Ping An Securities·2026-03-30 06:36Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the market by more than 5% over the next six months [41]. Core Insights - The SEMICON China 2026 international semiconductor exhibition held in Shanghai showcased the outstanding performance of the Chinese smart glasses market, with a projected shipment volume of 2.46 million units in 2025, reflecting a year-on-year growth of 87.1% [3][9]. - The global smart glasses market is expected to reach a shipment volume of 14.77 million units in 2025, with a year-on-year growth of 44.2% [9]. - The exhibition attracted over 1500 global exhibitors and is expected to draw more than 180,000 professional visitors, highlighting the industry's robust growth potential [19]. Summary by Sections Market Performance - The Philadelphia Semiconductor Index and the Taiwan Semiconductor Index both experienced declines, with the Philadelphia index at 7457.7 and a weekly drop of 0.03%, while the Taiwan index was at 1082.1 with a drop of 1.93% [4][25]. - The Shenwan Semiconductor Index fell by 2.09%, underperforming the CSI 300 Index by 0.68 percentage points, although it has risen by 2.97% since the beginning of 2026, outperforming the CSI 300 by 5.72 percentage points [29]. Investment Recommendations - The report suggests focusing on companies such as Northern Huachuang, Zhongwei Company, Tuojing Technology, and others, as the storage industry is expected to see significant profit improvements due to ongoing AI infrastructure investments [6][36]. - The report emphasizes that the current storage cycle's strength and sustainability are likely to exceed the previous cycle, driven by rising demand and pricing for storage products [6]. Key Company Forecasts and Ratings - Northern Huachuang (002371) is rated as "Recommended" with an expected EPS growth from 7.76 in 2024 to 16.94 in 2027, and a PE ratio decreasing from 58.4 to 26.7 [37]. - Zhongwei Company (688012) is also rated "Recommended," with an EPS forecast increasing from 2.58 in 2024 to 6.20 in 2027, and a PE ratio decreasing from 118.4 to 49.3 [37]. - Other companies such as Tuo Jing Technology and Huahai Qingke are similarly rated, indicating strong growth potential in the semiconductor sector [37].