电子行业2024年年报及2025年一季报综述：整体景气度提升，关注自主可控长线逻辑

请认真阅读文后免责条款电子华龙证券研究所投资评级：推荐（维持）最近一年走势分析师：景丹阳执业证书编号：S0230523080001邮箱：jingdy@hlzq.com相关阅读《对英伟达反垄断调查凸显国产替代紧迫性—电子行业事件点评报告》2024.12.12《拜登新一轮对华半导体制裁影响几何？—电子行业事件点评报告》2024.12.05《业绩持续改善，政策加持国产替代有望加速—电子行业2024年三季报综述》2024.11.14 摘要：代。维持高景气度。 韦尔股份（603501.SH）、恒玄科技（688608.SH）、纳芯微（688052.SH）、通富微电（002156.SZ）、长电科技（600584.SH）、北方华创（002371.SZ）、长川科技（300604.SZ）。消费电子消费电子景气度持续回升，短期可能受海外关税政策影响，建议关注具备规模优势的龙头企业如歌尔股份（002241.SZ）、立讯精密（002475.SZ）。光学光电子整体盈利回暖，但内部表现分化，建议关注面板及元件方向龙头公司和受海外关税政策影响较小的公司如：深科技（000021.SZ）、TCL科技（000100.SZ）、京东方A（000725.SZ）、欧菲光（002456.SZ）等。风险提示：下游需求恢复不及预期；科技研发进度不及预期；新产品销售不及预期；行业竞争加剧；地缘政治风险及关税政策变化；第三方数据资料可能存在错漏。EPS（元）PE投资评级股价（元）2024A2025E2026E2027E2024A2025E2026E2027E0.60.80.931.1132.022.319.416.1未评级0.080.330.490.6560.412.98.76.6未评级0.140.230.320.431.116.912.29.6未评级0.450.720.931.1166.235.127.122.6未评级0.7611.231.4633.822.117.915.1未评级10.5314.1718.2622.9937.130.323.518.7未评级0.020.030.050.08598.0398.7239.2149.5增持1.852.342.873.3822.114.011.49.7未评级0.731.341.812.3460.331.123.017.8未评级0.91.251.571.7738.027.421.819.3增持2.733.624.364.9338.236.630.426.9增持-2.83-0.221.112.41\\157.472.6未评级-1.082.735.037.98\248.0134.784.8未评级3.847.129.8513.3884.857.241.330.4未评级0.460.650.810.95204.1129.3104.089.3未评级数据来源：Wind，华龙证券研究所（韦尔股份、长电科技、欧菲光盈利预测来自华龙证券，其他盈利预测来自 请认真阅读文后免责条款万得一致预期） 内容目录1电子行业：整体景气度提升，但表现仍有分化，自主可控背景下半导体长期确定性强..............11.1收入利润............................................................................................................................................11.2盈利水平变化....................................................................................................................................32半导体：重回增长区间，有望受益国产替代.......................................................................................52.1收入利润变化....................................................................................................................................52.2盈利水平变化....................................................................................................................................63消费电子：盈利波动增长，零部件率先复苏.......................................................................................93.1收入利润变化....................................................................................................................................93.2盈利水平变化..................................................................................................................................104光学光电子：整体实现扭亏，面板景气度较高.................................................................................134.1收入利润变化..................................................................................................................................134.2盈利水平变化..................................................................................................................................145投资建议.................................................................................................................................................166风险提示.................................................................................................................................................16图目录图1：电子行业收入同比变化..............................................................................................................1图2：电子行业归母净利润同比变化..................................................................................................1图3：电子行业收入季度变化..............................................................................................................2图4：电子行业归母净利润季度变化..................................................................................................2图5：行业利润率变化..........................................................................................................................3图6：行业利润率季度变化..................................................................................................................3图7：行业期间费用率变化..................................................................................................................4图8：行业ROE变化............................................................................................................................4图9：半导体营收变化..........................................................................................................................5图10：半导体归母净利润变化............................................................................................................5图11：半导体营收季度变化.................................................................................................................6图12：半导体归母净利润季度变化....................................................................................................6图13：半导体利润率变化....................................................................................................................7图14：半导体利润率季度变化............................................................................................................7图15：半导体费用率变化....................................................................................................................7图16：半导体ROE变化...........................