电子周跟踪：台积电24Q3业绩全面超预期，AI需求依旧强劲

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the electronics industry [1][3]. Core Insights - The report highlights that TSMC's Q3 2024 performance exceeded expectations, driven by strong AI demand, while ASML's latest results indicate a slowdown in global manufacturing capacity growth. Despite this, the outlook for AI development remains optimistic in the short to medium term, positioning AI as a key investment theme [3][37]. - The report suggests focusing on domestic substitutes for equipment, materials, and components, as well as high-performance chips driven by AI technology and hardware upgrade opportunities stemming from the AI application boom [3]. Summary by Sections Market Overview - The overall market saw an increase during the week of October 14-18, 2024, with the Shanghai Composite Index rising by 1.36%, Shenzhen Component Index by 2.95%, ChiNext Index by 4.49%, and the Sci-Tech Innovation 50 Index by 8.87%. The Shenwan Electronics Index increased by 9.65%, while the Wind Semiconductor Index rose by 10.07%. In contrast, the Philadelphia Semiconductor Index fell by 2.39%, and the Taiwan Semiconductor Index increased by 3.12% [1][7][10]. Sector Performance - Among the sub-sectors, "Other Electronics" led with a weekly increase of 13.66%, followed by Semiconductors at 12.07% and Digital Chip Design at 11.84%. The top five stocks by increase were Guangzhi Technology (+148.86%), Jingwei Huikai (+105.35%), Jieban Technology (+81.63%), Kaiwang Technology (+65.48%), and Hualing Co. (+63.00%). Conversely, the top five stocks by decrease were Guanghua Technology (-7.26%), *ST Meixun (-6.55%), Lian Technology (-6.12%), Lier Technology (-5.56%), and Transsion Holdings (-5.50%) [1][15]. Company News - ASML reported Q3 2024 net sales of €7.5 billion, with a gross margin of 50.8% and net profit of €2.1 billion. New orders totaled €2.6 billion, with €1.4 billion from EUV lithography machines. The management indicated that while AI continues to show strong growth potential, recovery in other segments will take longer than expected, leading to cautious customer sentiment. ASML expects Q4 2024 revenue between €8.8 billion and €9.2 billion, with a gross margin of 49% to 50% [1][36]. - TSMC's Q3 2024 revenue reached NT$759.69 billion, a year-on-year increase of 39.0% and a quarter-on-quarter increase of 12.8%. Net profit was NT$325.26 billion, up 54.2% year-on-year and 31.2% quarter-on-quarter, with a gross margin of 57.8% and a net margin of 42.8%. Advanced technologies (7nm and above) accounted for 69% of wafer revenue, with 3nm shipments at 20%, 5nm at 32%, and 7nm at 17%. The company anticipates Q4 revenue between $26.1 billion and $26.9 billion, with a gross margin of 57.0% to 59.0% [1][37].