电子元器件：味之素调高FY2024电子材料营收预测，预示ABF载板需求复苏强劲

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2]. Core Viewpoints - Ajinomoto's financial report for Q2 FY2024 indicates a strong recovery in the demand for ABF substrates, with a revenue increase of approximately 8% year-on-year, reaching 378.7 billion JPY, and a commercial profit growth of about 30% to 43.8 billion JPY [5]. - The electronic materials segment, specifically ABF materials, achieved a revenue of 19.8 billion JPY, reflecting a year-on-year growth of around 32%, with commercial profits increasing by 49% to 10.3 billion JPY [5]. - Ajinomoto has raised its FY2024 revenue forecast for electronic materials to 74.6 billion JPY, which represents a 22% increase compared to FY2023 and is expected to surpass the revenue peak of FY2022 [6]. - The demand for ABF substrates is primarily driven by the recovery in PCs, servers, and network applications, with AI-related products anticipated to be a major growth driver for the industry [7]. - The report suggests that the "crowding out effect" of AI servers on general servers is easing, indicating a potential recovery in general server demand and a sustained high demand cycle for ABF substrates [7]. Summary by Sections - Financial Performance: Ajinomoto's Q2 FY2024 revenue was 378.7 billion JPY, with a commercial profit of 43.8 billion JPY, marking significant year-on-year growth [5]. - Revenue Forecast: The FY2024 revenue forecast for electronic materials has been increased to 74.6 billion JPY, indicating strong growth potential [6]. - Market Trends: The report highlights a recovery in demand for PCs and servers, with AI products expected to drive future growth in the ABF substrate market [7].