Industry Investment Rating - The report does not explicitly provide an overall industry investment rating [1][2][3] Core Views - The electronics industry is experiencing a weak recovery at the bottom of demand, with a focus on upstream equipment and materials that are relatively independent of the industry's cyclicality due to domestic substitution logic [7] - Android-related inventory is expected to gradually normalize, suggesting attention to Android smartphone component manufacturers [7] - Semiconductor design companies are benefiting from downstream inventory replenishment, making them worth monitoring [7] Index Performance - The Shanghai Composite Index fell by 2.35% and the CSI 300 Index fell by 2.92% during the week of August 1-7, 2024 [3] - The electronics sector underperformed the broader market, with the Shenwan Electronics Index dropping by 6.98%, underperforming the Shanghai Composite by 4.63 percentage points and the CSI 300 by 4.06 percentage points [3] - The PE valuation of the electronics industry decreased to around 42.90x [3] Industry Data - Global smartphone shipments in Q2 2024 reached 285 million units, a year-on-year increase of 7.58% [6] - China's smartphone shipments in June 2024 were 23.84 million units, up 14.3% year-on-year [7] - Global semiconductor sales in June 2024 were $49.98 billion, up 18.3% year-on-year [7] - Japan's semiconductor equipment shipments in June 2024 increased by 31.84% year-on-year [7] Industry Dynamics - Google significantly reduced the price of its AI model, Gemini1.5Flash, with input costs at $0.075 per million tokens and output costs at $0.3 per million tokens, effective August 12, 2024 [11] - Intel's Q2 2024 revenue was $12.8 billion, down 1% year-on-year, with a net loss of $1.6 billion compared to a net profit of $1.5 billion in the same period last year [12] - Amazon's Q2 2024 net sales were $148 billion, up 10% year-on-year, with net income doubling to $13.5 billion [13] - Apple's Q2 2024 revenue and profit exceeded Wall Street expectations, with iPhone revenue at $39.3 billion, accounting for 45.8% of total revenue [14][15] Company Dynamics - Universal Scientific Industrial (USI) reported a 2.23% year-on-year increase in half-year profit, with revenue reaching approximately 27.386 billion yuan and net profit of 784 million yuan [16]

[table_subject] 2024 年 8 月 8 日 证券研究报告·电子行业周报 英特尔二季度业绩大幅下降 ——中山证券电子行业周报 e_invest] 中山证券研究所 分析师：葛淼 登记编号：S0290521120001 邮箱：gemiao@zszq.com 市场走势 [table_main] 投资要点： 中山行业研究类模板 ●英特尔二季度业绩大幅下降。英特尔公布了 2024 财年第二财季财报： 营收为 128 亿美元，同比下降 1%；应占净亏损为 16 亿美元，而上年同期的应 占净利润为 15 亿美元，同比转盈为亏。 ●谷歌 AI 模型大幅下调使用价格。谷歌公司 8 月 2 日更新价格页面，宣 布将于 2024 年 8 月 12 日开始，Gemini1.5Flash 模型每百万输入 tokens 成本 为 0.075 美元、每百万输出 tokens 成本为 0.3 美元。 ◎回顾本周行情（8 月 1 日-8 月 7 日），本周上证综指下跌 2.35%，沪深 300 指数下跌 2.92%。电子行业表现弱于大市。申万一级电子指数下跌 6.98%， 跑输上证综指 4.63 个百分点，跑输沪深 300 指 ...

Investment Rating - The report suggests a weak recovery in demand for the electronics industry, recommending attention to upstream equipment materials that are relatively independent of the industry cycle, as well as Android component manufacturers and semiconductor design companies benefiting from downstream inventory replenishment [2][9][20]. Core Insights - TSMC expects a 10% year-on-year growth in the wafer foundry market for 2024, driven by strong demand for 3nm and 5nm processes, particularly from AI and smartphones [1][16]. - In Q2, TSMC's revenue from high-performance computing (HPC) exceeded half of its total revenue for the first time, largely due to the explosive growth of the AI industry [1][17]. - Global smartphone shipments in Q1 reached 289 million units, a year-on-year increase of 7.74%, while China's smartphone shipments in May were 28.6 million units, up 13.5% year-on-year [1][9]. - Global semiconductor sales in May amounted to $49.15 billion, reflecting a year-on-year growth of 19.3% [9][19]. - The semiconductor equipment market is also seeing growth, with Japan's semiconductor equipment shipments increasing by 26.99% year-on-year in May [9][19]. Summary by Sections Market Trends - The Shanghai Composite Index fell by 2.06% and the CSI 300 Index dropped by 2.38% during the week of July 18-24, with the electronics sector underperforming the market [1][3]. - The electronic industry index decreased by 4.49%, trailing the Shanghai Composite by 2.43 percentage points [3]. Industry Data - The report highlights a decline in the growth rate of smartphone shipments in China, which decreased from 25.5% in April to 13.5% in May [9]. - The report notes that the consumer electronics sector has been sluggish due to a slowdown in innovation and global economic downturn, but signs of recovery are emerging as inventory levels are low and demand is expected to rebound [9][19]. Company Dynamics - Sanan Optoelectronics reported a profit growth of 30% to 50% for the first half of 2024, driven by improved demand in consumer electronics and optical communication sectors [20].

e_invest] 中山证券研究所 分析师:葛淼 登记编号:S0290521120001 邮箱:gemiao@zszq.com 市场走势 [table_subject] 2024 年 7 月 18 日 证券研究报告·电子行业周报 二季度全球智能手机出货量同比增长 6% ——中山证券电子行业周报 [table_main] 投资要点: 中山行业研究类模板 ●二季度全球智能手机出货量同比增长 6%。根据 CounterpointResearch 智能手机追踪报告的初步数据,2024 年第二季度全球智能手机销量同比增长 6%,创下三年来最高的同比增长率。这也是市场连续第三个季度的增长。 ●苹果追加 iPhone16 系列手机备货量。据台媒经济日报报道,苹果公司 近一个月两度追加 iPhone16 系列手机备货量,将相关备货量增至 9500 万部, 显示对新产品销售充满信心。 ◎回顾本周行情(7 月 11 日-7 月 17 日),本周上证综指上涨 0.8%,沪深 300 指数上涨 2.12%。电子行业表现弱于大市。申万一级电子指数上涨 1.01%, 跑赢上证综指 0.21 个百分点,跑输沪深 300 指数 1.1 个百 ...

[table_subject] 2024 年 7 月 11 日 证券研究报告·电子行业周报 HBM 需求增速有望达到 70%,远超第三方机构预期 ——中山证券电子行业周报 [table_main] 投资要点: 中山行业研究类模板 ●上半年中国大陆电视整机出货量下降 4.2%。根据洛图科技(RUNTO)发 布的《中国电视市场品牌出货月度追踪》数据显示,2024 年上半年,中国大陆 电视市场的品牌整机出货总量为 1639 万台,同比 2023 年下降 4.2%。 ●HBM 需求增速有望达到 70%,远超第三方机构预期。据韩媒 ETNews 报 道,SK 海力士副总裁兼封装技术开发负责人 MoonKi-ill 于首尔举办的活动上 表示,预计 HBM 内存的复合年增长率(CAGR)将达到 70%。市场研究机构 TrendForce 集邦咨询曾认为 2021~2027 年 HBM 内存市场的 CAGR 将为 26.4%, 但下游客户的需求远远超过了第三方机构的预期。 ◎回顾本周行情(7 月 4 日-7 月 10 日),本周上证综指下跌 1.44%,沪深 300 指数下跌 0.99%。电子行业表现强于大市。申万一级电子指 ...

[table_subject] 2024 年 7 月 4 日 证券研究报告·电子行业周报 5 月我国互联网业务收入同比增速提高 ——中山证券电子行业周报 e_invest] 中山证券研究所 分析师:葛淼 登记编号:S0290521120001 邮箱:gemiao@zszq.com 市场走势 [table_main] 投资要点: 中山行业研究类模板 ●5 月我国互联网业务收入同比增速提高。据工信部官方消息,2024 年 1- 5 月份,我国互联网业务收入保持增长态势,利润总额降幅收窄,研发经费实 现正增长。1-5 月份,我国规模以上互联网和相关服务企业完成互联网业务收 入 6861 亿元,同比增长 5%,增速较 1-4 月份提高 1.3 个百分点。 ●5 月国内苹果手机出货量增长 40%。基于中国信息通信研究院的统计数 据,彭博社表示苹果公司今年 5 月国内 iPhone 出货量增长 40%,延续了 4 月的 反弹势头。 ◎回顾本周行情(6 月 27 日-7 月 3 日),本周上证综指上涨 0.33%,沪深 300 指数下跌 0.48%。电子行业表现弱于大市。申万一级电子指数下跌 1.4%, 跑输上证综指 1. ...

e_invest] 中山证券研究所 分析师:葛淼 登记编号:S0290521120001 邮箱:gemiao@zszq.com 市场走势 [table_subject] 2024 年 6 月 27 日 证券研究报告·电子行业周报 一季度全球头显设备出货量下降 67.4% ——中山证券电子行业周报 [table_main] 投资要点: 中山行业研究类模板 ●三星超额完成二季度生产任务。韩媒 TheElec 报道,三星电子今年第 2 季度智能手机和平板电脑生产预估超额完成 3%,而第 1 季度已经超额 22%,今 年上半年产量预估可以超额完成 13%。 ●一季度全球头显设备出货量下降 67.4%。IDC(国际数据公司)6 月 18 日 发布了全球 AR/VR 头显设备的出货量数据报告,数据显示,2024 年第一季度全 球 AR/VR 头显设备出货量同比下降了 67.4%。 ◎回顾本周行情(6 月 20 日-6 月 26 日),本周上证综指下跌 1.51%,沪 深300指数下跌1.37%。电子行业表现弱于大市。申万一级电子指数下跌3.48%, 跑输上证综指 1.97 个百分点,跑输沪深 300 指数 2.1 个百分 ...

[table_subject] 2024 年 7 月 1 日 物产环能(603071) 证券研究报告·公司点评报告 ——2023 年报、2024Q1 季报点评 分析师：王曦 分析师编号：S0290522090001 物产环能市场走势 ◎热电联产区域优势稳固，毛利率与营收贡献稳中有升：2023 年，公司热 电联产业务毛利率 24.13%，毛利率比上年增加 1.35 个百分点。公司热电行 业贡献营收 31.25 亿元，占总营业收入从 2021 年 5.21%上升到 2023 年 7.05%， 2023 年全年新增用户 47 家，销售蒸汽 834.88 万吨（同比+14.75%），电力 131,990.24 万千瓦时（同比+23.76%），压缩空气 27.80 亿 m³，同比增加 13.75%。 预计随着热电联产区域拓展，热电联产板块营收有望稳中有升。 ◎新能源业务增长迅速，开辟第二成长曲线：2023 年新能源业务实现营收 6085 万元（同比+870.04%），光伏组件及相关设备贡献销售收入 4427.95 万元 （同比+605.88%），增长迅速。新能源对于实现碳中和目标具有重要地位，新 能源业务有望成为公司新 ...

Investment Rating - The electronic industry is rated as showing signs of weak recovery from the demand bottom, with a focus on upstream equipment materials that are relatively independent of the industry cycle [2][7]. Core Insights - In April 2024, global shipments of large-sized display panels decreased significantly, with TV panels down 6.9%, monitor panels down 3.6%, notebook panels down 14.6%, and tablet panels down 9.8% [1][11]. - The price of 3nm process chips has increased by 25% compared to the previous generation, with Qualcomm's Snapdragon 8 Gen4 leading the price hike, expected to exceed $250 [1][14]. - The electronic industry outperformed the broader market, with the Shenwan electronic index rising by 3.86% during the week of June 13-19, 2024 [3][6]. - Global smartphone shipments in Q1 2024 reached 289 million units, a year-on-year increase of 7.74% [6][12]. - In April, China's smartphone shipments were 22.66 million units, showing a year-on-year growth of 25.5% [7][12]. - Global semiconductor sales in April amounted to $46.43 billion, a year-on-year increase of 15.8% [7][15]. - The semiconductor equipment sector also saw growth, with Japan's semiconductor equipment shipments increasing by 15.75% year-on-year in April [7][15]. Summary by Sections Market Trends - The electronic industry has shown strong performance compared to the broader market indices, with significant increases in various sub-sectors [3][6]. - The demand for large-sized display panels has decreased, but there is a strategy of early procurement to mitigate costs [11][12]. Industry Dynamics - The semiconductor industry is experiencing a gradual recovery, driven by low inventory levels and improving economic conditions [7][15]. - The anticipated increase in DRAM contract prices by 13-18% in Q2 2024 is expected due to various market factors [15]. Company Developments - DiAo Microelectronics plans to reduce its holdings by 2,522,000 shares due to funding needs [16].

Industry Investment Rating - The report does not explicitly mention an overall industry investment rating [1][2][3] Core Views - The electronic industry is experiencing a weak recovery at the bottom, with a focus on upstream equipment materials that are relatively independent of the industry cycle due to domestic substitution logic [6] - Android smartphone component manufacturers are expected to benefit as inventory levels gradually return to normal [6] - Semiconductor design companies are likely to benefit from downstream inventory replenishment [6] Market Performance - The Shanghai Composite Index fell by 0.91% and the CSI 300 Index fell by 1.41% during the week of June 6-12 [3] - The electronic industry outperformed the broader market, with the Shenwan Primary Electronic Index rising by 2.43%, outperforming the Shanghai Composite Index by 3.34 percentage points and the CSI 300 Index by 3.84 percentage points [3] - The PE valuation of the electronic industry rose to around 61.80 times [3] Industry Data - Global smartphone shipments in Q1 2024 reached 289 million units, a year-on-year increase of 7.74% [5] - China's smartphone shipments in April 2024 were 22.66 million units, a year-on-year increase of 25.5% [6] - Global semiconductor sales in April 2024 were $46.43 billion, a year-on-year increase of 15.8% [6] - Japan's semiconductor equipment shipments in April 2024 increased by 15.75% year-on-year [6] Industry Trends - European smartphone shipments returned to positive growth in Q1 2024, increasing by 2% to 33.1 million units, marking the first growth after 12 consecutive quarters of decline [10] - Global mobile app spending in Q1 2024 grew by 9.5% year-on-year to $35.8 billion [11] - MediaTek's May 2024 revenue increased by 33.53% year-on-year to NT$42.15 billion [12] - TSMC's May 2024 revenue increased by 30.1% year-on-year to NT$229.62 billion [13] Company Developments - Rongda Photosensitive announced a private placement to raise up to 245 million yuan for the expansion of high-end photosensitive circuit dry film photoresist production [14] Key Players in European Smartphone Market - Samsung led the European smartphone market in Q1 2024 with a 37% market share, followed by Apple with 22%, Xiaomi with 16%, Motorola with 6%, and Honor with 3% [10]