电子行业周报：机构预期二季度SSD合约价格有望上涨

Investment Rating - The report indicates a positive outlook for the electronic industry, suggesting a weak recovery from the demand bottom, with a focus on upstream equipment materials that are relatively independent of the industry cycle [2][10]. Core Insights - The report anticipates a 20% increase in SSD contract prices in the second quarter, driven by strong demand from AI servers and a significant rise in enterprise SSD revenue, which reached $3.758 billion in Q1 2024, a 62.9% increase quarter-on-quarter [1][17]. - China's internet revenue growth slowed in the first four months of 2024, with a year-on-year increase of 3.7%, down 4.7 percentage points from Q1 [1][18]. - The global smartphone market saw a recovery, with Q1 2024 shipments reaching 289 million units, a 7.74% year-on-year increase, while China's smartphone shipments in April were 22.66 million units, up 25.5% year-on-year [9][10]. - The semiconductor industry is experiencing a decline in overall demand, with global semiconductor sales in March 2024 at $45.91 billion, a 15.2% year-on-year increase, but a decrease from February's growth rate [10][19]. - The report highlights a significant growth in the global foldable smartphone market, with a 49% year-on-year increase in Q1 2024, largely driven by domestic manufacturers, particularly Huawei [20][21]. Summary by Sections Market Trends - The electronic industry outperformed the broader market, with the Shenwan electronic index rising 2.12% during the week of May 30 to June 5, 2024, while the Shanghai Composite Index fell 1.47% [3]. - The PE valuation for the industry decreased to approximately 61.74 times [3]. Industry Dynamics - The report notes that the demand for large-capacity SSDs is expected to continue rising due to AI server requirements, with a forecasted 20% revenue growth in Q2 2024 [1][17]. - The semiconductor equipment market is showing signs of recovery, with Japan's semiconductor equipment shipments increasing by 15.75% year-on-year in April [10][19]. Company Developments - Dinglong Co., Ltd. announced plans for indirect share purchases by its actual controllers, reflecting confidence in the company's future [22].