电子行业2024年中期策略报告：科技硬件迎来估值重塑，端侧AI推动消费新周期

Investment Rating - The report gives a "Buy" rating for several companies including Lixun Precision, Weir Shares, and Micron Innovation, while Saintbond is rated as "Hold" [7][8]. Core Viewpoints - The A-share technology hardware companies are undergoing a valuation reshaping, driven by a recovery in smartphone demand and the implementation of AI at the edge, which is expected to boost consumption [2][12][22]. - The semiconductor demand is at a recovery node, with storage chips leading the sales growth, particularly benefiting from the recovery in mobile phone inventory [12][20]. - The report highlights two main investment lines: Apple Intelligence driving the Apple supply chain and Tesla's autonomous driving entering a commercial phase [13][23]. Summary by Sections Overall View - A-share technology companies are expected to see a valuation reshaping due to a recovery in smartphone demand and inventory levels returning to a healthy state [12][17]. - The semiconductor market is showing signs of recovery, with storage chips being a significant driver of growth [20][21]. AI and Edge Technology - Apple is focusing on edge AI, which is expected to enhance consumer demand and create a competitive advantage through its proprietary technology [13][25][27]. - Tesla's advancements in autonomous driving technology are anticipated to accelerate commercial applications, particularly with the introduction of Robotaxi [13][16]. Supply Side: Price Increase Expectations - The report anticipates price increases in storage chips due to improved supply-demand dynamics, particularly in DDR5 and NAND markets [14][15]. - The demand for high-end CIS chips is expected to rise, driven by flagship smartphone launches, leading to potential price increases [15][16]. Recommended Stocks - The report recommends focusing on companies within the Apple and Tesla supply chains, including Lixun Precision, Weir Shares, and Micron Innovation, among others [7][8].