The electronics industry benefits from the troika technology innovation
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Since the beginning of the year, many companies in the electronics industry have made a deep correction, but LED and smart home stocks have shown a bright performance, emerging from a sharp rise in the market. Consumer electronics growth is slowing down and innovation is weak, while the big cycle of LED, smart home, automotive electronics and wafer localization has just started. Standing at the current point, it is necessary to rearrange and rethink the framework logic of electronic investment in 2014. Technological innovation is concentrated
The electronics sector is the lifeblood of investment. At present, we believe that LED, smart home, automotive electronics and other fields are the focus of "hardware innovation + combination of soft and hard", which is very worthy of attention and research.
Throughout the past few years of the electronic market, we believe that the logic lies in scientific and technological innovation, promote the upgrading of hardware, so as to drive the explosive growth of user demand. In the past three years, smart machines have been the most intensive terminal for scientific and technological innovation. Driven by apple, touch screen, lithium battery, electroacoustic and other parts companies have ushered in a golden period of investment. At the current point, the innovation of mobile phones and tablet computers is weak, the user penetration rate is close to saturation, and the competition is fierce. Investors should spend more energy to find the next demand tipping point, which is also the most important opportunity in the electronics industry in the next two or three years.
From the perspective of downstream demand, the overall demand growth rate of electronic products is not high. For example, the growth rate of major consumer electronics such as mobile phones, PCS and LCD TVS is in the single digits. This round of rising prosperity of the electronics industry will rely more on innovation, especially the promotion of new technologies, new products and new applications, which determines that the electronics industry will be divided in this round of market, focusing on the grasp of structural opportunities.
We again emphasize the LED sector investment opportunities, with the industry season approaching, the plate a new round of market is about to begin. Globally, the LED industry continued to grow by leaps and bounds in 2014. No matter it is international leading lighting giants like philips and osram, or LED industrial chain enterprises in South Korea and Taiwan, they are optimistic about the outbreak of LED lighting market and keep increasing investment. The boom of LED market mainly depends on three aspects: firstly, the stabilization of backlight market; secondly, the large-scale launch of public and commercial lighting; and then, the rapid increase of household lighting penetration rate, all of which are now available. We believe that this round of LED industry boom will continue throughout the year, or even continue to the future LED home lighting penetration rate continues to increase in two or three years.
Since the beginning of the year, LED industrial chain companies around the world have seen A significant rise in their share prices, while a-share related companies have lagged behind. We believe that the market has underestimated the upward elasticity of LED industry after the outbreak of household lighting, and the short-term pullback will usher in A golden opportunity for industrial layout. We are optimistic about SAN 'an photoelectric, sunshine lighting, foshan lighting, poly fly photoelectric and other industry leading companies throughout the year investment opportunities, we suggest focus on, actively buy.
In addition, we believe that the "smart home" industry chain deserves investors' attention. Worldwide, hardware innovation under the Internet thinking is accelerating, and smart home takes the lead in starting. We believe open source software and raise the hot today, wisdom hardware item innovation threshold is reduced, popularization and social entertainment and an intelligent terminal by leaps, cultivate the soil consumer intelligence scale application sheet is tasted, "share" will drive new demand power, formed by using data collected after service market will be very great. We believe that 2014 will be the first year of the outbreak of smart home, and the relevant theme market is still not fully explored. It is suggested to focus on the investment opportunities of heertai and neusoft carrier.
Automotive electronics is also expected to become the future of the electronic industry demand tipping point. The long-term growth logic of automotive electronics is clear. In 2012, the size of China's automotive electronics market reached 267.2 billion yuan, an increase of 11%, and sadie expects to exceed 400 billion yuan by 2015. The wave of smartness brought by smart phones benefits the automobile market. Human-vehicle interaction is becoming more and more humanized, and automobile has become an important entry point for business data. We believe that smart cars may develop along the path of on-board entertainment, assisted driving, human-vehicle interaction, smart transportation, Internet of vehicles and autonomous driving. Google, apple, Microsoft and other tech giants are involved in the automotive industry, and this year could be the first year of smart cars for tech companies. With the rapid development of China's electronics industry, the localization research and development of multinational enterprises and the rapid rise of consumer electronics have provided abundant excellent human resources for local automotive electronics suppliers. The technology diffusion theory is also applicable to the automotive electronics field.
Automotive electronics strict requirements, stable supply chain, market growth in domestic enterprises usher in opportunities. The service life of automotive electronic components must be guaranteed in more than 30 years, and the application environment is harsh, so the requirements are very high, such as wide temperature range, impact resistance, etc. Therefore, product certification is difficult and takes a long time. Once it enters the market, it will not be replaced easily. Compared with the consumer electronics supply chain, it is much more stable. At present, the global automotive electronic supply chain is mainly controlled by European, American and Japanese manufacturers. The overall scale of Chinese domestic enterprises is small, and private enterprises are concentrated in the aftermarket with fierce competition. Driven by wisdom and new energy, automotive electronics is expected to usher in a new growth period, with 25% of the total vehicle cost in 2012 and 50% by 2020. Domestic enterprises are expected to embrace opportunities in the rapidly growing market, such as the field of vehicle and body electronics, where the threshold is relatively low.

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