From a macro perspective of the industry , three quarters of the industry as a whole and no obvious boom -than-expected situation , smart phones and other high-growth sectors appear early slowdown phenomenon. Listed companies from the microscopic level, differentiation appeared , leading enterprises with technology, scale and other advantages to maintain a certain growth rate and a relatively stable level of gross margin , medium and long term trends, leading companies accelerate industry consolidation to a single business advantages as a starting point , backed by high-quality customers, horizontal and vertical expansion of the industrial chain , to create the "platform " companies .
Specific sub- categories of industry perspective :
1 , the consumer electronics chain : three quarters of "growth" consumer electronics chain sub-sub- sectors remained relatively high income and growth , but growth is slowing down . " Periodic " consumer electronics chain sub-sub- sectors in terms of policy support and the rise of double positive consumption under both revenue and gross margin improved performance there was a certain inflection point.
2, LED chain : LED industry is in a boom upward channel , continued revenue growth. But with the expansion of production capacity , competition accelerated decline in gross margin is more obvious . Decline in gross margin in the most obvious areas of low , medium and high-end area to maintain a relatively stable gross margin.
Analysis and outlook: short-term adjustment , do not change the long-term positive trend
From long- logical perspective, consumer electronics , " the transfer of production " and " consumption upgrade ," the two drivers is still our long-term bullish throughout the consumer electronics sector large logic , short-term adjustment mainly in the smart phone penetration rate is relatively saturated , other consumer electronics innovation inadequate environment, the whole industry chain growth is relatively slow. Follow-up is expected to resume growth :
1 , wearable devices, smart TVs, smart cars ( market area ) and so is the next innovation in the body ;
2 , the smart phone as FMCG attribute update needs only just begun ;
3, the market demand for the rapid spread of the global emerging markets .
LED industry with efficient and environmentally friendly features, early stage of development is to rely on external forces to promote government policies to promote vigorous expansion of production capacity , increasing competition , accelerating decline in gross margin , three quarterly reports of listed companies each LED general decline in gross margin has also confirmed this point , the future industry consolidation will accelerate , profit model from government subsidies to a market oriented . Leading the company through continuous upgrading technology to effectively avoid the low-end competition in the Red Sea , and gradually get rid of simply relying on government subsidies profit model.
Investment advice:
By fundamentals and market sentiment impacts , three quarters of the state sector in the adjustment , the annual 3-4 month is centralized electronic terminal manufacturers release new products of the time, four quarter intelligent terminal area will maintain steady growth , the industry chain to prepare for next year . In the sector of collective adjustment, some quality white horse stock investment value began to emerge, such as Hikvision ( market share it point of sale ) , UOB shares ( market share it point of sale ) , GoerTek ( market share it point of sale ) , Ophelia light ( market share it point of sale ) , etc. ; addition, some sub-sectors boom rising, recommended leading companies Sanan Optoelectronics ( market share it point of sale ) , EPI precision ( market share it point of sale ) , Jianghai shares ( market share it trading point ), etc.
