电子设备行业专题研究：扬帆起航，日韩经验下看电子出海机遇

Investment Rating - The report maintains an "Outperform" rating for the electronic equipment industry [4]. Core Insights - The report emphasizes that going global is essential for Chinese electronic companies to become world-class enterprises, especially in the context of insufficient domestic demand. Successful overseas ventures can reshape the competitive landscape and yield significant returns [1]. - The electronic industry benefits from global supply chain division, with China holding competitive advantages in consumer electronics, PCB, panels, and chip design and testing. Expanding overseas can boost revenue and profit, reflecting positively on return rates [1]. - The experiences of Japan and South Korea in the electronic sector provide valuable lessons for China, as both countries faced limited domestic demand and successfully promoted overseas expansion, leading to the emergence of leading global companies [1]. Summary by Sections 1. Historical Context and Future Opportunities - The electronic industry has a high proportion of overseas revenue, with 25.6% of companies having over 50% of their revenue from abroad as of 2022. The competitive advantage is primarily in downstream segments of the supply chain [9]. - The relationship between overseas revenue and return rates indicates that companies with higher overseas revenue ratios have shown better performance, especially during market fluctuations [10][11]. - The overseas revenue is a significant growth driver for electronic companies, with 85% of listed companies experiencing revenue growth from 2019 to 2022, particularly those with higher overseas revenue ratios [13][14]. 2. Lessons from Japan and South Korea - Japan's experience in the 1980s and 1990s, characterized by limited domestic demand and a focus on exports, offers insights for China. Key strategies included leveraging semiconductor materials and equipment advantages, targeting emerging markets, and upgrading from low to high-profit segments [15][16]. - South Korea's emphasis on innovation and internationalization has allowed its electronic companies to become global leaders, establishing extensive production networks and enhancing capabilities through cross-border mergers and acquisitions [1]. 3. Key Companies to Watch - The report suggests focusing on several companies that are well-positioned for overseas expansion, including: - Transsion Holdings, a leading brand in emerging markets for mobile phones - Kangguan Technology, driven by smart TVs and interactive displays - Absen, known for its international marketing services in commercial displays - Anker Innovations, which excels in online channels overseas - Chanzhan Optoelectronics, leveraging acquisitions for business expansion - Zhaoyi Innovation, benefiting from automotive storage and MCU markets - Huadian Technology, a PCB supplier poised to gain from AI server demand [2].