Investment Rating - The report indicates a positive outlook for the company, with expectations of revenue growth and stable capital expenditure [3][4][14]. Core Viewpoints - The company's revenue guidance for Q1 2025 is expected to exceed expectations, with a projected revenue increase of 6-8% quarter-on-quarter and a year-on-year growth of 33% based on the midpoint of the guidance [3][10]. - The demand for consumer electronics has significantly boosted the company's performance, with revenue from consumer electronics-related products reaching 20.3 billion yuan in 2024, a year-on-year increase of 99% [4][11]. - The company anticipates that capital expenditure in 2025 will remain stable compared to 2024, with 2024 capital expenditure recorded at 7.33 billion dollars, a slight decrease of 1.87% year-on-year [4][14]. Summary by Sections Q1 2025 Performance Guidance - The company forecasts Q1 2025 sales revenue to be between 6-8% higher than the previous quarter, with a gross margin expected to be between 19%-21% [3][10]. - In Q4 2024, the company reported sales revenue exceeding 2.2 billion dollars, reflecting a 1.7% increase quarter-on-quarter and a 29% increase year-on-year [3][10]. Consumer Electronics Demand - Revenue from consumer electronics products is a major growth driver, with smartphone-related products generating 14.9 billion yuan, a 37% increase year-on-year [4][11]. - The share of consumer electronics-related products in total revenue increased from 24% in 2022 to 35% in 2024 [4][11]. Capital Expenditure - The company plans to maintain its capital expenditure at a similar level to 2024, with management indicating stability in external conditions [4][14].

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 and potential market share growth for domestic equipment and materials [3][11]. Core Insights - Xiaomi is expected to maintain a growth rate of over 30% this year, following a recovery in 2024 with a reported revenue of 92.51 billion RMB, reflecting a 30.5% year-on-year increase [17]. - The NAND flash memory market is anticipated to experience a supply-demand reversal in the second half of the year, with demand expected to shift from a slow recovery to a rapid increase by mid-2025 [20]. - Global smartphone shipments in Q4 2024 reached 331 million units, showing a year-on-year growth of 1.72%, while China's smartphone shipments in December 2024 were 32.4 million units, up 20.8% year-on-year [2][10]. Market Performance - The Shanghai Composite Index rose by 0.15% and the CSI 300 Index increased by 0.52% during the week of February 13-19, 2025, while the electronic industry underperformed with a decline of 0.25% [2][5]. - The PE ratio for the electronic industry decreased to approximately 59.50 times [5]. Industry Dynamics - The semiconductor industry is experiencing a decline in demand for consumer electronics, while demand for AI-related semiconductors remains strong [10]. - Global semiconductor sales in December 2024 reached $56.97 billion, marking a 17.1% year-on-year increase, although this was a decrease from the previous month's growth of 20.7% [10]. - GlobalFoundries reported a 9% decline in revenue for 2024, with a net income of $6.75 billion impacted by a significant asset impairment charge [21]. Company Updates - Huanxu Electronics reported a 15.16% decrease in net profit for 2024, with revenues of approximately 60.69 billion RMB, a slight decrease of 0.17% [22].

Investment Rating - The report does not provide a specific investment rating for the electronic industry, but it indicates that the electronic sector has underperformed the market, ranking fifteenth among the primary sectors [2][5]. Core Insights - Xiaomi is expected to maintain a growth rate of over 30% this year, following a recovery in 2024 with a reported revenue of 92.51 billion RMB, reflecting a year-on-year increase of 30.5% [17][18]. - The NAND flash memory market is anticipated to experience a supply-demand reversal in the second half of the year, with demand expected to shift from a slow recovery to a rapid increase by mid-2025 [20][21]. - The semiconductor industry is facing a decline in demand for consumer electronics, while demand for AI-related semiconductors remains strong, indicating a divergence in market performance [10][11]. Market Trends - The Shanghai Composite Index rose by 0.15% and the CSI 300 Index increased by 0.52% during the week of February 13 to February 19, 2025, while the electronic industry index fell by 0.25%, underperforming both indices [2][5]. - Global smartphone shipments reached 331 million units in Q4 2024, showing a year-on-year growth of 1.72%, while China's smartphone shipments in December 2024 were 32.4 million units, up 20.8% year-on-year [2][10]. - Global semiconductor sales in December 2024 totaled $56.97 billion, marking a 17.1% year-on-year increase, although this was a decline from the previous month's growth rate of 20.7% [10][11]. Company Dynamics - GlobalFoundries reported a 9% decline in revenue for 2024, with a net income of $6.75 billion, impacted by a significant asset impairment charge [21]. - Huanxu Electronics announced a 15.16% decrease in net profit for 2024, with revenues of approximately 60.69 billion RMB, a slight decline of 0.17% [22].

Investment Rating - The report indicates a strong performance of the electronic industry, with the Shenyin Wanguo primary electronic index rising by 8.13%, outperforming the Shanghai Composite Index by 4.51 percentage points and the CSI 300 Index by 4.84 percentage points [3][7]. Core Insights - DeepSeek has surpassed 30 million active users, becoming the fastest application to reach this milestone [3][20]. - Global semiconductor sales are projected to grow by 19.1% year-on-year in 2024, reaching $627.6 billion, marking the first time sales exceed $600 billion [3][24]. - The electronic industry is ranked fourth among primary industries, with a PE valuation rising to approximately 59.65 times [3][7]. Market Trends - The Shanghai Composite Index increased by 3.62% and the CSI 300 Index by 3.29% during the week of February 6 to February 12 [3][7]. - The smartphone shipment in Q4 2024 reached 331 million units, a year-on-year increase of 1.72%, showing a slight decline compared to the previous quarter [10][13]. - In November 2024, China's smartphone shipments were 28.19 million units, reflecting a year-on-year decrease of 5.60% [13]. Industry Dynamics - DeepSeek's user growth was significant, with 1.25 million new users in January 2025 alone, primarily in the last week without any advertising [20]. - Renesas Electronics reported a 42.9% decline in operating profit for 2024, with revenue down by 8.2% [21][23]. - MediaTek's Q4 2024 revenue increased by 6.5% year-on-year, with a consolidated operating income of 138.04 billion New Taiwan dollars [25]. Company Performance - Semiconductor manufacturer SMIC reported a 31% year-on-year increase in revenue for Q4 2024, with total revenue of 15.92 billion RMB [27].

Investment Rating - The report indicates a strong performance of the electronic industry, with the electronic index outperforming the market benchmarks [4][7]. Core Insights - TSMC reported a significant revenue increase of 57.8% year-on-year for December 2024, with total revenue for the year reaching approximately 28943.08 billion NTD, a 33.9% increase compared to the previous year [3][23]. - MediaTek's revenue for December 2024 decreased by 4.57% year-on-year, with total revenue for the year at 5305.86 billion NTD, reflecting a 22.41% increase from the previous year [3][21]. - The global smartphone shipment for Q4 2024 was 331 million units, showing a year-on-year growth of 1.72%, indicating a slowdown compared to previous quarters [10][13]. - The semiconductor industry is experiencing a mixed demand landscape, with consumer electronics demand slowing down domestically, while AI-related semiconductor demand remains strong internationally [13][14]. Summary by Sections Market Trends - The electronic industry index increased by 2.15% during the week of January 9 to January 15, outperforming the Shanghai Composite Index by 2.25 percentage points [4][7]. - The PE ratio for the electronic industry rose to approximately 53.99 times [4][7]. Industry Data - Global semiconductor sales in November 2024 reached 57.82 billion USD, a year-on-year increase of 20.7% [4][13]. - Japan's semiconductor equipment shipments increased by 35.18% year-on-year in November 2024 [4][13]. Company Dynamics - Transsion Holdings reported a total stock buyback of approximately 12.68 million RMB by its executives [26]. - Apple Inc.'s rating was downgraded to "sell" by MoffettNathanson, citing concerns over iPhone sales and other negative news impacting the stock [24].

Investment Rating - The report suggests a positive outlook for the electronic industry, indicating a recovery in demand and recommending attention to upstream equipment materials that are relatively independent of the industry's cyclical trends [5][14]. Core Insights - Apple's Tmall flagship store has announced a price reduction across its iPhone lineup, with discounts of up to 1,000 yuan, which has generated significant public interest [3][23]. - Microsoft plans to invest 80 billion USD in AI computing centers in the fiscal year 2025, with over half of this investment expected to be directed towards the U.S. market [3][25][27]. - The electronic industry has shown resilience, with the Shenzhou Composite Index down 3.63% and the electronic sector outperforming the market, with a decline of only 3.1% [3][8]. Market Trends - Global smartphone shipments reached 316 million units in Q3 2024, reflecting a year-on-year growth of 4.01%, although this is a decrease from the previous quarter's growth of 7.58% [11][13]. - In November 2024, China's smartphone shipments totaled 28.19 million units, marking a year-on-year decline of 5.60% [13]. - Global semiconductor sales in November 2024 amounted to 57.82 billion USD, showing a year-on-year increase of 20.7% [4][13]. - Japan's semiconductor equipment shipments increased by 35.18% year-on-year in November 2024 [4][13]. Company Dynamics - Hikvision has repurchased shares worth 310 million yuan, acquiring 10 million shares, which represents 0.1083% of its total share capital [28]. - Hon Hai (Foxconn) reported a revenue of 6.86 trillion NTD for 2024, a year-on-year increase of 11.37%, with December revenue rising by 42.31% year-on-year [20][22]. Investment Recommendations - The report emphasizes the ongoing recovery in electronic demand and suggests focusing on upstream equipment materials with domestic substitution logic, as well as domestic consumer electronics brands [5][14]. - Semiconductor design companies are expected to benefit from downstream inventory replenishment, indicating a favorable investment opportunity [5][14].

Global Economic Outlook - Global economic growth is expected to remain stable at 3.2% in 2025, consistent with 2024 levels, but below the pre-pandemic 20-year average of 3.8%[7] - Geopolitical tensions in regions like the Middle East and Russia-Ukraine are expected to ease, potentially reducing adverse impacts on the global economy[7] - Trump's potential policy shifts, including tariffs and domestic reforms, could significantly impact global trade and economic growth[9][11] China's Macroeconomic Performance - In 2024, China's economy was driven by strong external demand, with export growth significantly higher than in 2019 and 2023, while domestic demand remained weak[2][15] - Real estate investment and private sector investment were sluggish, with retail sales growth also underperforming, indicating weak domestic consumption[15][17] - China's GDP growth is projected to slow from 5.2% in 2023 to 4.5% in 2025, reflecting ongoing economic challenges[8] Policy and Reform Outlook - The 2024 Central Economic Work Conference signaled a shift toward more proactive fiscal and monetary policies, with a focus on expanding domestic demand and stabilizing the economy[38] - Key policy measures include increasing fiscal deficit ratios, issuing long-term special bonds, and implementing targeted monetary easing to support economic growth[38] - Reforms aimed at boosting domestic consumption, stabilizing employment, and enhancing the service sector are critical for 2025's economic recovery[17][32] Risks and Uncertainties - External risks include potential disruptions from Trump's trade policies and global geopolitical tensions, which could negatively impact China's export-driven growth[9][11] - Domestic risks involve weak consumer confidence, a sluggish real estate market, and structural challenges in transitioning to new growth drivers[17][32]

Group 1 - The report indicates that the market sentiment continues to weaken, reinforcing the downward trend of the Shanghai and Shenzhen stock indices due to external shocks such as trade friction and high-tech suppression, alongside a policy vacuum period [3][21][31] - The average daily trading volume in the Shanghai and Shenzhen markets is 1.33 trillion, with the latest value at 1.36 trillion, down from 1.43 trillion in the previous period, indicating a continuous contraction in trading volume [15][20] - The report recommends the banking sector, specifically stock code 801780.SI, as it maintains an upward trend despite slight reductions in major fund holdings, while other sectors are primarily in a horizontal or downward trend [4][31] Group 2 - In terms of industry valuation, public utilities, social services, and food and beverage sectors are noted to have relatively low valuation percentile levels, while sectors like construction materials, electronics, real estate, and retail have higher valuation percentiles [22][26] - Over the past five trading days, domestic major funds have increased their holdings in the oil and petrochemical, as well as agriculture, forestry, animal husbandry, and fishery sectors, while reducing holdings in machinery, pharmaceuticals, TMT, and non-bank financial sectors [27][31] - The report highlights that the banking and home appliance sectors still show an upward trend based on monthly moving averages, while most other sectors are in a horizontal adjustment or downward trend [28][31]

[table_subject] 2025 年 01 月 02 日 证券研究报告·电子行业周报 2024 年小米高端手机销量同比增长 43% ——中山证券电子行业周报 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 ●三季度全球 VR 出货量同比下降 4%。市场调查机构 12 月 27 日发布博 文，报告 2024 年第 3 季度全球 VR 头显出货量同比下降 4%，环比下降 16%，连 续三个季度下滑。报告认为导致下降的主要原因，是 tetheredVR 头显市场同 比下降 50%，相比之下，独立 VR 耳机市场同比增长 14%。 ●2024 年小米高端手机销量同比增长 43%。在"卢伟冰的年度总结"活动 中，小米集团总裁卢伟冰透露，2024 年小米全球高端手机销量已经突破 1000 万部，大概会在 1200 万左右，同比增长 43%。 ◎回顾本周行情（12 月 26 日-1 月 1 日），本周上证综指下跌 1.23%，沪 深300指数下跌1.27%。电子行业表现弱于大市。申万一级电子指数下跌2.72%， 跑输上 ...

Investment Rating - The report suggests a positive outlook for the electronic industry, indicating a recovery in demand and recommending attention to upstream equipment and materials that are relatively independent of the industry cycle [35][43]. Core Insights - Global smartphone shipments reached 316 million units in Q3 2024, reflecting a year-on-year growth of 4.01%, although this is a decrease from the previous quarter's growth of 7.58% [10][20]. - In October, China's smartphone shipments were 27.88 million units, showing a year-on-year decline of 1.10%, but an improvement from September's decline of 25.70% [11][41]. - Global semiconductor sales in October amounted to $56.88 billion, marking a year-on-year increase of 22.1%, although this is a slight decrease from September's growth of 23.2% [20][24]. - The semiconductor equipment shipments from Japan saw a significant year-on-year increase of 33.46% in October, indicating a positive trend in the semiconductor equipment sector [42]. Market Performance - The report notes that during the week of December 12-18, the Shanghai Composite Index fell by 1.46%, and the electronic industry underperformed the broader market, with the Shenwan electronic index declining by 1.76% [7][12]. - The electronic industry ranked eighth among Shenwan's primary sectors, with a PE valuation dropping to approximately 54.78 times [7][12]. Company Developments - Dongshan Precision announced plans for a targeted issuance of A-shares, aiming to raise up to 1.404 billion yuan to optimize its capital structure and reduce financial risks [5][64]. - Broadcom reported a significant increase in AI business revenue, which grew by 220% year-on-year to reach $12.2 billion, contributing to a strong stock performance [12][26]. Industry Dynamics - The semiconductor market is expected to grow by 15% in 2025, driven by demand from AI and high-performance computing (HPC), with memory segments projected to grow over 24% [55][31]. - The report highlights a recovery in the consumer electronics supply chain, with low inventory levels prompting a strong replenishment drive among domestic brands [20][41].