电子行业周报：中国将依法调查美国对华低价出口成熟制程芯片，台积电2024年AI芯片营收高增

Investment Rating - The report maintains a "Buy" rating for several companies, including Northern Huachuang, Tianfu Communication, and others, while some are rated as "Hold" or "Increase" [9][14][15]. Core Insights - The electronic industry experienced a general upward trend, with a 4.08% increase from January 13 to January 17, 2025, ranking 12th among all sectors [25]. - TSMC anticipates a 25% growth in revenue for 2025, driven by strong demand in AI, 5G, and HPC sectors [7][13]. - The report highlights the impact of U.S. semiconductor export controls on China's mature process chips and suggests monitoring companies in the self-controlled industrial chain [4][12]. Summary by Sections Weekly Review - The electronic industry saw a 4.08% increase during the week of January 13-17, 2025, with a P/E ratio of 54.49 [25][28]. - Among sub-sectors, analog chip design, semiconductor materials, and discrete devices showed the highest gains [3][28]. U.S. Export Controls - The U.S. has tightened export controls on advanced semiconductors, affecting manufacturers and packaging companies seeking to export certain chips to China [4][12]. - China plans to investigate U.S. low-priced exports of mature process chips, which may impact domestic industry [4][12]. TSMC's Performance - TSMC reported record earnings for Q4 2024, with 74% of revenue coming from 7nm and below processes [7][13]. - The revenue breakdown shows high-performance computing platforms growing by 19% quarter-over-quarter, while smartphone platforms grew by 17% [7][13]. Key Companies and Earnings Forecast - The report lists several companies with investment ratings, including: - Northern Huachuang: Buy, 2025E PE of 26.78 [9][14]. - Tianfu Communication: Buy, 2025E PE of 22.39 [9][14]. - TSMC: Buy, with a significant market presence and growth potential [7][13]. - Other companies to watch include Zhongke Semiconductor, Huahong Semiconductor, and others in the AI supply chain [4][12][13].