Investment Rating - The report suggests a positive outlook for the electronic industry, indicating a recovery in demand and recommending attention to upstream equipment materials that are relatively independent of the industry's cyclical trends [3][16]. Core Insights - Global semiconductor equipment shipments reached 56.88 billion, reflecting a year-on-year growth of 22.1% [30]. - The expected growth for foldable smartphone shipments in 2024 is projected at 13% year-on-year, with potential market decline anticipated in 2025 [32]. Summary by Sections Market Trends - The Shanghai Composite Index rose by 2.02% and the CSI 300 Index increased by 1.48% during the week of December 5 to December 11, 2024, with the electronic industry outperforming the market [2][7]. - The electronic sector's PE valuation increased to approximately 55.74 times [7]. Industry Data - Global smartphone shipments reached 316 million units in Q3 2024, showing a year-on-year growth of 4.01% [2][12]. - In October, China's smartphone shipments were 27.88 million units, reflecting a year-on-year decline of 1.10%, although this was an improvement from a previous decline of 25.70% [15]. Industry Dynamics - TSMC plans to begin mass production of 2nm chips next year, with a current trial yield of over 60% [28]. - The semiconductor equipment market is experiencing growth, with Japan's semiconductor equipment shipments increasing by 33.46% year-on-year in October [30]. Company Developments - Hengxuan Technology announced a cash dividend of 0.76 yuan per share for the first three quarters of 2024 [33].
电子行业周报：三季度全球半导体设备出货金额同比增长19%
中山证券·2024-12-16 02:46