野村-电子投资策略-自主可控-AI依旧为投资主线

Investment Rating - The report maintains a positive investment outlook for the electronics sector, highlighting recovery trends and growth potential in various sub-sectors. Core Insights - The electronics sector continued its recovery in Q3 2024, with revenue growth of 16% year-on-year and net profit growth of 23%, driven by domestic manufacturing equipment, AI, and new iPhone inventory [1][2] - The semiconductor manufacturing industry is experiencing marginal recovery, with advanced processes benefiting from AI demand, while mature processes face low capacity utilization [1][5] - The consumer electronics sector shows strong performance from the Apple supply chain, with expectations for improved margins in the Android high-end market due to concentrated new releases in Q4 [1][7] - Key investment logic includes domestic semiconductor equipment manufacturing, AI industry chain, and companies with scale advantages and cost control capabilities [1][8] Summary by Sections Overall Performance - In Q3 2024, the electronics sector's revenue grew by 16% year-on-year and 11% quarter-on-quarter, with net profit increasing by 23% year-on-year and 12% quarter-on-quarter, driven by domestic manufacturing and AI [2] - The sector ranked third in performance among various industries in the first three quarters of 2024, outperforming the CSI 300 index since late September [3] Revenue and Profitability - Industries with notable revenue growth in Q3 2024 include semiconductor materials and equipment, digital chip design, and consumer electronics assembly, all showing significant profit elasticity [4] - The semiconductor manufacturing sector is characterized by a recovery in advanced processes, with TSMC's advanced process utilization rates nearing full capacity, while mature processes remain under pressure [5] Future Outlook - The report identifies several key investment themes, including the increasing demand for domestic semiconductor manufacturing equipment, the long-term potential of the AI industry, and the focus on companies with strong scale and cost management [8] - The market for wearable devices and edge AI is expected to grow, with significant sales in AI glasses and continued high demand for cloud AI computing [9] Company-Specific Insights - Companies like 顺络电子 (Sunlord Electronics) and 法拉 (Fala) are highlighted for their strong growth potential in the automotive electronics and new energy vehicle sectors, respectively, with both companies showing robust revenue and profit growth [11][12] - 洁美科技 (Jiemai Technology) is noted for its stable revenue growth despite short-term profit pressures due to increased R&D costs, with expectations for improved profitability as new products gain traction [15][16] - 鑫鹏威 (Xinpengwei) is positioned well for growth in the home appliance market, benefiting from the old-for-new policy and expanding into various segments [17][18] - 电连技术 (Dianlian Technology) is experiencing significant growth in its automotive connector business, driven by new vehicle releases and increasing market share [19][20]