半导体：索尼CIS稼动率满载，行业供需格局加速优化

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1][3] Core Insights - Sony's CIS utilization rate is fully loaded, and the industry supply-demand structure is accelerating optimization [1] - In FQ2-2024, Sony's image sensor revenue reached 503.494 billion JPY, with a year-on-year growth of 33.96% and a quarter-on-quarter growth of 57.10%, marking a record high for the same period [1] - The global smartphone market continues to show signs of gradual recovery, with growth in China and Europe, and signs of recovery in North America [1] - SK Hynix is reducing its business in lower survival capacity image sensors and focusing on high-margin HBM and AI memory [1] - The demand for CIS is expected to grow rapidly due to the recovery of traditional markets, the rise of consumer electronics, and the acceleration of smart automotive markets [1] Summary by Sections Industry Performance - Sony's FQ3-2024 production capacity and wafer input volume are expected to remain at 152,000 wafers per month, with a utilization rate of 100% [1] - FY2024 image sensor revenue is projected to reach 1.62 trillion JPY, a year-on-year increase of 11.71% [1] Market Trends - The demand for CIS is anticipated to grow rapidly due to the recovery in traditional markets, the resurgence of the consumer electronics market, and the increasing demand for AR/VR applications [1] - The automotive sector is seeing a rise in demand for advanced CIS solutions, with new products being developed for various applications [2] Company Performance - Weir Shares is the leading domestic CIS company in China, with a market share of 11% and significant revenue growth driven by high-end smartphone market penetration and automotive applications [1] - The company achieved a revenue of 6.817 billion CNY in Q3 2024, a year-on-year increase of 9.55% and a quarter-on-quarter increase of 5.73% [1]