电子行业：2024年国内外手机出货量同比增长，关注产业链相关公司

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Insights - The report highlights a 5.6% year-on-year growth in domestic smartphone shipments in 2024, with an estimated total of approximately 286 million units [3][5] - Global smartphone revenue is projected to grow by 5% in 2024, with an average selling price (ASP) reaching a record high of $356, reflecting a 1% increase year-on-year [5] - The integration of AI technologies, such as DeepSeek, is expected to drive consumer demand for smartphone upgrades, particularly in the context of government subsidy policies in 2025 [5] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of 41.97% and an absolute return of 59.28% [2] Key Events - The report notes significant product upgrades in the smart driving hardware sector and the release of new PC-level chips, indicating a positive outlook for future demand [3] - Major smartphone manufacturers, including vivo, Huawei, and Apple, dominate the market with respective shares of 17.2%, 16.6%, and 15.6% in 2024 [5] Investment Recommendations - The report suggests focusing on companies within the smartphone supply chain, including Xiaomi-W, Transsion Holdings, and ODM manufacturers like Huaqin Technology and Longqi Technology, as well as companies related to heat dissipation and CMOS sensors [5]