AI赋能叠加多重利好 2026消费电子行业有望估值修复

Group 1 - The core viewpoint is that the consumer electronics sector is currently undervalued compared to other segments like semiconductors, but is expected to experience a valuation recovery in 2026 driven by AI innovations and product price increases [1][2] - As of December 18, 2025, the PE-TTM for the consumer electronics industry is 37.76 times, significantly lower than that of semiconductors and electronic chemicals [1] - Major companies are intensively launching new AI-enabled products, including Google's AI glasses, Apple's foldable iPhone, and Samsung's Galaxy S26 series, indicating a strong push towards innovation in the sector [1] Group 2 - The industry fundamentals are improving, with global smartphone shipments increasing by 2.6% year-on-year in Q3 2025, and revenue and net profit for the consumer electronics sector growing by 27.12% and 34.95% respectively [2] - The shortage of storage chips is leading to price increases for terminal products, with companies like Dell and HP planning to raise prices, which is expected to enhance the performance of the supply chain [2] - Innovations such as foldable screens and AI smartphones are anticipated to boost demand for core components like batteries and PCBs, driving a significant upgrade in production equipment [2]