电子行业周报：二季度小米手机中东市场出货量大幅提高

Industry Investment Rating - The report does not explicitly provide an overall industry investment rating [1][2][3] Core Views - The electronic industry is experiencing a weak recovery at the bottom of demand, with a focus on upstream equipment materials that are relatively independent of the industry's cyclicality due to domestic substitution logic [7] - Android system inventory is expected to gradually return to normal, suggesting attention to domestic brand consumer electronics companies [7] - Semiconductor design companies benefit from downstream inventory replenishment, making them a focus area [7] Market Performance - The Shanghai Composite Index rose by 0.21% and the CSI 300 Index rose by 0.37% during the week of August 15-21, 2024 [1][3] - The electronic sector underperformed the broader market, with the Shenwan Primary Electronic Index falling by 0.64%, underperforming the Shanghai Composite Index by 0.85 percentage points and the CSI 300 Index by 1.02 percentage points [1][3] - The PE valuation of the electronic industry dropped to around 42.70 times [1][3] Industry Data - Global smartphone shipments in Q2 2024 reached 285 million units, a year-on-year increase of 7.58% [1] - China's smartphone shipments in June 2024 were 23.84 million units, up 14.3% year-on-year [1] - Global semiconductor sales in June 2024 were $49.98 billion, up 18.3% year-on-year [1] - Japan's semiconductor equipment shipments in June 2024 increased by 31.84% year-on-year [1] Industry Dynamics - Multiple central and state-owned enterprises have initiated the development of native HarmonyOS applications for internal office use [1][10] - Xiaomi's smartphone shipments in the Middle East (excluding Turkey) in Q2 2024 reached 2.3 million units, a 70% year-on-year increase, capturing a 20% market share [1][11] - Apple Watch shipments in Q2 2024 declined by 1% year-on-year, with a 4% drop in revenue due to a shift towards lower-cost models [12] - China's tablet market shipments in Q2 2024 increased by 7.0% year-on-year, with consumer market shipments up 8.0% and commercial market shipments down 3.1% [13] Company Dynamics - Hikvision's H1 2024 revenue was RMB 41.209 billion, up 9.68% year-on-year, but net profit attributable to shareholders fell by 5.13% to RMB 5.064 billion [14] - ZTE's H1 2024 revenue was RMB 62.487 billion, up 2.94% year-on-year, with net profit attributable to shareholders increasing by 4.76% to RMB 5.732 billion [15] Investment Recommendations - Focus on upstream equipment materials with domestic substitution logic, independent of industry cyclicality [7] - Pay attention to Android system smartphone component manufacturers as inventory normalizes [7] - Semiconductor design companies are recommended due to benefits from downstream inventory replenishment [7]