电子行业周报：二季度全球智能手机出货量同比增长6%

Investment Rating - The electronic industry is experiencing a weak recovery at the demand bottom, with a recommendation to focus on upstream equipment materials that are relatively independent of the industry cycle and have domestic substitution logic [2][9]. Core Insights - Global smartphone shipments increased by 6% year-on-year in Q2 2024, marking the highest growth rate in three years and the third consecutive quarter of growth [1][17]. - Apple has increased the inventory of the iPhone 16 series to 95 million units, indicating strong confidence in new product sales [1][18]. - The semiconductor industry is seeing an upward trend, with global semiconductor sales reaching $49.15 billion in May, a year-on-year increase of 19.3% [9][19]. - The demand for automotive network access devices (NAD) is expected to grow at a compound annual growth rate of 13% from 2020 to 2030 [19]. Market Performance - From July 11 to July 17, the Shanghai Composite Index rose by 0.8%, while the electronic industry underperformed the market, with the Shenwan electronic index increasing by 1.01% [3][4]. - The PE valuation for the electronic industry rose to approximately 46.77 times [3][4]. Industry Dynamics - The smartphone market is consolidating, with the top five brands' cumulative market share declining, indicating intense competition [17]. - The semiconductor equipment sector is also experiencing growth, with Japan's semiconductor equipment shipments increasing by 26.99% year-on-year in May [9][19]. - The Android inventory is expected to gradually normalize, suggesting potential opportunities for Android component manufacturers [2][9]. Company Updates - Northern Huachuang reported a profit growth of 42.84% to 64.51% in the first half of 2024, driven by enhanced core competitiveness and a diversified product matrix [22][23].