Electronic component stocks higher valuations behind the malaises
                                                                          Release time ：2010-06-24

   1-4 months this year, electronic information industry continuance of the 2009 recovery momentum, scale above added electronic information industry, higher than the industry average growth 21.7% level 2.6 percentage points; Achieve sales value 17903 billion yuan, an increase of 31.4% than the same period in 2008, growth of 22.2%.

Consumer electronics industry is substantially increase the main motivations of the fast rebound. Cell phones, laptops and other major electronic product yield has reached the best level in history. Meanwhile, electronic components price movements, appear V type beyond market expectations. All data proved the point, electronic information industry is the earliest the influence from the global financial crisis, the industry out of one.

Market with high valuations prominence

Electronic components industry fundamentals equally effective support for the secondary market trend. In shock, electronic components industry, showed good risk resistant properties. Since June 2009, electronic components were nearly 50%, meanwhile the Shanghai composite index 7.27% falls for a year. Especially 2010 quarter, a-share electronic components plate, large surpass market outstanding performance overall.

In A share in all industries, electronic components plate for one year rise in medicine, second places, after only showed biological gender. Very good resistance to fall Especially since in 2010, electronic components industry as one of only two rise plate.

Increase the excellent performance, high valuations are behind rationality and risky. Amen. We think electronic components of high valuations have such enterprise reflects the market for its high technology, high barriers, GaoCheng long valuations premium. According to the latest market data and eliminate the negative, electronic components industry after the PE reached 77 times in all industries, ranked first. The valuation levels far outclass a-share overall valuations, even higher than the overall level of small and medium plate stock. In addition, electronic components to 4.6 times of PB in all industries, in higher, and show the fixed assets investment is bigger (skill-intensive + capital-intensive) profession characteristic.

The future will still benefit from demand drive

In the foreseeable period, China's electronic information industry is still opportunities outnumber challenges. First consumer upgrades are pulling and policy stimulus promote continuity; Second, technology integration, technology innovation, develop new profit pattern; Third, the industrial structure adjustment, industry informatization demand intense, saving energy and reducing consumption, and transform the economic growth mode is the trend of The Times.

Electronic information industry is already national economic pillar industries, and become our next focus on the development of strategic one of new fields. 2009, scale above realize electronic information industry 5.13 trillion yuan, income in the proportion of the national industrial 10%, electronic information products export 4572 billion us dollars, accounting for the export of 38 percent. China's electronic information industry income scales, which first destinations in the world in terms of mobile phone, computer, TV and main production of electronic information products to the top of the world.

Consumer electronics is an important part of the consumer upgrades. Home appliance in countryside, new MDX, automobile countryside economic stimulus policy leading role as is obvious. Particularly now growing income distribution reform approaches, will further expand laborer income, which makes the consumer upgrades have more space. According to the ministry of commerce statistics, by 2010 May 23, home appliance with old change new sales new appliances breakthrough 500 billion yuan, sales 1312.8 sets, and recycling old appliances 1387.5 million. 2010 3 ~ 5 months home appliance with old change new sales annulus comparing growth 21%.

Mobile phone market rallies. According to figures released on Internet data center, 2010 quarter, global mobile phone market growth 21.07%, shipments for the 2.944 billion department. Special attention should be paid to is, mobile phone market mainly from the growth in demand, smart phones will stimulate upstream electronic components industry.

LCD industry chain the nuggets

Since 2009, electronic information industry to get the attention of national policy level, the industry's development in China catered to adjust the industrial structure, industry information demand and the objective need of energy saving and emission reduction. The electronics industry benefited from downstream consumer electronics (computer, home appliances, mobile phones, automotive electronics, etc.), the strong demand of pulling a highly boom state.

2010 ~ 2012, the LED industry and to participate in the enterprise will appear explosive growth. Our country has emerged a batch of global competitiveness of enterprises. These businesses are actively to industry chain upstream development. Three Ann 600703, close the photoelectric (43.71 yuan), lianchuang optoelectronic ($12.02 600363, closing price, are through investment extension), modification and establish tablet devices scale advantage, meet will erupt downstream demand. DE 002005, Howard embellish reach (18.86 yuan), tongfang closing 600100 shares (24.34 yuan), closing price, square big group (000055, close 10.33 yuan), 002008, close the shemidaites laser (12.30 yuan) began to LED industry march.

Electronic components industry, technology involved field can be updates faster, choose according to the following ideas listed enterprises as investment mark: place the boom of sub industries market space is big; high, The company is in industry leading position, with core technology and r &d strength. Based on the above investment logic, emphatically recommended stocks have ChangDian technology?? (600584, close 12.29 yuan), constant treasure shares (002104, close ShiLan 17.20 yuan), closing 600460, micro (17.14 yuan).