电子行业周报（2024年第38周）

Investment Rating - The report maintains an "Outperform" rating for the electronic industry [3]. Core Insights - The electronic industry experienced a decline of 2.3% in the week of September 9-13, 2024, ranking 19th among 31 sectors in the Shenwan classification [6][8]. - The semiconductor sector showed significant growth in exports, with a total export value of 736.04 billion yuan from January to August 2024, marking a year-on-year increase of 24.8% [34]. - The MLCC industry is witnessing a mild recovery after two years of downturn, driven by increased demand from consumer electronics and AI servers [35]. - Global 5G smartphone shipments increased by 20% year-on-year in the first half of 2024, with India surpassing the US to become the second-largest market [36]. Market Performance - The overall electronic industry performance for the week was -2.3%, with the Shanghai Composite Index at -2.2% and the Shenzhen Component Index at -1.8% [6]. - Among sub-sectors, the components sector had the smallest decline at -0.04%, while the other electronic II sector faced the largest drop at -9.0% [8][10]. Sector Analysis - The semiconductor sector had a weekly transaction volume of 97.85 billion yuan, while the consumer electronics sector reached 86.21 billion yuan [10]. - The semiconductor sector's TTM price-to-earnings ratio was 60.2, indicating a high valuation compared to other sectors [10]. - The other electronic II sector had a PB ratio percentile of 19.0%, suggesting it is undervalued [12]. Industry News - The Ministry of Industry and Information Technology issued a notice to promote the development of mobile IoT, aiming for comprehensive coverage of 5G networks by 2027 [32]. - The National Power Investment Corporation delivered its first batch of hydrogen ion injection performance optimization chips, marking a significant step towards domestic semiconductor production [33]. - The recovery in the MLCC industry is attributed to rising demand from AI servers, with a projected 41.5% increase in global AI server shipments in 2024 [35]. Important Announcements - Jiemai Technology announced an investment of approximately 1.2 billion yuan to establish a production project for paper carrier tapes in Jiangxi [38]. - Luxshare Precision plans to acquire a 50.1% stake in Leoni AG to enhance its automotive business [40]. - GoerTek intends to spin off its subsidiary GoerTek Micro for a listing on the Hong Kong Stock Exchange [41].