A股半导体行业24Q3财报总结：24Q3板块营收环比+6.1%增长，静待AI端侧落地引领需求复苏

Investment Rating - The report maintains a "Strong Outperform" rating for the semiconductor industry, indicating a positive outlook for the sector [2]. Core Insights - The semiconductor industry is experiencing a weak recovery, with Q3 2024 revenues increasing by 6.1% quarter-on-quarter and net profits decreasing by 2.2% [2][8]. - The total revenue for the semiconductor sector (excluding SMIC and Hua Hong) reached 137.284 billion yuan in Q3 2024, representing a year-on-year growth of 20.9% [2][8]. - The report highlights the acceleration of domestic substitution in the semiconductor equipment sector, with Q3 2024 equipment revenue growing by 17.8% quarter-on-quarter [2][14]. Summary by Sections 1. Q3 2024 Sector Review - The semiconductor sector shows signs of weak recovery, with revenues up 6.1% quarter-on-quarter and net profits down 2.2% [2][8]. - The revenue for Q3 2024 was 137.284 billion yuan, with a year-on-year increase of 20.9% and a net profit of 9.735 billion yuan, reflecting a year-on-year increase of 46.2% [2][8]. 2. Q3 2024 Subsector Performance - The semiconductor equipment sector saw a revenue increase of 17.8% quarter-on-quarter, benefiting from the ongoing domestic substitution trend [2][14]. - The revenue growth rates for Q3 2024 by subsector included equipment (YoY +38.3%), digital chip design (YoY +25.9%), and discrete devices (YoY +23.5%) [2][14]. 3. Investment Strategy - The report emphasizes the clear trend of domestic substitution, with a focus on companies related to the AI industry chain and those considered undervalued or in turnaround situations [2][8]. - The demand for mobile and PC devices is showing signs of recovery, alongside sustained strong demand for AI [2][8].