中山证券电子行业周报：一季度中国手机出货量同比增长5%

Investment Rating - The report does not explicitly provide an investment rating for the industry, but it suggests maintaining attention on semiconductor and related companies due to potential growth opportunities [4][13]. Core Insights - In Q1 2025, China's smartphone shipments increased by 5% year-on-year, driven by government subsidy policies, although demand weakened post-Spring Festival, leading to overall performance below expectations [2][24]. - Xiaomi Group reported a significant revenue increase of 47.4% in Q1 2025, with total revenue reaching 111.3 billion yuan and net profit of 10.9 billion yuan, compared to 4.2 billion yuan in the same period last year [4][33]. - The electronic industry underperformed compared to the broader market, with the Shenwan primary electronic index declining by 2.87% during the week of May 22-28, 2025 [2][6]. Industry Data Summary - Global smartphone shipments reached 305 million units in Q1 2025, reflecting a year-on-year growth of 1.53% [3][9]. - In March 2025, China's smartphone shipments totaled 21.43 million units, marking a 6% increase year-on-year, although this was a decline from 32.5% growth in February [12][24]. - Global semiconductor sales in March 2025 amounted to 55.9 billion USD, showing an 18.8% year-on-year increase [3][12]. - The wearable device market grew by 13% year-on-year in Q1 2025, with shipments reaching 46.6 million units [25]. Company Dynamics - Xiaomi Group's Q1 2025 financial performance indicates strong growth, with a net profit increase from 4.2 billion yuan to 10.9 billion yuan year-on-year [4][33]. - The report highlights that while smartphone sales growth is slowing, the investment in semiconductor wafer fabs is primarily driven by government initiatives, which may mitigate the impact of downstream cycles on investment [4][13].