电子行业周报：半导体三季度业绩亮眼，行业景气显著上升

Investment Rating - The report maintains an "Outperform" rating for the semiconductor sector [3] Core Insights - The semiconductor industry has shown significant performance improvement in Q3 2024, driven by market demand recovery, accelerated localization, and terminal innovation [1][2] - The overall revenue for semiconductor-related listed companies reached 377.69 billion yuan in Q1-Q3 2024, representing a year-on-year increase of 22.84%, while net profit attributable to shareholders increased by 42.58% to 25.73 billion yuan [1] - In Q3 2024 alone, the semiconductor sector achieved a revenue of 137.15 billion yuan, up 20.88% year-on-year and 6.09% quarter-on-quarter, with a net profit of 9.74 billion yuan, reflecting a year-on-year growth of 46.73% [1][2] Summary by Sections Market Performance - The electronic sector index fell by 2.18% during the week of October 28 to November 1, 2024, while the ChiNext index dropped by 5.14% and the CSI 300 index decreased by 1.68% [8] - The semiconductor sector experienced the largest decline among electronic sub-sectors, with a drop of 4.27% [10] Semiconductor Sector - The IC design segment saw revenue of 38.69 billion yuan in Q3 2024, up 27.75% year-on-year, with a net profit increase of 244.07% [2] - The semiconductor equipment segment reported revenue of 18.60 billion yuan, a year-on-year increase of 37.84%, with net profit rising by 57.82% [2] - The report highlights the potential for continued growth in the semiconductor industry, driven by innovations in AI, HPC, and other technologies [2] Investment Recommendations - The report suggests focusing on companies involved in wafer manufacturing and testing, such as SMIC, Hua Hong Semiconductor, and JCET, as well as upstream equipment and materials suppliers like North Huachuang and Zhongwei [2] Industry Dynamics - The global chip market is projected to grow by 18.8% in 2024, reaching $629.8 billion, driven by AI demand [19] - China's integrated circuit production reached 315.6 billion units in the first three quarters of 2024, marking a 26% year-on-year increase [20]