Recent IndustryMWC quiet ending, the recent focus of the consumer electronics industry focused on sapphire with LED, smart phone supply chain is relatively weak.
Comment
LED lamp prices have reached the beginning of indoor lighting can significantly enhance penetration : We research found that the domestic market packaged LED lamp beads price , can already do price of 0.8 yuan a watt , LED chips are used abroad about a tile one yuan .
Basically, bulb manufacturers have reached the expected price band, now the main terminal is waiting for the second half of the subsidy policy ground, then the time point to the heavy volume of domestic LED lighting market will come. In the first half of the whole industry with high certainty , is to look at the second half of June, overseas and domestic terminal inventory LED bulb subsidies. Upstream chip plant and downstream channels share price after the early rise more recent pullback , recommendations concern: Sanan Optoelectronics ( market share it traded points ) , BDO Runda ( market share it traded points ) , the sun lighting ( market share it traded points ) , Foshan Lighting ( market share it traded points ) , Hongli Opto-electronic ( market share it traded points ) .
Sapphire Price succession price : LED lighting demand poised to take off , and Apple will expand the use of the new bullish on the second half , the market is particularly concerned about the sapphire industry . Sapphire substrate plant in the first quarter of the price hike after successfully patterned sapphire substrate (PSS) prices will also begin in the second quarter to PSS substrate , the supply and demand gap is quite large, has a major plant orders 2 times capacity The actual gap of 2 to 3 percent. Recent market for sapphire cover on iPhone6 expected more pragmatic, but favorable results related to ethnic visibility for next year. Sapphire stocks include : Tiantonggufen ( market share it traded points ) , East Crystal Electronic ( market share it traded points ) , Han's Laser ( market share it traded points ) , Jing Sheng Electrical ( market share it traded points ) , Crystal Optical ( market share it traded points ) .
Valuation And Recommendation
This week the market adjustment of 2.72% ~ 3.77% , the electronic sector fell by only 1.12% , outperforming the broader market .
As of February 28, 2014 , electronic plate overall earnings (TTM_ whole law excluding negative ) dropped to 45.87x. Sub-sectors , the touch screen is more resilient , down 1.40 percent , security , LED, sapphire fell 8.49 percent , respectively , 7.06% , 5.51 %. The MWC smartphones and wearable devices new one after another , the scarcity of spare parts ( metal chassis, fingerprint recognition ) will continue to benefit from industry leading manufacturers . New energy vehicles ( market area ) outbreak driven by concern automotive electronics stocks , short-term memory at up space. March is about to enter intensive release of the annual report , we recommend investors growing selection of high uncertainty stocks possessed margin of safety , such as security leading manufacturers .
Risk
Downside risk in the first quarter : 1 ) prepare shipments of apples and apple terminal industry chain does not match the actual shipments ; 2) LED decline in value too quickly. Upside risks: iPhone went on sale after the move , the demand is higher than expected.
