平安证券：晨会纪要-20250109

Group 1: Mobile Industry Insights - The introduction of national and regional subsidies for mobile devices, ranging from 10% to 20%, is expected to lower consumer purchase costs and stimulate demand for new devices [8][10] - The global AI smartphone penetration rate is projected to grow significantly, with global AI smartphone shipments expected to reach 234 million units in 2024 and 827 million units by 2027, reflecting a compound annual growth rate of 100.7% from 2023 to 2027 [9][10] - In China, AI smartphone shipments are anticipated to reach 40 million units in 2024, growing to 150 million units by 2027, which will account for 51.9% of the overall smartphone market [9][10] Group 2: Company-Specific Analysis - SangNeng Electric - SangNeng Electric is a leading company in the photovoltaic inverter market, with a strong presence in overseas markets, particularly in India and the Middle East [16][19] - The company achieved a revenue of 3.069 billion yuan in the first three quarters of 2024, a decrease of 7.3% year-on-year, while its net profit attributable to shareholders increased by 44.8% to 302 million yuan, driven by successful overseas business expansion [16][19] - The company is expected to achieve net profits of 553 million yuan, 911 million yuan, and 1.249 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 1.54, 2.53, and 3.47 yuan [20] Group 3: Fund Management Insights - As of the end of December 2024, the total number of fund advisory portfolios on the TianTian Fund APP reached 405, an increase of 4 from the previous month [12][13] - The performance of various fund advisory portfolios showed that aggressive, balanced, and conservative portfolios underperformed compared to similar FOF products in December 2024 [13] - The aggressive portfolio reduced its allocation to mixed funds while increasing its allocation to index funds, indicating a strategic shift towards more stable investment options [15]