Electronic components industry: focus on the next round of product innovation and development

The electronics industry has performed for a week. The broader Shanghai-Shenzhen 300 index fell by 1.53% this week, and the electronic components (Shenwan first level) index dropped by 3.87%, underperforming the broader market by 2.34 percentage points. As of March 16, 2012, the valuation of all A-shares after the negative TTM value was 13.62 times, the value of TTM in the electronics industry after deducting a negative value was 36.23 times. After this week's decline, the valuation of the electronics industry It has fallen from last week. In the previous week's market, the industry sector saw all but the SW food & beverage, pharmaceutical bio and hospitality tourism sectors go up. Other sectors were in decline. Most of the industry sectors fell around 1.0-2.7%, using the arithmetic average method to calculate a week. The composition range ranged, the SW food and beverage sector rose the most, rising by 6.49%, SW real estate fell the most, at 6.26%, and the SW electronic sector ranged in the 23rd among SWS. In the seventh countdown, the decrease was 2.79%. In the electronic sub-sector, most of the sub-sectors have declined, and a few sub-sectors have risen. Among them, the SW printed circuit board sub-sector saw the largest increase of 0.91%. The SW display device sub-sector’s range fell by a maximum of 7.28%.

Industry global performance. Last week (March 12 - March 16) Global major capital markets, the various electronic industry index market as shown in Figure 6 below. Among them, the Philadelphia Semiconductor Index SOX closed at 435.41 points, a change of 2.97%. The Dow Jones Industrial Average DJI closed at 13,232.62 points, a change of 2.40%. The Taiwan Science and Technology Index TWIT closed at 6,278.58 points, or 0.47%. Hang Seng Information Technology Industry Index HSITSI closed at 2,640.82 points, a change of 4.36%.

Huaqiangbei electronic market price week index. In this issue, the Huaqiangbei Electronic Market Composite Index continued the recent downward consolidation pattern and closed at 97.76 points, slightly down 0.06 points, or 0.06%.

Semiconductor industry data. In 2011, the scale of China's IC market was 806.56 billion yuan, an increase of 9.7% year-on-year; IC import value was 170.19 billion US dollars, an increase of 8.4% year-on-year; export value was 32.57 billion US dollars, an increase of 11.4% year-on-year; IC output was 71.96 billion, an increase of 10.3 from a year earlier. %.

The golden age of LED suppliers will be from 2013 to 2017. Jamie Fox, IMS Research market analyst, said that during this period, the LED market penetration is expected to grow strongly from the current percentage points to 10% in 2014 and 25% in 2017. Although the cost of LEDs may fall rapidly in the next five years, it will not be possible until 2017 to begin to hinder the growth of LED chip market value in general lighting applications.

According to LED industry experts, at present, the LED industry orders have changed from short-term orders in the past month to long-term orders of at least one quarter, mainly focusing on the backlights of TVs, tablet computers and smart phones, and LED lighting should be from the second The season began to show a clear recovery, while LED factory revenue growth in March will also exceed February.

Investment advice: After the industry bottomed out, the economy is picking up and optimistic about the recovery of the industry. Focus on the technological development direction of product innovation, and look for the target that will benefit from this development direction. Optimistic about the recovery of the industry, strong cyclical stocks, such as Changjiang Electronics, Jianghai shares. Rapid growth in the overall industry is still determined by the mobile electronics industry chain of smartphones and tablets. It is recommended to continue to pay attention to the rapidly growing stocks in this industry chain, such as touch screens, connectors, electro-acoustic devices, functional devices, and battery sub-industries, such as An Jie Technology, Goerre Acoustics, Xinwangda, Changxin Technology. Changying Precision and so on will have a better performance.