电子行业点评报告：被动元件景气延续，国产替代顺势而为

Investment Rating - The report rates the electronic industry as "Recommended" [2] Core Viewpoints - The passive component sector continues to show strong performance, with 16 core LED companies achieving a total revenue of 33.66 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 14.3%, and a total net profit of 4.57 billion yuan, up 19.8% year-on-year [1] - The overall performance of the passive component sector remains robust, with 14 companies reporting positive revenue growth year-on-year, and several companies, including Jinsai Technology and Huillen Crystal, experiencing revenue growth exceeding 30% [1][3] - The industry is experiencing orderly capacity expansion, driven by stable demand from downstream markets such as home appliances, mobile phones, and new energy vehicles, with a healthy inventory level maintained [3] Summary by Sections Revenue and Profitability - In Q3 2024, the passive component sector's combined revenue growth rate was 16.3%, and the combined net profit growth rate was 19.1%, with an overall gross margin of 27.8%, down 0.5 percentage points quarter-on-quarter [2] - The net profit margin for the passive component sector was 13.8%, down 0.9 percentage points quarter-on-quarter [2] Market Trends and Opportunities - The report highlights the potential for domestic substitution in MLCC (Multi-Layer Ceramic Capacitors) and release films, with leading companies increasing their market share in high-end MLCC products [3] - The ongoing expansion of domestic high-end MLCC capacity is expected to continue, with products evolving towards higher capacitance, voltage, frequency, and reliability, which will facilitate the replacement of foreign high-end products [3] Investment Recommendations - The report suggests focusing on companies with significant domestic substitution potential in the MLCC and release film segments, specifically recommending companies such as Sanhui Group, Shunluo Electronics, Jiemi Technology, Fenghua Advanced Technology, and Maijie Technology [4]