【研究报告内容摘要】
Top news.
The one-year subsidy program for energy-efficient home appliances expired on 31 May. According to the China Market Monitor (CMM), energy-saving TVs surged from a 32.1% share of the PRC TV market in June 2012 when the subsidy program was introduced, to an 88.5% market share by April 2013. CMM reported that within the one-year period, energy-saving appliances had generated RMB242.3b in sales revenue.
Other highlights
German Chancellor Angela Merkel said that Germany firmly opposes a trade probe initiated by the EU into imports of Chinese mobile telecommunications products.
Due to the rapid adoption of smartphone and tablets, IDC expects global PC shipments to be down 7.8% YoY in 2013F, lower than the previous estimate (down 1.3%). Global PC shipments in 2014F are expected to decline 1.2% YoY.
IDC forecasts the size of the PRC “big data” market will expand from US$77.6m in 2011 to US$617m in 2016F, representing a CAGR of 51.4%.
The Ministry of Commerce announced that total e-commerce transaction volume in 2012 exceeded RMB8,000b in 2012, up 31.7% YoY. PRC online retail transaction volume exceeded RMB1,300b in 2012, up 67.5% YoY.
CCBIS observations and comments
In our view, the expiry of the energy saving subsidy will only have a limited impact on leading PRC TV makers including Skyworth (751 HK, Outperform) and TCL Multimedia (1070 HK, Neutral). Upon expiry of the subsidy, we expect both leading TV makers to focus on cutting edge, higher-ASP and higher-margin products to enhance market share.
We believe big data will be a key growth driver for the China IT market and mobile internet. Tencent (700 HK, Not Rated) and Qihoo 360 (QIHU US, Not Rated) are enjoying first-mover advantages.