Core Insights - The company reported a revenue of 2.955 billion yuan for 2024, marking a year-on-year growth of 15.65%, with core business revenue reaching 2.669 billion yuan, up 19.58%, both achieving record highs since its listing [1] - In Q1 2025, the company continued its strong growth trajectory, with core business revenue of 525 million yuan, reflecting a year-on-year increase of 1.92%, demonstrating resilience against industry cycles [1][2] - The company’s net profit for Q1 2025 was 9.49 million yuan, a significant year-on-year increase of 55.88%, while the net profit excluding non-recurring items rose by 91.87% to 9.42 million yuan [2] Revenue Performance - The dual drivers of "e-sports + domestic innovation" have provided the company with growth resilience, while the exploration of new product categories like smart glasses has created new growth momentum [1] - Despite the impact of the GeForce RTX 50 series product launch on consumer purchasing decisions, the company maintained revenue growth in Q1 2025 [1] Profitability and Cash Flow - The company faced foreign exchange losses due to the appreciation of the US dollar against the Chinese yuan, amounting to an increase of 7.9346 million yuan compared to the same period last year [2] - The net cash flow from operating activities surged by 17,993.88% year-on-year to approximately 249 million yuan, indicating strong self-sustaining capabilities [2] Market Outlook - The upcoming end of support for Windows 10, the proliferation of AI models like DeepSeek, and the domestic innovation strategy are expected to drive the PC industry into a "super replacement cycle" [3] - The explosion of the AI smart glasses market is anticipated to open a new incremental growth avenue for the company [3] - The company is expected to continue exceeding performance expectations, supported by its dual strategy and commitment to embracing globalization and leading the AI technology revolution [3]

邮箱： XUBYUN372@pingan.com.cn 2025年4月28日 请务必阅读正文后免责条款 证券研究报告 受益于"国补政策" ，25Q1中国智能手机 市场出货量正增长 电子行业 强于大市（维持） 平安证券研究所 电子团队 分析师： 徐碧云 S1060523070002（证券投资咨询） 行业动态 "国补"叠加春节旺季，推动中国手机市场开年延续同比增长趋势 2020年1月10日 根据IDC报告，2025年第一季度，中国智能手机市场出货量在"国补"政策叠加春节销售旺季的共同推动下，同比增长3.3%，达到7160万 部，延续了过去五个季度的增长趋势，Android市场中更多价位段的产品可以进入到"国补"行列中，因此市场表现相对更好，同比增长 5.3%；iOS市场第一季度同比下降9.0%。 核心摘要 风险提示： 1）供应链风险上升。2）市场需求可能不及预期。3）国产替代不及预期。 行业要闻及简评： 1）根据IDC报告，2025Q1，中国智能手机市场出货量在"国补"政策叠加春节销售旺季的共同推动下 ，同比增长3.3%，达到7160万部，延续了过去五个季度的增长趋势；2）根据IDC报告，2025Q1中国折叠屏手 ...

Core Viewpoint - Lenovo is gaining market share in the US PC market, challenging traditional leaders HP and Dell, with a significant year-on-year growth rate of 12.8% compared to HP's 0.6% and Dell's -4.1% [1][4]. Market Performance - In 2024, the US PC market shipped 69.21 million units, a 5.2% increase from 2023 [2]. - Lenovo's shipment volume reached 11.872 million units, increasing its market share from 16.0% in 2023 to 17.2% in 2024 [2][4]. - The gap between Lenovo and HP has narrowed from 10.4 percentage points in 2023 to 8.1 percentage points in 2024 [4]. Growth Drivers - The commercial demand surge is driven by the impending end of Windows 10 support, leading to an early release of enterprise upgrade needs, with a projected 9% growth in the commercial market in the second half of 2024 [2][4]. - Lenovo's comprehensive product range across all price segments has effectively diverted users from HP and Dell [4]. Competitive Landscape - Lenovo's growth rate of 12.8% is 2.5 times the industry average of 5.2% [4]. - The competitive dynamics among leading manufacturers are shifting, with Lenovo's strategic positioning in the commercial sector and flexible supply chain providing a competitive edge [5]. Supply Chain Advantages - Lenovo's supply chain resilience, particularly through its Mexican factory, allows it to capitalize on the USMCA's zero-tariff policy, reducing end-user prices and enhancing competitiveness [4][5].

Investment Rating - The industry investment rating is "Outperform the Market" (预计6个月内，行业指数表现强于市场表现5%以上) [39] Core Insights - The semiconductor industry is currently in a recovery phase, driven by a rebound in consumer electronics, which is expected to initiate a new upward cycle for semiconductors. The report highlights two main investment themes: expansion of wafer fabs and opportunities within the AI industry chain [33] - The top ten global foundries achieved a record revenue of $38.482 billion in Q4 2024, reflecting a quarter-on-quarter growth of nearly 10% [4][5] - The global smartphone production from the top six brands reached 335 million units in Q4 2024, marking a quarter-on-quarter increase of 9.2% [10][11] - The PC market in mainland China showed signs of recovery in Q4 2024, with a projected growth of 3% in 2025 [16][17] - The Chinese headphone and headset market is expected to see a total sales volume of 218 million units in 2024, representing a year-on-year growth of 7.6% [21][22] Summary by Sections Semiconductor Industry - The semiconductor industry is experiencing a recovery, with consumer electronics driving a new upward cycle. Recommended stocks include Northern Huachuang, Zhongwei Company, Tuojing Technology, and Dinglong Co. [33] - The top ten foundries' revenue reached $38.482 billion in Q4 2024, with TSMC leading at $26.854 billion, a 14.1% increase from Q3 2024 [6][7] - The semiconductor index has risen 11.27% since the beginning of 2025, outperforming the CSI 300 index by 9.45% [28] Smartphone Market - The top six smartphone brands produced 335 million units in Q4 2024, with Apple leading at 80.1 million units, a 57.4% increase quarter-on-quarter [12][13] - The overall smartphone production for 2024 is projected to be 1.224 billion units, a year-on-year increase of 4.9% [11][12] PC Market - The PC market in mainland China is expected to grow by 3% in 2025, with a total shipment of 41 million units [16][17] - Q4 2024 saw a 2% year-on-year growth in the PC market, driven by government subsidies and new product launches [17][19] Headphone Market - The Chinese headphone market is projected to reach 218 million units in 2024, with a sales revenue of 42.8 billion yuan, a 9.8% increase year-on-year [21][22] - Over 15 companies launched more than 20 new AI headphone products in 2024, indicating a growing trend in the market [22][23]

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected performance that exceeds the market by more than 5% over the next six months [39]. Core Insights - The semiconductor industry is currently in a recovery phase, driven by a rebound in consumer electronics, which is expected to initiate a new upward cycle for semiconductors. Key focus areas include the expansion of wafer fabrication plants and opportunities within the AI industry chain [33]. - The top ten global foundries achieved a record revenue of $38.482 billion in Q4 2024, reflecting a quarter-on-quarter growth of nearly 10% [4][5]. - The smartphone market saw a significant increase, with the top six brands producing 335 million units in Q4 2024, marking a 9.2% quarter-on-quarter growth [10][11]. - The PC market in mainland China is projected to grow by 3% in 2025, following a rebound in Q4 2024 [16][17]. - The Chinese headphone and headset market is expected to reach 218 million units in 2024, with a year-on-year growth of 7.6% [21][22]. Summary by Sections Semiconductor Industry - The semiconductor industry is experiencing a recovery, with a focus on the expansion of wafer fabrication and AI-related investments. Recommended companies include Northern Huachuang, Zhongwei Company, and Tuojing Technology [33]. - The top ten foundries' revenue reached $38.482 billion in Q4 2024, with TSMC leading at $26.854 billion, a 14.1% increase from the previous quarter [6][7]. Smartphone Market - The top six smartphone brands produced 335 million units in Q4 2024, with Apple leading at 80.1 million units, a 57.4% increase quarter-on-quarter [12][13]. - The overall smartphone production for 2024 is expected to grow by 4.9% year-on-year, with a modest increase of 1.5% projected for 2025 [11][12]. PC Market - The PC market in mainland China showed signs of recovery, with a 2% year-on-year growth in Q4 2024. The market is expected to grow by 3% in 2025, driven by government subsidies and new product launches [16][17]. Headphone Market - The Chinese headphone market is projected to sell 218 million units in 2024, with a 9.8% increase in sales revenue. The AI headphone segment is rapidly expanding, with over 15 companies launching more than 20 new AI headphone models [21][22].

Core Insights - The article highlights the significant growth of AI PC shipments, with 15.4 million units expected in Q4 2024, representing 23% of total PC shipments for the quarter [1] - Apple leads the AI PC market with a 54% share, followed by Lenovo and HP at 12% each, indicating a strong competitive landscape [1] - The impending end of Windows 10 support is driving a replacement cycle, with one-third of channel partners citing it as a key factor for device upgrades in 2025 [3] Market Trends - AI PC shipments are projected to account for 17% of total PC shipments in 2024, with a quarter-over-quarter growth of 18% [1] - The commercial deployment of AI PCs is gaining momentum, with manufacturers launching products tailored for enterprise users [2] - The introduction of new product strategies by companies like Intel and Qualcomm aims to capture different market segments, particularly in the mid to high-end range [2] Competitive Landscape - Apple has shown strong performance in the AI PC market, achieving a 10.2% overall market share and 45% in the AI PC segment in Q4 2024 [6] - The shift in Dell's branding strategy reflects a broader industry trend towards simplification and user-centric approaches [5] - The competitive dynamics are influenced by trade policies, particularly U.S. tariffs on Chinese imports, which could impact pricing and market demand [3] Product Development - The total shipment of Windows AI PCs grew by 26%, making up 15% of all Windows PC shipments in Q4 2024 [5] - Companies are increasingly integrating AI-driven software into their product lines, enhancing user experience and differentiation [5] - The introduction of Apple's Intelligence features across its devices signifies a trend towards improved personalization and productivity through AI [5]