PCB sector as a whole: relatively higher, both the sector and the company growth and certainty, rich downstream themes.PCB shares are down 1.9% year-to-date, while the Shanghai composite index is down 17.34%.The PCB sector is mainly driven by performance, which is also related to the relatively stable growth logic and high certainty of market preference.From the perspective of valuation, PE (TTM) of the current PCB sector is valued at 36 times, lower than the peak value in the bull market period of 15 years and about 45 times at the end of 17 years. However, the new secondary ipo of PCB sector in 2016-2017 is highly valued. In the future, with the growth of the company's performance and considering the slower listing speed in the next two years, the valuation level will be gradually digested.
PCB's earnings contribution is considered to exceed the valuation contribution.In the bull market of 2013-2015, valuation contributed a lot to the stock price, and the market gave high growth and high valuation to emerging industries. At that time, due to the lack of quality growth targets in the sector, the stock price and valuation of the plate declined significantly after the bull market.However, since the stock market crash, PCB plate relative valuation rapid contraction, earnings contribution has increased significantly.In this context, it is suggested to pay attention to low-valuation, high-growth domestic leading enterprises such as jingwang electronics, chongda technology.
Overall consumer electronics: the business cycle of Q2 industry has recovered, and the growth of 5G and optics are prominent.In the context of a narrower year-on-year decline in Q2 smartphone shipments in 2014, the growth rate of revenue and profit in the consumer electronics industry picked up. In 2018, Q2 gross margin declined slightly from Q1, while net interest rate benefited from exchange rate improved.
Both apple and domestic industrial chain Q2 are improved, and apple industrial chain performs better than domestic industrial chain (the revenue of the industrial chain Q2 apple increased by 18.83% year-on-year in 2018, which is better than the domestic industrial chain by 13.87%.Net profit rose 12.67% year on year, better than the growth rate of domestic industrial chain -0.44%).Gross profit rate: the gross profit rate of apple industrial chain remains stable, while the domestic industrial chain declines, or the concentration degree of domestic brands increases rapidly, which leads to the reduction of bargaining power of suppliers.Net interest rate: the net interest rate of both apple and domestic industrial chain rose from the previous month.
Strong constant strong trend of the strong, the platform continued to expand the advantages of the company.Returning to the data of Q1 and Q2 in 2018, lixun precision, heli tai, opheguang and other industry leaders hengqiang.After deducting the factors and taking into account the sustainability, the company has performed well in the industrial adjustment period, including the industry leaders such as licensor precision, huilongtai, xinwangda, lens technology and opi technology.Li xun precision from the connector to the component platform, continuously improve growth;Oufei science and technology deeply cultivated optics, benefited from the optical upgrade path;Lens technology benefits from the trend of double glass, platform strategic layout is in progress;Heli tai is a platform-oriented model of domestic supply chain, constantly expanding the category to boost growth.