Semiconductor components industry report 2010 new version
                                                                          Release time ：2010-09-08

   Half annals data shows, in the first half of 2010 boom is still up. But most of the enterprise gets released three quarterly increase situation, the third quarter enterprise single quarterly profits still get annulus that industry boom quarter growth continued upward. This proved the industry we keep stressing views.

Industry point of view:

We come to understand from three aspects: the global semiconductor industry boom is still up. This kind of technology innovation promoting industry prosperity will continue.

Inventory is still in historic lows. According to isuppli forecast, 2010 q2 semiconductor excess inventory annulus increases by only 3%, which excess inventory q1 2010 already are historic lows, so now the global semiconductor industry excess inventory still maintain in low.

Global semiconductor capital expenditure still at low: semiconductor equipment giant n.a. applied materials (chief executive mike (mikesplinter), pointed out that relative to the past age ChangChang equipment this year, wafer relatively low in spending is, so far, the 2011 economic good condition, should not have oversupply problem.

Innovative products continuously introduce. From led TV, 3d TV, to smartphones, to the tablet computer, consumer electronics product innovation appear constantly promote industry needs prosperity.

We once again stressed 2010 will be the global semiconductor industry boom boom starting point, the technical innovation is the core of this round of prosperity power. This build the next two years the logic of semiconductor industry investment based. Once again we suggest investors focused on the long boom boom industry long-term investment opportunities.

Therefore, in the industry boom continued upward, market pannikin preference, and on the basis of semiconductor industry should enjoy certain valuations premium. Based on the industry at present, most companies 2011 30x valuation levels are still able to maintain.

A need to express opinions.

We can't use 2010 judging year-on-year growth industry quarter downward. Whether industry boom Because 2009 123 quarterly industry, and three or four boom worst quarterly started to improve.

Base effects would cause q1 2010 year-on-year growth fastest. We propose to use for reference in 2007 quarter, such data calculation of wave not significant growth.