前道半导体设备板块24半年报业绩总结

Investment Rating - The report maintains an "Outperform" rating for the semiconductor equipment sector [1][48]. Core Insights - The global semiconductor equipment market is projected to reach $109 billion in 2024, with China's market share expected to rise to 32%, surpassing $35 billion in equipment shipments [2]. - The report highlights the strong performance of domestic platform semiconductor equipment companies and suggests focusing on firms like North Huachuang and ChipSource for potential investment opportunities [2]. Summary by Sections Semiconductor Equipment Market Overview - According to SEMI data, the global semiconductor equipment market is expected to grow significantly, with China's market share increasing due to local wafer manufacturers expanding capacity and investment [2]. Company Performance Highlights - North Huachuang ranked seventh among the top ten global semiconductor equipment manufacturers, with a revenue of $9.2 billion in Q2 2024, reflecting a 13.39% quarter-over-quarter growth [5]. - In Q2 2024, North Huachuang's revenue reached 6.476 billion yuan, a year-on-year increase of 42.15% and a quarter-over-quarter increase of 10.52% [8]. - Zhongwei Company reported a Q2 2024 revenue of 1.843 billion yuan, up 41.37% year-on-year and 14.81% quarter-over-quarter [12]. - TuoJing Technology achieved a Q2 2024 revenue of 795 million yuan, marking a 32.22% year-on-year increase and a 68.53% quarter-over-quarter increase [19]. - Huahai Qingke's Q2 2024 revenue was 816 million yuan, with a year-on-year increase of 32.03% and a quarter-over-quarter increase of 20.00% [24]. - ChipSource reported a Q2 2024 revenue of 449 million yuan, reflecting a year-on-year increase of 10.31% and a quarter-over-quarter increase of 84.02% [30]. Industry Trends and Innovations - North Huachuang continues to innovate in semiconductor equipment, with over 8,300 patent applications and 4,900 granted patents, focusing on high-end electronic process equipment [10]. - Zhongwei Company has seen a significant increase in the proportion of revenue from etching equipment, which accounted for 78% of total revenue in H1 2024 [15]. - TuoJing Technology's new product launches and strong order growth have set a solid foundation for future revenue increases [22]. - Huahai Qingke is advancing its CMP equipment technology and has begun small-scale shipments of its new polishing system [28]. - ChipSource is making progress in developing a new generation of high-capacity coating and developing core technologies in chemical cleaning [34]. Valuation Metrics - The average PE ratio for the semiconductor equipment industry is projected to be 37.93x for 2024 and 27.79x for 2025, with PS ratios of 7.33x and 5.56x respectively [41].