海外电子复苏系列19：中国台湾电子公司24M11经营情况跟踪

Investment Rating - The industry investment rating is "Buy" [3]. Core Views - The Taiwan electronics index increased by 36.3% from the beginning of 2024 to the end of November, while the monthly decline in November was -0.4% [3][16]. - The revenue growth rates for key segments in the Taiwan electronics sector include: foundry services (YoY +31.2%), analog IC (YoY +10.9%), and assembly and terminals (YoY +9.7%) [30][42]. - The report suggests focusing on investment opportunities in AI server supply chains, mobile optical components, and advanced packaging industries [3][30]. Summary by Sections 1. Taiwan Electronics Sector Review for November 2024 - The performance of major electronic indices from January 2024 to November 2024 shows the following changes: Philadelphia Semiconductor Index +22.5%, Shenwan Electronics Index +19.9%, Shenwan Semiconductor Index +27.5%, and Taiwan Electronics Index +36.3% [16]. - The monthly performance for November 2024 indicates declines across several indices, with the Taiwan Weighted Index down by -2.4% [16]. 2. Revenue Situation of Key Taiwanese Electronics Companies (a) Segment Comparison - The fastest-growing segments in terms of revenue include foundry services (YoY +31.2%), analog IC (YoY +10.9%), and assembly and terminals (YoY +9.7%) [30]. (b) Foundry Services - TSMC reported revenue of NT$276.1 billion in November 2024, with a YoY increase of 34% [30][33]. - UMC achieved revenue of NT$20 billion in November 2024, reflecting a YoY growth of 7% [30][33]. 3. Key Company Stock Performance - The top five Taiwanese electronics companies with the highest stock price increases in November 2024 include Inventec, Largan Precision, Compal Electronics, ASUS, and Wistron [25]. - Conversely, the companies with the largest declines include Nanya Technology, Silergy Corp, Winbond Electronics, Macronix, and JMicron Technology [25]. 4. Revenue Performance of Key Segments - The report highlights that the revenue for the foundry segment is showing strong growth, with TSMC leading the market [30][33]. - The analog IC segment also shows positive growth trends, indicating a robust demand in the market [30][42].