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消费电子系列跟踪：Apple AI上线在即，消费电子持续复苏并将进入旺季
Huafu Securities·2024-10-20 06:00

Investment Rating - The industry investment rating is "Outperform the Market" [2][15] Core Viewpoints - The consumer electronics sector is experiencing a recovery, driven by the upcoming launch of Apple AI and the seasonal demand increase [2][4] - The consumer electronics index rose by 5.51% from October 14 to October 18, significantly outperforming the Shanghai Composite Index, which increased by 0.98% [2] - Apple stock reached a historical high of $237.23 on October 15, with a 3.27% increase during the week, surpassing the Nasdaq's 0.8% rise [2][3] - The smartphone market is expected to see continued growth, with IDC reporting a 4.0% year-on-year increase in global smartphone shipments in Q3 2024, totaling 316 million units [3] - TSMC reported a 19% year-on-year growth in mobile platform revenue for Q3 2024, indicating a positive outlook for Q4 [4] Summary by Sections Consumer Electronics Performance - The consumer electronics index saw a significant increase, with major companies like Apple and various Android supply chain firms experiencing substantial stock price gains [2] - Notable stock price increases included companies like Guanghong Technology (34%), Gongda Electronics (23%), and Kosen Technology (21%) [2] Smartphone Market Insights - IDC's Q3 2024 report indicated that Apple shipped 56 million units, marking a 3.5% year-on-year increase, while Samsung's shipments decreased by 2.8% [3] - The upcoming holiday season is expected to further boost iPhone sales, despite some delays in the launch of Apple Intelligence [3] TSMC's Performance - TSMC's Q3 2024 revenue reached $23.5 billion, with mobile platforms accounting for 34% of total revenue, reflecting a 16% quarter-on-quarter growth [4] - The growth in TSMC's mobile platform revenue suggests a positive trend for the smartphone market in Q4 2024 [4] Investment Recommendations - The report suggests focusing on Apple's supply chain companies, including Luxshare Precision, Dongshan Precision, and others, as well as companies in the smart speaker and AIPC industries [5]