[table_subject] 2025 年 05 月 29 日 证券研究报告·电子行业周报 一季度中国手机出货量同比增长 5% ——中山证券电子行业周报 e_invest] 中山证券研究所 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 ●一季度中国手机出货量同比增长 5%。市场调查机构 5 月 23 日发布博 文，报告称在国补政策推动下，2025 年第 1 季度中国智能手机出货量同比增长 5%，不过春节之后需求疲软，导致整体季度表现低于预期。 ●小米集团：第一季度营收同比增长 47.4%。小米集团今日发布了 2025 年第一季度财报：总收入达到 1113 亿元，同比增长 47.4%；净利润为 109 亿 元，而上年同期净利润为 42 亿元。非国际财务报告准则计量，经调整净利润 为 107 亿元，而上年同期经调整净利润为 65 亿元。 ◎回顾本周行情（5 月 22 日-5 月 28 日），本周上证综指下跌 1.41%，沪 深300指数下跌2.05%。电子行业表现弱于大市。申万一级电子指数下跌2.87%， 跑输上 ...

[table_subject] 2025 年 05 月 15 日 证券研究报告·电子行业周报 台积电 4 月营业收入同比增长 48.1% ——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 ●台积电 4 月营业收入同比增长 48.1%。台积电公布了最新的 4 月运营数 据：4 月销售额 3495.67 亿新台币，同比增长 48.1%，环比增长 22.2%。今年 1 至 4 月，台积电累计销售额 11888.21 亿新台币，同比增长 43.5%。 ●机构预期 2025 年全球 XR 出货量同比增长 6%。根据《XR 显示器出货量 与预测报告》，2025 年全球 XR（AR/VR）显示器出货量预计同比增长 6%。 ◎回顾本周行情（5 月 8 日-5 月 14 日），本周上证综指上涨 1.83%，沪深 300 指数上涨 2.91%。电子行业表现弱于大市。申万一级电子指数下跌 0.3%， 跑输上证综指 2.13 个百分点，跑输沪深 300 指数 3. ...

Investment Rating - The report does not explicitly provide an investment rating for the electronic industry, but it suggests maintaining attention on semiconductor wafer manufacturers due to government-driven investments [4]. Core Insights - Broadcom reported a 25% year-over-year revenue increase for Q1 of FY2025, achieving $14.916 billion in revenue [2][22]. - Global VR headset shipments declined by 6% year-over-year in Q4 2024, while AR smart glasses shipments fell by 12% [2][23]. - The smartphone sales growth rate is expected to slow down, impacting the performance of consumer electronics and semiconductor companies in the supply chain [4][12]. Summary by Sections Market Trends - The Shanghai Composite Index rose by 0.9% and the CSI 300 Index increased by 0.63% during the week of March 6 to March 12 [2][6]. - The electronic industry outperformed the market, with the Shenwan Electronics Index rising by 0.67% [2][6]. Industry Data - Global smartphone shipments reached 331 million units in Q4 2024, showing a 1.72% year-over-year increase [3][8]. - In January, global semiconductor sales amounted to $56.52 billion, reflecting a 17.9% year-over-year growth [3][11]. Company Dynamics - Shengyi Technology reported a 49.81% year-over-year increase in net profit for 2024 [25]. - Broadcom's AI semiconductor revenue surged by 77% year-over-year, reaching $4.1 billion in Q1 FY2025 [22]. Industry Outlook - The domestic tablet market is projected to grow by 8% in 2025, with total shipments expected to reach 31.1 million units [18]. - The demand for domestic semiconductor equipment remains strong, driven by ongoing domestic substitution efforts [11][12].

Investment Rating - The report does not explicitly provide an investment rating for the electronic industry, but it suggests maintaining attention on semiconductor wafer manufacturers due to government-driven investments [4]. Core Insights - Broadcom reported a 25% year-over-year revenue growth for Q1 FY2025, achieving $14.916 billion in revenue [2][22]. - Global VR headset shipments declined by 6% year-over-year in Q4 2024, while AR smart glasses shipments fell by 12% [2][23]. - The semiconductor industry shows mixed demand, with consumer electronics slowing down domestically, but strong overseas demand driven by AI [11][12]. Summary by Sections Market Trends - The Shanghai Composite Index rose by 0.9% and the CSI 300 Index increased by 0.63% during the week of March 6 to March 12 [2][6]. - The electronic industry outperformed the market, with the Shenwan Electronics Index rising by 0.67% [2][6]. Industry Data - Global smartphone shipments reached 331 million units in Q4 2024, a 1.72% year-over-year increase [3][8]. - China's smartphone shipments in December 2024 were 32.4 million units, up 20.8% year-over-year [11]. - Global semiconductor sales in January 2025 were $56.52 billion, reflecting a 17.9% year-over-year growth [3][11]. Company Dynamics - Shengyi Technology reported a 49.81% increase in net profit for 2024, with total revenue of 20.388 billion yuan, a 22.92% increase [25]. - Broadcom's AI semiconductor revenue reached $4.1 billion in Q1 FY2025, a 77% increase year-over-year [22]. Industry Outlook - The domestic tablet market is expected to grow by 8% in 2025, with total shipments projected to reach 31.1 million units [18]. - The report indicates a potential slowdown in smartphone sales growth, impacting the performance of consumer electronics and semiconductor companies [12].

Investment Rating - The report provides a positive outlook for the company, indicating a strong performance in the upcoming year with expectations of achieving GAAP net profit in 2025 [6][22]. Core Insights - The company is expected to achieve a revenue of $3.81 billion in 2024, representing a year-on-year growth of 55%, with a significant reduction in GAAP operating losses to $568 million [3][13]. - The core products are experiencing accelerated growth, with sales of Baiyueze® (Zebutinib) reaching $2 billion in 2024, a 106% increase year-on-year, and Bai Ze An® (Tislelizumab) sales at $621 million, a 16% increase [4][16][17]. - The company is entering a critical phase with multiple clinical data readouts expected, including promising results from its Bcl-2 inhibitor Sonrotoclax for treating CLL [5][19]. - The company has provided clear profit guidance for 2025, expecting to achieve a GAAP net profit, with projected revenues between 352 billion to 381 billion RMB, reflecting a growth of 29.35% to 40% [6][23]. Summary by Sections Revenue Growth and Loss Reduction - The company reported a strong revenue performance with a projected revenue of $3.81 billion for 2024, a 55% increase year-on-year, and a significant reduction in GAAP operating losses [3][13]. - Non-GAAP operating profit is expected to be $45.36 million, marking a turnaround from previous losses [3][13]. Core Product Performance - Bai Ze An® (Tislelizumab) sales are projected at $621 million for 2024, a 16% increase, with ongoing regulatory reviews for new indications [4][16]. - Baiyueze® (Zebutinib) achieved sales of $2 billion, a 106% increase, with strong market share growth in the US and Europe [4][17][18]. Clinical Pipeline and Data Readouts - The company is advancing its clinical pipeline with 13 new molecules entering clinical trials in 2024, significantly higher than the previous year [5][21]. - Key clinical trials for Sonrotoclax and other products are expected to yield important data in 2025, potentially leading to accelerated approval applications [5][19]. Profit Guidance for 2025 - The company has set a clear profit guidance for 2025, expecting to achieve a GAAP net profit, with revenues projected between 352 billion to 381 billion RMB [6][23]. - The anticipated gross margin for 2025 is between 80% to 90%, indicating strong profitability potential [23].

Investment Rating - The report provides a positive outlook for the company, indicating a strong performance and growth potential, with expectations of achieving GAAP net profit in 2025 [6][22]. Core Insights - The company is expected to achieve a revenue of $3.81 billion in 2024, representing a year-on-year growth of 55%, with a significant reduction in GAAP operating losses [3][13]. - The core products are experiencing accelerated growth, with sales of Baiyueze® (Zebutinib) reaching $2 billion in 2024, a 106% increase year-on-year, and Bai Ze An® (Tislelizumab) sales at $621 million, a 16% increase [4][16][17]. - The company has entered a new phase of clinical data readouts, with 13 new molecules entering clinical trials in 2024, significantly higher than the previous year [5][21]. Summary by Sections Revenue Growth and Profitability - The company reported a projected revenue of $3.81 billion for 2024, with a 73% increase in product revenue driven by the sales of Baiyueze® and Bai Ze An® [3][13]. - The GAAP operating loss is expected to decrease to $568 million, a reduction of $640 million year-on-year, while non-GAAP operating profit is projected at $45.36 million [3][13]. Core Product Performance - Bai Ze An® sales are projected at $621 million for 2024, with ongoing FDA reviews for new indications, while Baiyueze® sales are expected to reach $2 billion, with significant market share growth in Europe [4][16][17]. - The company is solidifying its leading position in the CLL market, with Baiyueze® being the most widely approved BTK inhibitor globally [18]. Clinical Pipeline and Future Prospects - The company is advancing multiple clinical trials, including the Bcl-2 inhibitor Sonrotoclax, with data readouts expected in 2025 for various indications [5][19]. - The company has provided clear guidance for 2025, expecting a revenue range of 35.2 to 38.1 billion RMB, with a gross margin of 80%-90% and positive cash flow from operations [22][23].

Investment Rating - The report indicates a positive outlook for the company, with expectations of turning a profit in 2024 [5][12]. Core Insights - The company has announced significant revenue growth, projecting 2024 revenue between 144.2 billion and 146.7 billion CNY, representing a year-on-year increase of 302.32% to 309.30% [5][12]. - The expected net profit for 2024 is between 5.5 billion and 6 billion CNY, marking a successful turnaround from losses in the previous year [5][12]. - The company’s electric vehicle sales have surged, with production and sales growth of 179% and 182% respectively, and the brand's sales growth reaching 270% and 267% [5][13]. - The partnership with Huawei continues to strengthen, with significant investments made in acquiring the "Wenjie" trademark and shares in Shenzhen Yingwang Intelligent Technology Co., enhancing the company's technological resources [6][17]. Summary by Sections 1. Company Performance - The company has reported a substantial increase in revenue and is expected to achieve a net profit in 2024, a significant improvement from the previous year [5][12]. 2. Sales Growth - The company’s electric vehicle sales are projected to reach 426,900 units in 2024, driven by technological innovation and a competitive market position [5][13]. 3. Strategic Partnerships - The ongoing collaboration with Huawei is expected to enhance the company's market position and product offerings, with a focus on smart technology [6][17].

Financial Data Overview - In January 2025, new RMB loans from financial institutions reached 5.13 trillion yuan, an increase of 210 billion yuan year-on-year, marking a historical high[5] - The balance growth rate of RMB loans in January was 7.5%, down 2.9 percentage points year-on-year[5] - The social financing scale increased by 7.06 trillion yuan in January, up 583.3 billion yuan year-on-year[6] Loan Composition - Short-term and bill loans accounted for 1.17 trillion yuan of new loans, an increase of 335.9 billion yuan year-on-year, while medium to long-term loans totaled 3.95 trillion yuan[5] - New loans to the corporate sector amounted to 4.78 trillion yuan, an increase of 920 billion yuan year-on-year[5] - The balance of new loans to households was 443.8 billion yuan, a decrease of 536.3 billion yuan year-on-year[5] Monetary Policy Insights - The central bank's monetary policy report indicates a need for moderate easing to support economic growth amid external risks and domestic challenges[10] - The report emphasizes maintaining ample liquidity and optimizing policy adjustments to lower financing costs for enterprises[11] - If economic pressures increase, further monetary easing measures such as rate cuts may be anticipated[11]

Investment Rating - The report indicates a positive outlook for the industry, suggesting a strong performance relative to the market benchmark [15]. Core Insights - January financial data shows a significant increase in credit and social financing, reflecting enhanced support from the financial sector for the real economy under the backdrop of policy efforts [5][9]. - The central bank's monetary policy report emphasizes the need for a moderately accommodative monetary policy to address economic risks and challenges, aiming to maintain ample liquidity and reduce financing costs for enterprises [10][11]. Summary by Sections 1. Financial Data Analysis - In January 2025, new RMB loans from financial institutions reached 5.13 trillion yuan, an increase of 210 billion yuan year-on-year, marking a historical high [5]. - The structure of loans indicates a reliance on short-term and bill loans, with new short-term loans and bill loans amounting to 1.17 trillion yuan, while medium to long-term loans totaled 3.95 trillion yuan [5]. - The balance growth rate of RMB loans in January was 7.5%, down 2.9 percentage points year-on-year [5]. 2. Social Financing Data - The new social financing scale in January was 7.06 trillion yuan, an increase of 583.3 billion yuan year-on-year, with loans and government bonds being the main contributors [6]. - The loan component of new social financing was 5.22 trillion yuan, up 379.3 billion yuan year-on-year, while government bonds accounted for 693.3 billion yuan, reflecting a significant increase [6]. 3. Monetary Policy Report - The central bank's report highlights the need for a flexible adjustment of monetary policy tools to match economic growth and price level expectations, with a focus on promoting reasonable price recovery [10][11]. - The report indicates that if downward pressure on the economy increases, there may be further room for monetary easing, including potential rate cuts [11].

Investment Rating - The report indicates a positive outlook for the company, with expectations of turning a profit in 2024 [5][12]. Core Insights - The company has announced significant revenue growth, projecting 2024 revenue between 144.2 billion and 146.7 billion CNY, representing a year-on-year increase of 302.32% to 309.30%. The net profit attributable to shareholders is expected to be between 5.5 billion and 6 billion CNY, marking a successful turnaround from losses [5][12]. - The sales performance of the company's brand is impressive, with a projected 2024 production and sales growth of 179% and 182% for new energy vehicles, and an even higher growth rate of 270% and 267% for the company's brand. The total sales volume for 2024 is expected to reach 426,900 units, driven by continuous technological innovation and strong market demand [5][13]. - The company maintains a close partnership with Huawei, having acquired the "Wenjie" trademark for 2.5 billion CNY and a 10% stake in Shenzhen Yingwang Intelligent Technology Co., Ltd. for 5.75 billion CNY. This collaboration is expected to enhance the company's technological resources and brand value [6][17]. Summary by Sections 1. Company Performance - The company has released a profit forecast for 2024, indicating substantial revenue growth and a successful turnaround in net profit [5][12]. 2. Sales Growth - The company’s new energy vehicle sales are projected to grow significantly, with the brand's sales growth outpacing the overall market [5][13]. 3. Strategic Partnerships - The ongoing collaboration with Huawei is expected to strengthen the company's market position and enhance its product offerings [6][17].