电子行业周报：两大晶圆厂展望积极，看好中游景气度持续回暖

Investment Rating - The report rates the semiconductor industry as "Overweight" indicating a positive outlook for the sector [2][5]. Core Insights - The report highlights a recovery in the midstream semiconductor sector, particularly for foundries like SMIC and Hua Hong Semiconductor, with both companies showing improved performance in Q3 2024 [2][5]. - SMIC's Q3 2024 revenue reached $2.171 billion, marking a 14.2% quarter-on-quarter increase and a historical high for quarterly revenue [8]. - Hua Hong Semiconductor's Q3 2024 revenue was $526.3 million, exceeding expectations, with a quarter-on-quarter growth of 10% [15]. Summary by Sections SMIC Performance - SMIC's overall utilization rate in Q3 2024 was 90.4%, up 5.2 percentage points from Q2 2024, with wafer deliveries of 2,122K, reflecting a year-on-year increase of 38.1% [3][9]. - The average selling price (ASP) for SMIC increased by 13.6% to $1,023 per wafer due to changes in product mix [3][9]. - Revenue breakdown shows that consumer electronics accounted for 42.6% of SMIC's revenue, while smartphone revenue decreased to 24.9% [4][12]. Hua Hong Semiconductor Performance - Hua Hong's overall utilization rate reached 105.3% in Q3 2024, with wafer deliveries of 1,200K, a year-on-year increase of 11.4% [3][20]. - The ASP for Hua Hong was $439 per wafer, reflecting a quarter-on-quarter increase of 1.4% [20]. - Hua Hong's revenue from power devices and analog/power management products showed significant growth, with increases of 7.1% and 21.5% respectively [15][16]. Capital Expenditure and Depreciation - SMIC's capital expenditure in Q3 2024 was $1.18 billion, a decrease from $2.25 billion in Q2 2024, while depreciation and amortization costs rose to $831 million [5][13]. - Hua Hong's capital expenditure for Q3 2024 was $734 million, with significant investment in Fab 9 [20]. Future Guidance - SMIC's guidance for Q4 2024 indicates revenue stability with a slight growth forecast of 2%, projecting revenue between $2.171 billion and $2.214 billion [14]. - Hua Hong's Q4 2024 revenue guidance is between $530 million and $540 million, with a gross margin forecast of 11% to 13% [20].