电子行业月度点评：半导体销售额持续增长，终端需求景气度有望延续

Investment Rating - The report maintains a "Outperform" rating for the electronic industry, indicating a positive outlook compared to the broader market [2][7]. Core Insights - Semiconductor sales continue to grow, with global sales reaching $55.3 billion in September, reflecting a year-on-year increase of 23.2%. Cumulatively, from January to September, sales amounted to $445.8 billion, up 18.8% year-on-year [92]. - The report highlights a recovery in terminal demand, driven by structural needs in AI and new energy vehicles, contributing to the overall growth in semiconductor sales [92][107]. - The passive components sector is expected to maintain its growth momentum, benefiting from stable demand in downstream markets and the acceleration of domestic substitution [6][7]. Summary by Sections 1. Market Review - The report notes that the Shenwan Electronics Index increased by 14.4%, ranking fifth among Shenwan's primary industries during the review period [81]. - All sub-sectors within the electronics industry showed positive growth, with optical components leading at +28.6% [81]. 2. Semiconductor Industry Tracking 2.1 Semiconductor Sales - Global semiconductor sales reached $55.3 billion in September, with a year-on-year growth of 23.2% [92]. - China's semiconductor sales for September were $16 billion, also reflecting a 22.9% increase year-on-year [92]. 2.2 Memory Chip Prices - Memory chip prices have stabilized after a rebound, with DRAM prices showing mixed trends across different generations [99]. - As of November 19, the average spot prices for DDR3, DDR4, and DDR5 were $0.82, $3.77, and $4.79 respectively [99]. 2.3 Semiconductor Equipment Sales - Global semiconductor equipment sales reached $26.78 billion in Q2 2024, marking a 3.8% year-on-year increase [107]. - China's semiconductor equipment sales for Q2 2024 were $12.21 billion, reflecting a significant year-on-year growth of 61.7% [107]. 3. Terminal Demand Tracking - Global smartphone shipments reached 316 million units in Q3 2024, showing a year-on-year increase of 4.01% [119]. - The report anticipates further growth in smartphone shipments due to the upcoming release of flagship models and promotional activities [119]. 4. PCB Industry Tracking - The report indicates a decline in the import volume of copper-clad laminates, while export volumes have increased [5]. - The average import price for copper-clad laminates rose to $33,500 per ton, influenced by raw material costs and new demands from AI [5]. 5. Passive Components Industry Analysis - The passive components sector achieved a revenue of 33.658 billion yuan in the first three quarters of 2024, with a year-on-year growth of 14.27% [6]. - The third quarter alone saw revenues of 12.119 billion yuan, reflecting a 16.31% increase year-on-year [6]. 6. Industry and Company Dynamics - The report highlights that Huawei is set to release new products that may benefit the related supply chain, particularly in AI and smartphone sectors [7]. - Companies such as Huadian Co., Ltd. and Fangda Group are noted for their potential growth in the semiconductor and passive components markets [7].