电子2024年半年报总结：经营持续向上，端侧AI和算力有望成为核心驱动

Industry Investment Rating - The report maintains a "Recommended" rating for the electronics industry [2] Core Views - The electronics industry showed significant improvement in 2024H1, with total revenue and net profit increasing by 17.30% and 39.24% YoY respectively [3] - Semiconductor sector benefited from strong Android smartphone sales and PC restocking, driving upstream chip inventory replenishment [3] - Passive components sector is in a recovery phase, with leading companies showing improved operating rates and product structures [4] - PCB sector is expected to benefit from AI demand and data center construction, with high-end products driving value growth [5] - Consumer electronics sector is poised for a replacement cycle driven by on-device AI, with Apple expected to lead the trend [5] Key Companies and Ratings - Key companies with "Buy" ratings: Luxshare Precision, Hikvision [1] - Key companies with "Overweight" ratings: Unimicron, AAC Technologies, Goertek, etc. [1] Semiconductor Sector - Semiconductor sector revenue grew 22.01% YoY in 2024H1, with equipment and materials benefiting from domestic expansion and localization [3] - Semiconductor equipment sector revenue increased 38.45% YoY in 2024H1, driven by domestic wafer fab expansion [24] - Semiconductor materials sector revenue grew 9.76% YoY in 2024H1, with continued improvement expected due to rising wafer fab utilization rates [32] - IC design sector revenue increased 36.01% YoY in 2024H1, with digital SoC and analog chip segments showing strong recovery [43] Passive Components Sector - Passive components sector revenue grew 18.58% YoY in 2024H1, with MLCC and inductor segments showing strong performance [4] - Leading companies like Sanan Optoelectronics and Sunlord Electronics are benefiting from AI-driven demand in smartphones and PCs [4] PCB Sector - PCB sector is benefiting from AI server demand and data center construction, with high-end products driving value growth [5] - Key companies like Unimicron and Shennan Circuits are well-positioned in high-end data communication PCB markets [5] Consumer Electronics Sector - Consumer electronics sector is expected to see a replacement cycle driven by on-device AI, with Apple leading the trend [5] - Key companies like Luxshare Precision and Goertek are expected to benefit from value chain upgrades in the Apple ecosystem [5] Panel Sector - Panel prices reached a peak in June 2024 but started to decline due to weaker demand, with stabilization expected in Q4 [6] - Leading panel manufacturers like BOE and TCL are maintaining stable profit margins through capacity control [7]