半导体行业月报：半导体行业24Q3延续复苏趋势，关注自主可控方向

Investment Rating - The semiconductor industry maintains a "Strong Outperform" rating relative to the Shanghai and Shenzhen 300 Index [1]. Core Insights - The semiconductor industry continues its recovery trend in Q3 2024, with significant growth in revenue and net profit driven by demand from smartphones, PCs, wearables, smart homes, and servers, as well as rapid advancements in AI [1][14]. - The industry's revenue for Q3 2024 reached 124.12 billion yuan, a year-on-year increase of 20.57%, while net profit attributable to shareholders was 8.55 billion yuan, up 49.51% year-on-year [1][14]. - The report emphasizes the importance of domestic substitution and self-sufficiency in the semiconductor supply chain, particularly in light of geopolitical tensions and export controls [1]. Summary by Sections 1. Market Performance in October 2024 - The semiconductor sector outperformed the Shanghai and Shenzhen 300 Index, with a 10-month increase of 22.66% [7]. - In October 2024, the semiconductor industry (CITIC) rose by 18.44%, significantly outperforming the broader market [7]. 2. Q3 2024 Domestic Semiconductor Industry Summary - The semiconductor industry reported a revenue of 429.64 billion yuan for the first three quarters of 2024, a year-on-year growth of 22.57% [14]. - The integrated circuit segment saw a revenue increase of 19.83%, while semiconductor equipment grew by 43.92% [14]. - Q3 2024 revenue for the semiconductor industry was 124.12 billion yuan, with a net profit of 8.55 billion yuan, marking a 49.51% increase year-on-year [14]. 3. Global Semiconductor Sales and Demand Recovery - Global semiconductor sales continued to grow year-on-year, with a 23.2% increase in September 2024 [1]. - The report highlights a recovery in consumer demand, particularly in smartphones and PCs, with global smartphone shipments increasing by 5% year-on-year in Q3 2024 [1][14]. 4. Inventory and Capacity Utilization Trends - Some global chip manufacturers maintained stable inventory levels, while domestic manufacturers saw a decrease in inventory levels in Q3 2024 [1]. - Wafer fab capacity utilization rates are expected to continue improving into Q4 2024 [1][14]. 5. Investment Recommendations - The report suggests focusing on advanced manufacturing, packaging, semiconductor equipment, materials, and AI computing chips as key investment areas [1].