电子行业周报：AI驱动下的应用创新纷至沓来，行业估值扩张进行时-20250319

Investment Rating - The report maintains an "Outperform" rating for the electronic industry, indicating expectations for better performance than the market index by over 10% [1][10]. Core Insights - The report highlights that AI-driven application innovations are accelerating, leading to an ongoing expansion in industry valuations. The recognition and application of AI models like Deepseek are contributing to this trend, particularly in the Chinese tech sector [1]. - The electronic index has seen significant growth since Q3 2024, but many stocks are still undergoing valuation corrections due to previous liquidity risks. The report anticipates a sustained sectoral rally driven by AI innovations in human-computer interaction and smart terminals [1]. Summary by Sections Market Performance - The Shanghai Composite Index rose by 1.30%, while the electronic sector increased by 0.27%. Among sub-sectors, components rose by 2.12%, and electronic chemicals fell by 1.56% [11]. - The Hang Seng Tech Index and Philadelphia Semiconductor Index increased by 7.30% and 3.03%, respectively, while Taiwan's information technology sector declined by 3.72% [11]. Company Performance - In Q4 2024, SMIC and Hua Hong Semiconductor reported revenue growth of 1.7% and 2.4% quarter-on-quarter, with capacity utilization rates of 85.5% and 103.2%, respectively, indicating strong performance compared to international peers [2]. - The report recommends companies benefiting from domestic production, such as SMIC, Hua Hong Semiconductor, and Weicai Technology, as well as those involved in automotive chip localization [2]. NAND Market Insights - The NAND supply-demand situation is gradually improving, with increased demand for 1Tb QLC NAND Flash. Micron and Samsung have initiated production cuts, leading to tighter supply and anticipated price stabilization [3]. - AI demand is expected to drive growth in enterprise storage products, with recommendations for domestic storage module manufacturers like Demingli and Jiangbolong [3]. Automotive Sector Developments - BYD is launching its "Tian Shen Zhi Yan" advanced intelligent driving system, which will be equipped in 21 models, indicating a significant push in the automotive electronics sector [4]. - The report suggests continued attention to related companies in the automotive sensor and electronics industry, including Sunny Optical Technology and Weir Shares [4]. Apple Product Launch Expectations - Anticipation surrounds Apple's upcoming product launch on February 19, 2025, with expectations for new models like the iPhone SE 4, which may feature significant upgrades and the first use of Apple's self-developed 5G modem [5]. - The report emphasizes that 2025 will be a pivotal year for Apple's sales rhythm and innovation, maintaining the supply chain as a key focus within the consumer electronics sector [5]. AI Glasses Market Trends - Major telecom operators are planning to launch AI glasses, with China Mobile set to introduce three high-end models in Q1 2025, indicating a growing trend in AI hardware [33][34]. - The report predicts that global shipments of AI smart glasses will reach 4 million units by 2025, with significant growth expected in the AR glasses market by 2030 [37][38].