电子行业周报：美光最新季度盈利转正

Industry Investment Rating - The report does not explicitly provide an overall industry investment rating for the electronics sector [1][2][3] Core Views - The electronics industry is experiencing a weak recovery at the bottom, with a focus on upstream equipment and materials that are relatively independent of the industry cycle due to domestic substitution logic [7] - Android smartphone component manufacturers are expected to benefit as inventory levels gradually return to normal [7] - Semiconductor design companies are poised to benefit from downstream inventory replenishment [7] Market Performance - The Shanghai Composite Index fell 2.81% and the CSI 300 Index fell 2.3% during the week of March 21-27 [1][3] - The electronics sector underperformed the broader market, with the Shenwan Electronics Index dropping 8.22%, underperforming the Shanghai Composite by 5.41 percentage points and the CSI 300 by 5.91 percentage points [1][3] - The sector's PE valuation declined to around 41.51x [1][3] Industry Data - Global smartphone shipments in Q4 2023 reached 326 million units, up 8.59% YoY [1][6] - China's smartphone shipments in January 2024 were 29.51 million units, up 61.4% YoY [1][7] - Global semiconductor sales in January 2024 were $47.63 billion, up 15.2$7.93 billion in profit for its fiscal Q2 2024, with revenue of $5.82 billion, up 23% QoQ and 58% YoY, and a gross margin of 20% [1][15] - Micron's HBM memory orders are fully booked, with next year's capacity already largely reserved [1][14] - AMEC (Advanced Micro-Fabrication Equipment Inc) reported a 52.67% YoY increase in 2023 net profit to RMB 1.786 billion [16][17] Sector Trends - Global PC monitor shipments in Q4 2023 were 31.9 million units, up 3.8% YoY [11] - Global cellular IoT module shipments declined 2% in 2023, marking the first annual decline since tracking began [12] - The semiconductor industry is seeing a gradual recovery, with low inventory levels driving strong restocking demand [7] - The AI boom has created strong demand for HBM memory, with Micron's 8Hi HBM3E memory already in mass production and 12-layer 36GB HBM3E sampling completed [13][14]