行业研究 / 行业点评 2025 年 06 月 10 日 电子 强于大市 投资要点： 证券研究报告 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《ASIC 成为服务器芯片领域新风口——爱 建电子行业周报》2025-05-26 《Wolfspeed 陷入困境，国产 SiC 企业迎来发 展机遇——20250604 爱建电子行业周报》 2025-06-04 《ASIC 成为服务器芯片领域新风口》 2025-05-27 《iPhone 多策略并举应对安卓竞争——爱建 电子行业周报》2025-05-21 《AI Agent 应用加速，关注相关投资机会—— 爱建电子行业周报》2025-05-13 《进口芯片原产地认定更改，美国本土晶圆厂 承压——爱建电子行业周报》2025-04-30 许亮 S0820525010002 0755-83562506 xuliang@ajzq.com 行业及产业 EDA 限制升级，国产替代加速 ——电子行业周报 2025 年 6 月 2 日至 6 月 6 日，SW 电子行业指数 (+3.6%)，涨跌幅排名 3/31 位。SW 一级行业指数前五分 ...

Investment Rating - The automotive sector is rated as "Outperform" compared to the market [4] Core Insights - The automotive sector index increased by 0.17% this week, underperforming the CSI 300 index which rose by 0.88% [4][12] - The sales of passenger vehicles in May showed a year-on-year increase of 13%, with a total retail of 1.93 million units [4][27] - NIO reported a revenue of 12.03 billion yuan in Q1 2025, a year-on-year increase of 21.5%, but a net loss of 6.89 billion yuan [4][26] - Changan Automobile has been upgraded to a central enterprise, which may accelerate the development of its high-end electric and intelligent brands [4][9] Summary by Sections Market Overview - The automotive sector index closed at 6,982.4 points, ranking 25 out of 31 sectors, while the CSI 300 index closed at 3,874.0 points [4][12] - The motorcycle and other sectors increased by 3.58%, while commercial vehicles decreased by 5.35% [4][12] Sales Data - Daily retail sales of passenger vehicles averaged 95,000 units in the last week of May, a year-on-year increase of 6% [4][27] - Cumulative retail sales for May reached 1.93 million units, with a month-on-month increase of 10% [4][27] Company Performance - NIO's Q1 2025 delivery was 42,094 vehicles, a year-on-year increase of 40.1% [4][26] - Changan's 2024 new energy vehicle sales are projected to reach 740,000 units, a year-on-year increase of 53% [4][9] Investment Recommendations - Focus on intelligent passenger vehicles, particularly companies like Xiaopeng Motors and Xiaomi Group [4] - In the auto parts sector, companies like Kebo Da and Baolong Technology are recommended due to the rise of electric and intelligent core technologies [4] - For automotive services, attention is drawn to China Automotive Research due to the expansion of electric intelligent brands [4]

Investment Rating - The report rates the electronic industry as "stronger than the market" [1] Core Insights - The EDA (Electronic Design Automation) sector is experiencing accelerated domestic substitution due to U.S. restrictions on EDA exports to China, which is seen as a bottleneck for the rapid development of China's technology industry [5][8] - The global EDA market is projected to grow steadily, with a compound annual growth rate (CAGR) of 8.87% from 2019 to 2024, reaching a market size of approximately $15.71 billion in 2024, reflecting a year-on-year increase of 8.1% [3][10] - Domestic EDA companies are rapidly increasing their market share, with a growth rate of 13.3% in China, indicating significant potential for domestic substitution [3][26] Summary by Sections EDA Market Overview - The global EDA market is expected to reach $15.71 billion in 2024, with major players like Synopsys, Cadence, and Siemens holding a combined market share of 74% [3][10] - The Chinese EDA market is projected to grow to 135.9 billion yuan in 2024, with local companies like Huada Jiutian capturing 6% of the market [3][26] EDA Industry Dynamics - The EDA sector is crucial for the semiconductor industry, with a CAGR of 7.8% from 2017 to 2024, outpacing the semiconductor market's growth of 6.3% [11][32] - Domestic EDA companies are experiencing a revenue growth rate of 20.4%, significantly higher than their international counterparts [11][32] Key Players in EDA - Major international EDA companies include Synopsys, Cadence, and Siemens, while domestic players like Huada Jiutian, Gai Lun Electronics, and Guangli Microelectronics are emerging with differentiated product offerings [35][38] Recent Developments - The report highlights the ongoing technological advancements and the increasing complexity of chip design, which are driving the demand for EDA tools [11][32] - The report also notes the significant investment and policy support for domestic EDA development, which is accelerating the transition to self-sufficient EDA solutions in China [22][35]

Investment Rating - The automotive industry is rated as "Outperform" compared to the market [4] Core Insights - The automotive sector has shown a slight increase of 0.17% this week, underperforming the Shanghai Composite Index which rose by 0.88% [4][12] - The sales of passenger vehicles in May increased year-on-year by 13% and month-on-month by 10%, with a total retail of 1.93 million units [4][27] - NIO reported a revenue of 12.03 billion yuan in Q1 2025, a year-on-year increase of 21.5%, but a net loss of 6.89 billion yuan, indicating a narrowing loss compared to the previous quarter [4][26] - Changan Automobile has been upgraded to a central enterprise, which is expected to accelerate the development of its high-end electric and intelligent brands [4][8] Summary by Sections Market Overview - The automotive sector index closed at 6,982.4 points, ranking 25 out of 31 sectors, while the Shanghai Composite Index closed at 3,874.0 points [4][12] - The motorcycle and other segments increased by 3.58%, while commercial vehicles decreased by 5.35% [4][12] Sales Data - Daily retail sales of passenger vehicles averaged 95,364 units in the last week of May, a year-on-year increase of 6% [4][27] - Cumulative retail sales for the year reached 8.80 million units, up 9% year-on-year [4][27] Company Performance - NIO's Q1 2025 delivery was 42,094 vehicles, a year-on-year increase of 40.1% [4][26] - Changan's independent status is expected to enhance its decision-making capabilities and resource acquisition [4][9] Investment Recommendations - Focus on intelligent passenger vehicles, particularly companies like XPeng Motors and Xiaomi Group [4] - In the auto parts sector, companies like KEBODA and Baolong Technology are recommended due to their core technology in electric and intelligent supply chains [4] - For automotive services, attention is drawn to China Automotive Research due to the expansion of electric intelligent brands [4]

Investment Rating - The automotive industry is rated as "Outperform" compared to the market [4] Core Insights - The automotive sector experienced a decline of 4.11% this week, underperforming the CSI 300 index, which fell by 1.08% [4][8] - In May, the average daily retail sales of passenger cars reached 61,000 units, a year-on-year increase of 26% [25] - The report highlights significant growth in new energy vehicle sales, with BYD leading the market with 382,476 units sold in May, a year-on-year increase of 15.7% [30] Summary by Sections Market Review - The automotive sector underperformed the CSI 300 index by 3.02 percentage points, with a current index level of 6,970.5 points [8] - The automotive services sector saw a positive growth of 3.38%, while the passenger vehicle segment declined by 9.48% [4][8] Sales Data - In May, the cumulative retail sales of passenger cars from May 1-25 reached 1.358 million units, a year-on-year increase of 16% [25] - The top five new energy vehicle brands by sales volume for the week of May 19-25 were Li Auto (10,500 units), AITO (8,800 units), Leap Motor (7,200 units), Xiaomi (6,800 units), and Xpeng (5,700 units [28] Company Performance - Xiaomi Group reported a total revenue of 111.3 billion yuan in Q1 2025, with a net profit of 10.92 billion yuan, marking a year-on-year increase of 161.2% [23] - Li Auto's Q1 revenue was 25.93 billion yuan, with a gross margin of 20.5% [21] - The report emphasizes the high gross margin of Xiaomi's automotive business at 23.2%, surpassing competitors like Tesla and Xpeng [4] Investment Recommendations - The report suggests focusing on companies that are advancing in autonomous vehicle technology and smart cockpit innovations, specifically recommending Xpeng Motors and Xiaomi Group [54] - For automotive parts, it highlights the rise of domestic supply chains in electric and intelligent core technologies, recommending companies like Kobot and Baolong Technology [54]

Investment Rating - The report rates the electronic industry as "Outperform the Market" [1] Core Insights - The global SiC (Silicon Carbide) market is projected to reach approximately $4.1 billion in 2024, with a year-on-year growth of 28.13% [3][21] - Wolfspeed, a leading SiC substrate supplier, is facing significant challenges, including a potential bankruptcy filing, due to strategic missteps and increased competition from Chinese firms [2][8] - The automotive sector is expected to dominate the SiC device market, accounting for 74% of the global power SiC device market by 2028 [9][30] Summary by Sections Industry Performance - The SW electronic industry index decreased by 0.6% from May 24 to May 30, 2025, ranking 22 out of 31 sectors [1] - The top-performing sectors included Environmental (+3.4%) and Pharmaceutical (+2.2%), while the automotive sector saw a decline of 4.1% [1] Wolfspeed's Situation - Wolfspeed reported Q3 2025 revenues of $561 million, a decrease of 7.5% year-on-year, with a gross profit of -$96 million [2][8] - The company's stock price fell over 50% in after-hours trading, prompting considerations of bankruptcy due to operational challenges and market pressures [2][8] SiC Market Dynamics - The SiC substrate and epitaxial wafer markets are projected to reach approximately 9.2 billion yuan and 8.7 billion yuan, respectively, in 2024, with year-on-year growth rates of 24.3% and 8.7% [3][23] - Domestic companies are rapidly advancing in the 8-inch SiC production, with firms like Tianyue Advanced and Sanan Optoelectronics making significant progress [9][28] Investment Opportunities - The report suggests focusing on domestic SiC industry chain companies, particularly Tianyue Advanced, as they are well-positioned to benefit from the growing demand and supply constraints in the SiC market [5][29]

Investment Rating - The automotive industry is rated as "Outperform the Market" [4] Core Insights - The automotive sector experienced a decline of 4.11% this week, underperforming the CSI 300 index, which fell by 1.08% [4][8] - In May, the average daily retail sales of passenger cars reached 61,000 units, showing a year-on-year increase of 26% [25] - The report highlights significant growth in new energy vehicle sales, with BYD leading the market with 382,476 units sold in May, a year-on-year increase of 15.7% [30] Summary by Sections Market Review - The automotive sector underperformed the CSI 300 index by 3.02 percentage points, with the sector index closing at 6,970.5 points [8] - The automotive services sector saw a gain of 3.38%, while the passenger vehicle sector declined by 9.48% [4][8] Sales Data - In May, the cumulative retail sales of passenger cars from May 1-25 reached 1.358 million units, a year-on-year increase of 16% [25] - The top five new energy vehicle brands by sales in May were BYD, Geely, and Li Auto, with significant year-on-year growth rates [30][29] Company Performance - Xiaomi Group reported a total revenue of 111.3 billion yuan in Q1 2025, with a net profit of 10.92 billion yuan, marking a year-on-year increase of 161.2% [23] - Li Auto's Q1 revenue was 25.93 billion yuan, with a gross margin of 20.5% and a year-on-year increase in vehicle deliveries of 15.5% [21] Investment Recommendations - The report suggests focusing on companies that are advancing in autonomous driving and smart cockpit technologies, specifically recommending Xiaomi Group and Xpeng Motors [54] - For automotive parts, it highlights the rise of domestic supply chains in electric and intelligent core technologies, recommending companies like Kobot and Baolong Technology [54]

Investment Rating - The automotive sector is rated as "Outperform" compared to the market [3] Core Insights - The automotive sector index increased by 2.40% this week, outperforming the CSI 300 index which rose by 1.12% [3][7] - Passenger car sales in May showed significant growth, with daily retail sales averaging 61,000 units, a year-on-year increase of 30% and a month-on-month increase of 44% [31] - The new XPeng P7 model was announced, featuring advanced design and technology, which is expected to enhance profitability [3] - Geely's Q1 2025 financial report showed a revenue increase of 25% year-on-year, with a net profit surge of 264% [3] Market Performance - The automotive sector outperformed the CSI 300 index by 1.29 percentage points this week, ranking 3rd among 31 sectors [7] - The passenger vehicle segment rose by 4.43%, while commercial vehicles declined by 1.70% [7] Sales Data - Cumulative retail sales of passenger vehicles reached 7.446 million units in 2025, reflecting an 8% year-on-year increase [31] - In the second week of May, the new energy vehicle sales were driven by significant contributions from various brands, with Li Auto leading the sales [35] Company Highlights - XPeng Motors reported a 313% year-on-year increase in new car deliveries for the first four months of 2025 [3] - Geely's new energy vehicle sales reached 339,000 units in Q1 2025, marking a 135% increase year-on-year [3] Investment Recommendations - For passenger vehicles, focus on companies like XPeng Motors and Xiaomi Group, which are advancing in intelligent vehicle technology [3] - In the auto parts sector, companies such as Kebo Da and Baolong Technology are recommended due to their core technology advancements [3]

Investment Rating - The report rates the electronic industry as "Outperform the Market" [1] Core Viewpoints - The electronic industry index has shown a stronger performance compared to the CSI 300 index over the past year [1] - The report highlights the impact of U.S. tariffs on the consumption electronics sector and the ongoing adjustments in trade policies [3][6] - There is a focus on the growth opportunities in domestic chip manufacturing, particularly in the context of U.S.-China trade tensions [3][28] Summary by Sections 1. Semiconductor Trade and Production - The U.S. has imposed a 125% tariff on all imports from China, significantly affecting the semiconductor supply chain [6] - In 2024, the total U.S. exports to China amounted to $143.55 billion, with machinery and electronics making up 28% of this figure [6] - The global semiconductor sales reached $534.499 billion in 2024, marking a 24.75% year-on-year increase [10] 2. Company Financials - SK Hynix reported Q1 2025 revenues of 17.6391 trillion KRW, with an operating profit margin of 42% and a net profit margin of 46% [28] - Intel's Q1 2025 revenue was $12.667 billion, exceeding market expectations, driven by preemptive orders due to tariff concerns [30] 3. Market Performance - The SW electronic industry index increased by 0.6%, ranking 18th out of 31 sectors [36] - The top-performing stocks in the electronic sector included Zhishang Technology (+44.8%) and ST Yushun (+27.7%) [43] - The semiconductor sector in Taiwan saw a 0.6% increase, reflecting stable market conditions [48]

Investment Rating - The electronic industry is rated as "Outperform the Market" [1] Core Viewpoints - The electronic industry index has shown a performance that outpaces the CSI 300 index over the past year [1] - The report highlights the impact of U.S. tariffs on the semiconductor market and the importance of domestic chip manufacturers in the context of ongoing trade tensions [3][6] - The report emphasizes the growth in global semiconductor sales, with a notable increase in China's semiconductor import and export figures [10][12] Summary by Sections 1. Semiconductor Trade and Market Dynamics - The global semiconductor sales are projected to continue rising, with a reported sales figure of $534.5 billion in 2024, marking a year-on-year increase of 24.75% [10] - China's semiconductor imports reached $386.12 billion in 2024, reflecting a 10.3% increase, while exports amounted to $117.54 billion, up 17.2% [10][12] - The U.S. has imposed a 125% tariff on all imports from China, significantly affecting the semiconductor supply chain [6][26] 2. Company Performance and Developments - SK Hynix reported a Q1 2025 revenue of 17.6391 trillion KRW, with an operating profit margin of 42% and a net profit margin of 46% [28] - Intel's Q1 2025 revenue reached $12.667 billion, exceeding market expectations, driven by preemptive orders due to anticipated tariff impacts [30] - Alphabet's Q1 2025 revenue was $90.234 billion, with a net profit increase of 46% year-on-year, indicating strong performance in its core business segments [33] 3. Market Performance Overview - The SW electronic industry index increased by 0.6%, ranking 18th out of 31 sectors [36] - The top-performing sub-sectors within the electronic industry included consumer electronic components and assembly, which rose by 4.1% [40] - Notable stock performances included Zhishang Technology (+44.8%) and ST Yushun (+27.7%), while stocks like Huilun Crystal (-21.3%) and Si Rui Pu (-19.3%) faced declines [43]