电子行业简评报告：2023年中国大陆半导体收入占比只有7%，上升空间较大

Investment Rating - The industry investment rating is "Positive" [5] Core Viewpoints - The semiconductor capacity in mainland China is expected to grow by 86% from 2022 to 2032, which is lower than the global average growth of 108% during the same period [2] - The global semiconductor market is projected to grow by 16% in 2024, with a year-on-year increase of 19.2% in the first half of 2024 [2] - In 2023, the semiconductor industry in the United States accounted for 50.2% of global semiconductor revenue, indicating significant growth potential for mainland China's semiconductor sector, which only represented 7% [2] Summary by Sections Market Overview - The semiconductor capacity growth rates for different regions from 2022 to 2032 are as follows: USA (203%), South Korea (129%), Europe (124%), Taiwan (97%), mainland China (86%), and Japan (86%) [2] - The report highlights that the growth rate of semiconductor capacity in the USA is now higher than that of mainland China, contrasting with the previous decade [2] Future Projections - The report anticipates that the global semiconductor sales will reach $611 billion in 2024, reflecting a 16% year-on-year growth [2] - Despite a slowdown in growth in the latter half of the year, the overall optimistic outlook for the global semiconductor industry remains intact [2] Investment Recommendations - Given the slower growth rate of 86% for mainland China's semiconductor capacity compared to the USA's 203%, there is a significant opportunity for growth in this sector [2] - The report recommends focusing on the semiconductor industry in mainland China due to its potential for future development [2]