0.6%。风险提

5、示：海外疫情升级风险，宏观下行风险，创新品渗透不及预期风险。本研报中涉及到未上市公司或未覆盖个股内容，均系对其客观公开信息的整理，并不代表本研究团队对该公司、该股票的推荐或覆盖。电子增持 (维持)研究员黄乐平，PhDSAC No. S0570521050001leping.huangSFC No. AUZ066+(852) 3658 6000研究员陈旭东SAC No. S0570521070004chenxudongSFC No. BPH392+(86) 21 2897 2228研究员张皓怡SAC No. S0570522020001zhanghaoyi+(86) 21 2897 2228研究

6、员刘溢SAC No. S0570522070002liuyi020747+(86) 21 2897 2228联系人张宇SAC No. S0570121090024zhangyuSFC No. BSF274+(86) 10 6321 1166联系人胡宇舟SAC No. S0570121040041huyuzhouSFC No. BOB674+(852) 3658 6000联系人黄礼悦SAC No. S0570121070191andrewhuangSFC No. BRH099+(852) 3658 6000行业走势图(%)电子沪深3004(8)(19)(31)(42)Nov-21Mar-22Ju

7、l-22Nov-22资料来源：Wind，华泰研究重点推荐目标价股票名称股票代码(当地币种)投资评级顺络电子002138 CH37.00买入风华高科000636 CH19.10买入京东方 A000725 CH4.50买入生益科技600183 CH16.20买入资料来源：华泰研究预测免责声明和披露以及分析师声明是报告的一部分，请务必一起阅读。1电子图表1： 科技硬件板块半导体公司上周股价变动一览代码公司名称财报货币半导体688608 CH恒玄科技CNY688018 CH乐鑫科技CNY300782 CH卓胜微CNY300661 CH圣邦股份CNY300327 CH中颖电子CNY688508 CH芯朋

8、微CNY688123 CH聚辰股份CNY603986 CH兆易创新CNY688595 CH芯海科技CNY688107 CH安路科技-UCNY688099 CH晶晨股份CNY688536 CH思瑞浦CNY300623 CH捷捷微电CNY600460 CH士兰微CNY603893 CH瑞芯微CNY0522 HKASMPTHKD300223 CH北京君正CNY1347 HK华虹半导体USD300373 CH扬杰科技CNY600584 CH长电科技CNY688052 CH纳芯微CNY603160 CH汇顶科技CNY603501 CH韦尔股份CNY002156 CH通富微电CNY688256 CH寒武纪

9、-UCNY688396 CH华润微CNY688521 CH芯原股份-UCNY688008 CH澜起科技CNY002185 CH华天科技CNY688126 CH沪硅产业-UCNY300672 CH国科微CNY688200 CH华峰测控CNY688048 CH长光华芯CNY688981 CH中芯国际USD605111 CH新洁能CNY688120 CH华海清科CNY0981 HK中芯国际USD688206 CH概伦电子CNY603290 CH斯达半导CNY300604 CH长川科技CNY688082 CH盛美上海CNY603690 CH至纯科技CNY600703 CH三安光电CNY688041 C

10、H海光信息CNY688012 CH中微公司CNY301269 CH华大九天CNY688187 CH时代电气CNY002371 CH北方华创CNYACMR US盛美半导体USD688072 CH拓荆科技-UCNY非半导体6088 HKFIT HON TENGUSD002415 CH海康威视CNY000636 CH风华高科CNY688036 CH传音控股CNY600183 CH生益科技CNY002463 CH沪电股份CNY002241 CH歌尔股份CNY002916 CH深南电路CNYTUYA US涂鸦智能USD002138 CH顺络电子CNY688301 CH奕瑞科技CNY002236 CH大华

11、股份CNY300433 CH蓝思科技CNY002475 CH立讯精密CNY2382 HK舜宇光学科技CNY000100 CHTCL科技CNY1888 HK建滔积层板HKD300136 CH信维通信CNY000050 CH深天马ACNY002841 CH视源股份CNY000725 CH京东方ACNY002938 CH鹏鼎控股CNY002635 CH安洁科技CNY601138 CH工业富联CNY300408 CH三环集团CNY300296 CH利亚德CNY1810 HK小米集团-WCNY601231 CH环旭电子CNY0992 HK联想集团USD300115 CH长盈精密CNY002484 CH江

12、海股份CNY2018 HK瑞声科技CNY600563 CH法拉电子CNY0285 HK比亚迪电子CNY000049 CH德赛电池CNY汽车电子9868 HK小鹏汽车-WCNY002405 CH四维图新CNY002036 CH联创电子CNY688326 CH经纬恒润-WCNY300496 CH中科创达CNY2015 HK理想汽车-WCNY9866 HK蔚来-SWCNY002920 CH德赛西威CNY002906 CH华阳集团CNY市值收盘价（元P/EP/S股价变动北向/南向资金流南向/北向资金持股南向/北向资金持股（人民币亿交易货币）入（亿人民币/亿市值（亿人民币/亿比例（%）元）2022E20

13、23E2022E2023E1W1MYTD港元）港元）174144.858.636.29.36.621.4%26.1%-52.4%n.a.n.a.0.084104.047.231.25.64.320.6%21.0%-44.4%n.a.n.a.0.0651122.044.935.515.312.418.9%32.1%-40.1%-0.321.95.1655183.564.349.720.015.118.2%22.6%-10.7%3.424.64.713238.628.422.76.95.417.7%23.4%-36.9%-1.45.75.18373.765.537.310.47.316.8%39.

14、2%-35.8%n.a.n.a.0.0160132.544.629.216.311.116.8%35.1%95.7%n.a.n.a.0.0692103.824.721.16.95.516.5%26.1%-40.6%-1.825.04.26344.456.930.97.65.615.5%23.7%-50.0%n.a.n.a.0.028571.2804.5358.025.417.314.6%5.0%-0.6%n.a.n.a.0.029771.926.620.14.63.514.4%25.4%-44.8%-2.26.42.5366306.085.849.718.013.113.0%18.9%-40.

15、6%0.03.01.716021.740.423.48.45.412.9%17.1%-30.5%0.00.70.553537.843.733.15.74.312.5%20.3%-30.1%-0.210.32.235083.958.539.111.68.311.6%28.3%-38.2%-0.21.81.221457.68.38.91.11.110.4%33.2%-27.9%0.21.8n.a.37778.334.326.86.14.99.9%15.2%-41.5%-0.65.11.731526.693.185.613.912.79.3%44.5%-38.3%2.545.5n.a.30559.5

16、26.721.25.03.97.8%15.8%-11.2%2.59.93.545125.313.912.51.31.27.3%5.2%-17.7%1.59.52.3373369.3110.372.121.514.87.2%23.5%42.6%n.a.n.a.0.024052.475.634.65.44.66.2%8.0%-51.2%0.01.10.51,01185.425.719.14.23.45.3%16.4%-62.8%-1.780.08.428618.929.921.51.41.25.0%0.4%-2.7%-0.34.01.727267.8-27.0-42.927.618.94.8%3.

17、1%-28.7%n.a.n.a.0.071053.827.324.36.75.64.7%6.1%-16.5%0.16.83.026152.5343.9156.49.67.44.7%1.9%-32.1%n.a.n.a.0.078068.858.339.519.112.84.5%21.2%-17.6%-0.623.03.12939.123.020.12.11.84.3%3.5%-27.9%0.34.71.756320.6256.4175.815.912.34.3%1.5%-20.2%0.56.01.913976.4N.A.N.A.N.A.N.A.4.2%1.2%-58.6%0.31.21.0238

18、261.043.532.421.015.54.0%-1.4%-24.2%-0.614.09.3152112.298.159.228.017.42.9%15.7%41.6%n.a.n.a.0.01,73841.827.526.96.75.92.7%0.2%-21.1%-0.11.70.219390.939.930.29.97.52.4%11.9%-28.2%-0.23.93.1269251.863.540.215.910.02.0%-7.4%12.4%n.a.n.a.0.01,73817.071.678.318.216.81.6%3.7%-8.9%1.7231.90.015134.8302.82

19、22.652.936.91.0%-5.7%-5.0%n.a.n.a.0.0609356.576.854.721.714.60.9%-4.3%-6.3%1.859.118.632553.758.638.411.68.1-0.5%-10.6%-6.3%0.57.43.137887.368.752.913.89.8-0.8%-0.2%-31.7%n.a.n.a.0.013843.136.726.14.73.5-1.0%9.7%-10.4%-1.54.63.386519.350.532.35.94.4-1.5%11.9%-48.3%0.02.10.31,06345.8105.464.020.613.6

20、-1.8%2.4%-23.9%n.a.n.a.0.0635103.157.044.313.910.3-2.0%-7.1%-18.6%1.632.75.053298.0280.4205.966.349.0-3.0%-13.9%30.7%n.a.n.a.0.067657.133.829.04.53.9-3.2%-9.0%-29.8%-0.113.711.01,218230.561.044.48.46.2-3.2%-13.2%-33.5%-1.654.44.6399.1N.A.N.A.N.A.N.A.-4.3%42.3%-67.9%n.a.n.a.n.a.290229.3114.674.019.81

21、2.8-5.2%-16.0%148.4%n.a.n.a.0.01051.676.466.12.62.49.7%72.8%3.9%0.03.5n.a.3,06032.418.915.63.42.98.8%14.1%-36.2%-0.114.10.518816.331.621.04.33.28.3%19.1%-44.7%-0.11.30.859974.519.413.71.21.07.8%20.0%-51.7%0.29.91.835515.318.114.11.81.67.8%10.1%-32.7%0.812.33.725313.319.915.13.12.57.2%22.3%-18.8%-0.8

22、18.57.863218.513.610.80.60.56.8%-14.8%-65.7%7.134.76.740679.223.419.12.62.26.1%5.5%-34.3%1.113.13.4481.1-4.1-5.33.02.76.0%17.5%-83.2%n.a.n.a.n.a.21126.230.822.34.53.65.9%22.4%-30.5%0.113.97.7347477.253.441.021.416.04.9%-7.5%-3.4%-0.35.52.938012.510.18.31.00.94.8%8.2%-45.7%-0.321.69.252710.630.017.71

23、.21.04.6%6.4%-53.4%3.08.61.72,31632.623.517.61.10.93.8%14.5%-33.5%-0.3164.47.492392.732.923.83.02.63.1%36.2%-62.0%-0.8138.0n.a.6094.3127.414.20.40.33.1%11.0%-27.2%0.618.13.22187.7N.A.N.A.N.A.N.A.2.9%22.6%-36.6%-0.11.0n.a.16617.221.415.61.81.52.8%2.2%-32.1%0.12.82.02299.334.319.00.70.62.1%5.4%-27.9%0

24、.23.61.645365.120.216.51.91.62.0%0.0%-19.0%0.410.33.61,3813.624.714.00.80.72.0%8.4%-24.3%1.364.04.970630.415.013.31.81.61.4%2.3%-27.1%1.221.23.29313.627.320.02.11.71.3%5.0%-19.0%0.00.81.41,7789.08.17.30.40.31.2%9.1%-20.9%0.841.92.458730.631.823.89.67.51.0%7.9%-30.5%1.223.54.21556.120.414.71.61.30.7%

25、8.2%-40.1%0.11.21.02,32810.328.417.20.80.70.0%16.9%-45.5%-4.8357.7n.a.39417.913.111.20.60.5-1.3%2.5%13.4%-0.515.64.07196.539.536.81.11.1-1.7%4.0%-24.1%-0.222.1n.a.14712.2222.321.61.00.8-2.0%3.7%-38.4%-0.44.02.718422.028.221.84.03.2-2.7%-13.0%-18.9%-0.34.92.718917.325.518.41.00.9-3.4%20.3%-43.8%-0.51

26、5.6n.a.367163.035.727.19.57.2-3.4%-8.0%-29.2%0.421.45.647223.126.417.60.50.4-6.1%1.1%-18.8%-0.641.0n.a.14749.016.113.80.70.6-6.9%-1.4%-14.2%-0.11.20.859130.9-7.4-12.91.50.81.3%21.5%-83.4%-0.633.2n.a.29212.2103.958.67.45.6-0.2%3.2%-23.1%0.312.54.414713.747.527.91.31.2-0.4%2.1%-43.5%-0.73.72.6189157.6

27、82.257.54.43.4-1.2%9.1%57.6%n.a.n.a.0.0554121.059.643.49.46.8-1.5%22.6%-12.3%0.035.88.71,33370.4-208.1108.63.01.4-1.8%31.5%-42.6%-1.5124.5n.a.1,26382.2-13.5-22.42.61.4-3.0%9.8%-48.3%n.a.n.a.n.a.617111.253.536.74.43.3-4.8%7.3%-21.1%1.525.13.916835.340.328.52.82.2-11.1%-0.6%-35.4%0.21.70.9注：此表中北向/南向资金

28、流入=北向/南向资金流入股数*周交易均价，使用 Wind 一致预期。资料来源：Wind，华泰研究免责声明和披露以及分析师声明是报告的一部分，请务必一起阅读。2电子图表2： TMT 板块其他主要公司上周股价变动一览市值收盘价P/EP/S股价变动北向/南向资金流入 南向/北向资金持股 南向/北向资金代码公司名称财报货币 （人民币（亿人民币/亿港市值（亿人民币/亿持股比例亿元）（当地货币 元）2022E2023E2022E2023E1W1MYTD元）港元）（%）通信9698 HK万国数据-SWCNY20114.5-15.3-15.92.42.016.5%53.1%-67.9%n.a.n.a.n.a.

29、603236 CH移远通信CNY219116.135.723.71.41.013.6%12.9%-25.6%-2.26.63.0000938 CH紫光股份CNY55419.422.418.30.70.69.9%12.9%-14.8%0.39.91.8600050 CH中国联通CNY1,2023.815.513.70.30.38.9%14.8%-0.7%1.438.33.30762 HK中国联通CNY1,0673.87.16.50.30.38.2%15.0%6.8%2.875.46.4002123 CH梦网科技CNY10112.655.233.92.31.97.8%12.1%-26.6%-0.4

30、1.31.5002396 CH星网锐捷CNY13022.218.614.40.80.67.7%5.0%-5.2%0.83.32.6000063 CH中兴通讯CNY1,11325.114.112.00.90.85.4%13.3%-24.0%-1.025.62.6300502 CH新易盛CNY13927.514.913.54.03.24.3%6.2%-29.6%0.12.11.80728 HK中国电信CNY3,4102.99.28.20.50.53.9%5.8%26.0%-0.4138.234.2300383 CH光环新网CNY1649.120.017.22.11.93.9%5.2%-38.5%0

31、.14.12.5688100 CH威胜信息CNY12324.629.021.65.44.13.2%4.8%-27.7%n.a.n.a.0.0688048 CH长光华芯CNY152112.298.159.228.017.42.9%15.7%41.6%n.a.n.a.0.0300628 CH亿联网络CNY62469.228.122.012.69.72.4%0.5%-14.1%0.0n.a.4.2300308 CH中际旭创CNY24029.920.316.62.52.02.2%2.2%-29.1%0.614.36.4CD US秦淮数据CNY1676.56.54.61.10.91.4%21.5%-2.

32、1%n.a.n.a.n.a.0941 HK中国移动CNY9,84349.88.37.71.11.11.1%5.3%16.3%-3.9924.78.7000988 CH华工科技CNY17817.718.314.11.31.0-0.3%5.4%-36.3%0.16.83.8600941 CH中国移动CNY9,84366.311.210.31.51.4-0.6%-1.4%21.7%0.28.52.7002402 CH和而泰CNY14415.824.017.42.11.7-0.8%6.9%-42.0%0.13.62.8601728 CH中国电信CNY3,4103.912.511.20.70.7-1.5

33、%-0.3%-2.3%0.3n.a.1.2002139 CH拓邦股份CNY14211.223.916.81.51.2-1.7%-0.4%-39.7%0.14.53.8计算机8083 HK中国有赞HKD330.2-10.9-22.32.42.188.7%185.7%-63.0%n.a.n.a.n.a.0020 HK商汤科技HKD6122.0-17.9-25.212.59.018.2%68.9%-63.5%1.923.24.5688023 CH安恒信息CNY172218.6334.7107.07.35.49.8%5.9%-12.8%n.a.n.a.0.02013 HK微盟集团HKD1104.8-1

34、2.8-32.95.44.47.7%72.7%-39.8%1.527.822.9300253 CH卫宁健康CNY21710.148.637.46.85.56.6%4.5%-39.5%0.15.12.7002410 CH广联达CNY63953.665.348.79.27.66.6%8.4%-15.7%2.888.216.6002268 CH卫士通CNY32438.380.754.38.86.96.6%5.4%-31.5%-1.47.72.4600588 CH用友网络CNY89326.0141.091.08.57.06.4%6.5%-27.1%-1.661.36.9688777 CH中控技术CNY47896.360.145.27.65.76.4%-0.6%27.5%0.412.14.0600570 CH恒生电子CNY83043.762.145.612.29.86.3%4.8%-8.4%-0.5104.912.6000977 CH浪潮信息CNY34423.514.011.40.50.44.8%2.0%-34.1%0.17.42.1002439 CH启明星辰CNY25326.625.920.34.83.84.2%4.4%-6.8%0.227.714.4688111 CH金