Investment Rating - The report assigns a positive outlook on the Japan Electronics sector, indicating that sector stocks are attractive following an average decline of approximately 10% over the past month [1]. Core Insights - The report anticipates that US tariffs will be revised before causing a recession, with minimal to moderate impact on Japan's industrial and consumer electronics sectors compared to other export industries [1][2]. - Company-specific catalysts such as restructuring and buybacks are highlighted as potential growth drivers [1]. - The focus is on upcoming results from Hitachi and NEC, which are expected to be less affected by tariffs, while long-term growth prospects are emphasized for Mitsubishi Electric, Panasonic, and Fujitsu [1]. Summary by Sections Tariff Impact - The report suggests that tariffs could depress the sector's operating profit (OP) by 21% in gross terms for FY3/26, with varying impacts across companies: Sharp (174%), Yamaha (67%), Hitachi (5%), and Fujitsu (7%) [4][6]. - In a best-case scenario, the average impact on OP across the sector is estimated to be 9% [4]. Company-Specific Analysis - **Sony**: Expected to face the largest impact due to tariffs on PS5 sales, with a significant portion of production in China [8][9]. - **Panasonic**: Anticipated to be heavily affected due to its US sales of white goods and batteries, although some operations may mitigate tariff impacts [10][11]. - **Mitsubishi Electric**: Projected to experience a major impact primarily on air conditioner sales, with 17% of sales coming from North America [12]. - **Hitachi**: Expected to have a minimal impact with a 5% reduction in OP, potentially decreasing to 3% with strategic responses [15]. - **NEC**: Anticipated to be largely unaffected due to its low US sales weighting [16]. - **Casio and Yamaha**: Projected to see significant profit reductions of 47% and 67% respectively, as both companies are in a post-restructuring phase [17][19].

Global Smartphone Market Overview - The global smartphone market remained flat in Q4 2024 but achieved a 4% growth for the year, driven by increases in the Latin America and European markets [4] - Apple led the global smartphone market with a 23% market share in Q4 2024, followed by Samsung at 16% [4] - Xiaomi ranked third with a 5% year-on-year increase in shipments, while Vivo saw a 13% increase, making it the fastest-growing brand among the top five [4] - OPPO experienced a 3% decline in shipments year-on-year but performed well in China, Latin America, and Western Europe [4] - In the 5G segment, Apple held a 32% market share, with Samsung at 16%, while Xiaomi was the fastest-growing brand in this category with a 33% year-on-year growth rate [4] India Smartphone Market - The Indian smartphone market achieved a record high revenue in 2024, with a 9% year-on-year growth [7] - Apple ranked first in market revenue for the second consecutive year and entered the top five in shipments for the first time in Q4 2024 [7] - Vivo became the leading brand in terms of shipments for the first time in the fiscal year 2024 [7] - Three-quarters of smartphones shipped in 2024 supported 5G technology, with the iPhone 15 being the top-selling model in Q4 2024 [7] China Smartphone Market - China's smartphone sales declined by 3.2% year-on-year in Q4 2024, marking the only quarter of year-on-year decline for the year [8] - Despite the decline, the overall smartphone sales in China grew by 1.5% year-on-year for the entire year, with Vivo maintaining the top market share at 17.8% [11] US Smartphone Market - The US smartphone sales decreased by 3% year-on-year in Q4 2024, primarily due to weak performance in the sub-$300 market [10][12] - High-end smartphones priced at $600 and above saw a 4% year-on-year increase in sales [12] - The iPhone 15 outperformed the iPhone 16 series in terms of sales growth since its release [12] European Smartphone Market - The European smartphone market experienced growth for four consecutive quarters, the first time since Q1 2017 [15][16] - Apple achieved year-on-year growth despite a slow start for the iPhone 16, while Realme and HONOR showed strong performance in Western Europe [16] Indonesia Smartphone Market - Indonesia's smartphone shipments grew by 7% year-on-year in 2024, driven by positive marketing during shopping seasons and the Eid festival [18] - Xiaomi's shipments increased by 24% due to a broader product range and expansion of offline channels [18] - The shipment of 5G smartphones in Indonesia rose by 36% year-on-year, reflecting the growing presence of mid-range 5G devices [18] Japan Smartphone Market - Japan's smartphone sales grew by 7% year-on-year in 2024, supported by economic recovery [20] - Apple continued to lead the high-end market, although its overall sales declined by 3% due to weak demand for older models [20]

2024 年 Q4 全球智能手机市场总结 数据来源：Counterpoint Research 市场监测服务 全球智能手机市场份额 Q2 2023 - Q4 2024 尽管 2024 年 Q4 全球智能手机市场整体持平，但全年仍实现 4% 的增长，主要得益于加勒 比和拉美以及欧洲市场的增长。 苹果以 23% 的市场份额领先 2024 年 Q4 全球智能手机市场，三星以 16% 的份额位居第 二。 小米排名第三，出货量同比增长 5%，而 vivo 同比增长 13%，成为 2024 年 Q4 前五大品牌 中增长最快的品牌。 OPPO 在 2024 年 Q4 出货量同比下降 3%，但在中国、拉美和西欧市场表现良好。 在 5G 细分市场，苹果以 32% 的市场份额占据全球领先地位，三星以 16% 紧随其后。 在前五大品牌中，小米以 33% 的同比增长率成为 5G 领域增长最快的品牌，主要受中国、 印度和俄罗斯市场的强劲需求推动。 低成本 5G 机型的普及以及 GenAI 在中低价位段的渗透，将成为 2025 年需要关注的关键趋 势。 OPPO 自 Q3 2021 起包含 OnePlus 扫码跳转 阅读全文 Count ...

Market Overview - The Europe Microwave Oven market reached a value of US$ 3.11 Billion in 2024 and is projected to grow at a CAGR of 3.62% from 2025 to 2033, reaching US$ 4.28 Billion by 2033 [1][15]. Growth Drivers - Increasing demand for convenience appliances and rising disposable income are key factors driving market growth [1][6]. - The trend towards busy lifestyles and urbanization has led to a surge in demand for appliances that simplify cooking processes, such as microwave ovens [6][10]. - Technological advancements, including IoT-enabled and smart microwave ovens, are enhancing consumer appeal by offering features like remote control and energy efficiency [8][10]. Consumer Preferences - Consumers are increasingly looking for appliances that combine style, efficiency, and functionality, with a notable preference for premium kitchen appliances [10][11]. - The youth and working professionals are significant demographics driving the demand for microwave ovens due to their time-saving capabilities [5][6]. Market Challenges - The European microwave oven market is experiencing high saturation, particularly in developed regions, which limits opportunities for new entrants and necessitates innovation among existing players [12]. - Environmental concerns and strict regulations regarding energy consumption and waste management are posing challenges for manufacturers, requiring investments in sustainable technologies [14]. Competitive Landscape - Major players in the market include Illinois Tool Works Inc, Sharp, LG Electronics, Whirlpool Corporation, GE Appliances, Panasonic Corporation, Samsung Electronics, and Midea Group [20]. - Manufacturers are focusing on high-end products with added functionalities to stimulate demand and enhance market penetration [9].

Core Insights - The Japanese smartphone market is projected to grow by 7% year-on-year in 2024, driven by economic recovery, rising wages, and stable import prices [1][5] - Apple maintains the largest market share in Japan, with strong sales of the iPhone 16 series, although overall sales are expected to decline by 3% due to weakened demand for older models [3][5] - There is a strong demand for mid-range smartphones, benefiting brands like Xiaomi, OPPO, Sharp, and FCNT [3][5] Market Overview - The Japanese smartphone market is recovering due to stable economic growth and increased consumer spending [1][5] - The high-end market continues to grow, with Apple leading, while local brands like Sony are focusing on premium products [3][5] - The demand for affordable smartphones is driving growth for several brands, indicating a shift in consumer preferences [3][5] Future Outlook - The market is expected to continue its growth trajectory in 2025, supported by rising household incomes and economic recovery [7] - The introduction of the iPhone 16e may further boost Apple's growth in Japan [7] - However, strict regulations on smartphone subsidies by the Japanese Ministry of Internal Affairs and Communications may pose challenges to growth [7]

根据 Counterpoint Research 的 《日本智能手机追踪报告》 ，受经济复苏的推动，2024 年日本智能手 机的销量同比增长了 7%。在稳定的经济增长、工资上涨以及进口价格稳定的推动下，该国的智能 手机市场正逐步复苏，这些因素也促进了消费者的支出。 2023 年 vs 2024 年日本智能手机销量及同比增长 点击阅读原文下载完整版报告 业务咨询 数据来源：Counterpoint日本智能手机追踪报告 苹果在日本智能手机市场占据最大份额，受稳定汇率的推动，iPhone 16 系列手机销量表现强劲。然 而，由于旧机型需求减弱，2024 年该品牌的整体销量同比下降了 3%。 日本智能手机销量在 2024 年同比增长 7% ，受经济复苏推动。 苹果继续领跑高端市场，但由于旧款机型需求疲软，该品牌整体销量同比下降 3% 。 中低端需求增长，推动了 Sharp 、小米和 FCNT 等品牌的表现。 受市场环境改善的支持，我们预计 2025 年日本智能手机市场将继续增长。 尽管销量下滑，苹果依然主导着高端市场。同时，随着高端市场持续增长，索尼正在加大对高端产 品的关注。 由于日本消费者持续青睐价格亲民的产品， ...