半导体自主可控2024年&2025Q1总结：国产替代纵深推进，先进攻坚正当其时

Investment Rating - The industry is rated as "Overweight," indicating that the growth level of the industry is expected to exceed that of the CSI 300 index in the next six months [60][61]. Core Insights - The report emphasizes the ongoing trend of domestic substitution in the semiconductor industry, particularly in wafer foundry and semiconductor equipment, with a focus on the strategic importance of domestic players like SMIC and Hua Hong Semiconductor [1][2]. - The semiconductor materials sector is showing signs of recovery, with significant revenue growth expected in 2024 and Q1 2025, despite challenges in the silicon wafer segment [7][52]. Summary by Sections 1. Wafer Foundry - Domestic wafer foundry performance is under pressure in the short term, but the long-term outlook remains positive due to the strategic position of SMIC's advanced production lines and the local-for-local trend [1]. - SMIC's Q1 2025 revenue was $2.25 billion, up 28.4$540 million, up 17.6% year-on-year [1]. 2. Semiconductor Equipment - The global top five semiconductor equipment companies are experiencing high demand, with revenue growth rates above 20% for most, except for AMAT [2]. - The first quarter of 2025 saw a significant decline in institutional holdings in front-end equipment, but overall revenue maintained a growth rate of around 30% [2][28]. - The back-end equipment sector is recovering, driven by demand for advanced packaging, with total revenue for 2024 and Q1 2025 reaching 6.35 billion and 1.45 billion yuan, respectively, reflecting year-on-year growth of 49% and 34% [6]. 3. Semiconductor Materials - The semiconductor materials sector is expected to recover in 2024, with revenue growth of 22% and 21% in 2024 and Q1 2025, respectively [52]. - Major companies like Dinglong Co., Anji Technology, and Jiangfeng Electronics are expected to show strong performance, with significant revenue increases [7][54]. - The overall profit for the semiconductor materials sector is projected to decline in 2024 due to losses in the silicon wafer segment, but excluding this segment, profits are expected to grow by 23% and 29% in 2024 and Q1 2025 [54].