国海证券：晨会纪要2024年第165期-20240919

Key Insights - The semiconductor industry is experiencing a cyclical recovery, driven by inventory replenishment and recovery in the downstream mobile and PC supply chains, leading to steady year-on-year growth in overall performance [2][3] - The digital chip design sector has seen significant revenue growth and improved profit margins due to rising demand from smart home and consumer electronics, with AIoT demand expected to continue growing [2][3] - The AI edge wave is anticipated to accelerate, benefiting various hardware segments, with recommendations to focus on companies like Luxshare Precision, Pengding Holdings, and others [4][3] Semiconductor Sector - The semiconductor equipment sector maintained high growth in the first half of 2024, with domestic wafer fabs expected to continue expanding, leading to increased localization rates [2][3] - The digital chip design industry benefited from a recovery in downstream demand, with significant revenue growth and improved profit margins [2][3] - The analog chip design sector also showed revenue growth, with a positive trend in profit recovery, supported by demand recovery and potential mergers [3] Consumer Electronics - The acceleration of AI in consumer electronics is expected to drive both volume and price increases in smartphones and PCs, with key players in assembly and components recommended for investment [3][4] - The anticipated decline in interest rates may further stimulate demand in emerging markets, particularly for companies with strong overseas market presence [3] Publishing and Media - In the first half of 2024, the publishing business of Southern Media saw a slight decline in revenue but an increase in gross profit margin, with a focus on expanding educational publishing [8][9] - The company achieved a gross profit margin of 34.21% in H1 2024, reflecting a year-on-year increase [8][9] New Materials - The new materials sector is poised for growth, driven by rapid demand in downstream applications, with a focus on semiconductor materials and aerospace components [5][6] - The successful test flight of the reusable Zhuque-3 rocket marks a significant advancement in China's commercial space capabilities, indicating potential growth in the aerospace materials sector [6] AI and Computing - OpenAI's new model is expected to significantly increase demand for computing power, with major tech companies raising their capital expenditure forecasts for AI-related investments [14][15] - The AI server market is experiencing robust growth, with several manufacturers reporting substantial year-on-year revenue increases [15][16]