After years of development, China's electronic information industry has also made great achievements, and has become a pillar industry of our country, playing a very big role in promoting and promoting the national economy of our country. As the basic industry of electronic information industry, the electronic component and component manufacturing industry has made great progress. Chinese has become a global electronics manufacturing base, nearly 30 years, China's electronic components production further towards modernization and scale, but also established the China to become the world's electronic components production power status. The output of electronic components in China has accounted for more than 39% of the world. The output of many products in the world is in the first place, and some products can be compared with the foreign products. On the whole, our electronic component industry has made great achievements. However, in the high-end field, we still have a big gap, and how to strengthen it on the basis of large scale is the common topic and goal of all electronic components industry.
The development of 4G, mobile payment, information security, automotive electronics, networking and other areas to the development of the integrated circuit industry in 2015 as one of the priorities of the Chinese government, is currently in a period of rapid development of the industry.
At present, the outstanding contradiction of electronic component industry development lies in the disconnection between product supply and whole machine demand. On the one hand, production of electronic components products in many areas of China in the world, and a large number of exports; on the other hand, China is the world's leading importers of electronic products, a large number of new electronic components imported. This reflects the contradiction between supply and demand of industrial development has some problems. One is that the industrial structure is still in the low-end products, the competitive advantage of enterprises basically established in labor and resources, so the industry average profit is not high, the industry has not risen to the advanced stage of development. Two, there is an obvious gap between scientific research ability and level compared with the world level, lack of high-level component technology talents, backward R & D tools, inadequate R & D investment. Although China's electronic components industry has made considerable progress, but we have to master the core technology, the absorption of imported technology and innovation are still far from enough, our enterprises in domestic and international competition in the market is not active and occupies a dominant position, this will widen the gap with the world advanced level. To change the status quo Chinese electronic components industry in the low-end value distribution chain, the key is to grasp the core technology, extension of industrial value chain, only to strengthen the original innovation, integrated innovation and the introduction of absorption and innovation, and independent innovation, insist on something, there is no centralized power, in the field of key model the components of the key breakthrough, grasp the core technology of the independent intellectual property rights as an important way to promote the information industry competitiveness, realize the industry bigger and stronger.
The relationship between electronic components and upstream and downstream industries
Electronic components manufacturing industry is the foundation of electronic information industry. In 1990s, communications equipment, computers, Internet application products, automobile and home appliance industry is developing rapidly, at the same time, along with the international transfer of manufacturing to China, has been the rapid development of Chinese electronic components manufacturing industry. At present, the total output value of China's electronic component manufacturing industry accounts for about 1/5 of the electronic information industry, and the electronic component industry has become an important foundation to support the development of China's electronic information industry.
The main raw materials of electronic components are magnetic core, enameled wire, skeleton and some auxiliary materials, which have higher requirements for raw material quality, supply capacity and performance stability. In order to ensure the stability of raw material products, and protect the company's raw material formula of commercial secrets, companies usually with upstream suppliers of raw materials to maintain long-term stable cooperative relations, the establishment of efficient supply chain management system, to ensure the stable quality and continuous supply of products. In addition, the development of the upstream industry has a certain impact on the industry, for example, the recent copper prices due to changes in supply and demand fluctuations, the inductor industry has a certain impact on the profit margins.
As an important component of electronic equipment and components, electronic components are widely used in various electronic products, application field covers several fields of computer, network communications, consumer electronics, automotive electronics, new energy, industrial control, aerospace and military industry. Survey shows that due to digestion and absorption of the introduction of technology, domestic inductor production means to get comprehensive reform, production capacity is greatly improved, product variety has been expanded, the product quality is improved and the continuous development of miniaturization and high grade direction.
Electronic components industry continues to be strong and has a bright future
Familiar with the passive component industry pointed out, Chilisin Vietnam factory new capacity regulation is expected to continue, while getting better, Chilisin inductance starting Microsoft (Microsoft) supply system, its tablet computer, game consoles and other products. Strong pull goods, Samsung Electronics (Samsung Electronics) mobile phone and other products also continued to pull goods, the size of Molding (Choke integrated choke) maintain full capacity, with the United States Department of the leading brand of thin notebook computer demand growth this year, Chilisin plus xinsihe combined effect, 3Q operation is expected to Dengfeng, 4Q also have the opportunity to the off-season, Chilisin itself every month revenue can stand 500 million yuan level orders the amount of increase in orders over hand, under the force of single brand factory manufacturers strong. Wang Quan, July revenue with the previous month, a record high, wherein the metal plate of high product shipments also reached a record high.
The passive component industry 3Q boom continued strong, following Hua Xinke, Xinchang, Yageo electric MLCC (MLCC) industry in July and 2Q continue to produce new breakthroughs in brisk performance, the market for this year, passive components of tight supply and demand Taiwan factory operating performance to enhance confidence increases, the inductive element Chilisin and Mei Lei the United States, Jie, xingqin electronic protective element is expected to be taking over the show, continued for 3Q booster passive components group.
Yageo group Qili benefited from the new inductor manufacturers, with the wangquan revenue, July monthly revenue of 924 million yuan, the monthly increase of 12.08%, the annual increase of nearly 9, even from the original individual Chilisin revenue, also broke through 500 million yuan to 538 million yuan, the monthly increase of 22.77%, the annual increase of 10.15%, write down the cumulative 1~7 month highs, Chilisin revenues of 3 billion 232 million yuan, the annual increase of 10.24%, but also to write a record.
Inductance element factory Meijie 3Q this year to benefit from the NB products in the traditional peak season, virtual currency mining hot graphics needs, it is understood that the magic order visibility has seen 3Q, including gigabyte, AMD, NVIDIA, and are important customers, in addition to Meijie inductor also cut into Lenovo, white card server supply chain by September, Baidu, is also expected to volume.
Market estimates, magic this year working challenge a new high, the second half of the monthly revenue highs in July revenue without fear, also can have a double digit monthly growth rate, Meijie EPS in the first half is expected to more than NT $1.5 yuan, 3 yuan more than the annual challenge. Meijie Chongqing factory capacity of six automatic production lines, specializing in customized products, there are about three to the partner of gigabyte. Intel (Intel) new platform KabyLake continues to pull goods, power applications are robust, NB and other products for Molding Choke continued to increase temperature.
According to estimates, gaming, mining display cards and other products expected from the proportion of the overall performance of Meijie 10% 20%, 3Q operations will be expected to monthly growth, monthly performance challenges of NT $150 million. With inductive product graphics mining, at 30% gross margin. Inductance element meilei main Molding Choke, due to meilei enter the electric car maker Tesla supply system, established in the year Tesla parity car Model3 strategy, a car can be used on the market at 80 with Tesla Model 3 inductor, sales are expected to gradually increase the amount of energy, vehicle inductor is also expected to see increased demand. Mei Lei 2Q revenue of NT $757 million, quarterly increase of 7.99%, an increase of 2.85%, gross profit margin of 27.82%, EPS 0.92 yuan, lower than the same period last year 1.03 yuan. Accumulated revenue of 1 billion 458 million yuan in the first half, an increase of 3.48%, gross profit margin of 28.29%, EPS about 2 yuan, compared with the same period last year 1.73 yuan upgrade. Looking forward to the future, optimistic about the use of automotive electronics, Netcom, data centers and other needs, the second half of the operation is expected to gradually strengthen.
Xingqin electronic protective element in the first half of this performance is very brisk, 2Q revenue to NT $14.84 billion yuan, familiar with the industry said that this year 5~10% xingqin maintain revenue growth without fear, 2Q estimated gross margin slightly than 1Q slightly, but the visibility of orders has attained 2~3 months, utilization rate is maintained at 8 level 2018, and 2019 will continue to attack the automotive electronics, xingqin 7 months since the combined turnover of NT $4.82 billion yuan, month by 3.64%, increased by 4.72%. Accumulated 1~7 months 3 billion 303 million yuan, an increase of 9.99%.
Passive component industry price drop out of stock, domestic passive components enterprises usher in key growth opportunities
1, passive device market concentration is high, benefit from new applications to enhance the market space.
Passive device market mainly consists of resistors, capacitors, inductors and so on, in which the capacitor market occupies more than 40% share. The innovation of downstream application is an important factor to promote the expansion of passive device market. At present, the passive device market is growing steadily under the innovation cycle of consumer electronics. From the overall pattern, Japan and South Korea have occupied most of the market share of passive devices, and the concentration has gradually improved.
2, short term grasp of the structural investment opportunities brought about by price increases.
Passive devices ushered in a surge in prices, resulting in structural investment opportunities. The supply side of the Japanese and Korean manufacturers exit the low-end market, focusing on the layout of the automotive electronics market, resulting in short-term low-end products supply gap; demand side consumer electronics innovation cycle extended for a passive device demand shortage parts under the shadow of manufacturers demand by high stocking in advance. We judge that it is difficult to realize the expansion of the leading manufacturers in a short period of time, and the price is expected to maintain until the end of the year, leading to a sustained growth in the performance of the leading passive device enterprises. For this round of price hikes, we believe that the domestic business is limited, the price may not be able to radiation to most of the domestic enterprises. Mainly because most of the domestic passive device manufacturers do not have the strong price conduction mechanism, this round of price increases mainly concentrated in the specifications of MLCC and R-chip products, domestic manufacturers passive devices, there are few products supply, but does not rule out the part of the enterprise to achieve price for fenghua.
3, under the stimulation of innovation cycle, domestic passive device manufacturers usher in key growth opportunities.
From the supply of domestic passive device manufacturers, the main layout in the low-end market, products with high performance price ratio. The high-end market is also trying to develop, and the technology gap with foreign manufacturers gradually narrowed, with the foundation of entering the domestic brand mobile phone industry chain. Japan and South Korea, Taiwan, Chinese, three layer structure gradually formed in the low-end competition, and the general market is South Korea enterprises so that enterprises in Taiwan, the expansion process is relatively conservative, domestic enterprises capacity to accelerate the release, combined with domestic enterprises innovation demand release, will usher in a wave of key growth opportunities.
4, investment proposals:
We believe that the domestic supply chain system is very hopeful to borrow this wave of price surge, or successfully enter the domestic mobile phone supply chain system, or expand the original share, the mainland passive component investment opportunities highlighted.
The ceramic materials company upstream focus on domestic leading, the proposals concern sinocera; middle producers, domestic enterprises expected price is relatively strong, suggest that attention to the domestic passive devices out in a timely manner, leading capacity, with the growth of enterprises such as Gyalo technology, Fenghua hi tech technology companies such as wheat, it.
5, risk tips:
Passive device downstream scene tolerance decline, product prices decline, domestic manufacturers expansion schedule is less than expected.
