Investment Rating - The industry investment rating is maintained at "Overweight" [3][5]. Core Views - The global tablet and smartphone shipment situation in Q3 2024 is positive, with the consumer electronics market continuing to rise [4]. - Tablet shipments reached 37.4 million units in Q3 2024, a year-on-year increase of 11%, marking the third consecutive quarter of growth [4]. - The global smartphone market saw a 2% year-on-year increase in shipments, totaling 307 million units, achieving its fourth consecutive quarter of growth [4]. - Despite a slowdown in shipment growth, global smartphone revenue increased by 10% year-on-year in Q3 2024, with average selling prices rising by 7%, reaching historical highs [4]. - The trend towards high-end products is expected to continue, with an anticipated 3% compound annual growth rate in global smartphone average selling prices from 2023 to 2028 [4]. - The semiconductor industry is entering a new cycle driven by AI, with NAND demand expected to grow steadily post-2025, projected to increase by approximately 2.7 times over the next five years [5]. - The DRAM industry is also expected to see a 25% year-on-year growth in 2025 as suppliers plan to increase production capacity after profitability in 2024 [5]. Summary by Sections Market Performance - The SW Electronics Index rose by 9.36% in the past week, outperforming the CSI 300 Index by 3.86 percentage points [4]. - The sub-sectors of semiconductors, electronic chemicals, optical electronics, and consumer electronics showed significant gains, with increases ranging from 5.61% to 11.98% [4]. Investment Recommendations - The report suggests focusing on undervalued semiconductor design stocks with real performance and low PE/PEG ratios, as well as specific companies in various segments such as AIOT SoC chips, analog chips, and semiconductor equipment [5].
电子行业周报：三季度全球平板&智能手机出货情况良好，AI驱动存储板块持续上行
Shanghai Securities·2024-11-12 01:49