电子行业2025年年度策略：AI驱动智能硬件创新浪潮，持续看好算力和自主可控趋势

Industry Investment Rating - The report maintains a "Recommended" rating for the electronics industry [1] Core Views - The rise of edge AI is driving a wave of hardware innovation, with increasing demand for computing power [2] - Semiconductor localization is imperative, with a focus on wafer manufacturing and advanced packaging supply chains [3] - Consumer electronics innovation and recovery are expected to drive upstream demand [3] - AI-driven hardware innovation is expected to boost demand for processors, memory, batteries, and cooling solutions [2][3] Key Companies and Ratings - Key companies with "Buy" ratings: Luxshare Precision, Hikvision [1] - Key companies with "Overweight" ratings: Unimicron, GigaDevice, Luxshare Precision, AAC Technologies, Goertek, etc [1] Industry Overview - The electronics industry showed steady growth in 2024, with total revenue and net profit increasing by 18.09% and 36.56% YoY, respectively [22] - The industry's gross margin and net margin were 15.79% and 4.07% in the first three quarters of 2024 [24] Edge AI and Hardware Innovation - Edge AI is driving innovation in traditional devices like smartphones and PCs, as well as new form factors like glasses and rings [2] - Apple is expected to lead the AI smartphone market, while Android manufacturers are collaborating with AI model providers to implement AI features [2] - AI glasses and headphones are expected to become major interaction points for AI agents due to their portability and voice interaction capabilities [2] Semiconductor Localization - Semiconductor localization is a key trend, with a focus on equipment, materials, and components [3] - The demand for semiconductor materials is expected to improve as wafer fab utilization rates recover [3] - Advanced packaging technologies like HBM and CoWoS are critical for AI applications and require localization efforts [3] Consumer Electronics Recovery - Inventory levels in sectors like memory, passive components, and digital SoCs have normalized, leading to improved performance for related companies [3] - The recovery in consumer electronics is expected to drive demand for upstream components, especially those with increased value due to edge AI [3] Investment Recommendations - Focus on traditional devices like AI smartphones and PCs, with attention to value-added components such as PCBs and batteries [4] - Invest in companies benefiting from the growth in computing power, such as high-speed PCB manufacturers [4] - Pay attention to semiconductor equipment and material companies that are key to localization efforts [4] - Look for opportunities in sectors with strong recovery potential, such as passive components and memory interface chips [4] Key Figures and Data - AI smartphone shipments are expected to reach 1.7 billion units in 2024, with a penetration rate of 15% [53] - AI PC shipments are projected to reach 44 million units in 2024 and 103 million units in 2025 [55] - The global HBM market is expected to grow significantly, driven by AI demand [3]