电子行业跟踪报告：SW电子业绩表现有所分化，关注绩优板块的结构性机遇

Industry Investment Rating - The report maintains a "Stronger than Market" rating for the SW electronics industry, indicating that the industry index is expected to outperform the broader market by more than 10% over the next six months [4][32] Core Views - The SW electronics industry showed overall positive performance in the first three quarters of 2024, with revenue reaching 2,380 06 billion yuan, a year-on-year increase of 17 37% [1][9] - Net profit attributable to shareholders rose by 37 94% year-on-year to 100 83 billion yuan, driven by improved gross margins and effective cost control [1][9] - Sub-sectors such as digital chip design, integrated circuit packaging and testing, optical components, printed circuit boards, and panels performed well, benefiting from terminal recovery and the rapid growth of the AI computing power industry chain [1][2] Semiconductor Sector - The semiconductor sector achieved revenue of 371 43 billion yuan, up 23 11% year-on-year, with net profit attributable to shareholders increasing by 45 02% [14] - Digital chip design and integrated circuit packaging and testing sub-sectors saw significant growth, with net profit attributable to shareholders increasing by 214 96% and 58 33%, respectively, driven by AI computing power acceleration and terminal equipment demand recovery [2][14] Consumer Electronics Sector - The consumer electronics sector achieved revenue of 1,119 33 billion yuan, up 20 31% year-on-year, but net profit attributable to shareholders only increased by 17 11%, with brand consumer electronics facing profit pressure due to rising raw material costs [15][17] - The fourth quarter is expected to see a boost in demand due to new product launches and promotional activities like "Double 11" [2][17] Optoelectronics Sector - The optoelectronics sector achieved revenue of 527 33 billion yuan, up 5 58% year-on-year, with net profit attributable to shareholders turning from a loss to a profit of 5 49 billion yuan [19] - Optical components and panel sub-sectors performed well, with optical components seeing a 730 57% year-on-year increase in net profit attributable to shareholders, and panels turning from a loss of 5 41 billion yuan in 2023 to a profit of 2 42 billion yuan in 2024 [19] Components Sector - The components sector achieved revenue of 197 80 billion yuan, up 18 00% year-on-year, with net profit attributable to shareholders increasing by 24 19% [22] - Printed circuit boards and passive components sub-sectors benefited from AI computing power acceleration, with printed circuit boards seeing a 25 26% year-on-year increase in net profit attributable to shareholders [22] Electronic Chemicals Sector - The electronic chemicals sector achieved revenue of 44 12 billion yuan, up 8 05% year-on-year, with net profit attributable to shareholders increasing by 6 82% [24] - Gross margin and net margin improved to 28 28% and 10 41%, respectively, indicating enhanced profitability [24] Other Electronics Sector - The other electronics sector achieved revenue of 120 05 billion yuan, up 36 66% year-on-year, but net profit attributable to shareholders only increased by 15 59%, with gross margin declining by 1 38 percentage points [25][27] Investment Recommendations - The report recommends focusing on sub-sectors with strong performance, such as digital chip design, packaging and testing, optical components, and panels, which have benefited from the high growth of AI industry demand [28]