半导体：稼动率提升叠加产能扩建，材料公司业绩有望延续增长态势

Investment Rating - The report maintains an investment rating of "Outperform" for the semiconductor industry, indicating expected returns exceeding the market by over 10% in the next six months [1]. Core Insights - The semiconductor materials companies are expected to see improved performance due to increased utilization rates and capacity expansion, with several companies reporting positive earnings in Q2 2024 [1]. - The overall semiconductor industry is experiencing a recovery trend, driven by rising demand from downstream manufacturers and ongoing capacity expansion plans [2]. Summary by Relevant Sections Performance of Semiconductor Material Companies - Multiple A-share semiconductor material companies reported continued growth in H1 2024, with Q2 2024 earnings showing both year-on-year and quarter-on-quarter increases [1]. - For instance, Anji Technology reported Q2 2024 revenue of 3.79 to 4.22 billion yuan, a year-on-year increase of 23.88% to 37.95% and a quarter-on-quarter increase of 0.03% to 11.39% [1]. - Dinglong Co. achieved a net profit of 1.20 to 1.39 billion yuan in Q2 2024, marking a year-on-year increase of 95.87% to 127.24% and a quarter-on-quarter increase of 46.80% to 70.31% [1]. Electronic Gases Sector - Guanggang Gas, a leading provider of electronic gases, reported Q2 2024 revenue of 5.12 billion yuan, a year-on-year increase of 6.25% and a quarter-on-quarter increase of 11.04% [1]. - Nanda Optoelectronics achieved a net profit of 0.86 to 1.00 billion yuan in Q2 2024, reflecting a year-on-year increase of 11.16% to 29.28% [1]. Wafer Fabrication and Capacity Utilization - Semiconductor manufacturers such as SMIC and Huahong Semiconductor reported Q2 2024 revenue growth, with SMIC achieving revenue of 19.01 billion yuan, a year-on-year increase of 21.8% and a quarter-on-quarter increase of 8.6% [2]. - Huahong Semiconductor reported Q2 2024 revenue of 4.79 billion USD, with a gross margin of 10.5%, indicating a recovery in the semiconductor market [2]. Future Outlook - The report suggests that the semiconductor materials companies are likely to benefit from the ongoing recovery in the semiconductor market, with recommendations to focus on companies like Anji Technology, Dinglong Co., Jiangfeng Electronics, and others [2].