电子行业周报：续推荐创新大年的苹果产业链以及盈利改善周期的IC设计-2025-03-17

Investment Rating - The report maintains an "Outperform" rating for the electronics industry, indicating expectations for performance exceeding the market index by more than 10% [1][11][32]. Core Views - The electronics industry is entering a year of valuation expansion, driven by macroeconomic policy cycles, inventory cycles, and AI innovation cycles [1][6]. - The report highlights the positive impact of global recognition and application of AI technologies, particularly in the context of the Deepseek model, which is accelerating AI-enabled applications [1][6]. - The easing of geopolitical tensions, such as the Russia-Ukraine situation, and increased attention on Chinese assets due to U.S. tariff adjustments are contributing to a favorable market outlook [1][6]. Summary by Sections Market Trends - The Shanghai Composite Index rose by 1.39%, while the electronics sector saw a decline of 0.62%. Among sub-sectors, components increased by 6.68%, while semiconductors fell by 2.11% [12]. - The report notes that the global large-size LCD TV panel shipments in January 2025 increased by 8.8% year-on-year, indicating a recovery trend in the LCD market [9]. Key Developments - MediaTek launched new high-performance edge AI IoT chips, supporting generative AI technologies, which are expected to accelerate product deployment in smart home and industrial IoT applications [2]. - Nvidia's upcoming GTC 2025 conference is anticipated to showcase significant hardware innovations, particularly in power supply design and PCB materials [3]. - Hesai has secured exclusive orders from multiple automakers for lidar technology, indicating a strong growth trajectory for autonomous driving technologies [4]. Investment Recommendations - The report recommends focusing on companies within the AI chip sector, such as Aojie Technology, Lexin Technology, and Hengxuan Technology, as AI applications proliferate [2]. - It also suggests monitoring companies involved in the RISC-V and ASIC supply chains, as the promotion of open-source instruction sets is expected to enhance domestic semiconductor capabilities [5]. - The report highlights the potential growth in the silicon carbide industry, particularly with BYD's upcoming Super e platform, which could drive demand for silicon carbide components [8]. Earnings Forecasts and Ratings - A selection of companies, including SMIC, Aojie Technology, and Lens Technology, are rated as "Outperform," with projected earnings per share (EPS) growth and favorable price-to-earnings (PE) ratios for 2024 and 2025 [11].