证券研究报告 | 公司动态点评 2024 年 05月 07日 闻泰科技（600745.SH） 24Q1 归母净利润环比扭亏，期待“AI+”战略驱动新成长 财务指标 2022A 2023A 2024E 2025E 2026E 增持（下调评级） 营业收入（百万元） 58,079 61,213 65,436 70,739 76,144 股票信息 增长率yoy（%） 10.1 5.4 6.9 8.1 7.6 归母净利润（百万元） 1,458 1,181 1,635 2,234 3,010 行业 电子 增长率yoy（%） -44.2 -19.0 38.4 36.6 34.8 2024年5月6日收盘价（元） 32.37 ROE（%） 3.6 2.6 3.9 5.0 6.2 总市值（百万元） 40,229.74 EPS最新摊薄（元） 1.17 0.95 1.32 1.80 2.42 流通市值（百万元） 40,229.74 P/E（倍） 27.6 34.1 24.6 18.0 13.4 总股本（百万股） 1,242.81 P/B（倍） 1.1 1.1 1.1 1.0 1.0 流通股本（百万股） 1,242.81 资料来源：公 ...

公司研 究 证 券研究 报 告 分立器件 2024年5月1日 闻 泰科技（600745）2023年报及 2024年一季报点评 强 推 （维持） 目标价：37.1元 业绩短期承压，产品集成业务有望逐步回暖 当前价：31.50元 事项： 华创证券研究所  2024年4月22日，公司发布2023年度报告及2024年第一季度报告： 证券分析师：耿琛  1）2023年：营业收入612.13亿元，同比+5.40%；毛利率16.08%，同比-2.07pct； 电话：0755-82755859 归母净利润/扣非后归母净利润11.81/11.27亿元，同比-19.00%/-28.58%。 邮箱：gengchen@hcyjs.com  2）2024Q1：营业收入162.47亿元，同比+12.62%/-3.30%；毛利率9.19%，同 执业编号：S0360517100004 比/环比-8.74pct/-3.03pct；归母净利润1.43亿元，同比-68.82%，环比扭亏；扣 证券分析师：岳阳 非后归母净利润-0.87亿元，同比转亏，环比减亏。 评论： 邮箱：yueyang@hcyjs.com 执业编 号：S036052112 ...

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨闻泰科技（ ） 600745.SH [Table_Title] 半导体业务仍处疲软， 盈利受减值拖累 ODM 报告要点 [4Ta月bl2e2_S日u，mm闻a泰ry科] 技发布2023年年报及2024年一季报，公司2023年实现营业收入612.13 亿元，同比增长5.40%，归母净利润11.81亿元，同比下滑19.00%，扣非归母净利润11.27亿 元，同比下滑28.58%。公司一季度年实现营收162.47亿元，同比增长12.62%，归母净利润 1.43亿元，同比下滑68.82%，扣非归母净利润-0.87亿元，同比下滑121.82%。 ...

[Table_Stock] 闻泰科技（600745） 汽车半导体稳健成长，消费电子复苏助 证 券 力产品集成业务未来可期 研 究 ——闻泰科技（600745）业绩点评 报 告 [Table_Rating] [◼Ta bl投e_资Su摘mm要a ry] 买入（维持） 事件概述 [行Ta业bl:e _Indu电st子ry] 4月23日，公司发布2023年年报及2024年一季报公告。2023全年公司 实现营业收入612.13亿元，yoy+5.40%；归母净利润11.81亿元，yoy- 日期: s 20h2z4q年da0t4e月m2a9r日k 19.00%；经营活动产生的现金流量净额58.24亿元，yoy+250.48%。 2024Q1公司实现营业收入162.47亿元，yoy+12.62%。 [T分ab析le师_A: utho马r]永 正 分析与判断 Tel: 021-53686147 产品集成业务多元化格局形成，消费电子复苏助力成长。2023年公司 E-mail: mayongzheng@shzq.com 在消费电子疲软的大环境下依旧积极开拓市场，产品集成业务实现营 SAC编号: S0870523090001 收4 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 04 月 26 日 闻 泰科技(600745.SH) 证券研究报告 需求疲软业绩短期承压，逆势扩研发成 分立器件 投资评级 买入-A 长可期 维持评级 6个月目标价 33.44元 事件： 股价 (2024-04-25) 30.38元 公司发布 2023 年年度报告，全年实现营收 612.13 亿元，同比增长 5.40%；实现归母净利润 11.81亿元，同比下滑19.00%；实现扣非归 交易数据 母净利润 11.27亿元，同比下滑28.58%。其中2023Q4单季度，公司 总市值(百万元) 37,756.55 实现营收 168.01亿元，同比增长 5.05%，归母净利润-9.18 亿元，同 流通市值(百万元) 37,756.55 比亏损有所扩大。 总股本(百万股) 1,242.81 流通股本(百万股) 1,242.81 公司发布 2024 年一季报，24Q1 实现收入 162.47 亿元，同比增长 12个月价格区间 30.2/54.98元 12.62%；实现归母净利润 1.43亿元，同比下滑 68.82%。 半导体业务：逆势扩大研发投 ...

] y r t s u d n I _ e l b a T [ [ 闻Ta 泰bl 科e_ 技T （itl 6e 0] 0 745）2023年报&一季报点评 公 23年多双“靴子”落地，阶段性推进ODM 司 研 业务领域扩展 挖掘价值 投资成长 究 / [Table_Rank] 买入 电 （维持） 子 设 2024 年 04 月 25 日 备 / 证 [东Ta方bl财e_富Au证th券or研] 究所 券 [【Ta投bl资e_要Su点mm】ar y] 证券分析师：周旭辉 研 究 证书编号：S1160521050001 报 联系人：袁泽生 告  2024年4月23日，闻泰科技公告2023年报和2024年一季报。2023 年公司实现营业收入612.13亿元，同比增长5.40%；实现归母净利润 电话：021-23586475 11.81亿元，同比下降19.08%，其中受专用资产减值影响减少归母净 [相T对ab指le数_P表ic现Qu ote] 利润5.00亿元。2023年四季度，公司实现营收168.01亿元，同比增 2.01% 长 5.05%，环比增长 10.49%；实现归母净利润-9.18 亿元，同比下降 -7. ...

证券研究报告：电子 | 公司点评报告 2024年4月24日 股票投资评级 闻泰科技(600745) 买入|维持 短期业务承压，特定客户业务稳步上量 个股表现 ⚫ 投资要点 受下游需求及竞争影响，短期业务承压。2023年公司实现营业收 闻泰科技 电子 4% 入612.13亿元，同比+5.4%，归母净利润11.81亿元，同比-19.0%； -1% 单季度看，23Q4实现营业收入168.01亿元，同比+5.1%，归母净利- -6% -11% 9.18亿元，主要系商誉及资产减值计提、特定客户业务影响等，24Q1 -16% -21% 实现营业收入162.47亿元，同比+12.6%，归母净利润1.43亿元，同 -26% -31% 比-68.8%，半导体业务主要系低价策略维持份额，ODM业务主要系新 -36% 项目产品价格较低，且受上游产业链涨价及工厂人力成本上升影响。 -41% -46% 周期下行坚持研发投入，蓄力长期增长。在半导体下行周期中， 2023-04 2023-07 2023-09 2023-11 2024-02 2024-04 公司仍然在非常坚定的投入新产品研发，2023年半导体业务的研发投 资料来源：聚源， ...

2024 年 04 月 24 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 汽车半导体量价齐升，ODM 海外特定客户新品放量 证券分析师： 郑奇 S0350524030006 zhengq@ghzq.com.cn 证券分析师： 高力洋 S0350524010003 —闻泰科技（ 600745） 2023 年年报及 2024 一季报点评报告 gaoly01@ghzq.com.cn 最近一年走势 事件 : 4月22 日，闻泰科技发布2023 年年度报告和2024年第一季度报告。 2023年实现营收612.13亿元，同比增长5.40%；实现归母净利润11.81 亿元，同比下降2.77亿元；实现扣非归母净利润11.27亿元，同比下降 4.51亿元。 单季度看，2023Q4实现营收168.01亿元，同比增长5.05%，环比增长 10.49%；归母净利润亏损9.18亿元，2022Q4 归母净利润亏损为4.84 亿元；扣非归母净利润亏损8.52亿元，2022Q4扣非归母净利润亏损为 4.15亿元；归母净利润和扣非归母净利润均环比由正转负。 相对沪深300表现 2024/04/24 表现 1M ...

不承担因转载转发而产生的任何损失和责任市场有风险投资需谨慎提醒广大投资者谨慎做出投资决策在会议开始前我们提示各位投资者在主讲嘉宾翻译结束后将留有提问时间接下来请允许我介绍出席本次会议的公司领导文泰科技董事长张学正张总文泰科技董事会秘书高宇高总文泰科技CFO曾海诚曾总 文泰科技投资者关系部负责人邓安宁邓总下面有请公司领导发言谢谢好谢谢各位投资人朋友还有研究员朋友大家晚上好我是公司的董事会秘书高宇 非常感谢大家今晚抽空能够参加文泰科技2023年年报及24年一期报的一个业绩交流会刚刚主持人也介绍过了我们今天晚上参会的公司领导有董事长张学正先生还有我们的CFO曾总以及我们的投观负责人邓安宁先生现在的话我先来介绍一下公司的主要经营情况然后我们再进入投资者交流环节由各位的公司领导也要一块参与进来 大家应该也在我们公司的公众号上看到了公司的一个2024年年报及2024年一一季报的一个预图当然了我也向大家介绍一下整个公司的一个经营情况 那从公司的业务来看的话呢我们公司的业务板块每次跟大家交流大家非常清晰啊我们是包括产品集成业务和这个半导体业务那半导体业务的话呢我们是以安氏半导体的依托的那在公立半导体领域是处于全球第五中国第一 ...

Financial Performance and Profit Distribution - Revenue for 2023 reached RMB 61.21 billion, a 5.40% increase compared to 2022[19] - Net profit attributable to shareholders in 2023 was RMB 1.18 billion, a decrease of 19.00% year-over-year[19] - Operating cash flow surged by 250.48% to RMB 5.82 billion in 2023[19] - Basic earnings per share (EPS) for 2023 was RMB 0.95, down 18.80% from 2022[20] - Weighted average return on equity (ROE) decreased by 0.92 percentage points to 3.18% in 2023[21] - Q4 2023 revenue was RMB 16.80 billion, the highest among all quarters[24] - Q4 2023 net profit attributable to shareholders was negative RMB 918.28 million, a significant decline[24] - Q4 2023 operating cash flow was RMB 1.34 billion, maintaining strong liquidity[24] - Total assets at the end of 2023 were RMB 76.97 billion, a slight decrease of 1.23% compared to 2022[19] - Shareholders' equity at the end of 2023 was RMB 37.17 billion, up 1.43% year-over-year[19] - Revenue for 2023 reached 61.213 billion yuan, a year-on-year increase of 5.40%[33] - Net profit attributable to shareholders of the listed company was 1.181 billion yuan, a year-on-year decrease of 19.00%[33] - Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was 1.127 billion yuan, a year-on-year decrease of 28.58%[33] - Revenue for the reporting period reached 61,212,801,452.51 yuan, a year-on-year increase of 5.40%[89] - Net profit attributable to shareholders decreased by 19.00% year-on-year to 1,181,246,516.18 yuan[89] - Operating cash flow surged by 250.48% to 5,824,359,080.83 yuan, driven by increased cash receipts from sales and reduced cash payments for goods and services[90] - R&D expenses decreased by 9.95% to 3,056,846,700.15 yuan, reflecting a strategic adjustment in investment focus[90] - The company repurchased shares worth 199.979 million yuan (excluding transaction fees) in 2023, which is included in the cash dividend ratio calculation for 2023[3] - The proposed cash dividend for 2023 is 1.25 yuan per 10 shares (tax included), with a total cash dividend of approximately 354.7849 million yuan, accounting for 30.03% of the net profit attributable to shareholders in 2023[4] - The total share capital of the company as of the end of March 2024 is 1,242,809,481 shares, excluding 4,362,400 shares in the company's repurchase account[4] - The company's 2023 annual profit distribution plan includes a cash dividend of approximately 154.8059 million yuan (tax included), based on the share capital excluding repurchased shares[4] - The company's 2023 annual profit distribution plan is subject to approval at the shareholders' meeting[4] - The total cash dividend for 2023, including share repurchases, amounts to 354.7849 million yuan, representing 30.03% of the net profit attributable to shareholders[177] - The cash dividend amount of 154.8059 million yuan accounts for 13.11% of the net profit attributable to shareholders in the consolidated financial statements for 2023[177] - The company's cash dividend policy complies with the articles of association, with clear standards and proportions, and a complete decision-making process[175] Semiconductor Business - The company's semiconductor business focuses on automotive applications, with plans to increase the number of components and value per vehicle in the automotive sector[31] - The company's semiconductor and product integration businesses are enhancing synergy, particularly in areas like AI, automotive electronics, and consumer electronics[32] - Semiconductor business revenue decreased by 4.85% to 15.226 billion yuan, with a gross margin of 38.59%, and net profit decreased by 35.29% to 2.426 billion yuan[35] - Automotive sector accounted for 62.8% of semiconductor revenue, with a year-on-year growth of 22.95%[35] - R&D investment in semiconductor business increased by 37.20% to 1.634 billion yuan, accounting for 10.73% of sales[36][42] - The company holds a leading position in the global power discrete device market, ranking 5th globally and 1st in China[37] - Revenue from automotive, mobile & wearable devices, industrial & power, computing devices, and consumer sectors accounted for 62.8%, 6.9%, 21.7%, 4.8%, and 3.8% respectively[38] - The number of semiconductors used in a new energy vehicle is 3 times that of a traditional fuel vehicle, with power semiconductors being 5-10 times higher[39] - The company's semiconductor products are used in up to 1,000 chips per electric vehicle, compared to 400 chips per gasoline vehicle[41] - The company achieved mass production of SiC rectifiers and completed testing and verification of SiC MOSFETs for industrial and consumer applications[42] - The company's semiconductor business aims to achieve carbon neutrality for Scope 1 and Scope 2 emissions by 2035, with a broader goal of achieving carbon neutrality across all operations by 2050[56] - The company is advancing the use of wide-bandgap materials in its semiconductor business, which significantly reduces energy consumption and CO2 emissions compared to silicon-based materials[57] - The company's semiconductor business revenue from the automotive sector increased from 44% in 2021 to 62.8% in 2023, demonstrating strong competitive advantages in the automotive semiconductor field[74] - The company's semiconductor products are 90% compliant with automotive-grade standards, with all wafer factories certified to meet stringent automotive industry requirements[74] - The company has expanded its power discrete device product portfolio, covering low and high voltage MOSFET, IGBT, silicon rectifiers, SiC rectifiers and FET, GaN, etc., and has increased R&D investment in analog IC products[76] - The company's semiconductor business has passed AEC-Q100 and AEC-Q101 automotive certification tests, and uses PPB (Part Per Billion) as a standard for defect rate, which is continuously decreasing[80] - The company's semiconductor business is actively seizing opportunities in the AI field, with products such as GaN, MOSFET, rectifiers, PMIC, and voltage converters providing technical support for AI applications[79] - The company's semiconductor business saw a revenue decline of 4.85% to 15,225,556,511.28 yuan, with a corresponding decrease in gross margin by 4.07 percentage points[94] - The company plans to expand its semiconductor business globally, with a focus on power discrete devices, standard logic ICs, and analog ICs, aiming to become a top global semiconductor company[135] - The company is upgrading its semiconductor production facilities, including expanding capacity at its Hamburg wafer factory and upgrading facilities in Manchester, Cabuyao, and Seremban to enhance automation and meet global demand[135] Product Integration and Global Expansion - The company's product integration business is expanding globally, serving top-tier clients in mobile phones, tablets, laptops, IoT, home appliances, and automotive electronics[31] - Product integration business revenue reached 44.315 billion yuan, a year-on-year increase of 11.99%, with a gross margin of 8.37% and a net loss of 447 million yuan[50] - R&D investment for product integration business was approximately 2.65 billion yuan, a year-on-year decrease of 18.56%[50] - The company successfully expanded into European and North American operator markets and is collaborating with overseas customers on AI phone development[53] - The company has become a key supplier for a specific overseas customer's laptop manufacturing, with AI PC products starting global sales in early 2024[53] - The company has established R&D centers in Shanghai, Wuxi, Xi'an, Shenzhen, and Kunming, equipped with high-standard R&D and testing laboratories[51] - The company is advancing the intelligent and digital upgrade of its factories, aiming to transition from consumer electronics manufacturing to automotive-grade manufacturing[51] - The company has successfully entered the global small appliance market, particularly in the hair dryer segment, enhancing its international intelligent manufacturing capabilities[53] - The company's product integration business focuses on R&D and manufacturing of smart terminal products in consumer, industrial, and automotive sectors[71] - The company's overseas revenue from product integration business accounted for 68.17% in 2023, and is expected to exceed 70% in 2024 with the introduction of new overseas projects[85] - The company's product integration business has successfully expanded into various segments, becoming the preferred ODM partner for leading domestic and international brands[82] - The company's system integration business has established close cooperation with upstream industry partners, forming a comprehensive ecosystem and leading industry innovation[84] - The company has successfully expanded its product integration business from mobile ODM to multiple areas, including mobile, tablet, laptop, IoT, smart hardware, and automotive electronics, and is actively embracing the AI market[137] - The company aims to leverage AI, new energy vehicles, and energy storage technologies to drive industry transformation and capture significant market share in the AI-driven hardware upgrade wave[137] - The company is increasing R&D investment and has developed a clear roadmap for AI Phone and AI PC technologies, with AI PC projects already in mass production and AI Phone projects progressing with overseas customers[138] - Overseas customer revenue is expected to exceed 70% of total revenue in 2024, with a significant increase in ASP (Average Selling Price) per unit[138] - The company is actively evaluating opportunities to expand overseas manufacturing scale and aims to establish a secure global manufacturing system[138] - AI technology will be used to upgrade manufacturing facilities to automated and intelligent model factories[139] - The company is addressing supply chain risks by collaborating with upstream and downstream partners to improve R&D and production efficiency, and standardize equipment and processes[139] Environmental and Sustainability Initiatives - The company invested 0.27 billion yuan in environmental protection during the reporting period[184] - The company's subsidiaries, including Nexperia (China) Co., Ltd. and Huangshi Wintech Communications Co., Ltd., have no超标排放 (exceeding emission standards) in their wastewater and废气 emissions[184][185] - The company's pollution prevention facilities, such as wastewater treatment and废气处理设备, are operating normally across its subsidiaries[186] - The company and its subsidiaries have obtained multiple environmental impact assessment approvals and验收批复, ensuring compliance with environmental regulations[187][188] - The company reduced carbon dioxide equivalent emissions by 8,000 tons in 2023[197] - The company implemented 10 specific carbon reduction measures, including photovoltaic power generation projects, LED lighting, and advanced RTO processes for exhaust gas treatment[198] - The company's semiconductor business is currently undergoing a carbon emissions audit, with specific details to be disclosed in the 2023 Sustainability Report[198] - The company has a goal to achieve zero Scope 1 and Scope 2 emissions by 2035[194] - The company has established a global greenhouse gas emissions roadmap, approved by the CEO in June 2023[194] - The company has implemented ISO 14001 certified environmental management systems across its manufacturing facilities[196] - The company has developed a process to ensure materials do not contain harmful substances exceeding specific limits[193] - The company is a member of the Responsible Minerals Initiative and has updated its Conflict Minerals Statement in 2022[192] - The company has environmental emergency response plans in place at all production sites, compliant with ISO 14001:2015 standards[195] - The company has not received any serious complaints from authorities or NGOs regarding environmental issues from January to December 2023[195] - The company plans to disclose the 2023 Sustainability Report in the future[200] Corporate Governance and Leadership - The company's 2023 annual report has been audited by Zhonghua Certified Public Accountants (Special General Partnership) with a standard unqualified opinion[2] - The company's 2023 annual report is guaranteed to be true, accurate, and complete by the company's legal representative, chief financial officer, and accounting officer[2] - The company's 2023 annual report includes a risk warning about forward-looking statements, which do not constitute a substantive commitment to investors[5] - The company's 2023 annual report confirms that there is no non-operational occupation of funds by controlling shareholders or other related parties[6] - The company's 2023 annual report confirms that there are no violations of decision-making procedures in providing external guarantees[6] - Zhang Xuezheng received a total of 11.0657 million RMB in virtual stock from Nexperia in 2023[148] - Zhang Xuezheng serves as Chairman and CEO of Nexperia and Chairman and President of the listed company[148] - Huang Xiaohong was elected as an independent director on December 27, 2023[153] - Zhang Xuezheng has been serving as Chairman of the listed company since January 20, 2017[153] - Gao Yan was appointed as Vice President of the company on February 15, 2022[154] - Zhang Xuezheng holds the position of Executive Director at Wintech Technology Group Co., Ltd[155] - Shang Xiaogang served as an independent director of Hainan Shuangcheng Pharmaceutical Co., Ltd from February 2017 to January 2023[156] - Xiao Jianhua served as a partner at Zhongtong (Hainan) Accounting Firm from June 2022 to November 2023[156] - The remuneration of directors and supervisors is determined by the shareholders' meeting, while the remuneration of senior management is determined by the board of directors[157] - Zhang Xuezheng's remuneration is jointly determined by his roles at the listed company and Nexperia[157] - Total compensation for directors, supervisors, and senior management in 2023 was 19.32 million yuan[158] - The company held 14 board meetings in 2023, all conducted via teleconference[163] - The total number of employees at the parent company and major subsidiaries was 31,497, with 19,716 production staff and 6,374 technical staff[169] - The company's employee education breakdown includes 205 PhDs, 1,896 master's degree holders, and 10,296 bachelor's degree holders[170] - The company implemented a compensation policy combining monthly fixed salary, annual performance evaluation, and annual performance bonus[171] - Total labor outsourcing hours in 2023 were 33,690,392.04 hours, with total outsourcing payments of 752,781,914.85 yuan[172] - The company's audit committee held 3 meetings in 2023, focusing on annual reports and related party transactions[165] - The company's nomination committee held 1 meeting in 2023 to elect an independent director[167] - The company's compensation and assessment committee held 1 meeting in 2023 to discuss the stock option incentive plan[166] - The company's controlling shareholder and actual controller received an investigation notice from the China Securities Regulatory Commission during the reporting period[160] - The company's 2023 stock option incentive plan was approved by the board and shareholders, with the first grant registration completed on October 18, 2023[178] - The reserved portion of the 2023 stock option incentive plan was granted on October 25, 2023, and the registration was completed on January 9, 2024[179] - The company's senior management compensation is linked to company performance, subsidiary or department performance, and industry market competition levels[180] Market and Industry Trends - Global semiconductor industry sales in 2023 reached $526.8 billion, a decrease of 8.2% compared to 2022's record high of $574.1 billion[60] - China's semiconductor market experienced the largest decline in 2023, with sales dropping by 14%, while Europe was the only region to achieve growth, with a 4% increase[60] - Automotive IC sales grew by 23.7% in 2023, reaching a record $44.2 billion, driven by strong demand in the automotive sector[61] - The global power semiconductor market (including power ICs) is expected to grow to $50.2 billion in 2023, with China's market reaching 151.936 billion yuan, a year-on-year increase of 10.99%[61] - Global automotive sales in 2023 reached 89.18 million units, an 11.22% increase year-on-year, with new energy vehicle sales growing by 36.46% to 14.28 million units, representing a penetration rate of 16.01%[63] - China's new energy vehicle sales in 2023 reached 9.495 million units, a 37.9% increase year-on-year, with a penetration rate of 31.5%, accounting for over 60% of global sales[64] - The global power semiconductor market is projected to reach $26.274 billion by 2026, with MOSFET, IGBT, and SiC expected to dominate, holding market shares of 30%, 23%, and 19% respectively[62] - Global renewable energy capacity additions reached 510GW in 2023, a 50% increase compared to 2022[65] - Wind and solar power are projected to account for 95% of renewable energy generation in the next five years, surpassing hydropower by 2024 and nuclear power by 2025-2026[65] - China's new energy storage installations in 2023 reached 22.6GW/48.7GWh, a growth of over 260% compared to 2022[65] - The power semiconductor market for photovoltaic, wind power, and energy storage in China reached 6.579 billion yuan, 3.188 billion yuan, and 696-905 million yuan respectively in 2023[65] - Global smartphone shipments in 2023 were 1.16 billion units, a 3.2% year-on-year decline, with China's shipments at 271 million units, down 5.0%[67] - Global PC shipments in 2023 were 247 million units, a 13% year-on-year decline, with China's shipments at 41.2 million units, down 17%[67] - Global smartwatch shipments in 2023 were 70.7 million units, a 9% year-on-year decline, with the market share expected to rise from 38% in 2023 to 44% by 2025[68] - The penetration rate of