EBSCN·2025-05-11 04:14Investment Rating - The report maintains a "Buy" rating for the electronic industry [6] Core Insights - In Q1 2025, the electronic industry showed significant growth, with a total net profit of 83.07 billion yuan, representing a year-on-year increase of 18% and a quarter-on-quarter increase of 13% [12][18] - The top three sub-industries in terms of year-on-year net profit growth were Display (25.1 billion yuan, +565%), AI Supply Chain (128.2 billion yuan, +65%), and PCB (52.9 billion yuan, +58%) [12][18] - Among 74 sub-sectors, the fastest-growing sectors included Display-Equipment (+1172%), PCB-Materials (+361%), and LED-Chips (+279%) [14][15] Summary by Relevant Sections Sub-industry Performance - The electronic industry is divided into 23 sub-industries, with Display, AI Supply Chain, and PCB leading in net profit growth [12][18] - The semiconductor sub-industry's top companies included Haiguang Information (5.06 billion yuan, +75%), Cambrian-U (3.55 billion yuan, turning profitable), and Northern Huachuang (15.81 billion yuan, +40%) [3][18] Key Companies - The top five companies in the electronic industry by net profit in Q1 2025 were: 1. Industrial Fulian: 52.31 billion yuan, +25% 2. Haiguang Information: 5.06 billion yuan, +75% 3. Cambrian-U: 3.55 billion yuan, turning profitable 4. Hikvision: 20.39 billion yuan, +6% 5. Northern Huachuang: 15.81 billion yuan, +40% [18] Investment Recommendations - The report suggests focusing on core technology sectors such as semiconductors amidst trade tensions, and highlights the potential for AI applications in various scenarios like edge computing, smart driving, and robotics [3][4] - It emphasizes the continued benefits for computing infrastructure, particularly within the domestic computing supply chain [3][4]