Benefiting from the trend opportunities of the booming cycle, semiconductors, magnetic materials, PCBs and other fields are promising. In the field of new components, touch screens, LEDs, new energy devices and other fields have a wide market space. In addition, the security video surveillance field deserves special attention.
In the second half of this year, the electronic component industry is in the boom cycle
Product price increases and product line operating rate increase due to demand growth will become the main catalyst for this year's industry. 2010 is the boom year for the electronics industry. From the perspective of the semiconductor boom cycle, the current boom in the traditional electronics industry will continue into the middle of 2012. A large cycle is roughly divided into two small periods of comparable duration. Judging from industry experience, in the middle of 2010, there will be certain industry adjustment pressures, but the magnitude will not be too large, and the time will not be too long, and it will not change steadily. Taking into account the current market consensus expectations, and the global macroeconomic recovery in 2010, the adjustment of the industry's small cycle may be further weakened.
As of June 18, the electronic components sector in 2010 rose by 0.9%, ranking second. From the market valuation, the price-to-earnings ratio of electronic components is 58.1, ranking the second in each sub-sector of A-shares; the price-to-book ratio is 4.5 times, ranking the fourth in each sub-sector of A-shares. From the historical valuation of the last five years, it is only lower than the 2009 and 2007, and is at a higher historical premium. At the same time, from the historical situation of the past five years, several indicators such as gross profit margin, net interest rate and return on net assets of the electronic components sector are in a historically high position, which also indicates that the entire sector is in the boom cycle.
Based on the above analysis, it can be seen that the overall valuation of the sector is currently reasonable. The second half of the year is the traditional peak season for the electronics industry, and the third and fourth quarter results are still worth looking forward to. However, due to the European sovereign debt crisis and exchange rate fluctuations, as well as uncertainties such as inflation, the uncertainty of industry development has increased, and the risk of the entire sector's valuation has shifted downwards.
There are more uncertainties in the economic situation in the second half of the year, which makes the industry uncertain.
At the same time, the pace of capacity transfer in the component industry will be further accelerated in the second half of the year. We must pay special attention to the core areas of transfer, such as: domestic cost advantage brings competitive advantage (middle and low-end capacity transfer)---semiconductor manufacturing package, magnetic Materials, LED; strategic transfer of overseas companies (mid-to-high-end capacity transfer)---polysilicon, liquid crystal panels, PCB, optical acoustic devices. The transfer of production capacity has led to an increase in the global market share of domestic products, the export products are more abundant, the added value is higher, and the import substitution rate of many products in the domestic market is further improved.
Market space for new components such as touch screens, LEDs, and photovoltaic device components has surged
According to the analysis, the main investment opportunities in the second half of the year exist in sub-sectors and companies with better growth. The key areas should be to consider new application areas with rapid market growth, as well as policy-oriented areas such as triple play, wireless interconnection, Internet of Things, new Energy, and considering the opportunities brought about by the upgrading of consumer electronics, these new areas have led to a surge in market space for new components such as touch screens, LEDs, and photovoltaic device components.
With the popularity of touch phones, game consoles and other products, the touch panel market has once again expanded. According to DisplaySearch's report, the market size of touch panels in 2009 was about $4.3 billion. In 2014, the market size will exceed $11 billion, and in 2016 it will reach $13 billion. Currently, the iPhone is selling well in the global market, making mobile phones a representative product for expanding touch panel applications. According to the data provided by DisplaySearch, the touch panel of mobile phones is 15.8% in 2008, and rapidly expanded to 25.7% in 2009. It is expected to reach 57% in 2016. In addition, more and more devices are equipped with touch screen panels, DisplaySearch analysis. From the perspective of future market prospects, the application of touch screen panels on tablet PCs, integrated mainframes, netbooks, and portable Internet devices will accelerate.
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