电子行业周报：复苏依旧，芯片代工行业要重视

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the semiconductor industry, particularly focusing on the chip foundry sector [6]. Core Insights - The semiconductor industry is experiencing a recovery, with the economic cycle having bottomed out in Q1 2023 and expected to rebound in 2024. This is driven by increasing demand from domestic chip design companies due to sanctions on China's semiconductor supply chain [2][10]. - Notable growth in revenue has been observed in major companies such as SMIC and Hua Hong, with SMIC reporting a revenue of 15.609 billion yuan in Q3 2024, a 14% increase quarter-on-quarter, and Hua Hong achieving 3.77 billion yuan, a 9.76% increase [2][10]. Summary by Sections 1. Global Semiconductor Sales Recovery - Global semiconductor sales have shown continuous growth for 11 months, with a significant rebound expected in 2024. As of September 2024, China's semiconductor sales reached 16.04 billion USD, marking a 22.9% year-on-year increase [17][19]. - China's share of global semiconductor sales has been gradually increasing, reaching approximately 29% by September 2024, up from a low of 27.65% in February 2023 [19]. 2. Investment Recommendations: Focus on Domestic Foundry Leaders 2.1 SMIC - SMIC is a leading integrated circuit foundry in China, providing a range of services from 0.35 microns to FinFET technology nodes. The company reported a total revenue of 45.25 billion yuan in 2023, with a 26.53% year-on-year increase in Q1-Q3 2024 [27][32]. 2.2 Hua Hong - Hua Hong specializes in foundry services for specialty ICs and power devices, with a focus on automotive and IoT applications. The company reported a revenue of 16.232 billion yuan in 2023, with a notable recovery in Q3 2024, achieving 3.77 billion yuan in revenue [36][39].