山西证券：研究早观点-20250220

Market Overview - The domestic market indices showed an upward trend, with the Shanghai Composite Index closing at 3,351.54, up by 0.81%, and the Shenzhen Component Index closing at 10,772.65, up by 1.46% [2] Industry Commentary - The electronics sector is highlighted by Alibaba's confirmation of a partnership with Apple, which will lead to the launch of the iPhone SE4. This collaboration is expected to enhance AI capabilities in the device [3][4] - The semiconductor sector saw varied performance, with the Philadelphia Semiconductor Index rising by 3.03% while the Taiwan Semiconductor Index fell by 4.37% [4] Key Developments - ByteDance's Doubao team introduced a new sparse model architecture, UltraMem, which can reduce inference costs by up to 83% compared to MoE, significantly improving inference speed [4] - Alibaba's co-founder confirmed the partnership with Apple to provide AI servers for the Chinese market, indicating a strategic move to localize services for Apple products [4] Financial Performance - Yongxi Electronics reported a revenue of 3.605 billion yuan for 2024, a year-on-year increase of 50.76%, and a net profit of 67 million yuan, marking a return to profitability [4] - SMIC reported a revenue of 57.796 billion yuan for 2024, a 27.7% increase year-on-year, but a net profit decline of 23.3% to 3.699 billion yuan [4] Price Trends in the Photovoltaic Industry - The price of dense polysilicon remained stable at 39.0 yuan/kg, while granular silicon saw a 2.8% increase to 37.0 yuan/kg. The overall inventory of polysilicon is slowly decreasing [6] - The average price of M10 solar cells remained at 0.33 yuan/W, with a slight increase in the price of 182mm N-type solar cells to 0.285 yuan/W [6] Investment Recommendations - The report suggests focusing on domestic replacements in equipment, materials, and components, as well as high-performance chips driven by AI technology. Companies to watch include Aiko, Longi Green Energy, and others in the photovoltaic sector [8]