集成电路：多重逻辑共振，数字芯片SOC景气持续走高

Investment Rating - The industry investment rating is maintained at "Leading the Market - A" [1] Core Viewpoints - The digital chip SOC industry is experiencing a sustained increase in prosperity, driven by multiple resonating factors, including the transition from inventory reduction to an upward industrial trend [1] - The expected net profit for Lexin Technology for the first five months of 2024 is approximately 118.71 million yuan, representing a year-on-year increase of 123.51% [1] - The domestic digital chip SOC manufacturers are in a phase of catching up with overseas competitors, with the industry evolving to meet diverse hardware demands [1] Summary by Relevant Sections Industry Performance - The digital chip SOC serves as the main control unit for various hardware devices, including servers, PCs, tablets, smartphones, TVs, and security devices, each with distinct customer groups and requirements [1] - The industry has transitioned from a high-demand phase in 2021 to a destocking phase in 2022, with a recovery in inventory levels and a return to healthy operational conditions by 2024 [1] Market Trends - The trend of "quality export" is becoming a significant driver for growth in the domestic industry chain, with companies like Stone Technology expanding globally [1] - New hardware forms such as TWS earbuds, smartwatches, and VR/AR devices are emerging, alongside the maturation of AI large models, which are expected to enhance demand for computing power at the edge [1] Recommended Stocks - Recommended stocks include RichChip, Allwinner Technology, Starry Technology, and others, with a focus on companies that are expected to benefit from the ongoing industry growth [2]