电子行业2024年9月台股营收跟踪：HPC高景气持稳，关注旺季带动消费类补库需求

Investment Rating - The report maintains a positive outlook on the semiconductor industry, particularly in the context of high-performance computing (HPC) and mobile device demand, indicating a "Buy" rating for the sector [2]. Core Insights - The semiconductor manufacturing sector is benefiting from strong demand for advanced processes driven by mobile and HPC applications, with TSMC achieving record revenues in Q3 2024 [4][8]. - The report highlights a stable recovery in mature processes, with increased capacity utilization expected in Q4 2024 [4][8]. - The HPC and server segments continue to show robust growth, with significant revenue increases reported by various design service providers [12]. Summary by Sections 1. Semiconductor Manufacturing - TSMC reported September revenue of NT$251.87 billion, a year-over-year increase of 39.6%, and Q3 revenue of NT$759.69 billion, also up 39.0% year-over-year, marking a record high [4][8]. - Mature process revenues from UMC, World Advanced, and Powerchip showed mixed results, with World Advanced achieving a 34.0% year-over-year increase in September [4][8]. 2. Semiconductor Design - The HPC segment remains strong, with ASIC design service provider, Worldchip, reporting a 82.6% year-over-year revenue increase in September [12]. - MediaTek's September revenue increased by 23.8% year-over-year, with expectations for continued growth driven by the launch of the Dimensity 9400 chip [12]. 3. Storage - The report emphasizes the need to monitor consumer electronics inventory replenishment in Q4, with mixed revenue growth reported by major manufacturers [5]. 4. Display Panels - Q4 pricing is expected to stabilize, with improvements in profitability driven by production cuts and government incentives in China [5]. 5. Electronic Components - The report notes strong performance in passive components and PCB sectors, with significant revenue growth reported by companies like Yageo and Zhen Ding [5].