电子行业2024年三季报综述：业绩持续改善，政策加持国产替代有望加速

Investment Rating - The report maintains a "Recommended" investment rating for the electronic industry [1]. Core Insights - The semiconductor industry is expected to accelerate domestic substitution due to policy support, especially following the recent U.S. presidential election results [1][10]. - The overall performance of the electronic industry has improved, with significant revenue and profit growth reported for the first three quarters of 2024 [11][28]. Summary by Sections 1. Performance Improvement and Policy Support - The electronic industry achieved a total revenue of 2.48 trillion yuan in the first three quarters of 2024, a 17.99% increase from 2.1 trillion yuan in the same period of 2023. The net profit attributable to shareholders reached 106.83 billion yuan, up 31.05% from 81.52 billion yuan [11]. - The third quarter of 2024 saw revenues of 951.97 billion yuan, a year-on-year increase of 17.09% and a quarter-on-quarter increase of 13.41% [12]. 2. Semiconductor Sector: Recovery and Performance Disparity - The semiconductor sector reported revenues of 430.49 billion yuan in the first three quarters of 2024, a 21.64% increase from 353.92 billion yuan in 2023. The net profit attributable to shareholders was 29.03 billion yuan, up 23.55% from 23.50 billion yuan [19]. - In the third quarter, the semiconductor sector achieved a revenue of 156.50 billion yuan, a year-on-year increase of 20.44%, and a net profit of 11.03 billion yuan, which represents a significant year-on-year growth of 48.23% [19]. 3. Consumer Electronics: Gradual Recovery with Profitability Fluctuations - The consumer electronics sector generated revenues of 1.4 trillion yuan in the first three quarters of 2024, a 47.35% increase from 953.08 billion yuan in 2023. The net profit attributable to shareholders was 56.29 billion yuan, up 24.95% from 45.05 billion yuan [28]. - The third quarter of 2024 saw revenues of 462.50 billion yuan, a year-on-year increase of 26.41%, while net profit reached 48.34 billion yuan, reflecting a year-on-year growth of 16.14% [28]. 4. Optical and Optoelectronic Sector: Turnaround and Improvement - The optical and optoelectronic sector reported revenues of 675.55 billion yuan in the first three quarters of 2024, with a remarkable year-on-year net profit growth of 503.46% [13]. - The third quarter showed a significant recovery, with both revenue and net profit increasing substantially compared to previous quarters [13]. 5. Investment Recommendations - The report suggests focusing on companies with strong technological foundations and potential breakthroughs, including Weir Shares, Langqi Technology, and others in the semiconductor and consumer electronics sectors [2].