机械设备行业周报：半导体设备行业景气度向上，国产替代持续推进

Investment Rating - The industry investment rating is maintained as "Overweight" [5] Core Viewpoints - The semiconductor industry is expected to see an increase in prosperity from 2024 to 2025, with global semiconductor equipment sales projected to grow by 3.4% to $109 billion in 2024 and by 17% to $128 billion in 2025 according to SEMI [3][10] - TSMC's Q2 2024 revenue reached $20.82 billion, a year-on-year increase of 40.1%, with a gross margin of 53.2%, exceeding previous guidance [3][10] - Domestic semiconductor equipment manufacturers are showing positive growth trends, with companies like North Huachuang expected to achieve revenue of 11.41-13.14 billion yuan, a year-on-year increase of 35.4%-55.93% [3][10] - The domestic substitution is progressing, with the establishment of the National Fund Phase III in May 2024, having a registered capital of 344 billion yuan, which is larger than previous phases [3][10] Summary by Sections 1. Weekly Core Viewpoints and Investment Recommendations - The semiconductor industry is projected to improve in 2024-2025, with significant sales growth anticipated [3][10] - Domestic manufacturers are expected to increase their market share as the industry focuses on self-sufficiency and product breakthroughs [3][10] - Recommended companies to watch include North Huachuang, Zhongwei Company, and others [4][11] 2. Market Performance Review - From July 15 to July 19, the CSI 300 index rose by 1.92%, while the A-share machinery equipment index fell by 1.1%, underperforming the CSI 300 by 3.02 percentage points [2][11] - Among the sub-sectors, rail transit equipment II performed well with a rise of 3.82%, while specialized equipment declined by 2.39% [2][11] 3. Key Company Announcements (July 15 - July 19) - North Huachuang and other companies have announced strong revenue forecasts for the first half of 2024, indicating robust growth in the semiconductor equipment sector [3][10] - Significant contracts have been signed by various companies, including major projects in the engineering machinery sector [22][23]