半导体供应链行业报告：半导体市场稳步复苏，下半年有望继续发力

Investment Rating - The investment rating for key companies in the semiconductor industry is "Buy" for all listed companies, including SMIC, North Huachuang, Zhongwei Company, and others [4]. Core Insights - The semiconductor market is experiencing a steady recovery, with global sales reaching $49.98 billion in June 2024, marking an 18.3% year-on-year increase and a 1.7% month-on-month increase [3][11]. - The demand for AI-driven applications is boosting the need for wafer foundry services, with TSMC reporting a revenue of NT$673.51 billion in Q2 2024, a 40.1% increase year-on-year [3][39]. - The memory market is showing signs of recovery, with DRAM prices expected to rise by 8-13% in Q3 2024 due to increased demand from AI applications [3][33]. Semiconductor Market Overview - The global semiconductor market continued its recovery in the first half of 2024, driven by demand from AI and other downstream sectors [11]. - The Chinese semiconductor market is rebounding faster than the global average, with sales reaching $15.09 billion in June 2024, a 21.6% year-on-year increase [3][13]. - The disparity in growth rates among different regions is notable, with North America leading at a 42.8% increase in semiconductor sales [13]. Memory Market Analysis - The memory market is experiencing a recovery, with strong performance from major players like SK Hynix and Samsung, driven by AI-related demand [25][29]. - DRAM and NAND prices are expected to rise, with DRAM revenues projected to reach $90.7 billion in 2024, a 75% increase year-on-year [33]. - Short-term price pressures exist in the consumer memory segment, but high-end AI memory products remain in demand [37]. Wafer Foundry Insights - TSMC's Q2 2024 performance reflects strong demand for high-performance computing, with a significant portion of revenue coming from advanced process nodes [39][41]. - SMIC's revenue for Q2 2024 was $1.901 billion, a 21.8% year-on-year increase, indicating a recovery in foundry services [47]. - The utilization rate for SMIC's production capacity is improving, driven by demand from automotive and IoT sectors [47]. Semiconductor Equipment Market - The semiconductor equipment market is on a recovery path, with Japan's semiconductor equipment sales reaching a historical high of ¥400.95 billion in May 2024, a 27% year-on-year increase [50][51]. - Major equipment manufacturers like Tokyo Electron and Applied Materials are benefiting from increased demand, particularly from AI-related investments [53][57]. - The outlook for the semiconductor equipment market remains positive, with expectations of continued growth in sales and revenue [51][53].