半导体设备板块2024年三季度总结：高研发推进先进工艺，自主可控正当时

Investment Rating - The semiconductor equipment sector is rated as "Outperform" with a target price for key stocks such as Northern Huachuang at 408.58 CNY and Zhongwei Company at 175.24 CNY, both rated as "Buy-A" [5]. Core Insights - The semiconductor equipment sector exhibits "high prosperity + strong catalyst" characteristics, with significant revenue growth for core companies in Q3 2024, driven by the recovery of terminal demand and advancements in technology [1][22]. - The sector has seen a 45.11% increase year-to-date, outperforming the CSI 300 index, which rose by 19.61% [2][22]. - The focus on "self-control" in the context of the US-China technology competition is expected to accelerate the development of domestic semiconductor equipment [1][3]. Market and Operational Overview - The semiconductor equipment sector's performance is highlighted by a significant revenue increase for major companies such as Northern Huachuang (80.2 million CNY, +30.1% YoY) and Zhongwei Company (20.6 million CNY, +36% YoY) in Q3 2024 [24][26]. - The net profit margins for platform companies like Northern Huachuang and Zhongwei Company have improved, with net profit margins of 20.3% and 16%, respectively [25][27]. - The import of advanced lithography machines from the Netherlands remains high, with 68 units valued at 30.3 billion USD expected in Q4 2024, supporting domestic production capacity [3][34]. Future Outlook - The semiconductor equipment market is projected to grow by 4% in 2024, reaching approximately 105.3 billion USD, driven by recovery in terminal demand [34][35]. - The focus on advanced manufacturing processes and the need for improved yield rates in domestic production are key themes for future capital expenditures [1][3]. - The ongoing competition in the semiconductor equipment sector is expected to intensify as companies shift towards a platform-based model, increasing R&D investments [28][29].