电子5月周报（4.29—5.03）2024Q1业绩改善，关注需求复苏

Investment Rating - The investment recommendation for the electronic sector is "Outperform the Market" [5]. Core Viewpoints - The electronic industry has experienced a revenue decline in 2023, with a total revenue of 3.04 trillion yuan, down 2.2% year-on-year, and a net profit of 997 billion yuan, down 33.5% year-on-year. The gross margin was 15.69%, a decrease of 0.14 percentage points [2][10]. - In Q1 2024, the electronic sector showed significant improvement, with revenue reaching 727.6 billion yuan, a year-on-year increase of 13.9%, and net profit of 26.6 billion yuan, up 74.7% year-on-year. The gross margin was 15.25%, an increase of 0.72 percentage points [3][16]. - The recovery in performance is attributed to a low base in Q1 2023 and a gradual recovery in downstream demand, leading to improved supply-demand conditions [3][16]. Summary by Sections 1. Financial Overview for 2023 & Q1 2024 - In 2023, the electronic sector's revenue decreased to 3.04 trillion yuan, with a net profit of 997 billion yuan, reflecting a significant decline in profitability [2][10]. - Q1 2024 saw a revenue increase to 727.6 billion yuan and a net profit of 26.6 billion yuan, indicating a strong recovery in performance [3][16]. 2. Fund Holdings Analysis for Q1 2024 - The heavy holding ratio in the electronic sector decreased to 11.39%, down 1.87 percentage points from the previous quarter. The overweight ratio also fell to 4.36%, down 1.23 percentage points [4][29]. - New entries in the top ten heavy holdings included Huadian Co., Ltd., Cambricon Technologies, and Industrial Fulian, while exits included Zhaoxin Microelectronics and Weir Shares [4][37]. 3. Investment Recommendations - Focus on companies with high growth in Q1 2024, particularly in the Android smartphone supply chain and smart wearable sectors, such as Amlogic, Espressif Technology, and Zhaoxin Microelectronics [5][16]. - Emphasize the ongoing domestic substitution in semiconductors and the localization of equipment and materials, recommending companies like North Huachuang and Zhongwei Technology [5][16].