平安(an)證(zheng)券表示，疫(yi)情(qing)影響(xiang)電(dian)(dian)(dian)(dian)子(zi)(zi)行業(ye)(ye)(ye)(ye)有(you)限(xian)，不改5G背(bei)景下(xia)的(de)上行趨(qu)勢：電(dian)(dian)(dian)(dian)子(zi)(zi)行業(ye)(ye)(ye)(ye)1季度為(wei)傳統淡季，營收占(zhan)比不足15%，防控(kong)得當的(de)情(qing)況下(xia)，疫(yi)情(qing)造成(cheng)短(duan)期的(de)需求不足、復(fu)工推遲、物流受(shou)限(xian)等因(yin)素(su)對電(dian)(dian)(dian)(dian)子(zi)(zi)行業(ye)(ye)(ye)(ye)全(quan)年影響(xiang)有(you)限(xian)。目前(qian)來(lai)看(kan)，消(xiao)費電(dian)(dian)(dian)(dian)子(zi)(zi)和(he)半導(dao)體大部分(fen)企業(ye)(ye)(ye)(ye)已全(quan)面復(fu)工，產能(neng)(neng)利(li)(li)用(yong)率(lv)逐步爬升，消(xiao)費電(dian)(dian)(dian)(dian)子(zi)(zi)的(de)大部分(fen)企業(ye)(ye)(ye)(ye)產能(neng)(neng)利(li)(li)用(yong)率(lv)維(wei)持在(zai)30%-50%區間(jian)，晶(jing)(jing)圓代(dai)工和(he)封測(ce)(ce)廠(chang)(chang)商(shang)整體產能(neng)(neng)利(li)(li)用(yong)率(lv)超過(guo)了60%，即使受(shou)到疫(yi)情(qing)影響(xiang)，1季度晶(jing)(jing)圓代(dai)工和(he)封測(ce)(ce)廠(chang)(chang)商(shang)產能(neng)(neng)利(li)(li)用(yong)率(lv)仍有(you)望(wang)超過(guo)去年同期。我們仍維(wei)持原(yuan)先看(kan)法，疫(yi)情(qing)影響(xiang)電(dian)(dian)(dian)(dian)子(zi)(zi)行業(ye)(ye)(ye)(ye)有(you)限(xian)，不改5G背(bei)景下(xia)的(de)上行趨(qu)勢。建議關注消(xiao)費電(dian)(dian)(dian)(dian)子(zi)(zi)龍(long)頭(tou)企業(ye)(ye)(ye)(ye)立訊精密、工業(ye)(ye)(ye)(ye)富(fu)聯和(he)信(xin)維(wei)通信(xin)；國內電(dian)(dian)(dian)(dian)視面板(ban)龍(long)頭(tou)企業(ye)(ye)(ye)(ye)京(jing)東(dong)方(fang)A和(he)TCL集團(tuan)（華(hua)(hua)星光電(dian)(dian)(dian)(dian)上市(shi)主體）；國產化走在(zai)前(qian)列的(de)存儲廠(chang)(chang)商(shang)兆(zhao)易創新，IC設(she)計公司韋爾股(gu)份、紫光國微，晶(jing)(jing)圓代(dai)工廠(chang)(chang)商(shang)中芯(xin)國際，封測(ce)(ce)廠(chang)(chang)商(shang)長(chang)電(dian)(dian)(dian)(dian)科技(ji)、晶(jing)(jing)方(fang)科技(ji)、通富(fu)微電(dian)(dian)(dian)(dian)和(he)華(hua)(hua)天科技(ji)；優質的(de)設(she)備廠(chang)(chang)商(shang)北方(fang)華(hua)(hua)創和(he)精測(ce)(ce)電(dian)(dian)(dian)(dian)子(zi)(zi)。