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电子行业周报（2024/11/18-11/22）
2024-11-26 03:40

Investment Rating - The report does not explicitly state an overall investment rating for the electronics industry, but it provides insights into various segments and companies within the industry [3]. Core Insights - The semiconductor equipment and materials sectors are expected to see a positive trend starting from Q3 2024, with capital expenditures related to memory ICs showing significant growth [5]. - The consumer electronics market, particularly personal smart audio devices, is experiencing a strong rebound, with a 15% year-on-year increase in shipments [7]. - The panel market is projected to end a five-year decline in shipments, with an expected annual growth of 0.6% in 2024 [7]. Segment Investment Strategies Semiconductor Equipment / Materials / Packaging / Foundry - Global semiconductor capital expenditures decreased in the first half of 2024 but are expected to grow by 27% in Q4 compared to Q3, with a year-on-year increase of 31% [5]. - Memory-related capital expenditures are projected to increase by 39% year-on-year in Q4 2024 [5]. IC Design - Memory - Demand for memory products is primarily driven by AI servers, with DRAM prices expected to rise by 8% to 13% due to the increasing proportion of HBM [5]. Consumer Electronics - The global personal smart audio device market saw shipments reach approximately 126 million units in Q3 2024, marking a 15% year-on-year increase [7]. - The global TV shipment volume reached 52.33 million units in Q3 2024, with a projected increase of 2.5% in Q4 [7]. Panel Market - The global TV shipment volume is expected to reach 196.7 million units in 2024, ending a five-year decline [7]. Key Companies and Valuation Data - Longchuan Technology (300604.SZ) has a target price of 37.35 CNY per share with a market cap of 28.78 billion CNY [11]. - North Huachuang (002371.SZ) has a target price of 448.06 CNY per share with a market cap of 225.26 billion CNY [11]. - BOE Technology (000725.SZ) has a target price of 5.73 CNY per share with a market cap of 159.64 billion CNY [13]. Weekly Market Review - The semiconductor index increased by 1.73% week-on-week, while the overall electronics index decreased by 3.29% [19]. - Year-to-date, the electronics index has outperformed the Shanghai Composite Index by 5.38 percentage points [19].