Throughout the electronic components sector 2014 PE (TTM overall method) 43.21X 8.45 times times relative ratio of hushen 300, more than three-year average (3.51 times times so far in 2009 mean for 2010 average of 3.81 times so far).
Operating income growth
First half of 2014, CITIC 148 listed companies in the electronics industry as a whole reported revenue of 164.784 billion yuan, an increase of 18.87% to achieve operating profit of 10.831 billion yuan, an increase of 17.24%; 10.771 billion yuan in net profit to achieve vested in shareholders of listed companies, an increase of 22.3%.
Our analysis, 7 companies doubling of revenue growth, its growth is largely low base last year, and in 2014, due to capacity expansion and extensive acquisitions of the company's consolidated statements of income resulting high growth. And for electronic industry in the of traditional white horse unit, in 2014 half also are performance good, consumption electronic industry chain Shang of white horse unit State News precision, and Rai treasure high section, and de game battery, LED industry of poly fly photoelectric, and Liard, and the security industry chain Shang of sea Kang Granville depending on, are keep has 50% above of growth; again combines income growth in 30%-50% Zhijian of enterprise classification see, consumption electronic, and security, and LED remains income growth most significantly of child industry, this also meet we early of investment strategy judge. Meanwhile, there are 33 companies operating income there fell, the decline was mainly due to the traditional decline in shipments and prices fall.
Gross margin falling profit growth will be lower than income growth
In terms of operating profit, there are 16 companies operating profits doubled, and is still the main cause of the low base last year and acquisitions and table. In addition, 22 companies operating profit growth of between 50%-100%, mainly in the LED color display, consumer electronics-related fields such as capacitance and inductance. A total of 96 companies per cent rise in operating profits, high growth businesses and income similar to consumer electronics, LED and other sections of the performance is generally better. But by comparison, 52 companies operating profits fell much faster than revenues fell the number of 33. Horizontal comparison, we also found that corporate operating profit less income growth. Cause analysis, raw material prices and rising costs of three major factors that affect profit growth 's.
Net profit trends and non-deduction of net profit and operating profit trends were similar, in General, the profit growth rate is less than revenue growth. Inventories increased but decreased net operating cash flow.
Balance sheet, inventory levels for the whole industry of 57.23 billion yuan, an increase of 27.56% due in 2014 the new shares after the IPO resumption limited impact on overall industry data, therefore, inventories increase trend is clear. Our analysis, this was mainly due to sluggish compared to traditional industry and raw materials demand, resulting in components associated with the cyclical industry due to poor sales. Cash flow, the first half of the listed companies in the electronics industry's net operating cash flows-155 million Yuan, 7.093 billion dollars compared with a year earlier fell sharply, with higher business inventories, demand for some products and raw materials have relations impeded, and the main reason is related to poor liquidity of the whole industrial chain.
Investment strategy
As Qian by said, electronic industry in the of security industry chain, and consumption electronic industry chain and LED lighting industry chain, child industry of performance growth good, and these child plate in the of part white horse unit valuations level relative lower, even in history valuations of bottom regional, with good of growth sex compared to, can said is industry plate in the of a valuations depressions, based on security marginal high, we also is recommends investors active configuration.