电子月报（台股）2024-7：代工&光学先行复苏，H2旺季来临

Investment Rating - The industry maintains a "Strong Buy" rating, indicating a positive outlook for the sector [5]. Core Insights - The semiconductor industry is showing signs of recovery, with TSMC and UMC reporting strong revenue growth in July, driven by AI and HPC orders [2][12]. - The optical sector is also experiencing growth, particularly in mobile device shipments, contributing to an optimistic outlook for August [2][3]. - The storage segment is seeing price differentiation, with companies like Nanya and Winbond reporting stable growth, while expectations for contract prices remain positive [2][3]. Semiconductor Sector - TSMC's July revenue reached approximately NT$256.95 billion, a year-on-year increase of 44.7% and a month-on-month increase of 23.6%, driven by strong AI and HPC orders [12]. - UMC's July revenue was NT$20.90 billion, reflecting a year-on-year increase of 9.61% and a month-on-month increase of 19.08%, with optimistic projections for Q3 [13]. - World Advanced reported a July revenue of NT$35.56 billion, with expectations for Q3 wafer shipments to increase by 9% to 11% [13]. Storage Sector - Nanya's July revenue decreased by 18.38% month-on-month but increased by 12.65% year-on-year, while Winbond and Macronix reported stable growth [2]. - Adata anticipates continued increases in memory contract prices in the second half of the year, unaffected by spot price fluctuations [2]. Consumer Electronics - The optical sector, particularly companies like Largan Precision, reported a July revenue increase of 55% year-on-year, benefiting from new product launches [2]. - ASUS and Acer also reported year-on-year revenue growth, indicating a recovery in the PC market [2]. AI and Foundry - The AI server segment is contributing to incremental growth, with companies like Wistron and Foxconn expecting seasonal increases in Q3 [3]. - The foundry sector is anticipated to see a recovery, with TSMC and UMC leading the way in revenue growth and capacity utilization [2][3].