花旗：中国硬件与半导体行业4-Q24_1Q25业绩总结及库存追踪_业绩再度平淡；半导体库存持续消化

更多资料加入知识星球：水木调研纪要 关注公众号：水木Alpha 06 May 2025 14:08:19 ET │ 36 pages China Hardware and Semiconductors 4Q24/1Q25 Results Wrap and Inventory Tracker | Dull results again; Semis inventory digestion continues CITI'S TAKE 19%/20% of our 4Q24/1Q25 results beat (vs. 23% in 3Q24) while most semis missed. Our China tech inventory tracker indicated relatively healthy inventory levels for consumer electronics hardware in 1Q25, while AI hardware stayed at high levels likely due to strategic stocking. Meanwhile, successi ...