电子行业专题报告：全球半导体龙头Q2营收环比+8%，预计Q3维持增速，开启端侧AI新景气周期

Investment Rating - The report maintains an "Outperform" rating for the semiconductor industry [1] Core Insights - The global semiconductor market is experiencing significant growth, with Q2 2024 revenues for the top 60 semiconductor companies reaching $165.4 billion, a year-over-year increase of 22% and a quarter-over-quarter increase of 8% [2][10] - The storage and MPU segments are particularly strong, with storage revenues up 95% year-over-year and 23% quarter-over-quarter, while MPU revenues increased by 43% year-over-year and 7% quarter-over-quarter [13][19] - The report anticipates continued growth in Q3 2024, with expected revenues of $178.4 billion for the top 60 semiconductor companies, driven by strong demand in AI and traditional consumer electronics [2][10] Summary by Sections Global Semiconductor Companies: Storage Boom Cycle & AI Wave Driving Growth - Q2 2024 global semiconductor market size is approximately $149.9 billion, with a year-over-year growth of 18% and a quarter-over-quarter growth of 6% [2][10] - The top 60 semiconductor companies reported Q2 2024 revenues of $165.4 billion, net profits of $42.6 billion, with net profits increasing by 57% year-over-year [10][13] - The storage segment is expected to see a revenue increase of 14% quarter-over-quarter in Q3 2024, driven by strong AI server demand [16][26] Upstream Manufacturing: Foundry Utilization Rate Improvement - The foundry segment reported Q2 2024 revenues of $24.48 billion, a year-over-year increase of 29% and a quarter-over-quarter increase of 10% [19][31] - TSMC's Q2 2024 revenue reached $20.82 billion, exceeding guidance, primarily due to strong demand for advanced processes driven by AI [21][31] - The report forecasts a 9% quarter-over-quarter revenue increase for the foundry segment in Q3 2024 [19][31] Investment Recommendations - The report emphasizes the importance of embracing the AI industry chain, highlighting companies such as Luxshare Precision and Jiangbolong as key players [2][10] - It also notes a mild recovery in mobile and PC demand, suggesting a focus on undervalued leading companies in the sector [2][10]