电子行业研究周报：台积电季报业绩强劲，重视设备及材料国产替代

Investment Rating - The report maintains an "Increase" rating for the semiconductor industry, indicating a positive outlook for the next six months [3]. Core Insights - TSMC reported strong Q3 results with revenue of $23.5 billion, a 36% year-on-year increase, driven by robust demand in smartphones and AI applications [2][19]. - The semiconductor industry is experiencing a divergence in capital expenditures, with advanced processes benefiting from AI demand, while other sectors are recovering more slowly [3][20]. - The report emphasizes the importance of domestic equipment and material substitution in the semiconductor supply chain [2][3]. Market Review - The Shenwan Electronics Industry Index rose by 9.65% from October 14 to October 18, outperforming the CSI 300 Index by 8.67% [11]. - Among the sub-industries, optical components, digital chip design, and discrete devices showed strong performance, with respective outperformance of 15.23%, 10.86%, and 10.67% against the CSI 300 Index [14][11]. Company Performance - TSMC's advanced process revenue accounted for 69% of total sales, with 3nm and 5nm processes contributing 20% and 32% respectively [2][19]. - ASML's Q3 revenue was €7.5 billion, with a gross margin of 50.8%, and the company expects Q4 revenue between €8.8 billion and €9.2 billion [3][20]. - North Huachuang expects Q3 revenue between 7.42 billion and 8.54 billion yuan, reflecting a year-on-year growth of 20.42% to 38.60% [23]. Industry Dynamics - HBM prices are expected to rise by 18% next year, with revenue projected to reach$ 46.7 billion, a 156% increase [25]. - AI servers accounted for nearly one-third of the global server market in Q2 2024, with significant growth driven by demand for advanced computing capabilities [25]. - The Shanghai Semiconductor Equipment and Materials Fund has successfully raised over 2.1 billion yuan, focusing on investments in semiconductor manufacturing and related technologies [25].