电子通信行业全面拥抱AI 开启新一轮增长周期

Group 1: Industry Overview - The A-share electronic and communication industry is experiencing a new growth cycle driven by the adoption of artificial intelligence (AI), with overall performance showing positive trends for 2024 and Q1 2025 [1][2] - Global smartphone shipments are projected to reach 1.24 billion units in 2024, marking a year-on-year increase of approximately 6.4%, indicating a recovery in the smartphone market [1] - The shipment of generative AI smartphones is expected to approach 420 million units in 2025, representing a significant year-on-year growth of 82.7% and capturing one-third of the smartphone market share [1] Group 2: Company Performance - Leading company Luxshare Precision (立讯精密) is forecasted to achieve a revenue of 268.795 billion yuan in 2024, a year-on-year increase of 15.91%, with a net profit of 13.366 billion yuan, up 22.03% [1] - In Q1 2025, Luxshare's revenue continued to grow, reaching 61.788 billion yuan, a 17.9% increase year-on-year, and a net profit of 3.044 billion yuan, up 23.17% [1] - Lens Technology (蓝思科技) also reported revenue and net profit growth for 2024 and Q1 2025, emphasizing that the rapid development of AI is significantly transforming smart terminals and enhancing the value of the industry chain [2] Group 3: AI Impact on Companies - The application of AI in consumer electronics is reshaping user experiences and initiating a new wave of innovation, which is expected to lead to explosive growth in the industry as AI technology matures [2] - Companies such as Industrial Fulian (工业富联), Fei Rongda (飞荣达), and Crystal Optoelectronics (水晶光电) have also reported revenue and net profit growth driven by AI and other factors [2] - ZTE Corporation (中兴通讯) achieved a revenue of 32.97 billion yuan in Q1 2024, a year-on-year increase of 7.8%, with over 35% of revenue coming from its second curve business focused on computing and terminals [3] Group 4: Future Outlook - The communication industry is actively embracing the AI wave, seeking new development opportunities as traditional operator business faces pressure from declining capital expenditures [2][3] - ZTE's enterprise business revenue grew by 36.7% year-on-year in 2024, while Huawei's revenue exceeded 860 billion yuan, growing over 22%, with its enterprise business in China growing by over 25% [3] - The demand for optical module products, which offer high-speed, high-capacity, and low-latency data transmission, is increasing, leading to significant performance growth for companies like Shijia Photon (仕佳光子), which reported a revenue increase of 42.4% for 2024 [3]