东海证券：晨会纪要-20250109

Group 1 - The report highlights that Changan Automobile (000625) achieved a wholesale sales volume of 250,700 vehicles in December 2024, representing a year-on-year increase of 16.55% and a month-on-month decrease of 9.60% [9] - For the entire year of 2024, Changan's cumulative wholesale sales reached 2.6838 million vehicles, a year-on-year increase of 14.79% [9] - The report indicates that the company's self-owned passenger vehicle sales in December were 150,500 units, with a year-on-year increase of 31.99% [10] Group 2 - The report states that Changan's new energy vehicle sales in December reached 91,300 units, marking a year-on-year increase of 53.83% [10] - The company is on track to meet its 2024 new energy vehicle sales target of approximately 750,000 units, achieving a completion rate of 97.95% [10] - The report outlines that Changan's total sales target for 2025 is set at 3 million vehicles, with a specific goal of 1 million new energy vehicles [11] Group 3 - The report emphasizes that Changan plans to launch 13 new energy products in 2025, including models equipped with Huawei's ADS 3.0 technology [11] - The company aims to enhance its global presence by focusing on five major projects, including the establishment of a factory in Thailand and entering the European market [11] - The report projects that Changan's net profit attributable to shareholders for 2024-2026 will be 5.245 billion, 6.885 billion, and 9.662 billion yuan, respectively [12] Group 4 - The semiconductor industry report indicates that demand for semiconductors is recovering, particularly in AI-related applications, while supply remains ample [16] - The report notes that the semiconductor price decline is slowing, with certain segments showing signs of price recovery [18] - It highlights that the global semiconductor sales in October 2024 increased by 22.09% year-on-year, reflecting overall demand recovery [18] Group 5 - The report mentions that the demand for AI servers and new energy vehicles is driving semiconductor demand, with expectations for continued growth in these sectors [19] - It also points out that the AI-related applications are gaining traction, with significant advancements in AI models and edge applications [21] - The report suggests that investors should focus on leading companies in the AIOT sector and those benefiting from the domestic semiconductor supply chain [22]