Donghai Securities·2025-05-09 09:56Investment Rating - The semiconductor industry is rated as "Standard Configuration" for investment [1]. Core Insights - The semiconductor industry showed signs of recovery in April 2025, with a continued upward trend in prices despite high inventory levels. Key areas of focus include AI computing power, AIOT, semiconductor equipment, and critical components [6][7]. - The demand for semiconductors is expected to continue improving, driven by growth in smartphones, tablets, wearables, AI servers, and new energy vehicles [6][7]. - The report highlights significant performance growth in domestic AI chip companies and sustained high capital expenditure from leading overseas cloud providers [6][7]. Monthly Market Review - The semiconductor sector experienced a price increase of 0.75% in April 2025, while the overall electronic sector declined by 5.07% [13][15]. - The semiconductor industry's valuation metrics indicate a PE ratio of 70.69% and a PB ratio of 46.74%, reflecting a high valuation compared to historical averages [21][24]. Supply and Demand Data - Global semiconductor sales in March 2025 increased by 18.84% year-on-year, indicating a recovery in demand [6]. - The report notes that while supply remains relatively abundant, prices are showing signs of an upward trend, with expectations for further demand recovery in May [6][7]. Downstream Demand Tracking - The report tracks significant growth in the demand for TWS headphones and AI servers, with global smartphone shipments increasing by 1.53% year-on-year in Q1 2025 [6][7]. - New energy vehicle sales in China saw a year-on-year increase of 40.09% in March 2025, contributing to semiconductor demand [6][7]. Investment Recommendations - The report suggests focusing on companies benefiting from strong domestic and international demand in the AIOT sector, such as Lexin Technology and Hengxuan Technology [7]. - It also recommends monitoring AI-driven innovation sectors, including computing chips and optical devices, as well as upstream supply chain companies involved in domestic substitution [7].