Guoxin Securities·2026-02-04 02:50Investment Rating - The report maintains an "Outperform" rating for the electronic industry [1][11]. Core Insights - AI applications are rapidly emerging, with the computing power chain returning to the main investment line, supported by strong performance expectations [1]. - The storage cycle continues to rise, with overseas manufacturers showing robust performance, particularly in enterprise SSDs driven by AI [2]. - TI anticipates a median revenue increase in Q1 2026, driven by sustained order growth, particularly in the industrial and data center markets [3]. - Apple's revenue exceeded market expectations in Q4 2025, with significant growth in iPhone and service revenues, indicating strong demand resilience [4]. - Global wafer expansion is entering an upward cycle, with overseas equipment companies reporting better-than-expected earnings [5]. Summary by Sections AI and Computing Power - The computing power resources are becoming a core budget constraint for AI applications, with a shift towards a seller's market [1]. - Recommended companies include 澜起科技, 胜宏科技, 工业富联, 蓝特光学, 德明利, 华勤技术, 翱捷科技, 芯原股份, 寒武纪, 中芯国际, and 晶丰明源 [1]. Storage Industry - The storage cycle is on an upward trend, with companies like SanDisk and Samsung reporting significant revenue growth driven by AI demand [2]. - Recommended companies in the storage supply chain include 德明利, 江波龙, 佰维存储, 兆易创新, and 普冉股份 [2]. Semiconductor Market - TI's revenue for Q4 2025 was $4.423 billion, with a year-over-year growth of 10.4%, and it expects Q1 2026 revenue between $4.32 billion and $4.68 billion [3]. - The industrial market is recovering, and data center revenue is expected to grow by 64% in 2025 [3]. - Recommended semiconductor design companies include 圣邦股份, 杰华特, 思瑞浦, 纳芯微, 南芯科技, and 艾为电子 [3]. Apple Performance - Apple's Q4 2025 revenue reached $143.76 billion, with a year-over-year increase of 16%, driven by a 23% increase in iPhone revenue [4]. - The company anticipates a revenue growth of 13%-16% in Q1 2026, indicating strong demand resilience [4]. - Recommended companies in the Apple supply chain include 立讯精密, 鹏鼎控股, 蓝思科技, and 蓝特光学 [4]. Equipment and Materials - ASML reported Q4 2025 revenue of €9.718 billion, with a year-over-year increase of 4.9%, and expects Q1 2026 revenue between €8.2 billion and €8.9 billion [5]. - The global wafer expansion is entering an upward cycle, driven by AI [5].