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Wealth Securities - Electronics Industry: Multi-policy helps the development of the electronics industry, paying attention to the fundamental turning point [Industry Research]

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[Summary of research report content]

    In February, the median stock price of the electronics industry rose by 25.55%, and the Shenwan Electronics Index rose by 27.58%. From February 1st to February 28th, 2019, the Shenwan Electronics Index rose by 27.58%. During the same period, the Shanghai and Shenzhen 300, the Shanghai Stock Exchange 50 and the Growth Enterprise Market were up and down by 19.51%, 12.97% and 25.36%. In the 28 industries of Shenwan, the Shenwan electronic index ranked third in the increase.

    The valuation of the overall method is at 9.42% after the history, and the median valuation is at 17.81% after the history. As of February 28, Shenwan Electronics' overall valuation (historical TTM, excluding negative) was 21.55 times, valuation was at 9.42% after history; Shenwan electronic median valuation (historical TTM, minus negative) The value is 36.71 times, and the valuation is at 17.81% after the history.

    The industry's favorable policies have been introduced to help the industry's medium and long-term development. From February 28th to March 5th, the relevant departments of the state successively released the development plan of the ultra-high-definition video industry, the recommendation of the listing of the board of directors issued by the Shanghai Stock Exchange and the manufacturing tax reduction policy for the electronics industry as a whole and semiconductor, information technology, high-definition panels, The medium and long-term development of key industries such as data transmission has a positive impact.

    Maintain the industry's "synchronized market" rating. In February 2019, the electronic sector ushered in a bottoming out after the Spring Festival. Under the catalysis of folding screen and 5G theme, the monthly increase was 27.58%. Policy Good News The Ministry of Information Processing announced that the 5G license will be issued as soon as possible, and the relevant industry chain will usher in a new round of technological innovation and performance growth. Specifically, the 5G base station layout drives the PCB segment to maintain a high degree of prosperity; ultra-high-definition video brings medium- and long-term development opportunities for vendors such as data encoding and decoding and high-speed storage; consumer electronics terminal sales are still sluggish, but consumer electronics terminals such as wearable devices are selling. There are good performances, the technical advancement and yield improvement of flexible screens are worth looking forward to; the semiconductor industry is affected by price downturns and channel destocking in the short term, and it is expected to pick up during the year and pay attention to the expected reversal of the semiconductor industry. Overall, the medium- and long-term development of the electronics industry has been strongly supported in terms of policies. The fundamentals are under pressure in the short term, but the market expects a sharp warming, but we should still pay attention to the impact of the Sino-US trade war trend on the trend of the technology sector. . Considering the multi-dimensional factors such as macro and industry, we maintain the “synchronous market” rating of the electronic sector.

    Risk warning: Downstream demand is less than expected, 5G base station construction process is less than expected, Sino-US trade war trend is uncertain, exchange rate fluctuation risk.

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