其中立讯精密上半年实现营业收入1035.97亿元、归母净利润53.96亿元，同比增速分别为5.74%、23.9%。歌尔股份上半年的归母净利润同比增速达190.44%，达12.25亿元，增速为三家中最高。蓝思科技上半年的营业收入和归母净利润分别同比增长43.06%、55.38%，分别为288.66亿元、8.61亿元。With the weak recovery of the global consumer electronics market, the three giants in the "fruit chain", Luxshare Precision Industry (002475.SZ), Goertek Inc. (002241.SZ), and Lens Technology (300433.SZ), have all achieved year-on-year growth in net profit, and the growth rate of net profit is higher than that of revenue. The performance of the "fruit chain" companies listed in Hong Kong has also shown significant improvement in the first half of the year.
According to the Zhongtong Financial APP, with the weak recovery of the global consumer electronics market, the three giants in the "fruit chain", Luxshare Precision Industry (002475.SZ), Goertek Inc. (002241.SZ), and Lens Technology (300433.SZ), have all achieved year-on-year growth in net profit, and the growth rate of net profit is higher than that of revenue. The performance of the "fruit chain" companies listed in Hong Kong has also shown significant improvement in the first half of the year. With the launch of Apple's first smart phone, iPhone 16, which is equipped with Apple's smart feature, industry insiders believe that with the push of AI and other factors, the shipment expectations of iPhone 16 will exceed those of its predecessors. At the same time, the implementation of AI has also generated higher demand for main control chips, memory, and other areas, bringing new opportunities for the "fruit chain" companies.
After experiencing a downturn in the consumer electronics market and a contraction in terminal demand last year, the industry has gradually recovered this year. The global consumer electronics market has entered the AI era, with more and more mobile terminals such as smartphones, PCs, and tablets empowered by edge AI applications. With the resonance of the industrial recovery cycle, market demand has been further stimulated.
Luxshare Precision Industry achieved operating revenue of 103.597 billion yuan and net profit attributable to shareholders of the parent company of 5.396 billion yuan in the first half of the year, with year-on-year growth rates of 5.74% and 23.9%, respectively. Goertek Inc. achieved the highest year-on-year growth rate in net profit in the first half of the year, reaching 190.44%, or 1.225 billion yuan. Lens Technology's operating revenue and net profit in the first half of the year increased by 43.06% and 55.38% year-on-year, respectively, to 28.866 billion yuan and 0.861 billion yuan.
The performance of the "fruit chain" companies listed in Hong Kong has also shown significant improvement in the first half of the year. Cowell (01415) recorded earnings of 0.586 billion US dollars in the first half of the year, a year-on-year increase of 59.8%. Q Tech (01478) achieved unaudited revenue of approximately 7.675 billion yuan in the first half of 2024, a year-on-year increase of approximately 40.1%, mainly due to a 30.8% increase in the sales volume of camera modules. Sunny Optical (02382) announced revenue of approximately 18.86 billion yuan in the first half of 2024, a year-on-year increase of approximately 32.1%; gross profit of approximately 3.2465 billion yuan, a year-on-year increase of approximately 52.4%. AAC Tech (02018) achieved a revenue of 11.25 billion yuan in the first half of the year, a year-on-year increase of 22.0%, with optical business revenue of 2.21 billion yuan, a year-on-year increase of 24.9%. BYD Electronic (00285) achieved a revenue of 78.581 billion yuan in the first half of this year, an increase of 39.87% year-on-year, with a significant growth in the consumer electronics business segment.
Nowadays, the rapid development of AI technology is profoundly changing the smart terminal industry, directly accelerating the replacement cycle of smartphones and PCs, and promoting the value enhancement of related industry chains. According to IDC data, global smartphone shipments in the second quarter of 2024 reached 0.285 billion units, a year-on-year increase of 6.5%, marking the fourth consecutive quarter of growth in smartphone shipments.
Moreover, with the weak recovery of the global consumer electronics market, Luxshare Precision Industry (002475.SZ), Goertek Inc. (002241.SZ), and Lens Technology (300433.SZ) have all achieved year-on-year growth in net profit, and the growth rate of net profit is higher than that of revenue. The performance of the "fruit chain" companies listed in Hong Kong has also shown significant improvement in the first half of the year. With the launch of Apple's first smart phone, iPhone 16, which is equipped with Apple's smart feature, industry insiders believe that with the push of AI and other factors, the shipment expectations of iPhone 16 will exceed those of its predecessors. At the same time, the implementation of AI has also generated higher demand for main control chips, memory, and other areas, bringing new opportunities for the "fruit chain" companies.
Entering the second half of the year, preparing for iPhone 16 has become the top priority for the supply chain. In early September, Apple will hold its autumn product launch event, and the first iPhone 16 with Apple's smart features will be officially unveiled. Industry insiders believe that with the driving force of AI and other factors, the shipment expectation for iPhone 16 will exceed its predecessor. At the same time, the implementation of AI has also generated higher demand for control chips, memory, and other areas, presenting new opportunities for the supply chain.
Counterpoint Research senior analyst Ivan Lam said that compared to the performance of iPhone 15 in the second half of last year, we have raised the shipment expectation for iPhone 16 by 2 to 3 percentage points and expect the price of iPhone 16 to be relatively stable.
He believes that there are two factors contributing to the increased shipment expectation for iPhone 16. On the one hand, AI is driving the upgrade cycle. On the other hand, there is growth in emerging markets for Apple's smartphones. While the expected increase for iPhone 16 in traditional markets such as China, the US, and Japan is relatively small, there is a larger growth expectation in certain regions of Asia and Africa.
Relevant symbols:
Cowell (01415): The company is a precision optical module supplier for electronic mobile devices. Since 2009, Apple has been purchasing camera modules produced by the company, making it the company's largest customer. Recently, Cowell announced its financial results for the six-month period ending in June, with revenue of 0.586 billion US dollars, an increase of 59.8% year-on-year.
BYD Electronic (00285): In the first half of 2024, BYD Electronic achieved revenue of 78.581 billion yuan, a year-on-year increase of 39.87%. The net profit attributable to shareholders was 1.518 billion yuan, a year-on-year increase of 0.14%. This year, BYD Electronic's consumer electronics business sector achieved substantial growth.
Q Tech (01478): The company's unaudited revenue for the six-month period ending on June 30, 2024, is approximately 7.675 billion yuan, a year-on-year increase of approximately 40.1%, mainly due to a 30.8% increase in sales volume of camera modules.
Sunny Optical (02382): Sunny Optical announced its mid-year financial results for 2024, with revenue of approximately 18.86 billion yuan, a year-on-year increase of approximately 32.1%; gross profit of approximately 3.2465 billion yuan, a year-on-year increase of approximately 52.4%; and a gross margin of approximately 17.2%, a year-on-year increase of approximately 2.3 percentage points.
AAC Tech (02018): The group's revenue in the first half of the year was RMB 11.25 billion, a year-on-year increase of 22.0%, with a gross margin of 21.5%, a year-on-year increase of 7.4 percentage points, and net income of RMB 0.537 billion, a significant year-on-year increase of 257.3%. Among them, the optical business revenue in the first half of 2024 was RMB 2.21 billion, a year-on-year increase of 24.9%.
