电子行业2024三季报业绩点评：行业2024Q3业绩表现亮眼，自主可控趋势持续加强

Investment Rating - The investment rating for the electronic industry is "Positive" [6] Core Insights - The electronic industry showed strong performance in Q3 2024, with a revenue growth of 17.70% year-on-year for the first three quarters, ranking first among 31 primary industries. The net profit attributable to shareholders grew by 34.00%, ranking fifth [2][9] - The semiconductor manufacturing sector is experiencing a notable recovery, with significant improvements in profitability and cash flow across various sub-sectors [3][16] - The trend of self-sufficiency is strengthening, with opportunities arising from domestic substitution and cyclical recovery, particularly benefiting the midstream manufacturing and upstream supply sectors [4][20] Summary by Sections 1. Electronic Industry Performance - In Q3 2024, the electronic industry achieved a revenue growth of 18.50% year-on-year, ranking second among primary industries, while net profit grew by 23.60%, ranking sixth [2][10][12] - The industry is in a strong recovery phase, supported by downstream demand recovery, inventory digestion, and new product launches [9][13] 2. Sub-sector Performance - The semiconductor, components, and optical electronics sectors are showing significant improvement in operations, with notable profit growth in chip design, semiconductor equipment, and integrated circuit manufacturing [3][16] - Cash flow in semiconductor materials and manufacturing has also shown marked improvement, indicating a strengthening recovery trend [16] 3. Industry Fundamentals - The electronic industry is expected to benefit from domestic substitution and cyclical opportunities, with a focus on midstream manufacturing and strong domestic supply chains [4][20] - The global semiconductor industry is projected to grow by 11.67% in 2024, reaching $588.4 billion, driven by demand recovery in AI data centers and automotive electronics [20][21] 4. Key Companies and Earnings Forecast - Key companies to watch include SMIC, Hua Hong Semiconductor, and Northern Huachuang in the midstream manufacturing sector, and companies like BOE and Crystal Optoelectronics in the optical electronics sector [5][25] - Earnings forecasts for 2024 indicate significant growth potential for these companies, with expected net profits for SMIC reaching 54.2 billion yuan [25]