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【招商电子】消费电子行业深度跟踪报告:关税压力边际缓解,聚焦AI创新及低估优质公司布局机遇
招商电子·2025-05-22 03:12

Core Viewpoint - Recent tariff pressures have eased, suggesting a focus on AI edge applications and automotive intelligence as key innovation themes, with optimism for recovery in the consumer electronics sector [1] Group 1: Terminal Market Trends and Innovations - Q1 smartphone shipments grew by 1.5% year-on-year, with a focus on tariffs, AI innovations, and national subsidies impacting sales throughout the year [2] - Q1 global PC shipments increased by 4.9% year-on-year, driven by pre-emptive shipments to counter tariffs and the transition to Windows 10, alongside AI innovations [3] - AI glasses shipments reached 600,000 units in Q1, a 216% year-on-year increase, primarily driven by Meta's Rayban glasses [3] - Q1 VRMR demand showed a decline of 23%, with AR growth mainly driven by AI+AR glasses expected to launch in the second half of the year [4] - Q1 TV shipments saw a slight increase of 1.2% year-on-year, with expectations for continued growth in Q2, supported by domestic market demand [4] - Domestic automotive sales increased by 11% year-on-year in Q1, with minimal impact from tariffs, and a focus on advancements in intelligent driving technology [5] - Tesla's Optimus robot project is progressing well, with expectations to deploy thousands of units in factories by the end of the year [6] Group 2: Supply Chain and Component Innovations - Apple expects a single-digit revenue increase in Q2, with tariffs leading to a $900 million cost increase, while also focusing on new product launches from Huawei and Xiaomi [7] - Recent easing of US-China tariff negotiations has provided a turning point for the industry, with optimism for AI cloud-side innovations in the medium to long term [8] - Domestic SoC companies showed high performance in Q1, with overseas giants accelerating their AI edge application layouts [9] - The optical component sector is seeing innovation trends such as periscope lenses and large-format sensors, driven by the demand for intelligent driving applications [10] - The PCB industry reported a 24.5% year-on-year revenue increase in Q1, with expectations for continued growth in Q2, driven by AI and automotive electronics [14] Group 3: Investment Recommendations - Focus on high-quality companies benefiting from hardware innovations and AI-driven growth in the Apple supply chain, with a positive outlook for the next three years [17] - Domestic Android brands are less affected by tariffs, with potential sales boosts from AI innovations and subsidy policies [18] - The AI application sector is expected to drive significant growth across various electronic segments, including smartphones, PCs, wearables, and automotive [19] - The automotive sector is entering a rapid development phase, with significant opportunities arising from advancements in intelligent driving technologies [20]