电子行业点评：揖斐电AI基板订单满载，建议关注国产基板机会

Investment Rating - The report maintains an "Outperform" rating for the electronic industry, indicating that the industry is expected to outperform the market index by more than 5% [2][14]. Core Insights - The demand for AI substrates is driving growth, with Ibiden, a major supplier for Nvidia, reporting full order books for AI substrates. This demand is expected to persist throughout the year [4][18]. - The global packaging substrate market is projected to reach USD 13.168 billion in 2024, with a CAGR of 8.80% from 2023 to 2028, benefiting from advancements in packaging technology [19]. - The report highlights the dominance of Taiwan and Japan in the ABF substrate market, holding a combined market share of over 75% [5]. Summary by Sections Industry Performance - The electronic sector showed a significant increase in performance, with a 1-month increase of 4.74%, a 3-month increase of 34.47%, and a 12-month increase of 23.54% [2]. Key Companies - Deep South Circuit (深南电路) is recommended for investment, with an EPS of 2.73 in 2023 and projected EPS of 4.00 in 2024, indicating a strong growth trajectory [17]. Market Dynamics - The report emphasizes the importance of packaging substrates in advanced packaging, where substrates account for 50% of the cost structure in typical FCBGA packaging [19].