Boom of the global electronics industry peaked in fall. Slowdown in global semiconductor sales, WSTS forecast 2011 and 2012, respectively, global semiconductor sales growth was only 4.5% and 5.6% growth rate in 2010 was 32.7%, decline significantly; stocks further increased inventory in the third quarter close to the peak since 2008, indicating weak demand, the future existence of the potential threat of excess; orders shipped in North America and Japan than in (BB value) has continued to decline. We believe that the electronics industry boom of the 2011 decline, the industry growth rate decreased significantly.
Three factors will continue to enhance the future boom of the Chinese market. Will continue to implement the country's future home appliances and appliance trade policies continue to be optimistic for the electronic components are demand-pull effect; the continual upgrading of electronic consumer products, including books, smart phones, tablet PCs, notebook computers and flat-panel TV a new generation of electronic products within the broad market space. Consumer electronics upgrades driven demand for electronic components; the next few years, the seven key national strategy for the development of high-speed development of new industries, greatly stimulate the demand for electronic components for the upstream and enhance China's electronic components industry boom.
Key sub-industry investment strategy
(1) Touch screen: projected capacitive touch screen is the development direction, development prospects, Tablet PC will become the phone after the projected capacitive touch screen of the second killer application, 2011 Tablet PC For projected capacitive touch screen demand is expected to occur in bursts growth;
(2) Power Semiconductors: MOSFET and IGBT most promising prospects in China ,2009-2014 compound annual growth rate of MOSFET market will reach 20%, IGBT vast import substitution;
(3) LED: application of the coming tide, upstream firms choose red, yellow LED, downstream choose a package size and technical advantages of application of the company.
Investment strategies and industry ratings. 2010 ushered in the electronic components industry, broad based market, the industry is close to a record high valuation levels, stocks have also hit a record high, we believe that the industry has been at a high valuation levels, there are downside risks. Electronic components industry as a whole is currently estimated to have high integrity opportunities hard to survive next year, but some of the structural sub-sectors the opportunity still exists.
Including touch screen, power LED, etc., semiconductors and sub-sectors next year to continue to maintain high growth momentum of high growth through these sub-sectors to offset the high valuation, we remain optimistic about their prospects for development. We give the electronic components industry "neutral" rating, given the touch screen, power semiconductors and LED sub-industry "is stronger than the market" rating.
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