电子行业周报：三星电子三季度业绩不及预期

Investment Rating - The electronic industry is rated as "stronger than the market" based on the performance of the industry index relative to the market benchmark index [24] Core Viewpoints - Samsung Electronics' Q3 performance fell short of expectations, with preliminary operating profit at approximately 9.1 trillion KRW, below the expected 11.5 trillion KRW, and revenue at 79 trillion KRW, compared to the anticipated 81.6 trillion KRW [1][18] - Global semiconductor sales in August 2024 increased by 20.6% year-on-year, reaching 53.1 billion USD, compared to 44 billion USD in August 2023 [21] - The electronic industry showed strong performance, with the Shenwan primary electronic index rising by 8.99%, outperforming the Shanghai Composite Index by 11.32 percentage points [3] Market Trends - The Shanghai Composite Index fell by 2.33% and the CSI 300 Index decreased by 1.54% during the week of October 3 to October 9, 2024, while the electronic industry outperformed the broader market [3] - In Q2 2024, global smartphone shipments reached 285 million units, a year-on-year increase of 7.58% [8] - In August 2024, China's smartphone shipments totaled 21.1 million units, reflecting a year-on-year growth of 17.7% [9] Industry Dynamics - The semiconductor sector is experiencing an upward trend, with August global semiconductor sales showing a 20.6% year-on-year increase, up from 18.7% in July [9][21] - The consumer electronics supply chain has undergone significant destocking, leading to a strong motivation for restocking in the industry [9] - Foxconn's revenue in September 2024 increased by 10.94% year-on-year, reaching 733 billion NTD, marking a significant growth [22]