SANTA ANA, CALIF. -- Despite the stock market decline, a majority of chief executive officers in the electronics industry said business in the third quarter of 1987 was either excellent or good, according to an industry survey released last week.

"It is interesting to note that despite evidence of near-calamity in the financial community, our industry was viewed by a vast majority of its leaders as being very healthy," said J. Richard Iverson, president and chief executive officer of the American Electronics Association, which conducted the semiannual survey.

Iverson said that most of the 720 executives who responded did so after the Oct. 19 fall in the stock market.

"I feel strongly that the electronics industry is still healthy," he said. "Of course, the stock market fall should be taken seriously. However, we must not be caught up in a wave of pessimism that exceeds the reality of the situation."

In the survey, which was mailed to 3,265 chief executives who are members of the electronics association, 70.8 percent of those responding said current business conditions were either good or excellent. In an April survey, 57.6 percent said business was good or excellent.

The October survey also showed that 77.3 percent of respondents said they expected business to be excellent or good in the next six months. That contrasted with the April survey, which indicated that 66.5 percent expected business to be good or excellent.

The April survey was mailed to 2,830 chief executives, with 674 responding.

Most of the respondents to the October survey were from the industrial segment of the electronics industry, followed by test and measurement companies. Consumer products had only 11 respondents.