August 25 news, due to the strengthening of global economic uncertainty, the European debt crisis has not improved, Europe and the United States consumer electronics market continues to slump, previously expected to start in August the peak season demand does not arrive on schedule. In this environment, major manufacturers have lowered their expectations for the full year's performance, and TSMC has lowered its annual semiconductor growth forecast from 7% to 4%. Demand for TV, PC and NB continued to be weak, with only strong demand for smartphones and tablets. It is expected that the start of actual demand will be postponed to start in September.
The electronic industry’s July excess return was 2.2%, and the cumulative excess return over the 11 years was -9.1%. In July, the electronic sector gained 1.8%, with a cumulative decrease of 14.1% in 11 years. In the 23 first-tier industries in Shenwan, it ranked 8th in terms of relative earnings in July, and its share price performance has improved significantly. We believe that the main reason is: First, in the second half of the year, it will enter the traditional peak season of the electronics industry; secondly, the focus of the market gradually shifts to 2012 annual performance, and companies with high-growth performance determined by the market gradually gain market recognition.
According to statistics of WSTS, global semiconductor product shipments reached 27.11 billion US dollars in June, compared with 27.04 billion US dollars in global semiconductor product shipments in June 2010, an increase of 0.3% year-on-year. The year-on-year growth of sales slightly rebounded from the increase of -1.7% in May, but no significant improvement was seen.
The sales growth of electronic products as a whole improved slightly. In June 2011, the total consumption of electronic products in the United States was US$7.92 billion, a year-on-year decrease of 0.7%. In June 2011, the total consumption of home appliances, audio-visual equipment, and communication products in China was 54.2 billion yuan, an increase of 34.6% year-on-year, slightly faster than the increase in May. According to SEMI’s June 2011 North American Semiconductor Equipment Manufacturers' Order-to-Shipping Ratio Report, North America’s semiconductor equipment order shipment ratio declined slightly. According to the statistics of three-month moving averages, the orders for semiconductor equipment manufacturers in North America were US$1.55 billion in June, the volume of shipments was US$1.65 billion, and the order shipping ratio was 0.94. In June 2011, the amount of orders was US$1.55 billion, which was the same as the previous year. It declined by 10.3%, a decrease of 4.4% from the previous month, and the volume of shipments was 1.65 billion U.S. dollars, up 12.5% ​​year-on-year, and down 1.1% month-on-month. Due to the decline in orders, the North American semiconductor equipment BB value continued to drop to 0.94, showing that semiconductor manufacturers tend to negative aspects of the electronic industry boom, investment generally tend to be cautious.
According to data released by SEAJ on the sales of semiconductor equipment orders in Japan, Japan’s semiconductor equipment orders amounted to 99.78 billion yen in June, a year-on-year decline of 11.3%. In June 2011, Japan’s semiconductor equipment shipments amounted to 104.29 billion yen, a year-on-year increase of 29.9%. The BB value for June was 0.94, which was in line with May's BB value. Compared with May, shipments of semiconductor equipment orders in Japan both declined in June, mainly because manufacturers’ overall demand is expected to be negative.
Recent sales in the city have not improved. Taiwan’s electronic listed companies have announced their July sales figures. In July, Taiwan’s electronics industry’s overall revenue decreased by 2.46 percent year-on-year. From the quarter-on-quarter growth rate, upstream -0.93%, 0.59% in the middle reaches, and -1.81% in the downstream, showing relatively weaker downstream conditions.
In July, sales increased by more than 10% year-on-year, including mobile phone manufacturing, STN, optical lenses, EMS, NB, and mobile phone components. The areas that fell more than 10% mainly include DRAM manufacturing, IC design, IC manufacturing, LED and optical components, and passive components. , digital cameras, solar energy, monitors, consumer electronics, TFT.
In the upstream and downstream industries that we have focused on, we observed that most of them exhibited a slight increase in the chain ratio and did not see any significant increase. The signal during the peak season has not yet appeared.
In July 2011, Taiwan's electronic PCB manufacturing growth rate was -2.0% year-on-year, which was a 4.8% increase from the growth rate in June; the passive component year-on-year growth rate was -9.5%, which was a 2.6% increase from the growth rate in June. Compared with the sharply declining growth rate in June, the growth rate of the industry rebounded in July, but it was still lower than the level of the same period of last year and failed to show the signal of high season.
IC manufacturing decreased by 22.4% year-on-year, which was a 4.1% drop from the growth rate in June; IC packaging and testing decreased by 7.8% year-on-year, which was a 0.4% increase from the June growth rate. In the off-season performance of the IC sector, year-on-year growth remained low. This shows that the downstream demand has still not seen improvement.
TFT-LCD decreased by 16.8% year-on-year, which was a 1.8% drop from the June growth rate. STN-LCD faced downward pressure on prices, a year-on-year growth of 23.4%, and a 6.1% drop from June's deceleration. As the demand for downstream TVs has not improved, the prosperity of the panel industry has not improved.
Solar energy fell 32.5% year-on-year, a decrease of 0.7% from June; LED and light components decreased by 15.1% year-on-year, a decrease of 1.5% from June. The solar market gradually bottomed out, but due to Europe entering the holiday season, it is expected that the economy will remain low. Due to the poor demand for backlight applications in the LED industry, the entire industry chain is facing price downward pressure.
The future development of the space electronics industry will have an excess return of 2.2% in July. Accumulated excess return will be -9.1% in 11 years. In July, the increase was 1.8%, and the cumulative decline in 2014 was 14.1%. In the 23 first-tier industries in Shenwan, the relative return in July ranked eighth, and the stock price performance has improved significantly.
We believe the main reasons are: (1) Entering the traditional peak season of the electronics industry in the second half of the year; (2) Market focus shifted gradually to 2012 results, and the performance confirmed that high-growth companies were recognized by the market. A total of 44 companies in the electronics industry have announced semi-annual reports, including 17 net profit declines, 90% increase in net profit, 0%-30%, 30%-50%, 50-100%, and 60%. . Of the 44 companies, only Lida Optoelectronics (002189) had a loss, its total revenue grew by 30.6%, and its gross profit margin was 24.7%, down 1.7 percentage points year-on-year.
In the first half of 2011, the electronics industry experienced the earthquake in Japan, the suppression of copycat mobile phones, and the weakening of electronic consumption under the off-season effect. During the same period, the prices of some raw materials rose rapidly and the labor costs increased significantly, which caused a negative impact on the company's gross profit margin.
With the passage of time into the second half of the year, the focus of the market will gradually shift to 2012 annual performance, with certainty of performance, high-speed growth can be expected next year, and domestic companies with larger development space in the future will easily gain market recognition.
The electronic industry’s July excess return was 2.2%, and the cumulative excess return over the 11 years was -9.1%. In July, the electronic sector gained 1.8%, with a cumulative decrease of 14.1% in 11 years. In the 23 first-tier industries in Shenwan, it ranked 8th in terms of relative earnings in July, and its share price performance has improved significantly. We believe that the main reason is: First, in the second half of the year, it will enter the traditional peak season of the electronics industry; secondly, the focus of the market gradually shifts to 2012 annual performance, and companies with high-growth performance determined by the market gradually gain market recognition.
According to statistics of WSTS, global semiconductor product shipments reached 27.11 billion US dollars in June, compared with 27.04 billion US dollars in global semiconductor product shipments in June 2010, an increase of 0.3% year-on-year. The year-on-year growth of sales slightly rebounded from the increase of -1.7% in May, but no significant improvement was seen.
The sales growth of electronic products as a whole improved slightly. In June 2011, the total consumption of electronic products in the United States was US$7.92 billion, a year-on-year decrease of 0.7%. In June 2011, the total consumption of home appliances, audio-visual equipment, and communication products in China was 54.2 billion yuan, an increase of 34.6% year-on-year, slightly faster than the increase in May. According to SEMI’s June 2011 North American Semiconductor Equipment Manufacturers' Order-to-Shipping Ratio Report, North America’s semiconductor equipment order shipment ratio declined slightly. According to the statistics of three-month moving averages, the orders for semiconductor equipment manufacturers in North America were US$1.55 billion in June, the volume of shipments was US$1.65 billion, and the order shipping ratio was 0.94. In June 2011, the amount of orders was US$1.55 billion, which was the same as the previous year. It declined by 10.3%, a decrease of 4.4% from the previous month, and the volume of shipments was 1.65 billion U.S. dollars, up 12.5% ​​year-on-year, and down 1.1% month-on-month. Due to the decline in orders, the North American semiconductor equipment BB value continued to drop to 0.94, showing that semiconductor manufacturers tend to negative aspects of the electronic industry boom, investment generally tend to be cautious.
According to data released by SEAJ on the sales of semiconductor equipment orders in Japan, Japan’s semiconductor equipment orders amounted to 99.78 billion yen in June, a year-on-year decline of 11.3%. In June 2011, Japan’s semiconductor equipment shipments amounted to 104.29 billion yen, a year-on-year increase of 29.9%. The BB value for June was 0.94, which was in line with May's BB value. Compared with May, shipments of semiconductor equipment orders in Japan both declined in June, mainly because manufacturers’ overall demand is expected to be negative.
Recent sales in the city have not improved. Taiwan’s electronic listed companies have announced their July sales figures. In July, Taiwan’s electronics industry’s overall revenue decreased by 2.46 percent year-on-year. From the quarter-on-quarter growth rate, upstream -0.93%, 0.59% in the middle reaches, and -1.81% in the downstream, showing relatively weaker downstream conditions.
In July, sales increased by more than 10% year-on-year, including mobile phone manufacturing, STN, optical lenses, EMS, NB, and mobile phone components. The areas that fell more than 10% mainly include DRAM manufacturing, IC design, IC manufacturing, LED and optical components, and passive components. , digital cameras, solar energy, monitors, consumer electronics, TFT.
In the upstream and downstream industries that we have focused on, we observed that most of them exhibited a slight increase in the chain ratio and did not see any significant increase. The signal during the peak season has not yet appeared.
In July 2011, Taiwan's electronic PCB manufacturing growth rate was -2.0% year-on-year, which was a 4.8% increase from the growth rate in June; the passive component year-on-year growth rate was -9.5%, which was a 2.6% increase from the growth rate in June. Compared with the sharply declining growth rate in June, the growth rate of the industry rebounded in July, but it was still lower than the level of the same period of last year and failed to show the signal of high season.
IC manufacturing decreased by 22.4% year-on-year, which was a 4.1% drop from the growth rate in June; IC packaging and testing decreased by 7.8% year-on-year, which was a 0.4% increase from the June growth rate. In the off-season performance of the IC sector, year-on-year growth remained low. This shows that the downstream demand has still not seen improvement.
TFT-LCD decreased by 16.8% year-on-year, which was a 1.8% drop from the June growth rate. STN-LCD faced downward pressure on prices, a year-on-year growth of 23.4%, and a 6.1% drop from June's deceleration. As the demand for downstream TVs has not improved, the prosperity of the panel industry has not improved.
Solar energy fell 32.5% year-on-year, a decrease of 0.7% from June; LED and light components decreased by 15.1% year-on-year, a decrease of 1.5% from June. The solar market gradually bottomed out, but due to Europe entering the holiday season, it is expected that the economy will remain low. Due to the poor demand for backlight applications in the LED industry, the entire industry chain is facing price downward pressure.
The future development of the space electronics industry will have an excess return of 2.2% in July. Accumulated excess return will be -9.1% in 11 years. In July, the increase was 1.8%, and the cumulative decline in 2014 was 14.1%. In the 23 first-tier industries in Shenwan, the relative return in July ranked eighth, and the stock price performance has improved significantly.
We believe the main reasons are: (1) Entering the traditional peak season of the electronics industry in the second half of the year; (2) Market focus shifted gradually to 2012 results, and the performance confirmed that high-growth companies were recognized by the market. A total of 44 companies in the electronics industry have announced semi-annual reports, including 17 net profit declines, 90% increase in net profit, 0%-30%, 30%-50%, 50-100%, and 60%. . Of the 44 companies, only Lida Optoelectronics (002189) had a loss, its total revenue grew by 30.6%, and its gross profit margin was 24.7%, down 1.7 percentage points year-on-year.
In the first half of 2011, the electronics industry experienced the earthquake in Japan, the suppression of copycat mobile phones, and the weakening of electronic consumption under the off-season effect. During the same period, the prices of some raw materials rose rapidly and the labor costs increased significantly, which caused a negative impact on the company's gross profit margin.
With the passage of time into the second half of the year, the focus of the market will gradually shift to 2012 annual performance, with certainty of performance, high-speed growth can be expected next year, and domestic companies with larger development space in the future will easily gain market recognition.
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