未知机构：华福电子大科技陈海进为什么现在是布局果链最好的时候-20241231

Summary of Key Points from the Conference Call Industry and Company Overview - The focus is on the Apple supply chain and its performance in the A-share market, which has been volatile despite Apple's market capitalization nearing $4 trillion, continuously reaching new highs [1][2]. Core Insights and Arguments - Mobile Phones as AI Terminals: Mobile phones are identified as the most important AI terminals, with a clear advantage for AI applications that require edge computing, emphasizing that AI deployment cannot bypass mobile devices [3][7]. - Bill of Materials (BOM) Expansion: The BOM for iPhones is expanding, indicating that the average selling price (ASP) of components is not simply a matter of one component's increase leading to another's decrease [4]. - Valuation and Market Timing: Current valuations are low, with Lixun Precision's projected PE ratio for 2025 around 17 times, while major players in the supply chain are expected to be in the 15-20 times range, suggesting it is an optimal time for investment [5][10]. - Market Style Shift: There is an anticipated return to a balanced market style, which could benefit core players in the Apple supply chain [6][9]. Risks and Concerns - Technological Development Risks: Concerns exist regarding insufficient technological advancements and the challenges of technology implementation, alongside competitive risks [7]. - Tariff Issues: The advantage of the mainland supply chain is significant, with potential to mitigate tariff impacts through production shifts or customer absorption. The upcoming government changes may turn uncertainties into favorable conditions [8][10]. Additional Insights - AI Product Ecosystem: Apple is expected to leverage its ecosystem of chips, systems, software, and devices (including headphones, watches, and computers) to launch high-completion products, positioning itself strongly in the AI market [7]. - Investment Recommendations: Suggested companies for investment include Lixun Precision, Dongshan Precision, Pengding Holdings, Changying Precision, Lingyi iTech, and Lens Technology, indicating a strategic focus on the Apple supply chain [10]. - Historical BOM Trends: Increases in BOM in 2017 and 2020 have historically reflected in terminal price increases, suggesting a correlation between component costs and retail pricing [13]. - Future Growth Directions: Recent advancements in Apple's AI initiatives are expected to lead to an expansion of product categories, with flexible printed circuits (FPC), optics, and aesthetic components identified as core growth areas [15].