Investment Rating - The report assigns an "Overweight" rating for the electronic components industry [1][3]. Core Viewpoints - The demand for consumer electronics is recovering, driven by the gradual rollout of Apple AI and the launch of new models, which is expected to boost shipment volumes [3]. - Key beneficiaries include Luxshare Precision, GoerTek, Lens Technology, and Shihua Technology, with significant revenue and profit improvements noted for leading companies in the second quarter of 2024 [3]. - The upcoming iPhone 16 launch in September 2024 is anticipated to further enhance the industry's outlook, with optimistic expectations from upstream supply chains [3]. - The introduction of AI features in Apple products is expected to increase hardware performance requirements, leading to a rise in hardware value and benefiting the supply chain [3]. Summary by Sections Investment Recommendations - Recommended stocks include Luxshare Precision, GoerTek, Lens Technology, and Shihua Technology, with expected revenue growth driven by improved industry conditions [3]. Financial Performance - In Q2 2024, Luxshare Precision, GoerTek, and Lens Technology reported significant revenue growth, with year-on-year increases of 6.6%, 0.1%, and 29.31% respectively [3]. - Luxshare Precision's net profit for Q3 2024 is projected to be between 3.453 billion to 3.822 billion, reflecting a year-on-year increase of 14.39% to 26.61% [3]. Company Performance Metrics - Luxshare Precision's revenue in Q2 2024 was 51.191 billion, with a year-on-year growth of 6.98% [6]. - GoerTek's net profit in Q2 2024 reached 8.46 billion, showing a year-on-year increase of 167.89% [7]. - PCB manufacturers like Pengding Holdings and Dongshan Precision also saw revenue increases of 32.3% and 24.15% respectively in Q2 2024 [3].
电子元器件：AI端侧系列推荐之十五：景气度延续可期，Apple Intelligence落地打开果链成长空间
Guotai Junan Securities·2024-09-01 08:16