台股电子月报：AI相关需求持续畅旺

Industry Investment Rating - The report maintains a "Recommended" rating for the overseas industry, particularly highlighting the strong demand for AI hardware [1][51] Core Views - The global semiconductor cycle has passed its sales trough, with year-on-year growth turning positive, driven by AI demand and cyclical recovery [5][36] - AI server demand remains a key growth driver for server manufacturers, while AI PC adoption is still in its early stages [6][45] - PCB demand is being boosted by the AI server wave, with AI-related applications expected to contribute significantly to revenue growth in 2024 and 2025 [46] - The optical components sector faces a conservative outlook for Q4, with some companies experiencing declining shipment momentum [47] - The passive components sector has entered a traditional off-season, with mixed performance among key players [48] Semiconductor Sector - MediaTek's October revenue reached 51.1 billion TWD, up 14.4% MoM and 19.4% YoY, driven by strong growth in its Dimensity 9400 chip [5][36] - TSMC's October revenue surged 24.8% MoM and 29.2% YoY, reaching a record high, supported by 3nm contributions and AI-driven demand for advanced processes and packaging [5][36] - UMC, Vanguard, and Powerchip saw improved operations in H2 2024, with UMC's October revenue up 12.8% MoM and 11.4% YoY [5][36] - ASE's October revenue increased 1.5% MoM and 0.5% YoY, marking the highest monthly revenue since December 2022 [5][36] PC/Server Sector - Major PC OEMs experienced a decline in notebook shipments in October due to the high base effect from September's quarter-end shipments [6][45] - AI server demand remains robust, with Quanta's October revenue down 12.4% MoM but up 48.7% YoY, and Wistron's revenue down 0.6% MoM but up 22.8% YoY [6][45] - Inventec's October revenue rose 15.0% MoM and 60.1% YoY, while Wiwynn's revenue increased 2.5% MoM and 86.8% YoY [6][45] PCB Sector - PCB manufacturers saw flat revenue in October, with a 1.9% YoY decline, but AI-related products are driving growth for companies like Unimicron [46] - Zhen Ding's October revenue grew 8.4% MoM and 0.4% YoY, reflecting traditional peak season performance [46] - AI server layer count increases are expected to be a major growth driver for PCB manufacturers in 2025 [46] Optical Components Sector - Largan Precision's October revenue increased 0.4% MoM and 3.6% YoY, but the company remains cautious about Q4 demand [47] - Genius Electronic Optical's October revenue fell 23.7% MoM and 21.8% YoY, following a strong Q3 driven by iPhone 16 shipments [47] Passive Components Sector - Passive component companies saw a 3.9% MoM decline in October revenue, but an 11.5% YoY increase, with Yageo's revenue up 0.5% MoM and 15.5% YoY [48] - Walsin Technology's October revenue fell 12.9% MoM but rose 1.7% YoY [48]