In terms of valuation and suggested industry perspectives, we raised the bottom of the industry earlier in January, and in March repeatedly suggested that the rebound based on valuation recovery was over, the sector correction rate was 15%, verifying our judgment, and recommending firm holding Goerac, Changying Precision, Hikvision, and Dahua have achieved better excess returns. The current view is as follows:
The first half of the second quarter will not have much opportunity. The reason is that, firstly, the valuation problem can only be resolved in the second half of the new product experience and cross-year effects, but these conditions are not met in the second quarter. Second, due to the release of a large number of New Products in the second half of the year, the old product restocking cycle in the first half of the second quarter will not be too fierce. Therefore, it is expected that the quarterly revenue in the second quarter will increase by 10% quarter-on-quarter, which is in line with market expectations and it is difficult to see more than 20%. The sharply rising growth rate. The performance exceeded expectations in the second half of the year.
The rate of further decline is small and the opportunity is in the second half of the second quarter. The reason is as follows: First, the electronic sector is as expected and prompted as we have seen a 15% correction, and the risk is partially released. Second, the market has optimistic expectations for the second half of the year. In the process of upward trend in the industry, the rate of correction will not be too deep. Third, in the second half of the second quarter, the corresponding components of the new product will enter the make-up inventory cycle.
Based on the above analysis, we insisted on the previous viewpoints, circumventing the cyclical electronics stocks, holding up the growth of electronics stocks (Songer Acoustics, Chang Ying Precision, Hikvision, and Dahua) and digging up inflection point growth stocks. Optimistic about the consumer electronics market brought about by technological innovation in the second half of the year, industry-specific opportunities will begin to appear in the second half of the second quarter. Due to the low base in the first quarter of this year, the market for the second half of the year can continue into the new year. However, this round of the market is not driven by capacity development, but by innovation, and the strong and Hengqiang performance will still be staged. Samsung's first-quarter results exceeded expectations, and HTC's performance was significantly lower than expected. Samsung’s net profit in the first quarter was 33 times that of HTC, again validating the value of vertically integrated companies. (CICC Research Department)
The first half of the second quarter will not have much opportunity. The reason is that, firstly, the valuation problem can only be resolved in the second half of the new product experience and cross-year effects, but these conditions are not met in the second quarter. Second, due to the release of a large number of New Products in the second half of the year, the old product restocking cycle in the first half of the second quarter will not be too fierce. Therefore, it is expected that the quarterly revenue in the second quarter will increase by 10% quarter-on-quarter, which is in line with market expectations and it is difficult to see more than 20%. The sharply rising growth rate. The performance exceeded expectations in the second half of the year.
The rate of further decline is small and the opportunity is in the second half of the second quarter. The reason is as follows: First, the electronic sector is as expected and prompted as we have seen a 15% correction, and the risk is partially released. Second, the market has optimistic expectations for the second half of the year. In the process of upward trend in the industry, the rate of correction will not be too deep. Third, in the second half of the second quarter, the corresponding components of the new product will enter the make-up inventory cycle.
Based on the above analysis, we insisted on the previous viewpoints, circumventing the cyclical electronics stocks, holding up the growth of electronics stocks (Songer Acoustics, Chang Ying Precision, Hikvision, and Dahua) and digging up inflection point growth stocks. Optimistic about the consumer electronics market brought about by technological innovation in the second half of the year, industry-specific opportunities will begin to appear in the second half of the second quarter. Due to the low base in the first quarter of this year, the market for the second half of the year can continue into the new year. However, this round of the market is not driven by capacity development, but by innovation, and the strong and Hengqiang performance will still be staged. Samsung's first-quarter results exceeded expectations, and HTC's performance was significantly lower than expected. Samsung’s net profit in the first quarter was 33 times that of HTC, again validating the value of vertically integrated companies. (CICC Research Department)
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