高盛：半导体投资者会议反馈_行业情绪似乎正在改善，但未达到 2024 年上半年的程度

Investment Ratings - Advantest, Disco, and Tokyo Electron are rated as Buy, indicating strong earnings momentum and growth potential [2][15][24] - Tokyo Seimitsu is rated as Sell due to expected downward revisions in profit margin growth [3][24] - SCREEN Holdings, Kokusai Electric, and Lasertec are rated as Neutral, reflecting mixed investor sentiment [24] Core Insights - Investor sentiment in the semiconductor sector is improving compared to early June, although not as bullish as in 2023 and 1H2024 [1] - Advantest is highlighted for its strong earnings growth potential driven by increasing demand for ASICs and GPUs [3] - Disco is seen as increasingly attractive relative to Advantest, despite concerns about near-term shipment momentum [3] - Tokyo Electron is viewed as having significant earnings growth potential that may outpace the WFE market [2] Summary by Sections Investor Meetings Feedback - Over 40 investor meetings were held, indicating strong interest in a range of stocks, particularly small- and mid-cap names [1] - The sentiment in the semiconductor sector has improved, with specific interest in Advantest, Disco, and Tokyo Electron [1][2] Stock-Specific Insights - Advantest is attracting significant interest due to its high AI exposure and expected earnings growth in FY3/26 and FY3/27 [3] - Disco's share price has lagged behind Advantest, making it more attractive to investors despite shipment concerns [3] - Tokyo Electron is noted for a gap between investor expectations and earnings growth potential, which is expected to be strong [2] Market Trends - Investor expectations for the CY25 WFE market growth are converging around flat to mid-single-digit percentage growth, with a specific estimate of +3% year-on-year [4] - There is growing awareness of the upside potential in China demand, although views on the NAND market sustainability are divided [4][8] EUV and Related Stocks - Interest in Lasertec has increased as investors perceive its share price as having bottomed out, although further gains will depend on broader market recovery [9] - JEOL is rated as Buy, with expectations for increased mask writer demand aligning with Lasertec's recovery scenario [9]