Electronic industry adjustment risk still exists in smart terminal sub industry growth

In the context of the 48-day loss of the Shanghai Composite Index yesterday, stocks such as Shenzhen Tianma, Ultrasonic Electronics (Quotes, Information), Rainbow Shares (Quotes, Information), etc., which are tightly connected to smart terminals, have received strong gains. Analysts believe that the fundamentals of the electronics industry have not yet continued to improve, but only seasonal rebound. In the absence of bright spots in the electronics industry as a whole, the growth of smart terminals is relatively certain. With the approach of the semi-annual report, some of the stocks with more certain growth have ushered in. Buying opportunity.

The overall rebound of the industry is limited

Since the current round of rebound, the large intelligence (information, information) electronic information sector index as a whole rose by 15%, but brokerage analysts believe that there is limited room for rebound, the industry has not yet seen the fundamentals continue to show good signs.

Industrial Securities (Market News, Information) believes that the semiconductor industry capacity utilization will be high down, destocking may continue until August, the fundamentals will improve in the third quarter, but the margin is limited, so for the recent rapid rise in the electronics industry, is the financial side The rebound of the promotion and the fundamental changes in the future are still uncertain and still need to be observed.

China Merchants Securities (Quotes, Information) said that after IDC lowered its industry expectations, Gartner also made the same trend judgment. It is estimated that the industry’s revenue will be US$315 billion, a year-on-year increase of 5.1%. This year the industry is facing the risk of excess capacity, DRAM and other memories. Body manufacturers have more obvious performance. China Merchants Securities is optimistic about the industrial transfer opportunities brought by Apple, and recommends Lixin Precision (Quotes, Information), Jinfu New Materials, Gore Acoustics (quotations, information), but before the inflection point approached, the industry maintained a “neutral” rating.

Orient Securities believes that it is expected that the sector will continue to be active until the semi-annual report is disclosed. However, the news from the industry this week is mixed. On the one hand, the electronic industry chain is expected to recover completely from the earthquake in Japan in the third quarter. On the other hand, from the second quarter data and institutional forecasts of foreign manufacturers, many are not optimistic. Orient Securities said that in the absence of continuing positive fundamentals, but only a seasonal rebound, it is judged that this rebound space is relatively limited.

Smart terminal sub industry is most favored

The electronics industry as a whole still faces the risk of overcapacity, but the smart terminal sub-industry is unanimously optimistic.

Orient Securities believes that smart mobile terminals are the most determined areas for growth in the electronics industry. In the long run, the substitution of mobile Internet for traditional Internet determines the broad prospects of smart mobile terminals. In the short term, the rapid development of 3G and the continuous enrichment of mobile applications will promote the popularization of smart mobile terminals, while the cost reduction (material costs of low-end smart phones have fallen below 500 yuan) will accelerate the penetration of smart mobile terminals. Promote.

Industrial Securities believes that mobile phone heat is expected to continue in 2011. “The mobile phone market is driven by the hot market of smart phones and the shipments in the first quarter have increased significantly year-on-year, which has opened a good year for this year. With the further promotion of smart phones, the mobile phone market heat is expected to continue in 2011.”

Electronic components are the first to benefit from and benefit from the mobile terminal industry chain. Orient Securities stated that smart mobile terminals require components to be developed in the direction of high performance, small size, and low power consumption. The development of mobile terminals will lead to the upgrading and transformation 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.