There are also two trading days, and the first half of the A-share market will close. "Securities Daily" market research center and WIND statistics show that as of June 28, the Shanghai Composite Index fell by 700 points in the first half of the year, a drop of over 22.64%, while the Shenzhen Stock Exchange Index fell by 26.92% in the first half of the year, and the Shanghai and Shenzhen Stock Exchanges reached 1700. There are only a few stocks, up 420. In terms of the trend of the industry sector, the two major sectors of electronic components and pharmaceuticals in the first half of this year have turned against the market, while the seven sectors of construction materials, financial services, non-ferrous metals, mining, real estate, chemicals and ferrous metals have fallen in the first half of the year. More than 20%. Today, we will conduct in-depth analysis of the data of the two industry sectors that have gone against the market, in order to attract readers.
Electronic components rose by 3.7% in the first half of the year
Summary of the market: There are 75 stocks in the electronic components industry, which rose by 3.7% in the first half of the year. In the first half of this year, 39 stocks rose, and 37 stocks fell. Among them, Goer Acoustics, Sanan Optoelectronics, Farah Electronics, Silan Micro, Crystal Optoelectronics, Changjiang Electronics Technology, Zhejiang Sunshine and Rainbow Shares rose more than 20% in the first half of the year.
More typical is Goer Acoustics. In the first half of the year, the stock rose by 66.86%, and the turnover rate reached 412.13%. The company revised its net profit for the first six months of 2010 to 360-390% year-on-year, and net profit for the same period last year was 20.6 million yuan. Reasons for the difference: The global consumer electronics market recovery in the first half of the year and the successful implementation of the company's fundraising projects enabled the company to quickly win international capacity transfer opportunities under the big customer strategy. It is estimated that the company's performance in the second quarter of 2010 will hit a record high in the same period, and the net profit in the first half will increase.
Sanan Optoelectronics' growth rate in the first half of this year was 62.63%, and the turnover rate was 535.22%. On June 28, the announcement stated that the LED industrialization project of Tianjin Sanan Optoelectronics Co., Ltd., which was invested and invested by the company in 2009, was successfully completed on June 22, 2010, and was put into operation on June 24, 2010. Production, this production will have a positive impact on the company's 2010 annual results and subsequent development.
Investment strategy for the second half of the industry: Guodu Securities believes that the global electronics industry experienced a cyclical reversal in the first half of the year, and the domestic electronic components industry also experienced more than expected recovery growth. The export growth rate remained above 30%. Revenue and net profit increased by 49% and 209% respectively, and the obvious off-season was not weak. The unexpected recovery of this round of industry is mainly due to the sharp rebound in consumer demand after the economic crisis. The sales growth of new electronic products such as notebooks, smart phones, LCD TVs and SLR cameras is 43%, 49%, 52% and 77. % led the demand recovery. We believe that this new demand and replacement demand driven by new products and new technologies is sustainable, and the future electronic components industry is still in the recovery channel of the upswing cycle. However, from the current status of the industry, the factors that continue to exceed the expected growth in the industry are gradually weakening, mainly based on the unsustainable increase in product prices. The continuous opening of industrial production capacity will significantly alleviate the current imbalance between supply and demand, and the utilization rate of industrial capacity may decline. In addition, the leading indicators of the industry have been reduced due to factors such as the decline. Overall, the industry's 10 years of recovery is convinced, but the comprehensive over-expected factors have weakened, plus the industry's current relative market has already had a premium of 3.68 times, and its own PE level is also at the highest level in history. The value has already reflected future expectations, giving the industry a neutral investment rating, focusing on a single listed company with good growth.
Focus on varieties
Silan Micro: The increase in the first half of this year was 49.15%. According to preliminary calculations, it is estimated that the company's net profit attributable to shareholders of listed companies will exceed 90 million yuan in the first half of 2010, an increase of 429.13% over the same period of the previous year. The net profit for the same period of the previous year was 170.089 million yuan, and the basic earnings per share was 0.04 yuan. The reason for the increase is that the industry's prosperity has further improved. The shipments of the company's LED devices, discrete devices and integrated circuit products have maintained a good growth momentum, and the profitability of the main business has been greatly improved.
Silan Integration + Silan Mingxin enhances the company's profit margin. Hangzhou Silan IC Co., Ltd., a subsidiary of the company, has built a production capacity of 105,000 chips per month. In the same type of 5 and 6-inch chip production lines in China, Its production capacity and actual output have been at the forefront. In 2009, Silan's integration ended a continuous loss of 10 quarters, with a profit of 9.47 million yuan. In March 2010, Silan IC Co., Ltd. purchased a six-inch chip production line from ULVAC, Inc., Japan, with a contract price of approximately RMB 69 million. After the introduction of the production line, it will help further enhance the integrated chip production of Silan. ability. In June 2010, the wholly-owned subsidiary Silan Mingxin ordered 6 sets of MOCVD equipment from AIXTRON AG for a total price of US$16.3 million. The equipment order is beneficial to further enhance the production capacity of Silanming core LED epitaxial wafers.
Industrial Securities believes that the company's performance in the first half of the year exceeded expectations, maintaining the company's 2010 and 2011 EPS 0.44 yuan, 0.61 yuan, maintaining a "strongly recommended" rating. Essence Securities said that Silan Micro has added two 32 MOCVD machines at the end of last year, which is about 60% increase compared with the current capacity. In addition, the company also introduced a capacity of about 50,000 from Japan at the beginning of the year. The 6-line film is expected to be installed in the third quarter. This new capacity accounts for about 65% of the existing capacity. It is estimated that the company's operating revenue in 2010 and 2011 will be 1.3 billion yuan and 1.8 billion yuan respectively. It is 190 million yuan and 260 million yuan, corresponding to EPS of 0.47 yuan and 0.65 yuan. We gave the company 30 times PE in 2011, with a target price of 19.5 yuan, and gave the investment rating of “Buy-A†for the first time.
Changjiang Electronics Technology: The increase in the first half of this year was 35.97%. Due to the rebound in the industry, the company's orders were sufficient. The first quarter operating income increased by 109.32% year-on-year. It is expected that the accumulated net profit from the beginning of the year to the end of the next reporting period will increase significantly compared with the same period of the previous year. CICC believes that Changchun's advanced WLCSP and TSV micro-camera businesses have exceeded expectations, and there is still room for improvement in earnings. While the system-level packaging business faces certain uncertainties in the short-term adjustment of mobile payment related services, CMMB shipments remain stable, and WIFI MSD progress is also in line with expectations, so it is still optimistic about the system-level packaging business prospects, maintaining "recommendation" Rating.
Pharmaceutical biology rose 1.92% in the first half of the year
Summary of the market: There are 134 stocks in the pharmaceutical and biological parts industry, which rose by 1.92% in the first half of the year. In the first half of this year, the stock price of 55 stocks rose, and 79 stocks fell. Among them, *ST Wei Da, Aier Ophthalmology, Yuyue Medical, Xinlitai, Huashen Group, Wandong Medical, Haixiang Pharmaceutical, Leading Technology, Enhua Pharmaceutical, Changchun Gaoxin, Dong'e Ejiao, Hualan Biological The stocks of Huadong Medicine and Jiangzhong Pharmaceuticals rose by more than 30% in the first half of the year.
More typical is *ST Wei Da, the stock rose by 78.76% in the first half of the year, and the turnover rate also reached 148.69%. Since the reorganization of the stock, since the resumption of trading on May 5, the stock has continuously pulled 13 daily limit, the highest increase Up to 108.16%. On May 5th, it is planned to issue about 395 million shares at a price of not less than 7.54 yuan/share, and purchase 39.80%, 9.26%, 7.41% of Yindu Mining held by Beijing Shengda, Hung Ho Investment, Wang Yanfeng and Wang Wei respectively. 6.49% equity, Yindu Mining Resources, mine reserves 3961.25 tons of silver, lead 424499.57 tons, zinc 901066.93 tons. At present, the production capacity is 600,000 tons/year for mining and mineral processing. It is expected that the mining technology reform will reach full production in July 2010, and the production capacity will reach 900,000 tons/year. After the completion of the transaction, the listed company's share capital will reach approximately 535 million shares. According to the profitability of the listed company after the completion of the transaction, the earnings per share of the listed company in 2009 and 2010 will be approximately 0.44 yuan/share, 0.61 yuan/ share. In addition, the stocks of Aier Ophthalmology, Yuyue Medical, Xinlitai, Huashen Group and Wandong Medical rose more than 50% in the first half of this year.
Investment strategy for the second half of the industry: Zhongyuan Securities believes that the pharmaceutical industry is experiencing a “golden development period†and Chinese patent medicines are better. Since 2005, the pharmaceutical industry has experienced a “golden development periodâ€. The main indicators such as income, profit and profit margin of the industry are climbing. Judging from the changes in profits of various sub-sectors, the basic performance is basically the same as that of the industry as a whole, but Chinese patent medicines are even better and become the “leadersâ€. The industry has a large development space at home and abroad. The domestic aspect is mainly based on policy orientation. As the country continues to increase investment, and the national biomedical industry revitalization plan is expected to be introduced in the second half of the year, the endogenous growth characteristics of the industry will remain obvious. On the international front, on the one hand, China will become the fastest growing pharmaceutical market in the world. On the other hand, generic drugs from China will play an increasingly important role in the international market. The confusion of high valuations. Although the industry has high growth, its valuation is almost twice that of the market as a whole, reaching an unprecedented new high in the industry. Still believe that the high valuation of the industry will continue, but due to the high base, the possibility of new highs is small; in addition, the introduction of the national biomedical industry revitalization plan is expected to become a watershed in the industry, and it is expected to be bigger and stronger. Companies that are deeply researched and developed can obtain high returns in the long run. In the second half of the year, the industry can focus on three investment strategies: 1. Optimistic about proprietary Chinese medicines, long-term holding companies with exclusive varieties; 2. holding companies with strong research and development capabilities; 3. holding leading companies with strong Hengqiang.
Industrial Ethernet switches are specifically designed to meet the needs of flexible industrial applications and provide a cost-effective industrial Ethernet communication solution. And its networking mode is more focused on loop design. The ring has the difference between single ring and multiple ring. At the same time, there are private ring protocols designed by various manufacturers based on STP and RSTP, such as RingOn, RingOpen open loop, FRP ring, turbo ring, etc.
The network management switch can be managed through the following ways: management through RS-232 serial port (or parallel port), management through web browser and management through network management software.
1. Management via serial port
The network management switch comes with a serial cable for switch management. First plug one end of the serial cable into the serial port on the back of the switch, and plug the other end into the serial port of an ordinary computer. Then power on the switch and the computer. The "Hyper Terminal" program is provided in both Windows 98 and Windows 2000. Open the "Hyper Terminal", after setting the connection parameters, you can interact with the switch through the serial cable. This method does not occupy the bandwidth of the switch, so it is called "Out of band" (Out of band).
In this management mode, the switch provides a menu-driven console interface or command line interface. You can use the "Tab" key or arrow keys to move through the menus and submenus, press the Enter key to execute the corresponding commands, or use the dedicated switch management command set to manage the switch. Switches of different brands have different command sets, and even switches of the same brand have different commands. It is more convenient to use menu commands.
2. Manage via web
The managed switch can be managed via Web (web browser), but an IP address must be assigned to the switch. This IP address has no other purpose except for the management switch. In the default state, the switch does not have an IP address. You must specify an IP address through the serial port or other methods to enable this management method.
When using a web browser to manage the switch, the switch is equivalent to a Web server, but the web page is not stored in the hard disk, but in the NVRAM of the switch. The Web program in the NVRAM can be upgraded through the program. When the administrator enters the IP address of the switch in the browser, the switch will transfer the web page to the computer like a server, and it will feel like you are visiting a website. This method occupies the bandwidth of the switch, so it is called "in band management" (In band).
If you want to manage the switch, just click the corresponding function item on the webpage and change the switch parameters in the text box or drop-down list. Web management can be carried out on the local area network in this way, so remote management can be realized.
3. Managed by network management software
Network management switches all follow the SNMP protocol (Simple Network Management Protocol), which is a set of network equipment management specifications that comply with international standards. All devices that follow the SNMP protocol can be managed through network management software. You only need to install a set of SNMP network management software on a network management workstation, and you can easily manage the switches, routers, servers, etc. on the network through the LAN.
The management of the network management switch can be managed in the above three ways. Which method is used? When the switch is initially set up, it is often through out-of-band management; after setting the IP address, you can use in-band management. In-band management Because the management data is transmitted through a publicly used LAN, remote management can be achieved, but the security is not strong. Out-of-band management is through serial communication, and data is only transmitted between the switch and the management machine, so the security is very strong; however, due to the limitation of the length of the serial cable, remote management cannot be realized. So which method you use depends on your requirements for security and manageability.
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