封测板块Q3总结：前三季度业绩同比改善，尖端先进封测/AI相关或为25年主旋律

Investment Rating - The report maintains an "Outperform" rating for the semiconductor packaging and testing sector [1]. Core Insights - The advanced packaging sector is expected to be a key focus for research and development, with significant growth anticipated in 2025 driven by AI-related applications [2][4]. - The gross margin for the packaging sector has shown a recovery trend since Q1 2024, although it remains below the levels seen in Q4 2023 [11]. Summary by Sections Overview - The gross margins for the semiconductor packaging and discrete device sectors are recovering but still lag behind Q4 2023 levels. As of Q3 2024, the gross margins for integrated circuit packaging and discrete devices are 19.78% and 21.02%, respectively, which are lower than the margins in Q4 2023 by 1.98 and 2.43 percentage points [11]. OSAT (Outsourced Semiconductor Assembly and Test) - ASE Technology: In Q3 2024, ASE reported a revenue of 123.66 billion RMB, a year-on-year increase of 3.82% and a quarter-on-quarter increase of 5.00%. The company is focusing on advanced packaging and testing, with a capacity utilization rate between 65%-70% [21]. - Anke: The company achieved a revenue of 134.21 billion RMB in Q3 2024, with a gross margin of 14.6%. The growth is attributed to the demand for advanced packaging in high-performance computing and AI applications [21]. - Powertech Technology: The company reported a revenue of 40.72 billion RMB in Q3 2024, with a gross margin of 21.40%, showing improvements due to better capacity utilization and product mix [1]. Testing - Weizhi Technology: The company has seen significant growth in revenue and profitability in Q3 2024, with a gross margin reaching 42.45%, marking a recovery since Q1 2024 [11]. - Jingyuan Electronics: Reported a revenue of 15.66 billion RMB in Q3 2024, with a gross margin of 35.90%, indicating a slight recovery in the market [21]. Market Trends - The global smartphone market saw a 5% year-on-year increase in shipments in Q3 2024, reaching 309.9 million units, marking the strongest performance for the third quarter since 2021 [3]. - The PC market also showed resilience, with a 1% year-on-year increase in shipments, totaling 65.3 million units in Q3 2024 [3]. - The automotive sector reported a 1.9% increase in production and a 2.7% increase in sales from January to October 2024, with new energy vehicles accounting for 39.6% of total new car sales [3]. Investment Recommendations - The report suggests focusing on companies in the semiconductor packaging sector such as Tongfu Microelectronics, Changjiang Electronics, and Huada Semiconductor, as well as equipment manufacturers like North Huachuang and Zhongwei Technology [4].