Recessed Projector Screen
Recessed Projector Screen

A quarter of the electronics industry is not short off-season Spring
Since the first quarter of the electronics industry is not short off-season, most vendors in January to enter the state economy, memory, passive components, and even out the fields. But the market for excess capacity, repeat orders, inventory, there is too much concerned about the existence of persistent concerns about the economy. Meanwhile, in the beginning of the end of the year under the effect of the valuation for years, the electronic industry average valuation levels in the 28-35 times the level of market valuation at the hub.
A quarter is not short off-season for other reasons. Traditional industries appear in the Christmas and New Year peak season prior to November, while Chinese demand is high season in January before the Spring Festival. With China's share of total global demand rising, the traditional cycle of curves change accordingly. Industry manufacturers in October 2009 found that demand lower than expected, so stock is actively reduced, by the end of December there began to demand back to temperature, and thus the rising demand for China factor improvement and decline in stock ahead of the industry is not short off-season causes. In addition, the introduction of new products, some components of the shortfall is not short off-season supply-side factors.
Excess capacity, repeat orders and a lower risk of high stocks. To "Capital expenditure / income" indicators to measure that there is no excess capacity. Through the global semiconductor industry, notebook industry and the mobile phone industry also reflects the comparative study after 11 months of inventory control, inventory is currently low levels of the industrial chain.
Upward trend in the industry remain unchanged. We are a Japanese manufacturer of electronic components industry revenue data to determine the cycle industry since 2009, the economy continued to 14 months, with the previous wave of recession in 18-month cycle length close to, does mean that a rising cycle end? We believe that if larger perspective, the wave of recession In fact, from 2006, although the existence of 5 months during the rise cycle, but in 2006 a big bust cycle is actually 35 months. Although in 2010 will be two quarter or four quarters there is a short recession, but we consider that under the guidance of China and other emerging markets, mobile phones and notebook replacement demand, the industry is expected to maintain the upward phase of the economy until 2011.
In terms of mobile phone, PC or TV watching, replacement consumption is the theme of the technology industry for 2010-2011, while the technical innovation through a more innovative technologies and lower cost, replacement effect of triggering a catalyst, such as touch screen, LED, 3D technologies, smart phones, windows7, micro-projectors, Bluetooth headsets, and electronic reading. Enterprises in China ,2005-2009 accumulation of technological innovation and upgrading of more means to enhance their global competitiveness, and thus the transfer of global capacity to grasp the opportunities.
From a historical look at the laws, e-plate end of the year and three quarters in the season, there are two opportunities to outperform. Through the end of 2009 technology stocks market, the current valuation of various companies in the valuation of 28-35 times the hub of industry, we maintain "prudent recommended" rating, we recommend that investors Q2 strategic Jiancang, dips configurations. The light of experience in the first half of 2004, the industry risks normally appear in the second quarter of uncertainty. As the third quarter, the downstream manufacturers to introduce new products, the peak season in the second quarter and demand for stocks may be down. However, even when there is a single-quarter fluctuations in annual growth in the electronics industry does not change the logic.
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