半导体行业事件点评：消费电子复苏信号渐显，2024Q1芯片交期降幅缩小

Investment Rating - The industry is rated as "Overweight" [5] Core Insights - Signs of recovery in traditional consumer electronics demand are becoming clearer, with global smartphone sales in Q4 2023 showing a year-on-year increase of 7.6% [2][6] - The server market is expected to maintain structural growth, with AI server shipments projected to continue growing at a medium to high speed [2][6] - Global sales of new energy vehicles (NEVs) increased by 35.9% year-on-year in 2023, with January 2024 sales reaching 1.067 million units, a 61.11% year-on-year growth [2][6] Summary by Sections Consumer Electronics Recovery - The demand recovery in traditional consumer electronics is becoming evident, with smartphone sales in Q4 2023 showing a positive year-on-year growth of 7.6% [2][6] - Global PC sales in Q4 2023 experienced a year-on-year decline of approximately 2.61%, but the rate of decline is narrowing [6] - The server market saw a year-on-year decline of about 2.9% in 2023, with total shipments of 13.38 million units, but AI-related demand remains strong [6] Chip Delivery Times - Global chip delivery times are at historical lows, with a noticeable reduction in the decline of delivery times in Q1 2024 compared to H2 2023 [3][9] - The delivery times for most semiconductor components remain stable, with some products experiencing slight fluctuations [3][11] Investment Recommendations - Continuous optimization of AI large models and the introduction of diverse AI application terminals will drive global computing power demand, initiating a new round of AI infrastructure development [4][14] - The semiconductor industry is witnessing significant inventory destocking, with signs of demand recovery in consumer electronics [4][15] - The competition in the wafer foundry industry is intensifying, with prices expected to remain low in the first half of 2024, benefiting upstream IC design companies [4][15]