半导体自主可控2024年&202501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 foundries, where domestic players are expected to grow despite short-term pressures [1]. - The semiconductor equipment sector is experiencing a high level of demand, with top global companies maintaining revenue growth of over 20% year-on-year, reflecting a shift towards domestic equipment adoption [2]. - The semiconductor materials sector is showing signs of recovery, with significant revenue growth expected in 2024 and Q1 2025, although challenges remain in the silicon wafer segment [7]. Summary by Sections 1. Wafer Foundry - Domestic foundries are facing short-term performance fluctuations but are expected to benefit from the strategic positioning of advanced production lines in the long term [1]. - SMIC reported Q1 2025 revenue of $2.25 billion, up 28.4$540 million, up 17.6% year-on-year, but also faced pricing pressures [1]. 2. Semiconductor Equipment - The top five global semiconductor equipment companies are experiencing high demand, with revenue growth of over 20% year-on-year, except for AMAT [2]. - The front-end equipment sector maintained a revenue growth rate of around 30%, although profit margins have varied significantly among companies [2][28]. - The back-end equipment sector is recovering, driven by demand for advanced packaging, with revenue growth of 49% in 2024 and 34% in Q1 2025 [6]. 3. Semiconductor Materials - The semiconductor materials sector is expected to see revenue growth of 22% in 2024 and 21% in Q1 2025, following a period of low performance in 2023 [7][52]. - Major companies like Dinglong Co., Anji Technology, and Jiangfeng Electronics are expected to show strong performance due to their solid fundamentals and comprehensive platform layouts [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% in 2024 [54].