电子行业简评报告：台积电9月营收同比增长39.6%

Investment Rating - The industry investment rating is "Positive" [1] Core Insights - TSMC's revenue in September increased by 39.6% year-on-year, reaching NT$251.87 billion, with a year-to-date revenue of NT$2025.85 billion, reflecting a 31.9% growth [5][16] - TSMC has maintained a monthly revenue growth rate of over 30% since March 2024, showing significant improvement compared to 2023 [5][16] - The upcoming earnings call on October 17, 2024, is anticipated to provide detailed insights on operational capacity, expansion speed, and pricing strategies, particularly regarding AI computing-related advanced packaging capacity [6][20] Summary by Sections Semiconductor Industry - The semiconductor revenue share in mainland China is only 7%, indicating substantial growth potential [3] - The semiconductor equipment sector continues to show optimism, with a focus on M&A opportunities within the electronics industry [3] Market Performance - From October 8 to October 11, the Shanghai Composite Index fell by 3.56%, while the CITIC Electronics sector decreased by 0.57%. Year-to-date, the Shanghai Composite Index rose by 8.16%, and the CITIC Electronics sector increased by 3.08% [7][21] - The performance of electronic sub-sectors from October 8 to October 11 showed significant gains in integrated circuits (5.18%), semiconductors (3.98%), discrete devices (2.74%), semiconductor materials (2.33%), and semiconductor equipment (0.16%) [27][28] Stock Performance - The top ten performing stocks in the electronics sector from October 8 to October 11 included Guomin Technology (up 42.6%), JieJie Microelectronics (up 27.5%), and Runxin Technology (up 26.9%) [29][30] - Investment recommendations suggest focusing on semiconductor trends related to computing power, storage, and PCB [32]