Steve had highlighted um still outstanding which would theor in theory be answered on the conference call but the stock going into earnings the bar was very low eightweek losing streak um as we entered the week here Tim what do you make of the quarter so far >> I I thought it was a fantastic quarter now the way the stocks trade in the aftermarket is a very small snapshot of time it's going to be volatile but it it kind of tells you that while we had insane demand and I mean you know it was really strong iPh ...

Core Viewpoint - The discussion centers around Apple's iPhone 17 launch, with differing opinions on whether the expectations are overly optimistic or not. There is a general sentiment that while the demand is strong, it may not constitute a "super cycle" as previously anticipated [1][6]. Group 1: iPhone Demand and Launch - The current demand for the iPhone 17 appears stronger than for the previous model, with visible consumer interest indicated by long lines during the launch [6]. - The upgrade cycle is critical for Apple, as many consumers are moving from older models to the base iPhone, which is essential for the company's strategy in preparation for new services like Apple intelligence [2][4]. - The pricing strategy of maintaining current prices amidst strong demand is seen as a positive move, aligning with trends from competitors like Google and Samsung [4]. Group 2: Hardware vs. AI - The excitement around the new hardware, including design changes and color options, is driving consumer interest more than AI features at this moment [7][8]. - While AI is a consideration for the future, consumers are not currently prioritizing it when making purchasing decisions for new phones [9]. - Apple is positioning itself as a platform for AI, ensuring that various AI applications will run effectively on its devices, which may enhance its appeal in the long term [9]. Group 3: International Market Trends - Demand trends in international markets, particularly in China and India, show a positive response, with hardware being a significant factor in consumer decisions [11]. - The base model of the iPhone is perceived as offering good value, appealing to consumers in these markets [12]. - Apple's strategy to upgrade its accessory line is also expected to positively impact its bottom line, with high-margin products contributing to revenue growth [12].

Investment Rating - The report maintains an "Outperform" rating for the electronics industry, indicating expectations for performance exceeding the market index by more than 10% [1][11]. Core Views - The report emphasizes the ongoing innovation year for Apple's supply chain and the profit improvement cycle for IC design, driven by the global recognition and application of AI technologies [1]. - The report highlights the positive macroeconomic trends, including the easing of geopolitical tensions and increased focus on Chinese assets, which are expected to support the electronics sector's performance [1]. - The report suggests that the AI application landscape is entering a phase of rapid development, with significant opportunities for related chip companies [2]. - The upcoming Nvidia GTC conference is noted for its potential to showcase hardware innovations, particularly in power supply and PCB materials [3]. - The report identifies a strong trend in the adoption of lidar technology in autonomous driving, with companies like Hesai securing significant orders [4]. - The promotion of RISC-V standards is expected to enhance the autonomy of the domestic semiconductor supply chain [5]. - The report anticipates a surge in demand for silicon carbide (SiC) components, particularly in high-voltage electric vehicles, following the launch of BYD's new platform [8]. - The report notes a year-on-year increase of 8.8% in the shipment of large-size LCD TV panels, indicating a recovery in the LCD market [9]. Summary by Sections Market Trends - The Shanghai Composite Index rose by 1.39%, while the electronics sector saw a decline of 0.62%, with components up by 6.68% and semiconductors down by 2.11% [12]. - The report indicates that the electronics sector is experiencing a valuation expansion phase, supported by macroeconomic policies and industry cycles [1][12]. Key Companies and Predictions - The report lists several companies with "Outperform" ratings, including: - Semiconductor Manufacturing International Corporation (SMIC) with an EPS forecast of 0.45 for 2024 and 0.59 for 2025 [11]. - Aojie Technology with a forecasted EPS of -1.61 for 2024 and -0.79 for 2025 [11]. - Lens Technology with an EPS of 0.79 for 2024 and 1.03 for 2025 [11]. - Other notable companies include Xiaomi, Weir Semiconductor, and Sunyu Optical Technology, all rated "Outperform" [11]. Industry Dynamics - The report discusses the recent developments in the electronics industry, including the rise of AI applications and the increasing importance of semiconductor technologies [2][5]. - It also highlights the competitive landscape, with companies adapting to new technologies and market demands [4][5].

证券研究报告 | 2025年03月16日 电子行业周报 优于大市 继续推荐创新大年的苹果产业链以及盈利改善周期的 IC 设计 业绩期临近，继续推荐创新大年的苹果产业链以及盈利改善周期的 IC 设计。 过去一周上证上涨 1.39%，电子下跌 0.62%，子行业中元件上涨 6.68%，半导 体下跌 2.11%。同期恒生科技、费城半导体、台湾资讯科技下跌 2.59%、0.67%、 3.85%。我们认为，受益于全球对 Deepseek 模型的认可与应用，AI 赋能应用 的进程仍在加速，而中国科技企业在世界 AI 创新进程的参与度、贡献度则 再度受到广泛关注与认知，我们维持对于电子行业 2025 年"行业迈入估值 扩张大年"的投资策略判断；叠加俄乌战争局势的缓和、美国对多地商品提 升关税，市场对于中国资产的关注度升温。在基本面上行趋势中，看好"宏 观政策周期、产业库存周期、AI 创新周期"共振下的板块行情持续性。考虑 到英伟达、华为新品发布会临近，苹果中文版 Apple intelligence 即将上 线，业绩期内继续推荐创新大年的苹果产业链以及盈利改善周期的 IC 设计。 联发科发布新一代高性能边缘 AI 物联网芯 ...