电子：台积电24Q4业绩亮眼，AI和HPC持续驱动增长

Investment Rating - The industry rating is "Outperform the Market" [7][78]. Core Insights - AI-related demand is expected to be a sustainable driving force for TSMC and the global semiconductor industry, with TSMC's revenue from AI accelerators projected to double by 2025 [4][30]. - TSMC's Q4 2024 revenue reached NT$868.46 billion, a year-on-year increase of 38.8%, with a net profit of NT$374.68 billion, up 57% year-on-year [4][30]. - TSMC's capital expenditure for 2025 is projected to be between $38 billion and $42 billion, with 70% allocated to advanced process research and development [4][30]. Summary by Sections Semiconductor Sector - TSMC's Q4 2024 revenue was NT$868.46 billion, a 38.8% year-on-year increase, and a 14.3% quarter-on-quarter increase [30]. - Advanced processes accounted for 74% of TSMC's revenue in Q4 2024, with AI and HPC being the main contributors [30]. - The global semiconductor market is expected to grow by 11% to $697.1 billion by 2025, driven by AI data center demand [31]. Investment Recommendations - The report suggests focusing on companies such as SMIC, Hua Hong Semiconductor, Changdian Technology, Tongfu Microelectronics, Huatian Technology, Jibang Technology, and Yongsilicon in the semiconductor sector [5]. Market Performance - The electronic sector index increased by 4.08% in the week of January 13-17, 2024, outperforming the broader market indices [12][20]. - The overall PE ratio for the electronic industry is 54.49, which is above the average levels of the past one, three, and five years [20][25]. Consumer Electronics - The smartphone market in mainland China is projected to recover with a shipment volume of 285 million units in 2024, marking a 4% year-on-year increase [42][46]. - Vivo leads the market with a 17% share, followed by Huawei and Apple [45][46]. Automotive Electronics - Global electric vehicle sales grew by 25% in 2024, reaching 17.1 million units, with China maintaining its position as the largest market [52][56]. - China's new energy vehicle production and sales exceeded 12.88 million units in 2024, reflecting a growth of over 30% year-on-year [56][57]. Panel Sector - Micro LED display shipments are expected to reach 34.6 million units by 2031, driven primarily by XR devices [62][63].