Electronic equipment and instruments will improve in 2012

Introduction: Influenced by the macroeconomic influence of Europe and the United States, the demand for consumer electronics has continued to slump, and terminal shipments have not reached expectations, which has indirectly affected the shipping status of electronic industry orders. Deterioration of the supply-demand relationship has led to a sharp drop in product prices. Under the background of high raw material and power costs, corporate profitability has declined, and the global electronics industry index has dropped significantly.

The recent strong electronics sector has failed to conceal the fact that the industry's economy continues to decline. Statistics show that due to the macroeconomic impact of Europe and the United States, consumer electronics demand has continued to slump, terminal shipments have not reached expectations, which indirectly affect the electronic industry orders shipped. On the supply side, the expansion of production capacity has accelerated and inventory levels have been high, which has led to a reduction in capacity utilization. Deterioration of the supply-demand relationship has led to a sharp drop in product prices. Under the background of high raw material and power costs, corporate profitability has declined, and the global electronics industry index has dropped significantly.

However, the downturn in the electronics industry in 2011 does not mean that it did nothing in 2012. On the contrary, there are signs that the industry is improving. Judging from the three aspects of demand, capacity, and cost of the electronics industry, 2012 will be a moderate growth trend. In terms of demand, under the backdrop of the global macroeconomic slowdown, PCs and other traditional electronic consumer products are unlikely to grow at a high rate, but there are many new products such as smart phones, UltraBooks, tablet PCs, smart TVs, and 3D TVs; On the other hand, it is expected that the new production capacity of upstream components represented by semiconductors will begin to decline at the beginning of 2012 and remain at a low level throughout the year; there is a certain degree of uncertainty in terms of costs. Therefore, the industry as a whole will grow moderately.

In this regard, Huachuang Securities is even more pointed out that China's electronics manufacturing industry benefited from the global electronic production capacity structure transfer. In the process of “globalization”, the transition of the production capacity structure of the electronic industry chain shows two major trends of “localization” and “localization”. The domestic electronics manufacturing industry has benefited from this and has a favorable ecological environment. After the “localization” trend, “localization” has become a breakthrough in domestic manufacturing upgrades. The production capacity of technology-intensive industries, including glass substrates and chip packages, has gradually shifted. The speed of technology diffusion has also accelerated. The domestic electronics manufacturing industry has rapidly increased its technological level and R&D investment, which has promoted the development of the "localization" process. From the perspective of industry, policy factors, the intensification of industrial competition, and the expansion of development advantages are also important factors in promoting the “localization” process.

From the perspective of long-term investment, we believe there is still much room for improvement in the level of China's national economy informatization, and the long-term investment value of the electronics industry will continue to decrease. During the 12th Five-Year Plan period, the electronic information industry is still the commanding height of the national industrial development strategy. Although the economic turmoil in the US and Europe, the continuous appreciation of the renminbi, the rising cost of raw materials and labor, and the heightened competition in the industry, it is still a long time before the overall prosperity of the industry recovers, but investors can still choose to have long-term investment value and high certainty of future performance. Listed company.