电子行业简评报告：9月集成电路进出口ASP均有上涨

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - In September 2024, China's integrated circuit export value was USD 14.35 billion, with a year-on-year growth rate of 6.3%, showing a slowdown compared to the previous four months [1] - The export quantity of integrated circuits in September 2024 was 27.68 billion pieces, with a year-on-year growth of 13.9%, maintaining high growth and exceeding the 10.5% growth rate of August [1] - The average selling price (ASP) of integrated circuit exports in September 2024 was USD 0.518, slightly up from USD 0.501 in August [1] - The import value of integrated circuits in September 2024 was USD 35.98 billion, with a year-on-year growth of 11% [1] - The import quantity of integrated circuits in September 2024 was 49.73 billion pieces, with a year-on-year growth of 16.7% [1] - The ASP of integrated circuit imports in September 2024 was USD 0.724, up from USD 0.664 in August [1] - Cumulatively, from January to September 2024, the import value of integrated circuits was 2.4 times that of exports, with total exports of USD 117.85 billion and imports of USD 281.12 billion [1] - Despite the slowdown in export growth in September, the increase in both import and export ASPs indicates a need to monitor the integrated circuit import and export situation in the coming months to accurately predict the performance of companies in the electronic industry chain [1] Summary by Sections Export Performance - September 2024 integrated circuit export value: USD 14.35 billion, growth rate: 6.3% [1] - September 2024 integrated circuit export quantity: 27.68 billion pieces, growth rate: 13.9% [1] - September 2024 export ASP: USD 0.518, up from USD 0.501 in August [1] Import Performance - September 2024 integrated circuit import value: USD 35.98 billion, growth rate: 11% [1] - September 2024 integrated circuit import quantity: 49.73 billion pieces, growth rate: 16.7% [1] - September 2024 import ASP: USD 0.724, up from USD 0.664 in August [1] Cumulative Data - From January to September 2024, total exports: USD 117.85 billion, total imports: USD 281.12 billion, with imports being 2.4 times exports [1] Investment Recommendations - Focus on companies with good cash flow and low valuations [1] - Pay attention to investment opportunities related to Huawei's Mate 70 smartphone and self-controllable technologies [1]