On August 25th, due to the global economic uncertainty is strengthened, the European debt crisis has not improved, and the consumer electronics market downturn, had expected August start of season demand could not come. In this environment, the major manufacturers have lowered the expected the full year performance, TSMC will annual semiconductor growth expected from 7% to 4%. TV, PC, NB demand continued weak performance, only the intelligent mobile phone and tablet computer demand. The actual demand is expected to start will be postponed to September.
The electronics industry in July the excess returns for 2.2%, 11 years since the cumulative abnormal return of -9.1%. July electronic sector rose 1.8%, the cumulative decline of 14.1% in 11 years, 23 SWS an industry in July relative income ranked eighth, its share price performance has been significantly improved. We think the main reason is: the first is the second half of the electronics industry into the traditional peak season; secondly, the market focus gradually shifted to the 2012 results, determine the performance of high growth companies gradually recognized by the market.
The status of global semiconductor
According to WSTS statistics, in June the global semiconductor product shipments 27 billion 110 million dollars, compared with June 2010 global semiconductor product shipments 27 billion 40 million dollars, an increase of 0.3%. Sales growth and -1.7% growth in May compared to a slight rebound, but no significant improvement.
The situation is slightly better overall sales growth of electronic products. In 2011 June, the U.S. consumer electronics total 7 billion 920 million dollars, down 0.7%. In 2011 June, Chinese household appliances, audio-visual equipment, communication products, total consumption of 54 billion 200 million yuan, an increase of 34.6%, compared to May growth rate slightly improved. OQC semi released in June 2011 North American manufacturer of semiconductor equipment orders than reported that North American semiconductor equipment orders shipped slightly decreased according to. According to the three month moving average amount of statistics, in June the North American semiconductor equipment manufacturers orders amounted to $1 billion 550 million, shipments amounted to $1 billion 650 million, order delivery ratio is 0.94. In 2011 June the amount of orders 1 billion 550 million dollars, down 10.3%, a decline of 4.4, shipments 1 billion 650 million dollars, an increase of 12.5%, the chain fell 1.1%. As orders decline, leading to the North American semiconductor equipment BB continued to decline to 0.94, showing the semiconductor manufacturers on the electronics industry boom of the negative bias, investment generally tends to be cautious.
SEAJ announced the Japanese semiconductor equipment orders shipped than data display, June Japanese semiconductor equipment orders amount 997.8 billion yen, fell 11.3%, in June 2011 Japanese semiconductor equipment volume 1042.9 billion yen, rose 29.9%, June BB is 0.94, and BB may value to. Compared with May, June, the Japanese semiconductor equipment orders shipments fell, mainly because of the overall demand for manufacturers expected negative bias.
The recent sales failed to pick up
Taiwan electronic listing Corporation announced July sales data. July Taiwan electronic industry overall revenue fell 2.46%. From the growth perspective, in 0.59%, -0.93% in the upstream and downstream of -1.81%, showing relatively weak downstream conditions.
July sales grew more than 10% have mobile phone manufacturing, STN, optical lens, EMS, Nb and mobile phone components, fell more than 10% of the field are mainly DRAM manufacturing, IC design, IC manufacturing, led and optical devices, passive components, digital cameras, solar energy, displays, consumer electronics, TFT.
We focus on the upper and middle reaches of industry, we observe to most showing the chain edged up trend, and no obvious rise, peak signal has not yet appeared.
July 2011 Taiwan electronics manufacturing PCB -2.0% year on year growth, compared to the growth rate in June rose 4.8% year-on-year growth of -9.5%; the passive components, compared to the growth rate in June rose 2.6%. Compared to June year-on-year growth in severe decline, industry growth rebounded in July, but still lower than the same period last year, did not show peak signal.
IC manufacturing fell 22.4%, compared to June growth rate dropped 4.1%; IC beta fell 7.8%, compared to the growth rate in June rose 0.4%. The IC field of the off-season performance, year-on-year growth rate remained low. This shows that the downstream demand is still no improvement.
TFT-LCD fell 16.8%, the growth rate fell 1.8% compared with June; STN-LCD prices faced downward pressure, year on year growth of 23.4%, compared to June growth rate minus 6.1% less, more obvious decline. Because the downstream TV demand in the doldrums, the panel industry boom to upgrade.
Solar energy fell 32.5%, compared to June decreased by 0.7%; LED and optical components fell 15.1%, compared to June decreased by 1.5%. The solar market has gradually bottomed out, but as Europe entered the holiday, is expected to boom will remain low. LED backlight applications industry due to the needs of the poor, the whole industry chain is facing downward pressure on prices.
The future development of space
The electronics industry in July the excess returns for 2.2%, 11 years since the cumulative abnormal return of -9.1%. In July rose 1.8%, the cumulative decline of 14.1% in 11 years, 23 SWS an industry in July relative income ranked eighth, the share price performance has been significantly improved.
We think the main reason is: (1) the second half of the electronics industry into the traditional peak season; (2) the market focus gradually shifted to the 2012 results, determine the performance of high Growth Company is recognized by the market. The electronics industry company a total of 44 companies have released semi annual report, the net profit fell 17, net profit growth of 0%-30%9, 30%-50%7, 50-100%5, more than 100% 6. 44 companies only Lida photoelectric (002189) a loss, the growth rate of total revenue 30.6%, 24.7% of the gross margin level, compared to the same period declined 1.7 percentage points.
The electronic industry in the first half of 2011 after the earthquake in Japan, mobile phone hit and off-season copycat effect