电子设备行业动态点评：全球AI高景气，关注国内相关板块

Investment Rating - The report maintains an "Outperform" rating for the semiconductor industry [4]. Core Insights - TSMC reported a revenue of $23.504 billion for Q3 2024, a year-on-year increase of 39%, driven by growth in AI and smartphone demand [1]. - The net profit for TSMC in Q3 2024 reached $10.058 billion, marking a 54.2% year-on-year increase, surpassing market expectations [1]. - TSMC's revenue for Q4 2024 is projected to be between $26.1 billion and $26.9 billion, indicating a quarter-on-quarter growth of 11.1% to 14.5% [2]. - The company expects a full-year revenue growth of nearly 30% for 2024, up from previous estimates of 24% to 26% [2]. Revenue Contribution by Application - High-performance computing contributed 51% to TSMC's revenue, with a year-on-year growth of 11% [1]. - Smartphone revenue accounted for 34%, while IoT contributed 7%, automotive electronics 5%, consumer electronics 2%, and others 1% [1]. - AI server processor revenue is expected to grow over three times compared to last year, contributing 14% to 16% of overall revenue [1]. Capital Expenditure and Production Capacity - TSMC's capital expenditure for Q3 2024 was $6.4 billion, a slight increase from $6.36 billion in Q2 2024 but a decrease of 9.8% from $7.1 billion in the same period last year [2]. - The CoWoS advanced packaging capacity is currently a key bottleneck for AI chip production, with demand significantly exceeding supply [2]. Industry Trends and Recommendations - The report highlights the ongoing investment in generative AI and large models, with increasing demand for AI computing power across various sectors [8]. - It suggests focusing on domestic communication and AI-related sectors, recommending specific companies in areas such as optical modules, communication connections, cabinets, switches, and data centers [8].