电子掘金 算力高景气度持续下，电子板块如何投资？

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the electronic sector, particularly focusing on AI computing power, consumer electronics, and the PCB industry, with a specific emphasis on the company Deep South Circuit (深南电路) and its market dynamics. Core Insights and Arguments AI Computing Power and H20 Supply Resumption - The resumption of H20 supply is expected to enhance productivity for CSP manufacturers in the inference segment, although its impact on large model training is limited due to lower performance compared to leading products like A800 or A100 [2][5] - H20's supply resumption may influence the delivery schedule of domestic computing power in the second half of the year, but the long-term development direction remains unchanged [5] Consumer Electronics Market Trends - The smartphone market is projected to be relatively flat in the second half of the year, with Apple potentially facing structural opportunities due to innovations in iPhone 17 and new AirPods versions [7][11] - Vietnam's low tariff advantages have alleviated market concerns regarding tariff uncertainties, leading to a rebound in the valuation of the supply chain [8] Deep South Circuit's Growth and Market Position - Deep South Circuit is expected to benefit from the rising demand for AI computing power, with significant growth in high-layer PCBs and high-end substrates anticipated [18] - The company is accelerating capacity expansion with projects in Guangzhou, Nantong, and Thailand, aiming to meet increasing AI-related demands [19] Financial Projections for Deep South Circuit - Revenue for Deep South Circuit is projected to grow by 18% to 21.1 billion yuan in 2025 and by 20% to 25.4 billion yuan in 2026, with net profit expected to increase by 22% to 2.28 billion yuan and by 37% to 3.12 billion yuan respectively [21] Other Important Insights Market Sentiment and Stock Performance - Following the announcement of H20's resumption, core domestic computing power stocks initially saw a slight decline but rebounded significantly, indicating rapid market sentiment adjustment [6] Investment Opportunities in Consumer Electronics - Investment recommendations include focusing on companies with stable fundamentals and unique advantages in emerging fields, such as AI servers, automotive electronics, and AR/VR glasses [15] - Specific companies highlighted for investment include Shunyu, Highwei, and Industrial Fulian Huqin, which are positioned to benefit from the ongoing trends in the electronic sector [15] Optical and ODM Segments - The optical and ODM segments are identified as areas of interest due to improved competitive dynamics and potential for margin expansion [13] Future of AI Glasses - AI glasses are expected to undergo significant changes in the second half of the year, with advancements in display technology likely to increase consumer adoption [9][10] This summary encapsulates the key points discussed in the conference call, providing insights into the electronic sector's current landscape and future opportunities.