东海证券：晨会纪要-20241024

Key Recommendations - In Q3 2024, global smartphone shipments increased by 4% year-on-year, marking five consecutive quarters of growth. The release of new consumer electronics is expected to drive continued recovery in the electronics sector [7][8] - The electronics industry is currently experiencing a moderate recovery in demand, with a focus on four main investment themes: AIOT, AI-driven technologies, equipment materials, and the consumer electronics cycle [7][10] Electronics Industry Insights - Major smartphone manufacturers such as Honor, vivo, and Huawei are set to launch new models, which is anticipated to further boost the consumer electronics market. The recent launches include the Honor X60 series and the vivo X200 series, both featuring advanced technologies [8][10] - According to IDC data, the top five smartphone manufacturers by shipment volume in Q3 2024 were Samsung, Apple, Xiaomi, OPPO, and vivo. Samsung maintained its leading position despite a 2.8% year-on-year decline in shipments, while vivo saw a significant increase of 22.8% [7][8] Food and Beverage Industry Insights - The food and beverage sector is experiencing a continued recovery, with a focus on Q3 earnings reports. The sector saw a decline of 3.18% last week, underperforming the CSI 300 index by 4.16 percentage points [11][12] - Retail sales in September showed a year-on-year growth of 3.2%, indicating a positive trend in consumer spending, particularly in the restaurant and beverage categories [11][12] Market Performance - The electronics sector outperformed the broader market, with the Shenwan Electronics Index rising by 9.65%, significantly exceeding the 0.98% increase in the CSI 300 Index [8][10] - The food and beverage sector's performance was mixed, with only the snack sub-sector showing positive growth, while others faced declines [11][12] Investment Recommendations - Long-term growth opportunities in the electronics sector are highlighted, particularly in AIOT and AI-driven innovations. Specific companies to watch include 乐鑫科技, 恒玄科技, and 瑞芯微 [10][12] - In the food and beverage sector, attention is drawn to high-end liquor and regional leaders, with recommendations for companies like 贵州茅台 and 五粮液 [13][12]