电子行业研究周报：AI算力需求或支撑国产芯片产业链景气提升

Investment Rating - The report maintains an "Overweight" rating for the industry [7] Core Views - The demand for AI computing power is expected to support the prosperity of the domestic chip industry chain, with significant growth anticipated in various application areas [2][3] - SMIC's Q4 2024 gross margin exceeded guidance, and its revenue outlook for Q1 2025 is above the industry average, indicating a positive trend for the company and the sector [2][3] - The expansion of domestic AI applications is likely to drive demand for data center computing power and smart hardware, maintaining a favorable industry outlook [3][4] Summary by Sections Market Review - The Shenwan Electronics Industry Index rose by 0.27% from February 10 to February 14, ranking 21st among 31 industries, underperforming the CSI 300 Index by 0.92% [12][18] - For the month of February 1 to February 14, the index increased by 6.43%, ranking 4th among 31 industries, outperforming the CSI 300 Index by 3.24% [12] - Year-to-date, the index has risen by 6.15%, ranking 6th among 31 industries, and has outperformed the CSI 300 Index by 6.05% [12] Company Insights - SMIC reported Q4 2024 sales revenue of 15.917 billion yuan, a year-on-year increase of 31.0%, with a gross margin of 22.6% [2][27] - The company expects Q1 2025 revenue growth of 6-8% and a gross margin of 19-21%, indicating a positive outlook compared to industry averages [3][31] - The capital expenditure for 2024 is projected at $7.33 billion, with a monthly capacity of 948,000 8-inch wafers by year-end [2][27] Industry Dynamics - The integration of AI capabilities into consumer electronics is accelerating, with major applications like WeChat and iPhone collaborating with AI models [4][32] - The report suggests focusing on AI-driven demand and domestic substitution logic within the AI industry chain and related consumer electronics [4][32] - The semiconductor industry is experiencing a shift towards domestic manufacturers for high-performance chips due to previous semiconductor bans, benefiting local foundries and advanced packaging sectors [3][4]