[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]

Investment Rating - The report indicates a positive outlook for the electronic industry, suggesting a weak recovery from the demand bottom, with a focus on upstream equipment materials that are relatively independent of the industry cycle [2][10]. Core Insights - The report anticipates a 20% increase in SSD contract prices in the second quarter, driven by strong demand from AI servers and a significant rise in enterprise SSD revenue, which reached $3.758 billion in Q1 2024, a 62.9% increase quarter-on-quarter [1][17]. - China's internet revenue growth slowed in the first four months of 2024, with a year-on-year increase of 3.7%, down 4.7 percentage points from Q1 [1][18]. - The global smartphone market saw a recovery, with Q1 2024 shipments reaching 289 million units, a 7.74% year-on-year increase, while China's smartphone shipments in April were 22.66 million units, up 25.5% year-on-year [9][10]. - The semiconductor industry is experiencing a decline in overall demand, with global semiconductor sales in March 2024 at $45.91 billion, a 15.2% year-on-year increase, but a decrease from February's growth rate [10][19]. - The report highlights a significant growth in the global foldable smartphone market, with a 49% year-on-year increase in Q1 2024, largely driven by domestic manufacturers, particularly Huawei [20][21]. Summary by Sections Market Trends - The electronic industry outperformed the broader market, with the Shenwan electronic index rising 2.12% during the week of May 30 to June 5, 2024, while the Shanghai Composite Index fell 1.47% [3]. - The PE valuation for the industry decreased to approximately 61.74 times [3]. Industry Dynamics - The report notes that the demand for large-capacity SSDs is expected to continue rising due to AI server requirements, with a forecasted 20% revenue growth in Q2 2024 [1][17]. - The semiconductor equipment market is showing signs of recovery, with Japan's semiconductor equipment shipments increasing by 15.75% year-on-year in April [10][19]. Company Developments - Dinglong Co., Ltd. announced plans for indirect share purchases by its actual controllers, reflecting confidence in the company's future [22].

/ v [table_subject] 2024 年 5月 30日 证券研究报告·电子行业周报 一季度 OWS 耳机销量同比增长 148% ——中山证券电子行业周报 ee__iinnvvee中sstt]]山 证券研究所 [投tab资le_要m点ain：] 中山行业研究类模板 ●一季度 OWS 耳机销量同比增长 148%。根据洛图科技报告显示，2024 年 分析师：葛淼 第一季度，中国蓝牙耳机线上监测市场的销量为1757万副，同比增长15.0%； 销额为39.1亿元，同比增长16.0%。其中，OWS开放式耳机在线上耳机市场的 分析师编号：S0290521120001 份额达到14.4%，较去年同期增长了7.7个百分点，销量同比大幅增长148%， 邮箱：gemiao@zszq.com 是整体耳机市场的主要增量。 ●英伟达中国定制芯片价格下调。据路透社消息，英伟达为中国市场开发 市场走势 的 AI 芯片开局疲软，供应充足，在华为的竞争下开始下调价格，部分情况下 定价已低于华为芯片。 ◎回顾本周行情（5月23日-5月29日），本周上证综指下跌1.5%，沪深 300指数下跌1.93%。电子行业表现弱于大市。申万一级电子 ...

/ v [table_subject] 2024 年 5月 23日 证券研究报告·电子行业周报 一季度全球电视出货量同比减少 4% ——中山证券电子行业周报 ee__iinnvvee中sstt]]山 证券研究所 [投tab资le_要m点ain：] 中山行业研究类模板 ●2023年我国卫星服务市场同比增长7.09%。中国卫星导航定位协会发布 分析师：葛淼 《2024 中国卫星导航与位置服务产业发展白皮书》白皮书显示，2023 年我国 卫星导航与位置服务产业总体产值达到5362亿元人民币，同比增长7.09％。 分析师编号：S0290521120001 邮箱：gemiao@zszq.com ●一季度全球电视出货量同比减少4%。市场调研机构发布的数据显示，今 年第一季度全球电视市场持续低迷，但三星电子出货量和销售额市占率均居全 球第一。具体来看，第一季度全球电视市场出货量同比减少4%。 市场走势 ◎回顾本周行情（5月16日-5月22日），本周上证综指上涨1.24%，沪 深300指数上涨1.61%。电子行业表现强于大市。申万一级电子指数上涨2.66%， 跑赢上证综指 1.42个百分点，跑赢沪深 300指数 1.05 个 ...

/ v [table_subject] 2024 年 5月 16日 证券研究报告·电子行业周报 台积电 4 月营收同比增长 59.6% ——中山证券电子行业周报 ee__iinnvvee中sstt]]山 证券研究所 [投tab资le_要m点ain：] 中山行业研究类模板 ●台积电4月营收同比增长59.6%。台积电公布最新业绩，2024年4月营 分析师：葛淼 收2360.2亿元新台币，环比增长20.9%，同比增长59.6%。2024年1-4月，台 积电营收8286.65亿元新台币，同比增长26.2%。 分析师编号：S0290521120001 邮箱：gemiao@zszq.com ●联发科4月营收同比增长48.25%。联发科发布2024年4月合并营收报 告，母子公司合并营业收入为420.28亿元新台币，同比增长48.25%，环比减 少 16.74%。联发科 1 至 4 月份合并营收为 1754.86 亿元新台币，同比增长 市场走势 41.52%。 ◎回顾本周行情（5月9日-5月15日），本周上证综指下跌0.27%，沪深 300指数下跌0.11%。电子行业表现弱于大市。申万一级电子指数下跌2.04%， 跑输上证综 ...

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][10]. Core Views - The global cloud services market grew by 21% year-on-year in Q1 2024, reaching $76.5 billion, indicating a strong reliance on cloud services by enterprises [21]. - The semiconductor industry is experiencing a decline in overall demand, but there are signs of recovery in semiconductor equipment, with Japan's semiconductor equipment shipments increasing by 8.5% year-on-year in March [10][19]. - The smartphone market is showing signs of recovery, with global smartphone shipments reaching 289 million units in Q1 2024, a year-on-year increase of 7.74% [9][10]. Market Trends - In the week from May 2 to May 8, the Shanghai Composite Index rose by 0.76%, while the electronic industry underperformed, with the Shenwan electronic index falling by 0.51% [3][10]. - The PE valuation for the electronic industry increased to approximately 53.04 times [3]. Industry Data - Global PC client CPU shipments reached 62 million units in Q1 2024, a year-on-year increase of 33%, while server CPU shipments declined by 17% year-on-year [20]. - In March, global semiconductor sales amounted to $45.91 billion, reflecting a year-on-year growth of 15.2% [10][19]. Company Dynamics - Weir Shares reported a net profit of 566 million yuan in Q1 2024, a year-on-year increase of 2476.81% [22].