电子行业2024年度中期策略：AI端侧落地加速，自动驾驶稳步推进

Investment Rating - The report gives an "Overweight" rating to the electronic industry, particularly focusing on AI mobile phones, AI PCs, and the autonomous driving industry chain [8]. Core Insights - The consumer electronics sector has completed its destocking phase and is entering a weak recovery, driven by expectations of economic recovery and trends in artificial intelligence [2][5]. - The rapid development of AI technology is expected to significantly enhance the penetration rate of AI terminals, with predictions of a compound annual growth rate of 115% for high-end AI PCs and 65% for AI mobile phones from 2023 to 2027 [3][8]. - The policy environment is becoming increasingly supportive for advanced autonomous driving, with a comprehensive framework being established to facilitate large-scale production [4][8]. Summary by Sections 1. Consumer Electronics Completion of Destocking and Weak Recovery - The electronic industry index has experienced a cumulative decline of 6.49% as of June 21, 2024, with a relative decline of 8.37% compared to the CSI 300 index [2][15]. - The industry has gone through four phases since January 2024, with the latest phase showing signs of recovery, evidenced by a 56.48% year-on-year increase in net profit for Q1 2024 [15][27]. 2. Acceleration of Edge AI Deployment and Expected Increase in AI Terminal Penetration - The development of large model compression technology is laying the groundwork for deploying large models on edge devices, which offer advantages such as low cost, high performance, and privacy security [3][39]. - Major companies like Apple and Huawei are setting standards for system-level AI applications in consumer electronics, with significant advancements expected in AI PCs and mobile devices [3][8]. 3. End-to-End Solutions Becoming Industry Trends and Rapid Increase in Advanced Autonomous Driving Penetration - The introduction of end-to-end AI autonomous driving systems is expected to accelerate the development of smart driving technologies, supported by a robust policy framework [4][8]. - The global sales of L3-level passenger vehicles are projected to exceed 25,000 units in 2024, with China expected to hold 1 million L3-level vehicles by 2026 [4][8]. 4. Investment Recommendations - The electronic industry is currently valued at a low historical level, with the overall price-to-earnings ratio at 38.92, indicating potential for growth as the sector enters a recovery phase [5][15].