No, no, er...yes, those are composite. Those cables are NOT component. Component cables would look similar to those but they would likely be fatter and definitely use a different color scheme. The yellow cable is for video, red is for right channel audio and white is for left channel audio (though it doesn't matter which color is used for which, the colors are just there to make it easier to track the cables from one end to the other).
Component cables have no audio running through them. They are only for video, but instead of having the whole video stream go down one cable (e.g. the yellow composite cable) it splits the stream into thre separate colors (red, blue and green I think) and has one cable for each color. Your setup is for composite, not component.