Industry Investment Rating - The report maintains a "Positive" rating for the electronics industry [4] Core Views - The semiconductor market shows strong growth momentum, with global semiconductor sales reaching $53.1 billion in August, a 21% year-over-year increase, marking a historical high for August sales [1] - ASML's Q3 2024 revenue and earnings exceeded expectations, with revenue at €7.467 billion (above the expected €7.174 billion) and net profit at €2.077 billion, a 9.7% year-over-year increase (above the expected €1.908 billion) [1] - TSMC's Q3 2024 performance significantly exceeded expectations, with consolidated revenue of NT$759.69 billion (above the expected NT$751 billion), a 39% year-over-year increase, and net profit of NT$325.3 billion (above the expected NT$299.3 billion), a 54% year-over-year increase [1] - MediaTek and Qualcomm have released new chips, with MediaTek launching the Dimensity 9400 flagship processor, featuring a 35% single-core performance improvement and a 28% multi-core performance improvement compared to the previous generation [1] - Domestic smartphone brands are releasing new models intensively in October, including OPPO K12 Plus, vivo X200 series, OnePlus 13, OPPO Find X8 series, and Honor Magic7 series [1] Investment Recommendations and Targets - The report recommends focusing on a list of companies, including Industrial Fulian (601138, Buy), Naste (002180, Buy), Goodix (603160, Buy), Luxshare Precision (002475, Buy), Lens Technology (300433, Buy), Lingyi iTech (002600, Buy), Sunlord Electronics (002138, Buy), Southchip Semiconductor (688484, Not Rated), Awinic Technology (688798, Not Rated), Shenghong Technology (300476, Not Rated), Goertek (002241, Buy), Zhuhai CosMX Battery (688772, Not Rated), Zhongshi Technology (300684, Buy), Lante Optics (688127, Buy), Xiaomi Group-W (01810, Buy), Lenovo Group (00992, Buy), SMIC (688981, Buy), Will Semiconductor (603501, Buy), Hua Hong Semiconductor (01347, Buy), Montage Technology (688008, Buy), AMEC (688012, Buy), China Electronics Huada Technology (00085, Not Rated), and Beken Corporation (688608, Buy) [2] Industry Trends - The report highlights the trend of cluster computing power and the deep benefits of high-speed copper interconnects [6] - It also mentions the deepening reforms of the STAR Market and opportunities in semiconductor equipment and analog field expansion [6] - The "Vehicle-Road-Cloud Integration" project continues to gain momentum [6]
电子行业动态跟踪：半导体市场持续增长，移动处理器及国产手机密集发布
东方证券·2024-10-21 05:40