Summary of Key Points from Conference Call Records Industry Overview - **Power Semiconductor Industry**: Expected revenue growth of approximately 10% in 2024, but net profit is projected to decline by 22%. Excluding Wentai Technology, actual profit growth is 0%, indicating a phenomenon of revenue growth without profit increase. However, third-generation semiconductor company Tianyue Advanced shows significant revenue and profit growth of 40% and 500% respectively [1][3][4]. Key Companies and Their Performance - **Hengxuan Technology**: Benefited from the growing demand in the smart watch and wristband market, with Q1 revenue increasing by 116% year-on-year and gross margin rising to 38.47% [1][5]. - **Rockchip**: In the automotive electronics sector, has mass-produced over ten models and has more than 20 targeted projects [1][5]. - **Stewei**: Achieved a revenue increase of 100% year-on-year in Q1, with smartphone chip business revenue growing by 269%, ranking fifth in the global mobile CIS market with an 11.2% share [1][6]. - **Optical Companies**: Companies like Qiu Tai, Gao Wei, and Rui Sheng have shown profit growth exceeding 100% due to industry recovery and improved profitability after the end of price wars [22][23]. Market Dynamics - **Consumer Electronics**: The sector is recovering well, with a 24% year-on-year revenue increase and an 18.6% increase in net profit in 2024. This is driven by smartphone inventory replenishment and global smartphone shipment growth of 6.4% [22][23]. - **Telecom Equipment**: Facing growth pressure with a 9.7% decline in capital expenditure from major operators in 2024, expected to further decline by 9.1% in 2025. Companies like ZTE are actively seeking new opportunities to offset traditional business pressures [16]. Emerging Trends - **AI and Autonomous Driving**: The AI-driven demand in the optical communication market is maintaining high growth rates. Companies like Xuchuang and Xinyi have seen improved gross margins due to the increased proportion of high-speed products [12][13]. - **IoT Modules**: The global cellular IoT module shipments increased by 10% year-on-year, with China showing a faster growth rate of 21% [18]. Investment Insights - **Valuation Recovery**: Companies like Yangjie Technology and Times Electric have seen their PE ratios drop below 20, indicating potential for valuation recovery as inventory and competition dynamics improve [7]. - **Long-term Outlook**: The consumer electronics sector is expected to face challenges from tariff changes, but companies with strong fundamentals and supply chain resilience are recommended for long-term investment [30][32]. Risks and Considerations - **Tariff Impact**: The consumer electronics sector is significantly affected by tariff changes, particularly for companies heavily reliant on Apple. However, the immediate impact on earnings has been minimal, with no requests for price reductions from Apple suppliers [28][30]. - **Market Competition**: The telecom equipment sector is experiencing intense competition, which may affect profit margins and growth prospects [16]. Conclusion The conference call highlights a mixed outlook for various sectors within the technology and semiconductor industries, with significant growth opportunities in AI, automotive electronics, and consumer electronics, while also addressing the challenges posed by market competition and tariff changes. Investors are advised to focus on companies with strong fundamentals and resilience in their supply chains for long-term gains.

文 ｜ 刘春彤 裘翔 ▍ 风险因素： 亮马组合是基于策略聚焦观点和行业研究精选推荐，遴选出的月度金股组合。本篇报告为2 0 2 5年 第4期，更新中信证券4月1 0大金股组合。时点上，关注4月初外部不确定性因素落地后的交易性机 会。配置上，我们建议从科技点火、供给侧反内卷、内续补短板角度，关注产业逻辑清晰的几大方 向：国产算力、端侧AI、创新药、新能源、可选消费等。此外，我们也在红利、制造等方向选择 了部分优质标的，以实现组合配置多元化。 中美科技、贸易、金融领域摩擦加剧；国内政策或经济复苏不及预期；海内外宏观流动性超预期 收紧等 ▍ 本期更新中信证券2 0 2 5年4月金股组合。 。 ▍ 板块配置：外部风险落地后，聚焦产业逻辑清晰的绩优成长股。 关键时点是4月初外部风险落地，包括美国优先贸易政策备忘录调查结果公布以及"对等关税"加 征方式和范围的明朗。从风险落地后的进攻方向上看，经过3月大幅调整且持续有催化的科技主 题，因其弱宏观关联和强产业催化，预计会成为4 - 5月占优方向。资金面角度，增量资金或来自 前期高切低回补、仓位回补及部分追逐港股的趋势资金回流。科技领域建议延续端侧AI+国产算 力的主线配置， ...