电子行业2025年年度策略报告：坚定科技自主，拥抱AI+

Investment Rating - The report maintains an "Outperform" rating for the electronic industry [4][47]. Core Views - The electronic industry is expected to outperform the market, with the Shenwan electronic index rising by 19.85% as of December 7, 2024, compared to a 14.43% increase in the Shanghai Composite Index and a 15.80% increase in the CSI 300 Index, resulting in a 4.05 percentage point outperformance [4][21]. - The report highlights a recovery in demand for mobile phones since Q4 2023, leading to a year-on-year revenue growth of 16% in Q3 2024, reaching 10,124 billion yuan [4][42]. - The semiconductor sector is emphasized as a key area for investment, with a focus on domestic equipment replacement opportunities due to increasing policy support and the need for self-sufficiency in semiconductor manufacturing [5][47]. Summary by Sections Market Review - The electronic industry has shown strong performance, with all sub-sectors reporting positive growth as of December 7, 2024. The sub-sectors include components, semiconductors, consumer electronics, and optical electronics, with respective increases of 28.16%, 25.36%, and 15.78% [29][21]. - The price-to-earnings ratio (P/E) for the Shenwan electronic sector is at 55 times, which is around the 77th percentile of the past five years [4][29]. Semiconductor - The domestic semiconductor demand is robust, but supply capabilities are lacking, with the core chip self-sufficiency rate below 10% [5][50]. - The report discusses the importance of domestic innovation and the need for equipment verification and introduction to enhance local production capabilities [5][47]. AI Integration - The report notes the emergence of AI-enabled products, including AI smartphones and AI PCs, which are expected to drive a new wave of consumer demand [6][48]. - The global shipment of AI PCs is projected to grow at a compound annual growth rate of 419% from 2024 to 2027 [6][48]. Investment Recommendations - The report recommends focusing on companies involved in semiconductor manufacturing and equipment, such as Zhongwei Company, Northern Huachuang, and Jingce Electronics, as well as companies benefiting from the AI trend, including Luxshare Precision and Lens Technology [6][47].