电子行业周报：被动型基金强化半导体强势行情，关注AI端侧创新机遇
Guoxin Securities·2024-12-04 00:22

Investment Rating - The report maintains an "Outperform" rating for the semiconductor sector and related companies [2][4]. Core Insights - The semiconductor sector is experiencing a strong market trend driven by passive funds, with a focus on AI-related innovations. The overall electronic industry index rose by 2.38%, with semiconductors increasing by 3.25% [2][7]. - Despite a recent significant price increase, the semiconductor industry is still valued at historical lows, indicating potential for further growth. The demand for AI computing power is expected to drive a new upward cycle in the industry [2][3]. - Companies such as SMIC, Huahong, and others are seeing improved capacity utilization rates, suggesting a positive outlook for the semiconductor market [2][3]. Summary by Sections Market Performance - The Shanghai Composite Index rose by 1.81%, while the electronic sector saw a 2.38% increase, with semiconductors leading the gains [7]. - The report notes that the semiconductor sector has completed significant destocking and supply-side adjustments over the past two years, positioning it well for future growth driven by AI [2][3]. Company Recommendations - The report recommends leading semiconductor companies such as SMIC, Zhongwei, and others, as well as companies in the Huawei and Apple supply chains [2][4]. - Specific companies highlighted for investment include: SMIC International, Zhongwei, Northern Huachuang, and others, all rated as "Outperform" [4]. Industry Trends - The report indicates a recovery in orders for ADI, with expected revenue growth in the upcoming fiscal quarters, particularly in industrial and automotive sectors [3]. - The TWS (True Wireless Stereo) earphone market is projected to grow significantly, with a 15% year-over-year increase in shipments, driven by AI integration [3]. Key Financial Metrics - The report provides earnings per share (EPS) forecasts for 2024 and 2025 for key companies, with SMIC projected at 0.06 and 0.08 respectively, indicating growth potential [4].