From the previous Apple WWDC and last week's Google I/O conference, we can see the overall layout and game of the two leading faucets in the future intelligent platform and ecosystem. In addition, we also pay close attention to LED smart lighting and chip localization trends, and released two in-depth special reports on technology trends and policies last week. In general, we continue to be the first to participate in Apple's and Google's incremental innovations, such as Lixun Precision and Han's Laser, etc., ushered in the inflection point, and the high-growth and low-value Jinfu new materials in the second and third quarters continue to be optimistic; we judge the LED sector in the third quarter. Hope to welcome the market restart and long-term benefit from the intelligent lighting trend, optimistic about the leading Sanan Optoelectronics and Sunshine Lighting, and pay attention to Dehao Runda, Chau Ming Technology; optimistic about the prospects and the semiconductor sector benefiting from the trend of chip localization, it is recommended to grasp the details Xingsen Technology, which is divided into taps and localized beneficiaries, can still pay attention to the valuation of the oversold white horse Haikang, Dahua and Goer in the market after the pessimistic digestion, other small tickets can also pay attention to the rambler, Anjubao Wait. Last week's important events include the Google I/O Conference and the National IC Industry Development Promotion Outline. Welcome to our LED and Sapphire Investment Summit held in Shanghai this Monday afternoon. Google 2014 I / O conference summary: Android cross-platform comprehensive interoperability, comprehensive game against Apple. Google released eight new products at the conference: the next generation of AndroidL debut, unified internal platform and style, to solve the fragmentation problem; release less than $100 entry-level AndroidOne platform, promote low-end market volume through reference design; show AndroidWear smart watch System and Moto360 and LGlive smart watches; launch GoogleFit health management platform to create personalized health data (data standardization and open interface); release Android system AutoCAD platform for car system; launch AndroidTV app, and also update Chromecast TV bar and Chromebook. Like Apple, Google extends the Android system from mobile phones to other smart terminal platforms such as TVs, wearables, and automobiles, and is trying to build a seamless interoperability platform that will fully compete with Apple in various fields. Apple and Google's platform migration competition is expected to promote explosive growth in smart terminals. We believe that the pattern of Apple and Google's duopoly platform has been established, and the hardware supply chain that fully cooperates with its parts innovation and new industry direction will be our focus. We have seen that Google is already accelerating the hardware layout, including NEST, a smart home platform that was acquired in the early stage. Its recent home monitoring, Dropcam, has its ecosystem, such as LIFX, which is a smart lighting manufacturer against PHILIPSHUE. Firmly optimistic about Apple's innovation cycle in the second half of the year, especially the leader in incremental innovation! Apple WWDC has outlined Apple's cross-platform ecosystem, and Apple will usher in a new product innovation cycle in the second half of this year. In particular, the iPhone's two new products and iWatch are all expected to exceed the expectations of industrial design and function. In addition, ipadPro and mysterious cool products are released at the end of the year, which brings the upward cycle of the Apple industry chain from the third quarter to next year; The timing and quantity of several products are released. We judge that the 4.7-inch and 5.5-inch iPhones will be released in September and October respectively. The relevant industry chain will start to pull goods in June, and the iPhone shipments in the second half will increase by more than 30%. For iWatch, we believe that it will be released around November. The component supply chain will be mass-produced at the end of August and early September. The stock will be slightly over 10 million during the year, and it is expected to reach 40-60 million next year. The iPad Pro is only a few million in the end of the year. Apple's innovations in sapphire, metal, ceramics, fingerprints, NFC, iBeacon, battery-wound, MEMS sensors, lenses, etc. will bring investment opportunities in related fields. We have divided the Apple supply chain into three categories: First, companies that participate in the innovation of new products and their share of the company's products, such as Lixun Precision and Han's Laser, because of their participation in Apple's precision connection, wireless charging, sapphire micromachining, etc. Incremental innovation, the highest performance elasticity (from Apple sales 13 to 3 billion, 7 to 8 to 18 to 2 billion, respectively), we firmly spurred; Second, the main supplier in the Apple industry chain, early stage After the oversold, it will follow the Apple cycle to revise the valuation, including Gore Acoustics, Huanxu Electronics, Desai Battery, Anjie Technology, etc. Third, the company that introduces a small share will have certain valuation flexibility, such as Jin Fuxin Materials, Ultrasonic Electronics, Changying Precision, Jinlong Electromechanical, Xinwangda, etc. Interpretation of the Outline of Integrated Circuit Support: The National Strategy helps the industry to meet the long-term turning point. On the 24th, the National Outline of the Development of Integrated Circuit Industry was officially released. We released the National Strategy for the Special Report on Semiconductors for the first time. The outline rationalizes the development of the development of the integrated circuit industry from the national strategic level, with greater intensity and systemic comprehensiveness, especially focusing on policies such as strengthening organizational leadership, national industrial funds and increasing financial support, and more market-oriented industrial development; The replacement space of domestic chips is huge. We have analyzed the scale and technology gap of design, manufacturing, packaging and testing, equipment and materials in detail, and believe that China's semiconductor industry will usher in a long-term turning point under the policy. In the short-term, from the operation and outlook of TSMC, IC design and packaging and testing, the semiconductor industry's strong growth in the second quarter is expected, INTEL's second-quarter forecast and the year-round optimistic outlook also prove that the industry's prosperity is clearer, and semiconductor companies' performance is super The expected probability increases. Our stock picking ideas are as follows: 1) Leading enterprises in various sub-sectors, under the support of the government, strong and strong; such as Haisi, Spreadtrum, etc. in the IC design process, SMIC in the manufacturing process, the length of the packaging and testing Electric technology, Tongfu micro-electronics, etc., seven-star electronics in equipment and Xingsen technology in IC carrier board; 2) Chip areas that benefit national information security and information technology, such as financial IC chips, resident health and information chips, Companies in the field of military products, such as Tongfang Guoxin, Datang Telecom, Zhenxin Technology, National Technology, Fudan Microelectronics, etc.; 3) Positioning companies with cutting-edge technologies in the field, such as WLP's Crystal Technology, Huatian West Titanium, Shuo Baide Keyang, etc., SIP packaging of Xuxu Electronics, NFC's Tongfang Guoxin, MEMS Goer Acoustics, Suzhou Gushu, etc., wearable MIPS Beijing Junzheng, IGBT and power semiconductor CSR era, Huahong, Zhonghuan, China Microelectronics, etc., Xingsen Technology and Shanghai Xinyang, which participate in the large-scale wafer project; 4) Companies with integration capabilities and become platforms for mergers and acquisitions. Including Ziguang Group, Shanghai Belling, Liyuan Information, National Technology, etc. In the report, we compiled a list of more than 30 Chinese semiconductor industry chain companies and watchpoints for the sake of illustration. The trend of intelligent lighting is the trend, focusing on Sunlight, Sanan Optoelectronics and Dehao Runda! We recently released the first topic of intelligent lighting in the market, "Intelligent Lighting Trends Established, Industry Long-term Space Open", 16 pages of in-depth description of industry trends, industrial ecology and supply chain links: Intelligent lighting will enter rapid development in the next 1-2 years In the 14-15 years, the additional 60 billion market will be added; the intelligent lighting function is rich and the added value is huge. The whole ecosystem has also undergone changes under the wave of smart homes. We are optimistic about the four types of manufacturers, including the overall solution providers and the local enterprises that are expected to transform. Influence brand, strong engineering channels and intelligent control links, focusing on Sunlight, Sanan Optoelectronics and Dehao Runda, which have benefited significantly from the trend of intelligent lighting. Coincidentally, on the date of our final report, Sunlight also joined hands with JD.com to launch a strategic launch conference for Zhixiang Lighting Brand, to obtain first-class e-commerce channel support and aggressively enter smart lighting, and Sequoia Capital also announced a $12 million investment in smart LEDs. Light bulb startup LIFX. LED business is expected to exceed expectations in the second half of the year, the early callback provides excellent opportunities to open positions. In addition, we will hold the LED and Sapphire Investment Summit Forum at the Purple Mountain Hotel in Shanghai on Monday afternoon, inviting Philips Asia Pacific Marketing Director, Electric Light Source Intelligent Lighting Expert, LEDinside Principal Analyst and a number of quality companies to participate, we will also tell LED and sapphire industry strategy, welcome to register. Continue to be optimistic about the LED sector market restart! We have been firmly recommending the LED sector this year: 14 years of LED lighting entered the big cycle. In terms of industry sentiment, Taiwan's leading crystal and Yiguang's May revenue data maintained a good growth of 20-30, and were more optimistic about the overall outlook for the second quarter. In general, the upstream (especially the chip) industry continues to enjoy volume and price flexibility, and its profit growth will be more obvious than revenue growth. As for the terminal, the market demand has become clearer since May. From the photos of Fo Zhao, Zhou Ming and some non-listed companies, we have learned that the enthusiasm of domestic and foreign terminal customers for stocking has been greatly improved, and we have begun to strive to achieve the goal of doubling the whole year. We judged that the overall economic situation in the second quarter was in line with expectations. At the same time, we have learned that the degree of prosperity in June will still be maintained, and most manufacturers' orders can be seen at the end of the third quarter. Based on a round of backlight adjustments in the industry from June to September last year, we believe that Q3 year-on-year high growth is worth looking forward to, and will push the sector to restart. In addition, the trend of intelligent lighting is gradually clear, which will open up the long-term space of the industry. We firmly push Sanan, Sunshine and Jufei, grasp the flexibility of Dehao and Zhouming, pay attention to Hongli, Fozhao, Huacan, Liard, etc.; q Sapphire laser micro-machining trend, firmly optimistic about the Hanzu laser and related industry chain ! Whether it is from GTAT's active expansion and optimistic profit forecast, or Lu Xiaobun's 2 billion sapphire crystal rod and Lance's 1.8 billion sapphire expansion plan, and Apple's use of sapphire such as Moto360, it proves that sapphire application will become trend. The entire industry chain, we are currently the most optimistic about the processing equipment, mainly because the sapphire factory's capacity arms race is bound to bring a large number of supporting equipment demand, and the laser micro-processing equipment clear pattern of the big family occupy the main position. In the early stage of the industry forum, we have seen the excellent characteristics of the high-precision laser equipment in the sapphire processing. After confirming the industry chain, Apple's use of sapphire cover in iWatch and some high-end versions of the iPhone this year has been relatively certain. We have already exchanged the market scale of sapphire cutting equipment in the early stage. Due to the high processing complexity of iWatch, it is significantly higher than expected, and the probability of big family has been Get information on small-volume iPhone cover equipment orders and cut into the iWatch supply system. Tracked from the latest industry chain, Lansborn has issued a volume purchase order, and the big family has occupied the main share. Han's laser sapphire laser cutting equipment is expected to fully benefit, the new business will open up 14-16 years of growth space, regain the growth of the cycle, should enjoy the growth valuation premium, in addition, the company this year fiber laser, high power cutting welding, CNC and PCB equipment import substitution progress is also good, is a long-term stock that is not available this year or even next year. The sapphire industry chain can also focus on Luxiao Technology, Tiantong, Dongjing Electronics, Jingsheng Electromechanical, etc. Last Friday, Tiantong announced that it will raise 2 billion yuan to invest in large-scale sapphire wafer projects for smart mobile terminals, proving that the industry companies are The outlook for a market is optimistic, and we also invited the head of the sapphire to communicate with us at the Monday Summit. Google Nest acquired the opportunity that DropCam brings to security and smart homes. The early Google and DropCam scandals finally landed, the 550 million US dollar purchase price valuation is not low, highlighting Google's determination to the future smart home layout, NEST becomes its hardware integration platform, and DropCam's home monitoring is an important part. Coincidentally, domestic Internet leaders such as Baidu released i-eyes in the early stage, Qihoo also hopes to release smart cameras in the near future, and the market space for smart home and intelligent monitoring will be considerable in the future. Security faucets such as Haikang and Dahua also have the opportunity to enter this field. Haikang's civilian fluorite platform has taken shape, and Dahua is also working closely with Internet companies. In the early period, Haikang and Dahua were greatly slaughtered because of the traditional business companies, profitability, Internet business and reductions. We believe that the market is relatively pessimistic, and Haikang civilian products (such as home monitoring and sports). Cameras, driving records, etc. and the new space of Internet business are worth looking forward to. From B2B to B2C, it is also expected to imitate Huawei's success. In addition, Dahua's strategic transformation to the solution is expected to see results in the future, and the future will cooperate with Internet companies. It will become a catalyst for the start of the plate, and the valuation repair space is expected. In addition, the layout of smart cities, parking meters and community business Anjubao, and the East Netpower cooperation with Qihoo is also worthy of attention. Grasp the five major trends of the three main lines. Our core targets include three main lines: Apple (Lixun Precision, Dazu Laser, Jinfu New Materials, Goer Acoustics), LED (Sanan Optoelectronics, Sunlight Lighting, Jufei Optoelectronics), Security (Hikvision, Dahua Shares, Anjubao),
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