电子行业周报：台积电二季度营收超过半数来自高性能运算

Investment Rating - The report suggests a weak recovery in demand for the electronics industry, recommending attention to upstream equipment materials that are relatively independent of the industry cycle, as well as Android component manufacturers and semiconductor design companies benefiting from downstream inventory replenishment [2][9][20]. Core Insights - TSMC expects a 10% year-on-year growth in the wafer foundry market for 2024, driven by strong demand for 3nm and 5nm processes, particularly from AI and smartphones [1][16]. - In Q2, TSMC's revenue from high-performance computing (HPC) exceeded half of its total revenue for the first time, largely due to the explosive growth of the AI industry [1][17]. - Global smartphone shipments in Q1 reached 289 million units, a year-on-year increase of 7.74%, while China's smartphone shipments in May were 28.6 million units, up 13.5% year-on-year [1][9]. - Global semiconductor sales in May amounted to $49.15 billion, reflecting a year-on-year growth of 19.3% [9][19]. - The semiconductor equipment market is also seeing growth, with Japan's semiconductor equipment shipments increasing by 26.99% year-on-year in May [9][19]. Summary by Sections Market Trends - The Shanghai Composite Index fell by 2.06% and the CSI 300 Index dropped by 2.38% during the week of July 18-24, with the electronics sector underperforming the market [1][3]. - The electronic industry index decreased by 4.49%, trailing the Shanghai Composite by 2.43 percentage points [3]. Industry Data - The report highlights a decline in the growth rate of smartphone shipments in China, which decreased from 25.5% in April to 13.5% in May [9]. - The report notes that the consumer electronics sector has been sluggish due to a slowdown in innovation and global economic downturn, but signs of recovery are emerging as inventory levels are low and demand is expected to rebound [9][19]. Company Dynamics - Sanan Optoelectronics reported a profit growth of 30% to 50% for the first half of 2024, driven by improved demand in consumer electronics and optical communication sectors [20].