爱建电子行业周报：进口芯片原产地认定更改，美国本土晶圆厂承压-20250430

Investment Rating - The electronic industry is rated as "Outperform the Market" [1] Core Viewpoints - The electronic industry index has shown a performance that outpaces the CSI 300 index over the past year [1] - The report highlights the impact of U.S. tariffs on the semiconductor market and the importance of domestic chip manufacturers in the context of ongoing trade tensions [3][6] - The report emphasizes the growth in global semiconductor sales, with a notable increase in China's semiconductor import and export figures [10][12] Summary by Sections 1. Semiconductor Trade and Market Dynamics - The global semiconductor sales are projected to continue rising, with a reported sales figure of $534.5 billion in 2024, marking a year-on-year increase of 24.75% [10] - China's semiconductor imports reached $386.12 billion in 2024, reflecting a 10.3% increase, while exports amounted to $117.54 billion, up 17.2% [10][12] - The U.S. has imposed a 125% tariff on all imports from China, significantly affecting the semiconductor supply chain [6][26] 2. Company Performance and Developments - SK Hynix reported a Q1 2025 revenue of 17.6391 trillion KRW, with an operating profit margin of 42% and a net profit margin of 46% [28] - Intel's Q1 2025 revenue reached $12.667 billion, exceeding market expectations, driven by preemptive orders due to anticipated tariff impacts [30] - Alphabet's Q1 2025 revenue was $90.234 billion, with a net profit increase of 46% year-on-year, indicating strong performance in its core business segments [33] 3. Market Performance Overview - The SW electronic industry index increased by 0.6%, ranking 18th out of 31 sectors [36] - The top-performing sub-sectors within the electronic industry included consumer electronic components and assembly, which rose by 4.1% [40] - Notable stock performances included Zhishang Technology (+44.8%) and ST Yushun (+27.7%), while stocks like Huilun Crystal (-21.3%) and Si Rui Pu (-19.3%) faced declines [43]