中山证券电子行业周报：机构预计下半年NAND市场有望供需反转-20250319

Investment Rating - The report does not explicitly provide an investment rating for the electronic industry, but it suggests maintaining attention on semiconductor wafer manufacturers due to government-driven investments and potential market share growth for domestic equipment and materials [3][11]. Core Insights - Xiaomi is expected to maintain a growth rate of over 30% this year, following a recovery in 2024 with a reported revenue of 92.51 billion RMB, reflecting a 30.5% year-on-year increase [17]. - The NAND flash memory market is anticipated to experience a supply-demand reversal in the second half of the year, with demand expected to shift from a slow recovery to a rapid increase by mid-2025 [20]. - Global smartphone shipments in Q4 2024 reached 331 million units, showing a year-on-year growth of 1.72%, while China's smartphone shipments in December 2024 were 32.4 million units, up 20.8% year-on-year [2][10]. Market Performance - The Shanghai Composite Index rose by 0.15% and the CSI 300 Index increased by 0.52% during the week of February 13-19, 2025, while the electronic industry underperformed with a decline of 0.25% [2][5]. - The PE ratio for the electronic industry decreased to approximately 59.50 times [5]. Industry Dynamics - The semiconductor industry is experiencing a decline in demand for consumer electronics, while demand for AI-related semiconductors remains strong [10]. - Global semiconductor sales in December 2024 reached $56.97 billion, marking a 17.1% year-on-year increase, although this was a decrease from the previous month's growth of 20.7% [10]. - GlobalFoundries reported a 9% decline in revenue for 2024, with a net income of $6.75 billion impacted by a significant asset impairment charge [21]. Company Updates - Huanxu Electronics reported a 15.16% decrease in net profit for 2024, with revenues of approximately 60.69 billion RMB, a slight decrease of 0.17% [22].