3C出海专题报告：苹果代工全球布局，3C设备商有望受益

Industry Investment Rating - The report maintains an Overweight rating on the 3C equipment industry, driven by the global expansion of Apple's supply chain and the potential for increased equipment investment [2][3] Core Viewpoints - Apple's supply chain is shifting towards India and Southeast Asia, with plans to increase India's share of production to 25% by 2025, up from 13% in 2024 [3][6] - The shift in production capacity will drive demand for 3C equipment, particularly in SMT (solder paste printing, dispensing, welding), assembly testing, and inspection equipment [3][6] - The automation rate in Apple's production lines, especially in backend assembly and appearance defect detection, is expected to increase, leading to additional equipment purchases [3][6] - If Apple increases India's production share to 38%, it could drive equipment investment of 9.85 billion yuan, representing a 75% elasticity relative to annual equipment renewal demand [3][6] Investment Recommendations and Target Companies - Backend Assembly: Recommended companies include Bozhon Precision Industry Technology, with Saiteng Co as a beneficiary [8] - Appearance Defect Detection: Recommended companies include Opt Machine Vision Tech and Quick Intelligent Equipment, with Saiteng Co, Lingyun Guang, Tianzhun Technology, and Rongqi Technology as beneficiaries [8] - SMT Segment: Recommended companies include Quick Intelligent Equipment, with Kegong Precision Machinery, Anda Intelligent, and Zhuozhao Dispensing as beneficiaries [8] - Testing Segment: Beneficiary companies include Yanmai Technology, Zhilifang, Bojie Co, Juzi Technology, and Core Technology [8] - CNC Segment: Recommended companies include Chuangshi Technology, with Yuhuan CNC as a beneficiary [8] 3C Assembly Capacity: Mainland Dominance with Global Expansion Trends - Mainland China dominates 3C assembly, accounting for 90% of Apple's production capacity in 2023 [6][10] - Apple plans to increase India's production share to 25% by 2025, with major suppliers like Luxshare Precision and Foxconn actively expanding in India and Southeast Asia [6][10] - Luxshare Precision and Foxconn are expected to increase their market share in this global expansion, further driving demand for domestic 3C equipment [6][10] 3C Equipment: Domestic Manufacturers Lead, India Relies on Imports from China - Domestic 3C equipment manufacturers have grown rapidly, with companies like Bozhon Precision Industry Technology and Saiteng Co becoming core suppliers to Apple [10][25] - India's manufacturing sector is relatively underdeveloped, relying heavily on imports of electronic manufacturing equipment from China, which accounts for 40.81% of India's imports in this category [40][43] Apple's Global Production Layout: Reasons and Impact on Equipment Suppliers - Supply Chain Security: Apple is reducing reliance on a single country by diversifying production to India, Vietnam, and other regions [41][43] - Market Potential: India's growing middle class and high-end smartphone market present significant opportunities for Apple [45][46] - Cost Considerations: India offers lower labor and land costs, but challenges remain in infrastructure and power supply [49][50] - Impact on Equipment Suppliers: Apple's production shift to India will drive demand for 3C equipment, with domestic suppliers expected to benefit significantly [51][52]