中国电子元器件行业展望，2025年1月

Investment Rating - The electronic components industry is rated as stable for the next 12 to 18 months [6]. Core Insights - The electronic components industry is expected to see a moderate recovery in downstream demand in 2024, with varying degrees of recovery across different application areas. AI applications are becoming a major growth driver for electronic components demand, while automotive electronics provide long-term support for demand growth [5][10]. - The semiconductor industry is showing signs of recovery, with price increases and improved downstream demand contributing to better performance across the industry chain. The optical optoelectronics sector is experiencing some relief from performance pressure due to supply-side reductions and recovering consumer demand, although it remains at a low operational level [8][25]. - The overall financial performance of sample enterprises in the electronic components industry is improving, with total revenue and profit levels recovering. However, the operational performance varies significantly across different sub-industries [39]. Summary by Sections Industry Outlook - The electronic components industry is projected to experience a moderate recovery in downstream demand in 2024, with AI-related computing power demand expected to drive significant growth in capital expenditures for communication equipment and data centers [10][24]. - The automotive electronics market continues to grow, supported by the ongoing development of the new energy vehicle market, which is expected to provide long-term demand growth for electronic components [23][24]. Financial Performance - In 2024, the total revenue of sample enterprises in the electronic components industry is expected to increase by 11.16% to approximately 1,106.26 billion yuan, with semiconductor and printed circuit board enterprises showing the highest revenue growth rates of 25.32% and 19.09%, respectively [39]. - The overall financial performance of the electronic components industry is improving, with most sub-industries showing positive trends in revenue and profit recovery, although the degree of recovery varies [38][39].