电子行业周报：大陆代工龙头Q4业绩符合指引，苹果即将发布iPhone SE4

Investment Rating - The report suggests a positive outlook for the electronics sector, highlighting a moderate recovery in demand and recommending focus on specific investment themes such as AIOT and AI-driven technologies [4][5]. Core Insights - The report emphasizes the strong performance of major foundries like SMIC and Hua Hong, with SMIC achieving a revenue of $2.207 billion in Q4 2024, marking a year-on-year growth of 31.52$8.03 billion for 2024, exceeding initial expectations, with a gross margin of 18% and wafer shipments surpassing 8 million pieces [4][9]. - Hua Hong's Q4 revenue was $539.2 million, reflecting an 18.4% year-on-year increase, while its full-year revenue decreased by 12.3% due to ASP declines [4][10]. Market Trends - The report notes that 40.2% of SMIC's Q4 revenue came from consumer electronics, with smartphones and computers contributing 24.2% and 19.1% respectively [4][9]. - The electronics sector underperformed the broader market, with the Shenwan Electronics Index rising only 0.27% compared to a 1.19% increase in the CSI 300 Index [4][21]. Investment Recommendations - The report recommends focusing on four main investment themes: AIOT, AI-driven innovations, upstream supply chain replacements, and consumer electronics recovery [4][5]. - Specific companies to watch include Lextar Technology, Cambrian Technology, and various semiconductor equipment and materials firms [4][5].