电子三季报总结：景气度温和复苏，消费电子进入旺季

Investment Rating - Investment recommendation: Outperform the market (maintained) [5] Core Views - The electronic sector shows a mild recovery in Q3 2024, with revenue reaching 914.1 billion yuan, a year-on-year growth of 19.15% and a quarter-on-quarter growth of 14.33% [6][14] - The semiconductor sector shows a significant improvement, while the consumer electronics sector is entering a peak season, with revenue growth better than profit growth [8][9] - The profitability of the electronic sector has slightly decreased, with inventory turnover improving [21][7] Summary by Sections 1. Q3 Overview: Mild Recovery in the Industry - The electronic sector's revenue in Q3 2024 reached 914.1 billion yuan, with a year-on-year growth of 19.15%, slightly lower than Q2's 19.45% [6][14] - The net profit attributable to shareholders was 40.6 billion yuan, a year-on-year increase of 18.64% [17] - The consumer electronics sector's revenue share increased by 3 percentage points, while the semiconductor sector's profit share decreased by 4 percentage points [6][17] 2. Continued Recovery with Variations Among Sub-sectors - The semiconductor sector's revenue grew by 20% year-on-year, while the consumer electronics sector saw a 26% increase [8] - The profitability of the LED sector remains under pressure, while the PCB and passive components sectors show a mild recovery [8][9] - The net profit growth rates for various sectors in Q3 2024 were as follows: semiconductor 67%, consumer electronics 6%, and passive components 19% [8] 3. Investment Suggestions: Focus on Recovery in the Electronic Sector - The launch of AI-driven products is expected to boost consumer electronics sales, suggesting a focus on the AI hardware supply chain [9] - The report recommends attention to domestic semiconductor self-sufficiency and related industries, highlighting companies such as Zhongwei Company and Beifang Huachuang [9]