半导体：利基存储厂商业绩持续向好，行业景气上行循环已到来

Investment Rating - The report maintains an investment rating of "Outperform" for the semiconductor industry, indicating expected returns to exceed the market by over 10% in the next six months [1]. Core Insights - The report highlights that the performance of niche storage manufacturers in Taiwan is continuously improving, signaling the arrival of an upward industry cycle expected to last for two years [1]. - In Q2 2024, major Taiwanese storage companies such as Macronix and Winbond reported significant revenue increases, with Macronix achieving a revenue of NT$6.456 billion, a 12.08% increase quarter-over-quarter, while Winbond's revenue reached NT$21.778 billion, reflecting a 6.77% quarter-over-quarter growth [1]. - Nanya Technology reported a revenue of NT$9.921 billion in Q2 2024, marking a 41.18% year-over-year increase and a 4.40% quarter-over-quarter increase, with a gross margin of 2.9%, the first positive margin since 2023 [1]. - The report anticipates growth in the PC market by 5% to 10% in 2024, with the smartphone market expected to recover from a three-year downturn, projecting single-digit growth [1]. Summary by Sections Company Performance - Macronix's Q2 2024 revenue was NT$6.456 billion, down 13.10% year-over-year but up 12.08% quarter-over-quarter, ending a three-quarter decline [1]. - Winbond's Q2 2024 revenue was NT$21.778 billion, up 14.21% year-over-year and 6.77% quarter-over-quarter, marking two consecutive quarters of growth [1]. - Nanya Technology's Q2 2024 revenue was NT$9.921 billion, with a gross margin of 2.9%, the first positive margin since 2023 [1]. Market Outlook - The report indicates that the industry is entering an upward cycle, with expectations for continued improvement in 2025 [1]. - The demand for storage products is expected to rise due to recovery in downstream markets, particularly in consumer electronics and networking sectors, driven by new applications such as Wi-Fi 7 [1]. - The report recommends stocks such as Zhaoyi Innovation, Beijing Junzheng, and Dongxin Technology as potential investment opportunities [2].