From the latest data, in August global semiconductor sales growth is of 5.21% . Which the United States maintains high growth with 22.92 percent growth, 7.80 percent in Asia Pacific , Japan, the growth rate of -16.34 % changed slightly , the European growth rate of 5.03 percent growth picked up by a big margin . With the season in the past , is expected to increase the growth rate will slow down the momentum , semiconductor sales growth will continue the trend of low volatility .In September 2013 North American semiconductor equipment manufacturers BB was 0.97 , less than 1 in two consecutive months , the equipment industry that began to enter the stock market in the second half and capacity adjustment phase. Meanwhile, Japan Semiconductor BB values have stabilized in September is 1.25 . North America and Japan BB values showed a downward trend in the economy early this year, the trend began to slow down the expansion , is expected to go into production again in the future and to the inventory situation. Short-term industry boom will drop slightly .From the three quarterly results to see the entire electronics sector overall growth rate 33.32% , and showed a downward trend in quarterly basis . And was mainly due to the weight and growth BOE contribution from the industry point of view most of the sub- sub-sub- industry and company growth rate is not high. From the current point of view generally higher valuation , and the growth rate is much higher than results . PEG growth performance from the perspective of valuation is difficult to effectively alleviate the pressure .From the market trend, rising sharply in the early after the pressure plate valuation electronic components fade , plate relative to the market as a whole , there have been adjustments , which is consistent with our previous strategy proposed future will be weaker than the market expected . As the industry growth rate is still low, growth is difficult to determine the results of the valuation effectively alleviate the pressure , the future valuation of the market adjustment will be more adjustments. In recent years, the intelligent terminal sustained rapid growth, the decline in the growth rate has become an inevitable future . Although the growth rate declined but due to ownership in a huge , intelligent terminals related accessories on updates, new technologies and new products will provide a broad space.Structural adjustment in the economy situation, the electronics industry than the traditional industry has a greater potential valuation should enjoy a premium , but the current valuation level is still high . After a sharp rise in the first half of this year after the late adjustment is also normal, while adjusting the industry sector will be more conducive to long-term trends . 2013 next time we need to be patient while looking for next year there is a market valuation of the potential advantages of varieties, such as the intelligent terminal upgrade and peripheral accessories.According to WIND statistics , as of October 31 Electronic Component overall earnings (TTM) 41.35 times the valuation levels decline. Electronic components segment relative to all A shares of the premium rate also declined, which to some extent eased the pressure on valuations . But now the industry is still relatively high valuation levels , from earnings growth , the future valuation adjustment of the pressure still more needs through the market to ease. Comprehensive previous analysis , we maintain the electronic components industry as " Underperform " rating.
