ã€Abstract】In order to form the basis of electronic products, what is the status of the small electronic components industry? Which industries have more investment value in the electronics industry? A number of analysts gave the answer.
Policy: The “Twelfth Five-Year Plan†for electronic components released in the 12th Five-Year Plan has finally come out. On the 12th, some media said that according to the "12th Five-Year Plan for China Electronic Components" issued by the Electronic Components Association, the total sales revenue of China's electronic components industry will reach 1.88 trillion yuan in the next five years, an average annual increase of 10%. As of the end of 2010, the total sales revenue of the electronic components industry was 1.1 trillion yuan. To achieve the target of new sales revenue of about 700 billion yuan in the next five years, about 500 billion yuan will be invested during the 12th Five-Year Plan period, mainly in the new electronics industry. Component R&D and industrialization.
The plan includes an overall plan and 14 sub-industry plans covering 16 major categories of products. The plan proposes that by 2015, the total sales revenue of China's electronic components industry will reach 1.88 trillion yuan, accounting for 20% of China's electronic information industry revenue. The total output of electronic components exceeds 2.8 trillion, an average annual increase of 5.7%, to meet the domestic market demand of 70%, total exports of electronic components reached 86 billion US dollars, an average annual increase of 10%.
In addition, the plan clearly lists the key products and technologies to be developed in the next five years, including new chip-type, miniaturization, integration, and high-reliability electronic component products that meet the needs of the new generation of electronic machine development; High-quality and critical electronic components for supporting needs; electronic components and environmental protection electronic components for energy-saving and environmental protection devices; electronic components for next-generation communication technologies; electronic components for new energy and smart grid industries; new electronic components Materials and equipment.
Although the introduction of the "Twelfth Five-Year Plan" is good for the electronic component industry, this sector was affected by the broader market decline yesterday and the overall performance was poor. According to the statistics of the Oriental Wealth Network, the electronic components sector fell 1.50% yesterday, most stocks fell. In addition to the new shares listed yesterday, Ruifeng Optoelectronics, Yiwei Lithium rose 6.24%, leading the rise in the sector. In addition, Hetai and Zhenghai Magnetics Stocks and other stocks also rose. In the decline of stocks, Xuguang shares became the leader in the decline of the sector, a drop of 8.78%, nearly 30 stocks fell more than 3%.
Analysis: Mid-term and long-term favorable electronic components plate Datong Securities chief investment adviser Hu Xiaohui believes that the electronics industry from the end of last year, to the first half of this year, the overall industry significantly underperformed the stock index. From the upstream and downstream perspectives, there was a clear year-on-year downward trend in the second quarter of this year. Although the mid-industry industry experienced a slight increase year-on-year, it was also a downward trend. Under this background, the overall electronic components industry this year, there is a decline in earnings, this trend is likely to extend to the fourth quarter.
Looking into the future, Hu Xiaohui believes that due to the end of the global destocking cycle, and the next year is the London Olympics year. Generally speaking, in the fourth quarter of this year and next year, the electronic components industry has gradually bottomed out, as can be seen from the steady increase in recent orders. Clues. The publication of the 12th Five-Year Plan for Electronic Components in China is undoubtedly good for the industry in the medium to long term.
Wen Yuze, an analyst at investment adviser of China Investment Consulting Group, believes that since the 1990s, the electronic component manufacturing industry has rapidly developed into an important basic industry supporting the development of China's electronic information industry. At present, there are a large number of small and medium-sized enterprises in the electronic components sector in China, and the market concentration is relatively low. Compared with developed countries, the technology is relatively backward, some core technologies and products still need to be imported, and the key components have a low degree of localization. The 12th Five-Year Plan for Electronic Components will intensify investment in the industry. Through the cultivation of large-scale enterprises, it will accelerate the structural adjustment within the industry. At the same time, through the support of R&D technology, industry-critical technologies and common technologies R&D is expected to rise a step, and the added value of the industry is expected to increase substantially.
Investment: LCD panel will become a major highlight of the industry Hu Xiaohui believes that LCD panels will gradually emerge from the downturn and will become a major highlight of the electronic components industry in the future. He analyzed that from the perspective of demand breakdown, tablet computers have changed our lives. As a personal entertainment terminal that integrates cross-border products, it has formed a substitution effect in many fields. Tablet PCs occupy the mainstream high-end products. The dominant position, relevant upstream and downstream industries, profits are extremely rich. The rapid increase in smartphone shipments has also brought considerable orders. With the development of technology, the speed of replacement of electronic products is increasing, and it also provides a solid driving force for the new round of the business cycle that began in the fourth quarter.
From the perspective of listed companies, listed companies such as Leybold Tech will continue to benefit from the strong rise of Apple.
LED lighting: market space will continue to open In addition to the LCD panel, Hu Xiaohui believes that with the implementation of subsidies and demonstrations, industrial planning, etc., LED lighting will open up more market space.
The recovery period of LED will be gradually shortened. From the perspective of production capacity, the start-up construction project that began last year will gradually reach production, the price will show a gradual decline, and it also lays the foundation for the promotion of large-area lighting. From the perspective of investment, taking into account the needs of the stock index to continue to adjust, you can step in and gradually involve growth companies. The important investment logic is high-growth, mobile electronics-focused products, and industrial stocks that benefit from industrial transfer. It is recommended to pay attention to Shengyi Technology, Sunlord Technology, Farah Electronics, Goerre Acoustics, Tongfang Shares, etc.
Mobile terminal industry chain: Electronic components first benefited Orient Securities believes that smart mobile terminals are the most certain areas for growth in the electronics industry. The electronic components are the first to benefit from and benefit from the mobile terminal industry chain.
According to a research report, smart mobile terminals require components to be developed in the direction of high performance, small size, and low power consumption. In the upstream fine molecular industry, the chip industry requires the development of high-performance, low-power dedicated processors; the PCB industry for HDI boards The demand for hard and soft boards has increased; the structural components, connectors, and antenna industries have moved toward higher precision and smaller dimensions; while the various communication functions of smart phones require that a single terminal be equipped with more connectors and antennas. Therefore, the development of mobile terminals will first drive the upgrade and change of upstream components. At the same time, from the perspective of cost structure, the components and components account for most of the profits of the entire electronic manufacturing industry chain, so electronic components will be the first to benefit from the mobile terminal industry chain and benefit the most. Related listed companies such as Beijing Junzheng, Ultrasonic Electronics, Lixun Precision, Shen Tianma A and Others.
Risk: Need to pay attention to policy effect: Wen Yuze, analyst of the Investment Banking Department of the Investment Adviser believes that the global semiconductor industry's declining speed has a greater impact on the industry as a whole, and the industry's prosperity has experienced a downward trend since 2010, and the market has seen a downward trend. Demand for power is insufficient, destocking will become the market trend for the next period of time, there is a threat of excess capacity, because the policy effect will be the main factor of the fluctuation of the secondary market industry, therefore, the risk of the policy is also the investment risk of the industry.
Policy: The “Twelfth Five-Year Plan†for electronic components released in the 12th Five-Year Plan has finally come out. On the 12th, some media said that according to the "12th Five-Year Plan for China Electronic Components" issued by the Electronic Components Association, the total sales revenue of China's electronic components industry will reach 1.88 trillion yuan in the next five years, an average annual increase of 10%. As of the end of 2010, the total sales revenue of the electronic components industry was 1.1 trillion yuan. To achieve the target of new sales revenue of about 700 billion yuan in the next five years, about 500 billion yuan will be invested during the 12th Five-Year Plan period, mainly in the new electronics industry. Component R&D and industrialization.
The plan includes an overall plan and 14 sub-industry plans covering 16 major categories of products. The plan proposes that by 2015, the total sales revenue of China's electronic components industry will reach 1.88 trillion yuan, accounting for 20% of China's electronic information industry revenue. The total output of electronic components exceeds 2.8 trillion, an average annual increase of 5.7%, to meet the domestic market demand of 70%, total exports of electronic components reached 86 billion US dollars, an average annual increase of 10%.
In addition, the plan clearly lists the key products and technologies to be developed in the next five years, including new chip-type, miniaturization, integration, and high-reliability electronic component products that meet the needs of the new generation of electronic machine development; High-quality and critical electronic components for supporting needs; electronic components and environmental protection electronic components for energy-saving and environmental protection devices; electronic components for next-generation communication technologies; electronic components for new energy and smart grid industries; new electronic components Materials and equipment.
Although the introduction of the "Twelfth Five-Year Plan" is good for the electronic component industry, this sector was affected by the broader market decline yesterday and the overall performance was poor. According to the statistics of the Oriental Wealth Network, the electronic components sector fell 1.50% yesterday, most stocks fell. In addition to the new shares listed yesterday, Ruifeng Optoelectronics, Yiwei Lithium rose 6.24%, leading the rise in the sector. In addition, Hetai and Zhenghai Magnetics Stocks and other stocks also rose. In the decline of stocks, Xuguang shares became the leader in the decline of the sector, a drop of 8.78%, nearly 30 stocks fell more than 3%.
Analysis: Mid-term and long-term favorable electronic components plate Datong Securities chief investment adviser Hu Xiaohui believes that the electronics industry from the end of last year, to the first half of this year, the overall industry significantly underperformed the stock index. From the upstream and downstream perspectives, there was a clear year-on-year downward trend in the second quarter of this year. Although the mid-industry industry experienced a slight increase year-on-year, it was also a downward trend. Under this background, the overall electronic components industry this year, there is a decline in earnings, this trend is likely to extend to the fourth quarter.
Looking into the future, Hu Xiaohui believes that due to the end of the global destocking cycle, and the next year is the London Olympics year. Generally speaking, in the fourth quarter of this year and next year, the electronic components industry has gradually bottomed out, as can be seen from the steady increase in recent orders. Clues. The publication of the 12th Five-Year Plan for Electronic Components in China is undoubtedly good for the industry in the medium to long term.
Wen Yuze, an analyst at investment adviser of China Investment Consulting Group, believes that since the 1990s, the electronic component manufacturing industry has rapidly developed into an important basic industry supporting the development of China's electronic information industry. At present, there are a large number of small and medium-sized enterprises in the electronic components sector in China, and the market concentration is relatively low. Compared with developed countries, the technology is relatively backward, some core technologies and products still need to be imported, and the key components have a low degree of localization. The 12th Five-Year Plan for Electronic Components will intensify investment in the industry. Through the cultivation of large-scale enterprises, it will accelerate the structural adjustment within the industry. At the same time, through the support of R&D technology, industry-critical technologies and common technologies R&D is expected to rise a step, and the added value of the industry is expected to increase substantially.
Investment: LCD panel will become a major highlight of the industry Hu Xiaohui believes that LCD panels will gradually emerge from the downturn and will become a major highlight of the electronic components industry in the future. He analyzed that from the perspective of demand breakdown, tablet computers have changed our lives. As a personal entertainment terminal that integrates cross-border products, it has formed a substitution effect in many fields. Tablet PCs occupy the mainstream high-end products. The dominant position, relevant upstream and downstream industries, profits are extremely rich. The rapid increase in smartphone shipments has also brought considerable orders. With the development of technology, the speed of replacement of electronic products is increasing, and it also provides a solid driving force for the new round of the business cycle that began in the fourth quarter.
From the perspective of listed companies, listed companies such as Leybold Tech will continue to benefit from the strong rise of Apple.
LED lighting: market space will continue to open In addition to the LCD panel, Hu Xiaohui believes that with the implementation of subsidies and demonstrations, industrial planning, etc., LED lighting will open up more market space.
The recovery period of LED will be gradually shortened. From the perspective of production capacity, the start-up construction project that began last year will gradually reach production, the price will show a gradual decline, and it also lays the foundation for the promotion of large-area lighting. From the perspective of investment, taking into account the needs of the stock index to continue to adjust, you can step in and gradually involve growth companies. The important investment logic is high-growth, mobile electronics-focused products, and industrial stocks that benefit from industrial transfer. It is recommended to pay attention to Shengyi Technology, Sunlord Technology, Farah Electronics, Goerre Acoustics, Tongfang Shares, etc.
Mobile terminal industry chain: Electronic components first benefited Orient Securities believes that smart mobile terminals are the most certain areas for growth in the electronics industry. The electronic components are the first to benefit from and benefit from the mobile terminal industry chain.
According to a research report, smart mobile terminals require components to be developed in the direction of high performance, small size, and low power consumption. In the upstream fine molecular industry, the chip industry requires the development of high-performance, low-power dedicated processors; the PCB industry for HDI boards The demand for hard and soft boards has increased; the structural components, connectors, and antenna industries have moved toward higher precision and smaller dimensions; while the various communication functions of smart phones require that a single terminal be equipped with more connectors and antennas. Therefore, the development of mobile terminals will first drive the upgrade and change of upstream components. At the same time, from the perspective of cost structure, the components and components account for most of the profits of the entire electronic manufacturing industry chain, so electronic components will be the first to benefit from the mobile terminal industry chain and benefit the most. Related listed companies such as Beijing Junzheng, Ultrasonic Electronics, Lixun Precision, Shen Tianma A and Others.
Risk: Need to pay attention to policy effect: Wen Yuze, analyst of the Investment Banking Department of the Investment Adviser believes that the global semiconductor industry's declining speed has a greater impact on the industry as a whole, and the industry's prosperity has experienced a downward trend since 2010, and the market has seen a downward trend. Demand for power is insufficient, destocking will become the market trend for the next period of time, there is a threat of excess capacity, because the policy effect will be the main factor of the fluctuation of the secondary market industry, therefore, the risk of the policy is also the investment risk of the industry.
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