半导体：IC设计公司中报总结：业绩开始改善，周期拐点已至

Investment Rating - The report maintains an "Outperform" rating for the IC semiconductor design sector, indicating a positive outlook for the industry [3]. Core Insights - The IC design sector showed significant improvement in H1 2024, with total revenue reaching 89.8 billion yuan, a year-on-year increase of 33%. Digital chip design companies contributed 68.15 billion yuan (up 36%), while analog chip design companies generated 21.65 billion yuan (up 24%) [3][8]. - The net profit for the IC design sector surged to 6.65 billion yuan, marking a year-on-year increase of 265%. Digital chip companies accounted for 6.52 billion yuan (up 174%), and analog chip companies turned a loss of 560 million yuan into a profit of 130 million yuan [3][8]. - The second quarter of 2024 saw a notable improvement in performance, with digital chip companies achieving a total revenue of 37.33 billion yuan (up 21% quarter-on-quarter) and a net profit of 3.88 billion yuan (up 47% quarter-on-quarter) [3][8]. Summary by Sections 1. Industry Performance - The IC design sector's revenue for H1 2024 was 89.8 billion yuan, with a year-on-year growth of 33%. Digital chip design companies generated 68.15 billion yuan (up 36%), while analog chip design companies reached 21.65 billion yuan (up 24%) [3][8]. - The net profit for the sector was 6.65 billion yuan, a year-on-year increase of 265%, with digital chip companies contributing 6.52 billion yuan (up 174%) and analog chip companies recovering from a loss to a profit of 130 million yuan [3][8]. 2. Inventory Management - Inventory levels for IC design companies showed a high single-digit quarter-on-quarter increase in Q2 2024. Digital chip companies had total inventory of 58.5 billion yuan (up 7.4% quarter-on-quarter), while analog chip companies had 14.1 billion yuan (up 6.4% quarter-on-quarter) [3][15]. - The inventory turnover days for digital chip companies increased to 377 days (up 23 days quarter-on-quarter), influenced by some large-cap companies. Analog chip companies saw a decrease in inventory turnover days [4][15]. 3. Market Recovery - The semiconductor industry began a long inventory destocking cycle in 2023, and after over a year, downstream inventory has returned to normal levels. Some markets are experiencing or are about to experience demand recovery, particularly in consumer electronics [4][54]. - Key upcoming events in the electronics industry, such as product launches from major companies like Apple and Huawei, are expected to catalyze market trends [4][55]. 4. Segment Tracking - The IoT chip sector showed a clear recovery trend, with companies like Jingchen and Hanguang experiencing significant revenue growth in Q2 2024. Their net profits also saw substantial increases [25][26]. - The storage chip segment showed overall revenue improvement in Q2 2024, with companies like Zhaoyi Innovation and Puran achieving notable revenue growth, although profit margins remain under pressure [35][36]. - The analog chip sector demonstrated a clear upward trend in revenue, with companies like Shengbang and Naxin experiencing revenue growth, although profit margins are still recovering [42][51]. 5. Power Chips - The power chip sector saw significant revenue growth in Q2 2024, with companies like Silan Micro and New Clean Energy reporting substantial increases in revenue and stable profit margins [50][51]. 6. Future Outlook - The semiconductor industry is expected to continue its recovery, with a focus on key sectors such as automotive and industrial control, as well as monitoring the impact of significant industry events on market trends [54][55].