2024Q3半导体设备及材料跟踪：基本面持续向好，自主可控有望提速

Investment Rating - The investment rating for the semiconductor and semiconductor equipment industry is "Positive" and maintained [8]. Core Insights - The overall revenue growth rate for semiconductor equipment companies in Q3 2024 is 34.4%, with a gross margin of 44.6%, reflecting a year-on-year increase of 1.1 percentage points [3][6]. - The revenue growth rate for semiconductor components listed companies in Q3 2024 is 39.7%, with a gross margin of 28.7%, showing a slight improvement [3][6]. - Major semiconductor materials companies have a revenue growth rate of 16.7% year-on-year and 4.5% quarter-on-quarter, indicating a continuous growth trend [3][6]. - The semiconductor equipment and materials sectors have seen a valuation recovery, with dynamic price-to-earnings ratios of approximately 69x and 102x, respectively, indicating significant improvement since 2021 [5][52]. Fund Holdings - The fund allocation ratio for the semiconductor equipment and materials sectors remains stable, with market capitalization shares of 2.55% and 0.49%, respectively, showing significant excess returns compared to the overall electronics sector [5][51]. - The number of semiconductor equipment companies in the top twenty electronic industry holdings has increased to three, with notable increases in holdings for companies like Northern Huachuang and Huahai Qingke [5][51]. Financial Performance - The semiconductor equipment sector maintains a high growth level, with a revenue growth rate of 34.4% in Q3 2024, and a gross margin of 44.6% [6][54]. - The semiconductor components sector shows a revenue growth rate of 39.7% in Q3 2024, with an overall gross margin of 28.7% [6][63]. - The semiconductor materials sector has a revenue growth rate of 16.7% year-on-year, with a gross margin of 28.3%, indicating a recovery trend [6][70]. Industry Performance - The semiconductor demand is improving, with expectations for growth in the equipment market, particularly driven by the recovery in consumer electronics and AI server demand [7]. - The global semiconductor equipment sales are projected to reach approximately $98.3 billion in 2024, reflecting a year-on-year increase of 2.8% [7]. - The Chinese mainland remains the most active region for semiconductor equipment procurement, with sales expected to reach $24.73 billion in the first half of 2024, a year-on-year increase of 84% [7].