电子月报（台股）2024-10：10月业绩分化，先进制程与SoC领跑

Investment Rating - The report maintains an "Outperform" rating for the electronics industry [2] Core Insights - The semiconductor sector shows strong growth in advanced processes, while mature processes remain under pressure. TSMC's sales increased by 29.2% year-on-year, marking the lowest growth rate since February, but with a rapid month-on-month increase driven by strong AI demand [2][17] - Memory prices are under pressure, and production capacity utilization is being adjusted downwards. HwaCom announced a reduction in production starting in Q4, with overall capacity utilization expected to drop to 80% [2][15] - The consumer electronics sector is entering a traditional off-season, with expectations of a slowdown in shipments. However, the "trade-in" subsidy policy in mainland China is expected to support TV demand [3][15] - AI demand remains high, with significant growth in AI server cooling solutions. Hon Hai's revenue reached a record high for October, with a year-on-year increase of 8.59% [3][15] - The passive components sector showed stable revenue in October, but is expected to enter an off-season in Q4 [3][15] Summary by Sections Semiconductor - Advanced process growth is slowing, while mature processes face short-term challenges. TSMC's October revenue increased by 29.2% year-on-year and 24.8% month-on-month [16][17] - UMC's Q4 capacity utilization is expected to drop to 66%-69%, below the Q3 average of 71% [16][19] - World Advanced anticipates a 10-12% decrease in wafer shipments in Q4 [16][19] Memory - Memory chip prices continue to decline, with HwaCom's production capacity expected to decrease to 80% [2][15] - Adata expects DRAM demand to stabilize in the short term, with long-term growth anticipated due to increasing memory capacity in electronic products [15] Consumer Electronics - The sector is entering a traditional off-season, with a forecasted decline in shipments. However, the "trade-in" policy in China is expected to support TV demand [3][15] - Panel shipments are expected to decrease, while optical component demand is also declining [3][15] AI & Foundry - AI demand remains robust, with significant growth in AI server cooling solutions. Hon Hai's October revenue reached a record high, with a year-on-year increase of 8.59% [3][15] - The AI chip sector is expected to see a slowdown in demand, but profitability is still projected to grow [3][15] Components and Power - The passive components sector showed stable revenue in October, but is expected to enter an off-season in Q4 [3][15] - PCB revenue reached a yearly high, aligning with traditional peak season performance [3][15]