Electronics industry: The economy is still sluggish only domestic LED market is booming

Investment Highlights

Recent Perspectives: The wait-and-see attitude of downstream manufacturers is still heavy and the willingness to make up the inventory is low. In the first half of December, the average price of NAND Flash continued to fall by about 5%. Apple's widespread concern about Apple’s HTC infringement case finally pronounced, ITC (US International Trade Commission)

Judging that HTC infringed on a technology patent of Apple, HTC’s new aircraft to be listed in the United States would need to be reviewed by ITC, and the speed of listing new aircraft would be delayed. It should be noted that the domestic LED lighting subsidy policy may be introduced in the near future. In addition, the first 48 domestic MOCVD equipments are expected to be trial-produced in January 2012. The domestic LED market can be seen as a boom. We maintain an industry neutral rating and are optimistic about the thousand-dollar smartphone, tablet, Ultrabook and LED lighting industries.

Industry News:

1) The US International Trade Commission ruled that HTC infringed Apple’s patents. On April 19, mobile phones such as the Nexus One, TouchPro, and Diamond may be prohibited from selling in the United States.

2) Nuance (global voice recognition leader, Apple iphone4S supplier) acquired Vlingo and joined hands to attack 5 billion US dollars of voice virtual assistant business opportunities.

3) Jun Jun, deputy director of the Semiconductor Lighting Project Management Office of the Ministry of Science and Technology of China stated that the first 48 domestic MOCVD equipments are expected to be trial production in January 2012.

4) China's LED lighting subsidy policy may be introduced within a week. This year's subsidy is not large. Commercial lighting is the main focus, and only downlights will be spotlighted. The scope will expand next year.

5) In November, the average replacement price of 40W incandescent LED lamps was US$22.6, down 2%, and Korea’s lowest price was US$11.4. The replacement of 60W LED lamps was 2% higher due to the launch of new products.

6) In the first half of December, the average price of NAND Flash contract fell by about 5%. Most of the downstream customers still have enough inventory, and the market has a thicker wait-and-see atmosphere.

Look for sub-sectors:

We are still optimistic about the thousand-dollar smartphone, tablet, Ultrabook and LED lighting industry.

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