电子行业研究：博通AI营收超预期，AI眼镜多点开花

Industry Investment Rating - Buy (Maintained Rating) [1] Core Views - AI cloud computing demand remains strong, with Broadcom's FY24 AI revenue reaching $12.2 billion, a 220% increase from FY23 [1] - AI network revenue accounted for 76% of Broadcom's FY24 network revenue, growing 158% YoY [1] - TSMC's November consolidated revenue reached NT$276.058 billion, up 34.0% YoY, with AI-related revenue expected to triple in 2024 [1] - NVIDIA Blackwell and GB200 server demand is strong, with supply chain actively increasing orders [1] - AI applications are accelerating, with multiple companies launching AI glasses and other wearable devices, expected to drive innovation and new opportunities in hardware products [1] Sub-Sector Analysis Semiconductor Foundry - Global CoWoS capacity demand is expected to grow 113% next year, with TSMC's monthly capacity increasing to 65,000 wafers [1] Industrial, Automotive, Security, and Consumer Electronics - Global PC shipments in Q3 2024 reached 66.4 million units, up 1% YoY, with AI PC sales expected to reach 50 million units in 2024 [1] - Global smartphone shipments in Q3 2024 increased 5% YoY, with AI phone penetration expected to reach 16% in 2024 [1] - Global smart audio shipments in Q2 2024 reached 110 million units, up 11% YoY [1] - Apple released the iPhone 16 series with A18 chips, expected to drive a new wave of replacement cycles [1] - New energy vehicle sales in November reached 1.28 million units, with 2024 sales expected to reach 10.93 million units, up 39.6% YoY [1] PCB - PCB industry sentiment slowed in November, with traditional peak season underperforming due to slowing demand in home appliances and consumer electronics [6] Components - Domestic substitution is accelerating, with AI driving passive component upgrades [18] - LCD panel prices are expected to rise due to subsidy policies driving sales growth [18] IC Design - AI edge applications are expected to significantly increase demand for computing power and storage, with storage chip capacity upgrades anticipated [22] Semiconductor Foundry, Equipment, Materials, and Components - Semiconductor supply chain is becoming more localized, with domestic equipment, materials, and components accelerating verification and adoption [23] - Advanced packaging demand is strong, with TSMC expecting CoWoS capacity to double or more by 2025 [23] - Global 300mm wafer fab equipment spending is expected to grow 24% to $123.2 billion in 2025 [23] Key Companies - Apple SE4 is expected to be released in March 2025, benefiting core Apple supply chain companies [2] - NVIDIA Blackwell and GB200 server demand is strong, with PCB supply chain companies receiving large orders [2] - Companies like Luxshare Precision, Goertek, and AAC Technologies are expected to benefit from AI-driven and domestically controlled supply chains [33] - Broadcom's FY24 AI revenue reached $12.2 billion, with AI network revenue growing 158% YoY [37]