半导体行业周报：需求回温态势延续，半导体三季度预告业绩向好

Investment Rating - The semiconductor industry maintains a "Buy" rating [2][29] Core Views - The semiconductor industry is experiencing a structural recovery in demand, with leading companies in various segments expected to report strong Q2 performance [3][5] - The AI market's evolving expectations are influencing the short-term trends in the semiconductor sector [3][4] Summary by Sections Industry Performance - From October 8 to October 11, the semiconductor index rose by 4.36%, while the Shanghai Composite Index fell by 3.56% [3][7] - The semiconductor sector's performance is primarily influenced by macro policies and market trends, with upcoming Q3 earnings reports expected to significantly impact stock performance [9] Earnings Forecasts - Companies like Lexin Technology and Chip Micro are projected to see substantial revenue growth, with Lexin's revenue expected to increase by approximately 42% year-on-year [9][21] - Chip Micro anticipates a revenue increase of about 48.50% for the first three quarters of 2024, with net profit expected to grow by 396.86% to 426.98% [9][24] Market Trends - The demand in the IoT and consumer electronics sectors remains strong, contributing to the positive outlook for semiconductor companies [5][9] - TSMC reported a record revenue of NT$759.69 billion (approximately RMB 166.6 billion) for Q3 2024, marking a 39% year-on-year increase [10][20] Investment Recommendations - The report suggests continued attention to the semiconductor industry, driven by the ongoing recovery in traditional consumer electronics and the rising demand for AI infrastructure [5][29] - The report emphasizes the importance of policy support for high-quality economic development, which is expected to further boost semiconductor hardware demand [5][29]