电子行业2024及2025Q1业绩综述：终端需求复苏及AI创新驱动，2024及25Q1业绩向好

Investment Rating - The report maintains an "Overweight" rating for the electronics industry for 2024 and Q1 2025 [1] Core Insights - The electronics industry is expected to perform well in 2024 and Q1 2025, driven by the recovery in terminal demand and innovations in AI [2][6] - Key segments such as consumer electronics, PCB/CCL, and panel manufacturing are showing strong performance [2][6] - The report highlights the importance of AI-driven hardware in sustaining growth, particularly in the PCB/CCL sector [2][6] Summary by Sections Overall Industry Performance - The electronics industry is projected to achieve a total revenue of CNY 28,036.40 billion in 2024, representing a year-on-year growth of 17.04% [6][15] - Net profit attributable to shareholders is expected to reach CNY 957.03 billion, with a year-on-year increase of 24.10% [6][15] - For Q1 2025, the industry anticipates a revenue of CNY 6,949.32 billion, reflecting an 18.47% year-on-year growth [6][23] Segment Performance Consumer Electronics - The consumer electronics sector is forecasted to grow by 21.32% in revenue to CNY 15,050.67 billion in 2024 [42] - Net profit for this segment is expected to increase by 15.60% [42] PCB Sector - The PCB sector is projected to see a revenue increase of 17.56% to CNY 2,015.90 billion in 2024 [97] - Net profit is expected to grow by 19.68% [97] CCL Sector - The CCL sector anticipates a revenue growth of 19.48% to CNY 316.63 billion in 2024 [122] - Net profit is expected to surge by 106.98% [122] Panel Manufacturing - The panel manufacturing sector is expected to achieve a revenue of CNY 3,632.03 billion in 2024, marking a 4.10% increase [142] - Net profit is projected to grow significantly by 44.62% [142]