Behind the expansion of hundreds of billions of technology stocks is the continuous upstream of semiconductor, electronic manufacturing and component plates. According to Shenwan industry, the electronic sector has increased by 60.65% in the year, and the cumulative increase of Zhuoshengwei (300782.SZ) listed in June this year has exceeded 10 times.
According to the judgment of the industry, the rise of this round of technology stocks is different from the previous speculation in the secondary market. The fundamentals of the whole industry, especially the demand side, have changed significantly, which is expected to provide long-term support for related targets.
Leaders in electronics and household appliances, including Huawei, are transferring their supply chains from abroad to China, which will bring obvious impetus to domestic software and hardware suppliers. Some companiesfirst half performance has already been reflected. A buyer researcher said on the 23rd.
However, after the influx of funds, the pressure of future performance of some targets will gradually emerge. At that time, it is likely to transition to the stage of competing performance.
Buy, Buy Mode Opening
Huiding Technologies, the main revenue of more than 80% from fingerprint identification chips, the main customers include Huawei, VIVO and millet and other domestic mobile phone manufacturers.
At the beginning of the year, the companys pre-reinstatement stock price was only about 73 yuan, but on September 23, the stock price rose again by 6.31%, and the market value rose from 33.3 billion yuan at the beginning of the year to 12.3 billion yuan.
Even so, it is far from being compared with the winner of being regarded as the radio frequency tap. Since the company went public in mid-June this year, it has risen more than 10 times than the issue price.
In these two days, there are still good things to wait for. Following the launch of new mobile phones by Apple and Huawei, Millets 5G mobile phone is also scheduled to officially appear on September 24.
Last year, Apple XR did not sell well, so this year the price of the iPhone 11 was reduced by about 1000 yuan compared with last year. After the performance-price ratio came out, the initial sales situation was significantly higher than last year. Chengdu, a communications industry personage said on the 23rd.
He pointed out that although domestic manufacturers are scrambling to release 5G mobile phones, the real volume still needs the main models such as Huawei P series, as well as the popularity of 5G network. Nowadays, many consumers of 5G mobile phones do not know this part.
In contrast, old-fashioned leaders such as ZTE (000063.SZ) and Dazu Laser (002008.SZ) have been slightly reduced.
Wentai Science and Technology, one of the leading technology stocks in recent years, has seen the entry of financing funds on September 6, 12 and 20, with a net purchase of 617 million yuan on the 6th day, during which the companys financing balance has risen sharply from 330 million yuan at the end of August to 1.135 billion yuan.
The reason is that on the basis of the original communication business, the company has recently been stimulated by the news of the acquisition of Anshi Semiconductor again.
Funds are also coming through the recent hot ETF. Many ETF funds with 5G and technology labels have rapidly increased their share.
It is obvious that 5G has been regarded as the most definite investment opportunity for all kinds of funds to bet on technology stocks.
Valuation to performance
Its a good thing that technology stocks are popular, but the risk of excessive growth cant be ignored.
According to Wind data, according to Shenwan industry, the growth rate of integrated circuit board has reached 108.25% since the beginning of the year, while the growth rates of printed circuit board, electronic parts manufacturing, software development and semiconductor materials have reached 87.2%, 73.2%, 63.9% and 63.8% respectively in the same period.
Because of the enthusiasm for capital, the employee stock ownership plans of listed companies can not buy low-cost chips. For example, Huiding Technologies, on June 21, the shareholdersmeeting approved the first phase of employee stock ownership plan, and completed the purchase on September 12, with an average transaction price of 179.40 yuan per share.
Interestingly, the current stock ownership plan is still more than 25% buoyant, the stock price rise is evident.
According to the statistics of Founder Securities Strategy Team, PETTM in the electronic industry has increased dramatically from 28.8 times at the start of the market to nearly 40 times at present. At present, the valuation of the electronic sector is still at the bottom, which is 30% since 2009.
By contrast, the computer industrys PETTM has increased from 49 times at the start of the market to 58.5 times at present, at 71.1% since 2009, and the valuation level has returned to a moderately high position.
In contrast, the electronics industry seems to have some room for valuation to rise after a sharp rise in the year.
According to Fangzheng Securities, the proportion of fund positions in the growth technology sector will increase by 3.47 percentage points in the third quarter of this year, and by the end of the third quarter, the proportion of fund positions in the growth technology sector will further rise to 22.69%, This will be a turning point for the change of the proportion of holdings in the growth technology sector, and the proportion estimated in the third quarter will also rise to 22.69%. It is still far from the historical high of 36.74%.
However, the possibility of divergence in the trend of technology stocks will not be ruled out at that time.
According to the published third quarter earnings forecast, 22 of the 32 electronic stocks grew year-on-year. Taking Shanghai Telecom Stock (002463.SZ) of PCB industry as an example, the median forecast profit of the three-quarter report is 850 million yuan, which keeps increasing year-on-year and ring-on-ring.
Following this trend, technology stocks led by electronics may fly a little longer.