半导体行业周报：摩尔线程在科创板上市，沐曦股份启动科创板申购-20251210

Investment Rating - The report maintains a "Buy" rating for certain companies in the semiconductor industry, specifically for Tongfu Microelectronics and Haiguang Information, while others remain un-rated or have a "Hold" rating [7][15]. Core Insights - The report highlights the successful IPO of Moore Threads on the STAR Market, marking it as the largest IPO in 2024 and the fastest approval since 2022, with a focus on AI and computing acceleration products [3][13]. - Muxi Co., Ltd. has initiated its IPO process, aiming to become the second domestic GPU company listed on the A-share market, with a fundraising target of 3.904 billion yuan for high-performance GPU development [4][14]. - The semiconductor industry is experiencing a shift towards AI-driven applications, with significant growth in demand for NAND Flash and SSD products, particularly in enterprise settings [18][42]. Summary by Sections Market Performance - The electronic sector has shown strong performance over the past year, with a 53.6% increase compared to the previous year, outperforming the CSI 300 index [1][2]. Industry Dynamics - Micron Technology is exiting the consumer storage business to focus on AI storage chips, which may exacerbate supply shortages in the consumer electronics market [18]. - The NAND Flash market is expected to see price increases of 20-25% due to strong demand from AI applications and enterprise SSD orders [19][32]. - Major players like Samsung and SK Group have reported significant revenue growth in the SSD market, driven by strong demand from cloud service providers [42][43]. Key Companies and Earnings Forecast - Tongfu Microelectronics (002156.SZ) is projected to have an EPS of 0.72 in 2025 with a PE ratio of 52.26, rated as "Buy" [7][15]. - Haiguang Information (688041.SH) is also rated as "Buy," with an EPS forecast of 1.18 for 2025 [7][15]. - Kioxia (Kioxia) has seen a revenue increase of 33.1% in Q3 2025, benefiting from AI server demand [20][42].