电子行业双周报（2025、05、30-2025、06、12）：台系ODM厂月度营收同比高增，AI服务器出货动能充足-20250613

Investment Rating - The report maintains an "Overweight" rating for the electronics industry, expecting the industry index to outperform the market index by more than 10% in the next six months [33]. Core Insights - The Taiwanese ODM manufacturers have seen significant year-on-year revenue growth, primarily driven by the accelerated shipment of GB200 servers. The global AI server shipment is projected to reach 1.811 million units in 2025, representing a year-on-year growth of 26.29%, with high-end AI servers equipped with HBM expected to grow over 40% [2][29]. - The SW electronics sector's PE TTM (excluding negative values) is 42.23 times, which is at the 73.33% percentile for the past five years and 62.75% for the past ten years, indicating a relatively high valuation [2][14]. Market Review and Valuation - The SW electronics sector increased by 0.67% over the past two weeks (05/30-06/12), underperforming the CSI 300 index by 0.20 percentage points, ranking 16th among the Shenwan industries. In June, the sector rose by 2.57%, outperforming the CSI 300 index by 1.21 percentage points, ranking 14th. However, the sector has declined by 2.01% year-to-date, underperforming the CSI 300 index by 0.92 percentage points, ranking 23rd [9][10]. Industry News - Huawei launched the Pura 80 series, featuring the eighth-generation ISP and a one-inch RYYB ultra-large sensor. NVIDIA's CEO announced plans to establish over 20 large AI factories in Europe during the VivaTech conference. OpenAI reported an annual recurring revenue of $10 billion, up from $5.5 billion last year, driven by its consumer products and API revenue [19][21]. - The average daily token usage of the Doubao large model exceeded 16.4 trillion, a 137-fold increase since its launch last year, with a 46.4% market share in China's public cloud model service calls [19][21]. Industry Data - In Q1 2025, global smartphone shipments reached 305 million units, a year-on-year increase of 1.53%. In April 2025, China's smartphone shipments were 22.29 million units, down 1.65% year-on-year [21][25]. - The prices of liquid crystal panels remained stable in May 2025, with 32-inch, 43-inch, 50-inch, 55-inch, and 65-inch panels priced at $39, $65, $104, $130, and $178 per piece, respectively [25][26]. Weekly Perspective - Major Taiwanese ODM manufacturers, including Hon Hai, Quanta, and Wistron, have experienced significant revenue growth, benefiting from the accelerated shipment of GB200 servers. The report suggests focusing on the overseas computing power supply chain, particularly the PCB/CCL sector with high-end capacity and consistent performance [29][30].