电子行业周报：“双十一”期间手机出货量同比增长26%

Industry Investment Rating - The report does not explicitly provide an overall investment rating for the electronics industry [2][3][4] Core Views - The electronics industry is experiencing a recovery in demand, with a focus on upstream equipment and materials that benefit from domestic substitution logic, independent of the industry's cyclical fluctuations [4][19] - Android inventory is expected to gradually normalize, suggesting attention to domestic consumer electronics brands [4][19] - Semiconductor design companies are benefiting from downstream inventory replenishment, making them a key area of focus [4][19] Market Performance - The electronics sector underperformed the broader market, with the Shenwan Electronics Index falling 6.09%, underperforming the Shanghai Composite Index by 4.02 percentage points and the CSI 300 Index by 3.05 percentage points [8] - The sector's PE valuation dropped to approximately 54.93x [8] Industry Data - Global smartphone shipments in Q3 2024 reached 316 million units, up 4.01% YoY [3][15] - China's smartphone shipments in September 2024 were 23.717 million units, down 25.71% YoY [3][18] - Global semiconductor sales in September 2024 were $55.32 billion, up 23.2% YoY [3][18] - Japan's semiconductor equipment shipments in September 2024 increased by 23.40% YoY [3][18] Industry Dynamics - China's consumer-grade XR device sales in Q3 2024 fell 9.2% YoY, with total retail sales of 103,000 units, down 17.9% YoY [2][31] - Middle East smartphone shipments in Q3 2024 grew 2% YoY, reaching 12.2 million units [32] - Latin America smartphone shipments in Q3 2024 increased 10% YoY, reaching 35.1 million units [38] - During the "Double 11" shopping festival, smartphone shipments in China rebounded 26% YoY to 9.5 million units [2][41] Company Dynamics - SMIC reported a 56.4% YoY increase in Q3 2024 net profit, with revenue reaching RMB 15.609 billion, up 32.5% YoY [42] - SMIC's capacity utilization rate improved to 90.4%, with gross margin rising to 20.5% [42] Investment Recommendations - Focus on upstream equipment and materials with domestic substitution potential [4][19] - Pay attention to domestic consumer electronics brands as Android inventory normalizes [4][19] - Semiconductor design companies are recommended due to downstream inventory replenishment [4][19]