电子行业周报：二季度全球服务器市场同比增长35%

Investment Rating - The report suggests a weak recovery in the electronic industry demand, recommending attention to upstream equipment materials that are relatively independent of the industry cycle and have domestic substitution logic [2][10]. Core Insights - The global server market experienced a year-on-year growth of 35% in Q2, with AI servers accounting for 29% of all servers, leading to a market value of $45.422 billion [20]. - The average price of DRAM is expected to rise by 8-13% due to the increasing proportion of HBM, despite a significant reduction in the growth rate of memory prices anticipated in Q4 [19]. - Global smartphone shipments reached 316 million units in Q3, reflecting a year-on-year growth of 4.01%, although this is a decline from the previous quarter's growth rate of 7.58% [9][10]. - The semiconductor industry is showing signs of recovery, with global semiconductor sales in August reaching $53.12 billion, a year-on-year increase of 20.6% [10]. Market Trends - The electronic industry underperformed compared to the broader market, with the Shenwan electronic index declining by 7.92% during the week of October 10-16 [3]. - The PE valuation for the electronic industry has decreased to approximately 49.92 times [3]. - The smartphone market in China saw a year-on-year growth of 17.7% in August, with shipments totaling 21.098 million units [10]. Company Dynamics - Rockchip expects a profit growth of 339.75% to 365.62% for the first three quarters of 2024, driven by increased demand for AIoT products and rapid market introduction of new products [24].