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电子行业简评报告：9月国内手机出货量下降23.8%
Capital Securities·2024-11-11 13:31

Investment Rating - The industry investment rating is "Positive" [2] Core Insights - In September 2024, domestic smartphone shipments in China decreased by 23.8% year-on-year, totaling 25.37 million units, with 5G smartphones accounting for 88% of the total shipments [6][20] - Global smartphone shipment growth has slowed down in Q3 2024, with shipments reaching 316 million units, a 4% year-on-year increase, down from previous quarters [3][8] - The electronic sector has performed slightly better than the overall market, with the electronic index rising by 12.08% year-to-date compared to a 9.99% increase in the Shanghai Composite Index [4][12] Summary by Sections Smartphone Market Performance - In the first nine months of 2024, domestic smartphone shipments reached 220 million units, a 9.9% year-on-year increase, with 5G smartphones making up 84.9% of the total [6][20] - The decline in September was primarily driven by a decrease in 5G smartphone shipments, which fell by 22.3% year-on-year [6] Global Smartphone Trends - The quarterly shipment figures for the past four quarters were 326 million, 289 million, 285 million, and 316 million, with corresponding growth rates of 8.6%, 7.7%, 7.6%, and 4.0% [3][8] Electronic Sector Performance - From October 28 to November 1, 2024, the electronic sector saw a decline of 2.11%, while the overall market index fell by 0.84% [4][12] - The top-performing sub-sectors during this period included panels, display components, LED, consumer electronic components, and optical electronics, with gains ranging from 1.52% to 5.68% [5][12] Stock Performance - The top ten stocks in the electronic sector from October 28 to November 1 showed significant gains, with Green Precision leading at 110.7% increase, followed by Huaying Technology at 61.1% [17][19] Investment Recommendations - Despite the slowdown in overall smartphone shipment growth, the emergence of AI smartphones is expected to create new opportunities in the market, particularly in the semiconductor sector [20]