Company information: in 2013 a modest recovery in the semiconductor industry. 2012 semiconductor industry sales of negative growth, industry leading business growth situation is not optimistic; BB value indicates that the industry boom signs of a rebound after bottoming out in 2013 under the premise of the gradual recovery in macroeconomic, the semiconductor industry will usher in mild recovery.
2013 intelligent terminal continuation of the growth pattern. Smart phones, tablets and ultrabooks in 2013 showed a high growth trend. Smart phones, low-end smartphone force; new tablet computer continuously enriched, more comprehensive product positioning, Win8 system will be strong support for the penetration of the tablet to the field of business applications; super light and thin, touch of fuzzy PC with the boundaries of the tablet PC, portable, touch operation and powerful file processing capabilities will help to expand the super market space.
Intelligent terminal industry chain is still worthy of attention. We judge will bring new intelligent terminal in the next few years will continue high growth, new changes, such as the intelligent terminal metal large-scale use of the material of the housing, the large size of the touch screen of rising demand and high-megapixel camera commonly used opportunities for growth. We recommend that concern to enter the metal material shell integration EPI precision, long letter technology production the blue glass IRCF the crystal optical; 5th generation line has a touch screen. We believe that the domestic chip in 2013 will enter the field of financial IC card, domestic chip manufacturers will usher in new opportunities for development, proposes a focus in the field of financial payments products fully stocked with the side Guoxin.
Financial payments to enhance the development of the domestic chip manufacturers. "Twelve Five" period, the financial IC card, social security card, residents 'health card will usher in the peak period of the card-issuing, homemade chips has become the chip provider in the field of social security card, residents' health card; 2013 with the financial IC card chip security improve the detection, homemade chips will also enter the market with the size of the 32 million cards issued.
Investment Rating: industry maintain a "neutral" rating. Consider the valuation level, the industry cycle and other factors, before the arrival of industry inflection point, we maintain the industry "neutral" rating. |
