半导体行业双周报：部分半导体企业24Q2业绩延续高增长

Investment Rating - The semiconductor industry maintains an "Overweight" rating, indicating a positive outlook for investment opportunities in the sector [3][33]. Core Insights - The semiconductor industry is entering an upward cycle due to demand recovery and ongoing inventory destocking by manufacturers. The Q1 performance showed a significant rebound, with price increases observed in storage and power semiconductors. Leading IC design companies like 澜起科技 (Lanke Technology) and 韦尔股份 (Weir Shares) reported substantial year-on-year and quarter-on-quarter growth in Q2 2024, reflecting sustained industry prosperity [3][33]. - The report emphasizes the dual focus on AI innovation and domestic substitution, with the establishment of the third phase of the National Integrated Circuit Fund, which has a registered capital exceeding the previous two phases combined. This fund will prioritize advanced wafer foundry, semiconductor equipment, and material substitution processes [3][33]. - The semiconductor industry is crucial for the development of new productive forces in modern information technology, with recommendations to focus on segments that performed well in Q1, including semiconductor equipment, storage, CIS, semiconductor packaging, and semiconductor materials [3][33]. Summary by Sections 1. Semiconductor Industry Market Review - The semiconductor index fell by 8.56% over the past two weeks, underperforming the CSI 300 index by 6.72 percentage points. Year-to-date, the index has decreased by 15.39%, also trailing the CSI 300 index by 15.38 percentage points [6][7]. 2. Semiconductor Industry News - Omdia forecasts that the global cloud data storage services market will reach $128 billion by 2028, with a compound annual growth rate of 17% over the next five years [15]. - TSMC's capital expenditure is expected to reach between $32 billion and $36 billion in 2025, marking a year-on-year increase of 12.5% to 14.3% [16]. - The company 月之暗面 announced a new technology that could reduce costs by up to 90% for developers using large language models [11]. 3. Company Announcements and Dynamics - 韦尔股份 expects a net profit increase of 754% to 819% year-on-year for the first half of 2024, driven by market demand recovery and product optimization [19]. - 澜起科技 anticipates a net profit increase of 613% to 662% for the same period, supported by growth in memory interface and AI chip products [20]. - 万业企业 forecasts a net loss of approximately 49 million yuan for the first half of 2024 due to declining revenue from its real estate segment [22]. 4. Semiconductor Industry Data Updates - Global smartphone shipments reached 289 million units in Q1 2024, a year-on-year increase of 7.74% [26]. - In April 2024, global semiconductor sales amounted to $464.73 billion, reflecting a year-on-year growth of 15.80% [29]. - The first quarter of 2024 saw global semiconductor equipment sales of $26.42 billion, a 2% decrease year-on-year, while sales in mainland China increased by 113% [31]. 5. Investment Recommendations - The report suggests focusing on semiconductor equipment and materials, storage chips, analog chips, advanced packaging, RF & CIS, and computing power chips, highlighting specific companies to watch [34][35].