Electronic Components: Order has been restored recovery is still too early to say words

08Q4 fast down the industry, 09 continued

Care is expected in Q4 2008, the global economic crisis under the weight of the already down in the economy of the electronic components manufacturing stage sharp decline in business performance, whether it is the worlds leading electronics manufacturers, or domestic electronic components manufacturer, the quarterly results generally have a more significant decline. Industry into the economy low. And resulting in 2009s cautious forecast industry conditions, international research institutes generally agreed that the global semiconductor industry revenue in 2009 will be down.

Into 2009, orders picked up

4 quarter results dropped sharply, there are many reasons for the decline in end demand is the main reason for the precautionary principle and CY7C1347B-133AC datasheet and the downstream businesses to adjust inventories to digest significant factors that can not be ignored. Into 2009, the downstream business has been at a low level of inventory, and CY7C1347B-133AC price and some demand still exists, resulting in a 1,2 month effect has rush orders. Some Taiwanese companies through statistical monthly sales data, and CY7C1347B-133AC suppliers and understanding of domestic listed companies from the part of the situation, the Spring Festival and inventory continue to adjust to the impact of the revenue chain in January is still down, but slightly better than expected orders, especially in February, some companies have more significant rise in orders.

Still can not consider the industry has entered a recovery

, However, can not thus believe that the industry has entered a recovery. There are three main reasons:

(1) short-term orders for the majority, reflecting the lower reaches of enterprises are still cautious; (2) the downstream industry demand is not fully be restored. NB and other terminals in greater demand, while others demand of downstream products has no significant recovery; 3) recovery of overseas markets is a factor can not be ignored. Supply Chain Management from the American Association for the data released in January concluded that U.S. production of computers and electronic products continued to decline.

Large plate or electronic components, the risk gradually accumulated Electronic components

recent gains far beyond the market segment. Determine the economic bottom, the expected performance of chain growth, and the majority of small-cap stocks and sub-industry dispersion and other characteristics, so that the plate as the choice of theme and subject matter investment objectives. With the formal announcement date approaches planning and annual time-intensive announced the arrival of potential risks in the sector are also accumulating. Maintain the industry "neutral" rating.

Industry recovery depends on the overall improvement in the economy, concerns two categories of enterprises

Recovery of the electronic components industry is inseparable from the overall improvement in the macroeconomic, economic trends during the year from internal and external environment remains uncertain. Plate more electronic components may be present in the band of market trading opportunities. Recommendations focus on two categories of enterprises: (1) results for the year may be in the communications, military, new energy and other downstream applications received some support; (2) History has proven that the business has been relatively stable, high level of management companies, especially sub-industry leading shares. Maintain Hengdian East magnetic, LEYBOLD Tech, Topband Electronics, Guangzhou, China Light "overweight" rating.