证券研究报告 | 2025年06月04日 电子行业周报 优于大市 中美关税博弈再反复，自主可控紧迫性持续升级 中美关税博弈再反复，自主可控紧迫性持续升级。过去一周上证下跌 0.03%， 电子下跌 0.59%，子行业中元件上涨 2.21%，光学光电子下跌 1.27%。同期恒 生科技、台湾资讯科技下跌 1.46%、1.15%，费城半导体上涨 1.18%。受中美 关税博弈反复、基金行业新规所引致的超配行业减持压力影响，叠加 SMIC 一季度业绩表现低于预期，尽管公司反馈主因是"厂务问题"，但仍引致市 场对于半导体高景气持续性以及成熟制程竞争格局恶化的担忧，同时由于中 美关税博弈再度反复，美国加大对国内半导体技术限制，电子行情 5 月表现 低迷。考虑到近期科技板块催化集中：小米发布国内首款 3nm 旗舰处理器芯 片；央视《新闻周刊》报导"华为鸿蒙 PC 搭载 5 纳米芯片"；宇树亮相全 球首场人形机器人格斗大赛，科技板块热度有明显回升。我们坚定看好 2025 年电子板块在"宏观政策周期、产业库存周期、AI 创新周期"共振下的"估 值扩张"行情，重点关注半导体自主可控、存储周期回暖及端侧 SoC 创新。 EDA供应将受 ...

一、ETF行业快讯 1.三大指数集体上涨，多只电子板块ETF上涨 今日，三大指数集体上涨，上证综指上涨0.42%，深证成指上涨0.87%，创业板指上涨1.11%。多只电子 板块ETF上涨，其中，中金科技先锋ETF（560990.SH）上涨超6%，信创ETF富国（159538.SZ）上涨 2.35%，5G通信ETF（515050.SH）上涨2.26%。公用事业板块多只ETF下跌，绿色电力ETF易方达 （562960.SH）下跌0.28%，电力ETF（159611.SZ）下跌0.21%，电力ETF基金（561700.SH）下跌 0.20%。 国信证券发布电子行业研报表示，考虑到近期科技板块催化集中：小米发布国内首款3nm旗舰处理器芯 片；央视《新闻周刊》报导"华为鸿蒙PC搭载5纳米芯片"；宇树亮相全球首场人形机器人格斗大赛，科 技板块热度有明显回升。我们坚定看好202年电子板块在"宏观政策周期、产业库存周期、AI创新周 期"共振下的"估值扩张"行情，重点关注半导体自主可控、存储周期回暖及端侧SoC创新。 2.5月超百亿资金涌向科创ETF 据21世纪经济报道，5月，ETF资金流向较上月呈现明显变化。主要宽基ETF由 ...

Summary of Lineage Dairy Conference Call Company Overview - **Company**: Lineage Dairy (LINE) - **Industry**: Temperature-controlled logistics - **Position**: Largest company in the industry, approximately twice the size of the next largest competitor - **Facilities**: Nearly 500 facilities across 19 countries - **Customers**: Over 13,000 customers - **Employees**: 27,000 team members - **Automation**: Leader in cold storage automation with 80 automated facilities globally [2][5][21] Financial Performance and Guidance - **AFFO Guidance**: Reaffirmed guidance of $3.4 to $3.6 per share - **Q2 Performance**: Expected to be similar to Q1, typically a seasonal low for cold storage - **Cost Savings**: Ongoing cost savings and productivity initiatives are yielding positive results [5][6][28] Pricing and Market Dynamics - **Pricing Trends**: - Slow growth in pricing over the last four years - Recent net price increase of 2.5% on 77% of contracts negotiated in Q1 - Expectation of stable to upward pricing moving forward [6][7] - **Seasonality**: - Return to normal seasonal patterns observed since 2023 after disruptions caused by COVID-19 - Confidence in increased occupancy and inventory levels in the second half of the year [9][10] Consumer Demand and Market Conditions - **Consumer Behavior**: Stable demand with low single-digit growth; food inflation has pressured consumer spending [11][12] - **Long-term Growth Strategy**: Prepared to operate in a flat market environment while leveraging scale and technology to gain market share [12][14] Customer Retention and Relationships - **Churn Rate**: Low customer churn rate of 3% annually, indicating a sticky customer base [16] - **Customer Relationships**: Strong relationships with major food producers, enhancing trust and retention [20] Technology and Operational Efficiency - **Lin OS Initiative**: - Proprietary technology developed to optimize operations in both automated and manual facilities - Early pilots show double-digit labor improvements - Expected to enhance cost structure and operational efficiency over the next several years [31][32][37][39] - **Global Integrated Solutions (GIS)**: - Significant growth opportunity in transportation and freight forwarding services - Expected double-digit growth in GIS segment [22][23] Recent Developments and Acquisitions - **Tyson Deal**: - Largest deal in cold storage history, involving the acquisition of Tyson's facilities and 1,000 employees - Expected to generate over $100 million in incremental EBITDA by 2030 and $200 million in savings for Tyson [47][48][49] - **Acquisition Strategy**: - Continued focus on acquiring companies in a fragmented industry, with a strong track record of successful integrations [55] Financial Health and Capital Management - **Debt Management**: - Current net debt to EBITDA ratio in the mid-fives, maintaining investment-grade status - Strong liquidity position with access to revolver financing for acquisitions [56][58] - **Future Growth Funding**: - Plans to utilize internal cash flow and public market access for future acquisitions [58][59] Market Expansion and Growth Opportunities - **Global Expansion**: - Actively evaluating growth opportunities in Southeast Asia and other developing markets - Positioned as the acquirer of choice due to strong company values and culture [65][66] Conclusion - Lineage Dairy is well-positioned for future growth through strategic initiatives in technology, customer retention, and market expansion, while maintaining a strong financial foundation and operational efficiency. The company is focused on leveraging its scale and automation to enhance profitability and market share in the temperature-controlled logistics industry [54][68].

【东吴电子陈海进】兆易创新：NPU接踵而至，重视AI存储稀缺标的NPU产品发布潮起，产业链催化不断随着AI 应用对各终端算力要求的提升，我们预计未来将有多款NPU产品发布、立项、流片等。 国内手机终端厂商、光羽芯辰、国际龙头SoC厂商均将"NPU+定制化存储"方案作为端侧AI的最佳答卷。 各方大厂均已兆易建立深厚合作，公司广泛对接SoC合作伙伴，多项目接踵而至。 定制化存储具强稀缺性， 国内手机终端厂商、光羽芯辰、国际龙头SoC厂商均将"NPU+定制化存储"方案作为端侧AI的最佳答卷。 【东吴电子陈海进】兆易创新：NPU接踵而至，重视AI存储稀缺标的NPU产品发布潮起，产业链催化不断随着AI 应用对各终端算力要求的提升，我们预计未来将有多款NPU产品发布、立项、流片等。 公司定制化存储获国内DRAM龙头先进工艺&产能支持，且公司作为本土企业贴近客户（AI手机、AI PC厂商），能够更好完成定制化项目对接。 在HBM禁运的背景下，客户在AI存储场景普遍具高国产化需求。 公司的端侧AI存储产品或为产业链最核心卡位环节，值得重视。 各方大厂均已兆易建立深厚合作，公司广泛对接SoC合作伙伴，多项目接踵而至。 定制化存 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][28][31] Core Views - The company is experiencing a short-term revenue decline due to storage price impacts, with a revenue of 1Q25 at 1.543 billion yuan, down 10.62% YoY and 7.58% QoQ. However, a gradual recovery in storage prices is expected in 2Q25, which may lead to performance improvement [1][20][28] - Embedded storage revenue for 2024 reached 4.241 billion yuan, a significant increase of 151.68% YoY, with products entering major client supply chains. AI-related products are also seeing rapid revenue growth, particularly in AI glasses, which are expected to grow over 500% YoY in 2025 [2][28] - The company is making steady progress in wafer-level advanced packaging, which is anticipated to drive long-term growth. The enterprise-level and automotive-grade storage segments are also expanding successfully [3][28] Summary by Sections Financial Performance - 1Q25 revenue was 1.543 billion yuan, with a net profit of -216 million yuan, reflecting a significant decline in profitability due to increased R&D expenses and inventory write-downs [1][28] - The company forecasts a gradual recovery in revenue, with expected net profits of 178 million yuan, 200 million yuan, and 382 million yuan for 2025, 2026, and 2027 respectively [28][29] Revenue Breakdown - Embedded storage is projected to generate revenues of 5.439 billion yuan, 6.459 billion yuan, and 7.363 billion yuan from 2025 to 2027 [28] - PC storage revenue is expected to be 2.206 billion yuan, 2.283 billion yuan, and 2.363 billion yuan for the same period [28] - Automotive-grade storage revenue is anticipated to grow to 155 million yuan, 294 million yuan, and 418 million yuan from 2025 to 2027 [28] Market Trends - The global storage market is experiencing a cyclical downturn, with NAND Flash prices expected to stabilize in 2Q25 after a decline in 1Q25. The company is well-positioned to benefit from this recovery [20][24] - The demand for AI-related storage products is increasing, particularly in the context of AI glasses and high-performance PC storage solutions [2][3][28]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][28][31] Core Views - The company is experiencing a short-term revenue decline due to storage price impacts, with a revenue of 1Q25 at 1.543 billion yuan, down 10.62% YoY and 7.58% QoQ. However, a gradual recovery in storage prices is expected in 2Q25, which may lead to performance improvement [1][20][28] - Embedded storage revenue for 2024 reached 4.241 billion yuan, a significant increase of 151.68% YoY, with products entering major client supply chains. AI-related products are also seeing rapid revenue growth, particularly in AI glasses, which are expected to grow over 500% YoY in 2025 [2][28] - The company is making progress in enterprise-level and automotive-grade storage, with advanced wafer-level packaging expected to drive long-term growth. The company has passed various tests and is set to meet advanced storage packaging demands [3][28] Summary by Sections Financial Performance - 1Q25 revenue was 1.543 billion yuan, with a net profit of -216 million yuan, reflecting a significant decline in profitability due to increased R&D expenses and inventory write-downs [1][28] - Revenue projections for 2025-2027 are 1.78 billion, 2.00 billion, and 3.82 billion yuan respectively, with corresponding PE ratios of 156, 139, and 73 [3][28] Revenue Breakdown - Embedded storage is projected to generate revenues of 5.439 billion, 6.459 billion, and 7.363 billion yuan from 2025 to 2027, driven by a recovery in storage prices and increased shipments [28] - PC storage revenue is expected to be 2.206 billion, 2.283 billion, and 2.363 billion yuan for the same period, benefiting from a gradual market recovery [25][28] - Automotive-grade storage is anticipated to grow to 1.55 billion, 2.94 billion, and 4.18 billion yuan from 2025 to 2027, as customer adoption increases [26][28] Market Trends - The global storage market is experiencing a cyclical downturn, with NAND Flash prices expected to stabilize in 2Q25 after a decline in 1Q25. The company anticipates a recovery in prices due to inventory adjustments and increased demand from OEMs [20][24][28] - The company is well-positioned in the supply chains of major clients across various sectors, including AI, automotive, and consumer electronics, which supports its growth outlook [2][3][28]

2025.05. 30 本文字数：2694，阅读时长大约4分钟 导读 ：存储原厂面向AI带来的新需求，正进行制程转换。 作者 | 第一财经 郑栩彤 部分存储产品传来了涨价的消息。"这段时间有的涨了100%，有的一个月内涨了50%，这个月涨幅非常 大。"深圳一家头部存储模组厂商的销售负责人张丽（化名）告诉第一财经记者，一些DRAM产品近期 出现涨价，主要是DDR4和DDR3在涨，背后的驱动因素不是需求增长，而是原厂停产。 闪存市场称，在原厂停产部分DDR4、减产LPDDR4X的持续影响下，引发的涨价效应蔓延至渠道成 品，较低价的DDR5资源在渠道市场也愈发难觅，使本周渠道DDR5内存条也调涨价格。 不只DDR4在涨价，另一大类存储颗粒中，NAND Flash（一种主要的闪存颗粒）也有部分产品在涨 价。张丽告诉记者，涨价最多的是容量32Gb及32Gb以下的MLC NAND Flash，这类产品主要用于智 能家居、电视、工业自动化设备、智能穿戴产品等，三星占了这类产品较大的市场份额。据她所知，也 是因为原厂发了停产通知，导致MLC NAND Flash市场供应减少，因此近期才会出现涨价。 近日有消息称，三星提前停产 ...

存储原厂面向AI带来的新需求，正进行制程转换。 部分存储产品传来了涨价的消息。"这段时间有的涨了100%，有的一个月内涨了50%，这个月涨幅非常大。"深圳一家头部存储模组厂商的销 售负责人张丽（化名）告诉第一财经记者，一些DRAM产品近期出现涨价，主要是DDR4和DDR3在涨，背后的驱动因素不是需求增长，而是 原厂停产。 DRAM即动态随机存取存储器，是目前两种最主要的存储颗粒之一，DDR4和DDR3分别是第四和第三代双倍数据速率SDRAM。市场研究机 构的数据也显示，近期DDR4价格涨势尤其迅猛。 频频涨价 "深圳市场表现火热，买家问价动作较多，部分DDR4价格持续拉升，目标价格也有所提高，但仍难以跟上报价。" TrendForce集邦咨询在29日 的市场动态报告中称。 "上周（采购时）我报你4元，你问3.8元行不行。这周再来问价，我说现在4.5元了，你又问能不能按上周报的4元，我说不好意思，马上变成 4.8元了。就是按这个节奏涨的。"张丽向记者形容。 涨价背后，今年2月，有消息称美光、三星和SK海力士可能在今年年底前停止生产DDR3和DDR4内存。4月，有消息称三星通知了PC制造 商，将在今年年底前停产D ...

金十数据5月30日讯，工信部印发《算力互联互通行动计划》，其中提到，推动全局文件系统、智能分 层存储、数据压缩与去重等存储技术应用，提升海量非结构化数据的高效承载水平。促进数据调度引 擎、数据调用接口、隐私计算等数据流动技术标准化，完善跨主体、跨地域数据流动机制，提高数据多 池共享与流动效率。 工信部：提升数据与存储互通能力 ...

持续布局高增长领域，业务结构优化 公司持续聚焦高性能封装技术高附加值应用，加速对汽车电子、高性能计算、存储、5G 通信等高附加值 市场的战略布局，业务结构不断优化。2024年公司营收中通讯电子、消费电子、运算电子、汽车电子、工 业及医疗电子占比分别为44.8%、24.1%、16.2%、7.9%和7.0%，除工业领域外，各下游应用市场的收入均 实现了同比两位数增长。 运算电子业务为重要增长引擎 点击注册小程序 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 本订阅号是光大证券股份有限公司研究所（以下简称"光大证券研究所"）依法设立、独立运营的官方唯一订阅号。其他任 何以光大证券研究所名义注册的、或含有"光大证券研究"、与光大证券研究所品牌名称等相关信息的订阅号均不是光大证 券研究所的官方订阅号。 在半导体 ...