Industry Investment Rating - The report does not explicitly provide an overall industry investment rating [1][2][3] Core Views - The electronics industry is experiencing a weak recovery at the bottom of demand, with a focus on upstream equipment and materials that are relatively independent of the industry's cyclicality due to domestic substitution logic [7] - Android-related inventory is expected to gradually normalize, suggesting attention to Android smartphone component manufacturers [7] - Semiconductor design companies are benefiting from downstream inventory replenishment, making them worth monitoring [7] Index Performance - The Shanghai Composite Index fell by 2.35% and the CSI 300 Index fell by 2.92% during the week of August 1-7, 2024 [3] - The electronics sector underperformed the broader market, with the Shenwan Electronics Index dropping by 6.98%, underperforming the Shanghai Composite by 4.63 percentage points and the CSI 300 by 4.06 percentage points [3] - The PE valuation of the electronics industry decreased to around 42.90x [3] Industry Data - Global smartphone shipments in Q2 2024 reached 285 million units, a year-on-year increase of 7.58% [6] - China's smartphone shipments in June 2024 were 23.84 million units, up 14.3% year-on-year [7] - Global semiconductor sales in June 2024 were 0.075 per million tokens and output costs at 12.8 billion, down 1% year-on-year, with a net loss of 1.5 billion in the same period last year [12] - Amazon's Q2 2024 net sales were 13.5 billion [13] - Apple's Q2 2024 revenue and profit exceeded Wall Street expectations, with iPhone revenue at $39.3 billion, accounting for 45.8% of total revenue [14][15] Company Dynamics - Universal Scientific Industrial (USI) reported a 2.23% year-on-year increase in half-year profit, with revenue reaching approximately 27.386 billion yuan and net profit of 784 million yuan [16]
中山证券：电子行业周报：英特尔二季度业绩大幅下降-20240812
中山证券·2024-08-12 09:40