电子行业月度点评：半导体设备销售额维持高位，国产替代前景可期

Investment Rating - The report maintains a "Buy" rating for leading companies in the semiconductor and PCB sectors, including Huadian Co., Pengding Holdings, and Shenghong Technology [1][2]. Core Insights - The semiconductor equipment sales remain high, with a promising outlook for domestic substitution. The semiconductor sales in China showed a year-on-year increase of 19.5% in July, while global semiconductor sales increased by 18.7% [1][15]. - The PCB industry is expected to recover in 2024, with high multi-layer boards, HDI boards, and packaging substrates likely to maintain high growth rates in the medium to long term [2][44]. - The report highlights the strong performance of Taiwan's PCB industry, with a 15% year-on-year revenue growth in August, driven by AI server and FPC-related companies [2][44]. Summary by Sections 1. Market Review - The report period saw the Shenwan Electronics Index increase by 9.1%, ranking 24th among Shenwan's first-level industries. The PCB Index rose by 3.9%, ranking 15th among Shenwan's third-level industries [7][12]. 2. Semiconductor Market Tracking - Semiconductor sales in China reached $152 billion in July, up 19.5% year-on-year, while global sales totaled $513 billion, up 18.7% [15][18]. - The sales of semiconductor equipment in China increased significantly, with a 61.7% year-on-year growth in Q2 2024 [22][24]. 3. PCB Industry Tracking - The PCB industry is experiencing a recovery, with Taiwan's PCB manufacturers reporting a 15% year-on-year revenue increase in August, totaling 720 billion NTD [2][44]. - The report emphasizes the growth in AI server-related multi-layer boards and FPC boards, with companies like Jincheng Electric achieving a 30% year-on-year revenue increase in August [46]. 4. Company Dynamics - Pengding Holdings reported an 8-month revenue increase of 25.56% year-on-year, while Shenghong Technology announced a share buyback plan [3][5].