The second-quarter data improved: The electronics industry (99 listed companies) had a revenue of 35.93 billion yuan, a year-on-year increase of 27.1% and a month-on-month increase of 24.68%. The gross profit margin was 20.03%, which was a year-on-year drop of 2 percentage points, which was the same as last month. This may be the result of rising raw material costs and labor costs. It is estimated that there will be downward pressure in the future.
Fixed assets amounted to RMB 70.23 billion, an increase of 45.96% year-on-year. Construction in progress amounted to RMB 30.7 billion, an increase of 98.49% year-on-year, and the expected production scale (sum of construction-in-progress and fixed assets) was RMB 100.94 billion, an increase of 58.75% year-on-year. The electronics industry still In a period of rapid expansion.
The average inventory was 26.24 billion yuan, a year-on-year increase of 47.47%. Inventory turnover days 83 days, an increase of 10 days, a decrease of 9 days compared to the first quarter, showing that the industry is undergoing inventory adjustment in the second quarter, de-stocking results first demonstrated, confirming our Q1 "industry facing inventory pressure", and inventory adjustments in advance Sentenced. However, inventory levels remained high, and inventory pressure remained in the third quarter.
Sub-sector comparison: Revenue, connector and LED growth are the fastest, and the PCB industry has the slowest growth. In terms of gross profit margin, the gross profit margin of semiconductors and LEDs decreased the most in the same period of last year, and the gross profit rate of the PCB industry rose the most.
From the perspective of predictable production scale, the expansion of the peripheral industries of PCBs and smartphones is accelerating, and the expansion speed of other sub-industries is slowing down; the LED and display industry is still the fastest growing sub-industry, and the optoelectronic devices and passive components are the slowest to expand. industry.
From the perspective of inventory turnover days, various sub-industries are destocking, semiconductor and connector industries have the fastest inventory destocking rate, and the optoelectronic device industry has the slowest inventory destocking rate; most sub-industry inventory levels are still high, such as LED (136 days) ) With passive components industry.
Industry investment strategy: The quality of earnings has improved, inventory adjustments have been effective, and capacity utilization has declined. Taking into account the uncertainties in overseas demand and the accelerated appreciation of the renminbi, we still maintain an industry “neutral†investment rating. September is a key observation period. If inventory adjustments are completed, stocking starts in the peak season and boost downstream demand, which is expected to become the starting point for capacity utilization recovery.
From the perspective of sub-sectors, we believe that smart phone peripherals and PCBs are relatively stable sub-sectors (stable production expansion and stable gross margins). Ultrasonic Electronics, Zhuo Wing Technology, Crystal Optronics, and Shengyi Technology are recommended. We believe that the relatively high elasticity is for semiconductors (the fastest destocking speeds) and the LED industry (with the largest expansion, faster revenue growth, and faster destocking).
Fixed assets amounted to RMB 70.23 billion, an increase of 45.96% year-on-year. Construction in progress amounted to RMB 30.7 billion, an increase of 98.49% year-on-year, and the expected production scale (sum of construction-in-progress and fixed assets) was RMB 100.94 billion, an increase of 58.75% year-on-year. The electronics industry still In a period of rapid expansion.
The average inventory was 26.24 billion yuan, a year-on-year increase of 47.47%. Inventory turnover days 83 days, an increase of 10 days, a decrease of 9 days compared to the first quarter, showing that the industry is undergoing inventory adjustment in the second quarter, de-stocking results first demonstrated, confirming our Q1 "industry facing inventory pressure", and inventory adjustments in advance Sentenced. However, inventory levels remained high, and inventory pressure remained in the third quarter.
Sub-sector comparison: Revenue, connector and LED growth are the fastest, and the PCB industry has the slowest growth. In terms of gross profit margin, the gross profit margin of semiconductors and LEDs decreased the most in the same period of last year, and the gross profit rate of the PCB industry rose the most.
From the perspective of predictable production scale, the expansion of the peripheral industries of PCBs and smartphones is accelerating, and the expansion speed of other sub-industries is slowing down; the LED and display industry is still the fastest growing sub-industry, and the optoelectronic devices and passive components are the slowest to expand. industry.
From the perspective of inventory turnover days, various sub-industries are destocking, semiconductor and connector industries have the fastest inventory destocking rate, and the optoelectronic device industry has the slowest inventory destocking rate; most sub-industry inventory levels are still high, such as LED (136 days) ) With passive components industry.
Industry investment strategy: The quality of earnings has improved, inventory adjustments have been effective, and capacity utilization has declined. Taking into account the uncertainties in overseas demand and the accelerated appreciation of the renminbi, we still maintain an industry “neutral†investment rating. September is a key observation period. If inventory adjustments are completed, stocking starts in the peak season and boost downstream demand, which is expected to become the starting point for capacity utilization recovery.
From the perspective of sub-sectors, we believe that smart phone peripherals and PCBs are relatively stable sub-sectors (stable production expansion and stable gross margins). Ultrasonic Electronics, Zhuo Wing Technology, Crystal Optronics, and Shengyi Technology are recommended. We believe that the relatively high elasticity is for semiconductors (the fastest destocking speeds) and the LED industry (with the largest expansion, faster revenue growth, and faster destocking).
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