高盛：中国半导体_威尔半导体_SG Micro_Kingsemi_Starpower 环比增长；2H24 受产品扩张和更健康的库存支持

Investment Ratings - The report maintains a "Buy" rating on Will Semi and SG Micro, while assigning a "Neutral" rating to Kingsemi and Starpower [1][3][10][16][22]. Core Insights - The semiconductor industry in China is expected to see revenue growth of 12%-55% QoQ in 3Q24, driven by product expansions and improved demand following inventory corrections [1]. - Will Semi is projected to achieve a 25% YoY revenue growth to Rmb7.8 billion in 3Q24, supported by its penetration in the mid-high end smartphone CIS market and automotive applications [3]. - SG Micro is expected to sustain a 33% YoY revenue growth to Rmb978 million in 3Q24, benefiting from diversified product offerings and increasing domestic demand [10]. - Kingsemi anticipates a 29% YoY revenue growth to Rmb658 million in 3Q24, with new orders growing significantly [16]. - Starpower's revenues are expected to grow 21% YoY to Rmb1.1 billion in 3Q24, aided by a recovery in automotive IGBT shipments [22]. Summary by Company Will Semi - Revenue is expected to grow 25% YoY to Rmb7.8 billion in 3Q24, with a net income growth of 31% QoQ to Rmb1.1 billion [3]. - Earnings revisions for 2024-2027 show a 1%-2% increase due to better revenue outlook and product mix upgrades [3][5]. - The 12-month target price is raised to Rmb152.3 based on a 35X 2025 PE [5][9]. SG Micro - Projected 3Q24 revenue growth of 33% YoY to Rmb978 million, with a resilient performance amid industry downturn [10]. - Earnings revisions for 2024-2027 indicate a 1%-11% increase due to improved long-term revenue growth outlook [11][12]. - The 12-month target price is raised to Rmb117.6 based on a 55X 2025 PE [14][15]. Kingsemi - Expected revenue growth of 29% YoY to Rmb658 million in 3Q24, with significant new orders [16]. - Earnings revisions for 2024-2027 show a 1%-7% increase due to better revenue and gross margin outlook [16][17]. - The 12-month target price is raised to Rmb78.6 based on a 33X 2025 PE [17][21]. Starpower - Anticipated revenue growth of 21% YoY to Rmb1.1 billion in 3Q24, supported by automotive IGBT shipments [22]. - Earnings revisions for 2024 show an 18% decrease due to a 2Q earnings miss, but a 1%-2% increase for 2025-2027 [22][24]. - The 12-month target price is raised to Rmb101.5 based on a 19X 2025 PE [24][27].