电子行业2024三季度业绩前瞻：行业维持景气向上，AI赋能升级迭代

Investment Rating - The overall investment rating for the electronic sector is positive, with a focus on AI-driven opportunities and recovery in semiconductor and PCB industries [5]. Core Insights - The electronic sector is experiencing continuous marginal improvement in operations as of Q3 2024, driven by AI-led technological innovations and a recovery in demand across consumer electronics, semiconductors, and PCB industries [3]. - The semiconductor industry has passed its cyclical turning point, with various segments showing recovery trends, particularly in storage, digital chips, and power semiconductors, supported by AI demand and seasonal stocking [3]. - Consumer electronics are entering a traditional peak season, with new AI-enabled products expected to drive a new replacement cycle, benefiting from ongoing upgrades in data center infrastructure [4]. - The PCB industry is also benefiting from AI demand, with expectations for product upgrades and improved utilization rates in the third quarter [4]. Summary by Relevant Sections Semiconductor - The semiconductor industry is recovering, with storage prices expected to rise due to AI demand and seasonal stocking [3]. - Digital chip manufacturers are projected to maintain stable revenue growth, with improved profit and cash flow performance [3]. - The power semiconductor sector is anticipated to enter a new growth cycle as inventory clearances in the industrial and automotive sectors conclude [3]. Consumer Electronics - The traditional peak season for consumer electronics is approaching, with new AI features expected to drive sales of flagship devices from major brands [3]. - The integration of AI in consumer electronics is expected to accelerate product iterations across various categories, including home appliances and wearables [3]. PCB - The PCB industry is expected to see demand growth driven by AI model upgrades and the ongoing transition to new hardware platforms [4]. - The overall utilization rate for copper-clad laminates is recovering, supported by fiscal policies and rising copper prices [4]. Investment Recommendations - Key companies to watch include: - AI computing core supply chain: Huadian Co., Industrial Fulian, Shenzhen South Circuit - AI terminal core supply chain: Luxshare Precision, GoerTek, Pengding Holdings - Leading companies in various segments: Jingce Electronics, Naxin Micro, Hengxuan Technology, Sanhuan Group [4].