电子行业周报：华为Mate预售，小米汽车加速

Investment Rating - The report maintains a positive outlook on the electronic industry, indicating a favorable investment rating for the sector [1]. Core Insights - The electronic industry is experiencing significant growth driven by advancements in AI and semiconductor technologies, with companies like Huawei and Xiaomi leading the charge in high-end product offerings [1][14]. - Xiaomi's recent financial performance shows robust growth, with a 31% year-on-year increase in revenue for Q3 2024, reaching 92.5 billion yuan, and a net profit of 5.4 billion yuan, up 10% year-on-year [1][31]. - Nvidia's Q3 FY25 results exceeded expectations, with revenue of $35.1 billion, a 94% year-on-year increase, and a positive outlook for future quarters [1][34]. Summary by Sections 1. Weekly Market Review - From November 18 to November 22, the A-share electronic index experienced significant volatility, continuing a downward trend since November 12, with the Shenwan electronic index down 3.29% [11][12]. - Key stocks that saw notable gains included Cambrian-U (up 38.32%) and Zhongke Blue News (up 13.88%) [11][12]. 2. Xiaomi Group's Q3 2024 Performance - Xiaomi's Q3 2024 revenue reached 92.5 billion yuan, a 31% increase year-on-year, with a gross margin of 20.4% [1][31]. - The company reported a smartphone shipment of 43.1 million units in Q3 2024, reflecting a 3% year-on-year increase, with an average selling price (ASP) of 1,102 yuan per unit [31]. - Xiaomi's IoT revenue grew by 26% year-on-year, reaching 26.1 billion yuan, while internet services revenue increased by 9% to 8.5 billion yuan [31]. 3. Nvidia's Financial Performance - Nvidia's Q3 FY25 revenue was $35.1 billion, a 94% increase year-on-year, with a non-GAAP gross margin of 75% [34][36]. - The company provided guidance for Q4 revenue of $37.5 billion, reflecting a 70% year-on-year increase [34][36]. - Nvidia's data center revenue reached $30.8 billion, driven by strong demand for AI-related products [39]. 4. Key Developments - The report highlights the ongoing trend of domestic semiconductor equipment and parts replacement, with companies like North Huachuang and Zhongwei Technology positioned to benefit [1]. - The launch of Huawei's Mate 70 series is expected to drive opportunities within the domestic supply chain, particularly in high-end smartphone components [1][14]. - Xiaomi's automotive division has raised its annual delivery target to 130,000 units, indicating strong growth potential in the electric vehicle market [1][31].