半导体行业动态分析：23年OSAT业绩呈逐季改善，AI相关需求有望带动尖端先进封装持续增长

Investment Rating - The report maintains an investment rating of "Outperform" for the semiconductor industry [1]. Core Insights - The OSAT (Outsourced Semiconductor Assembly and Test) industry showed a trend of quarterly improvement in 2023, driven by AI-related demand, despite a year-over-year revenue decline for most companies [1][2]. - The report highlights that advanced packaging is expected to continue growing, with significant contributions from AI applications and consumer electronics [2][3]. Summary by Sections OSAT Performance - Most OSAT companies experienced a year-over-year revenue decline in 2023, but showed quarterly improvements. For instance, ASE's revenue fell by 15% to 71.878 billion yuan, with a gross margin of 21.8% [1][7]. - Advanced products contributed significantly to revenue, with companies like Amkor reporting a revenue drop of 8% but maintaining growth in advanced packaging [1][14]. - Powertech Technology saw a 16% revenue decline in 2023, but its net profit in Q4 increased by over 190% year-over-year [1][25]. Market Trends - The global smartphone shipment is projected to reach 1.2 billion units in 2024, with foldable phones and AI smartphones driving growth [2][3]. - The PC market is expected to recover in 2024, with AI PCs projected to account for 55% of the market [2][3]. - The automotive sector, particularly in electric vehicles, continues to show strong growth, with 2023 sales reaching 9.587 million units, a 35.8% increase year-over-year [2][3]. Investment Recommendations - The report suggests focusing on companies involved in advanced packaging, such as Tongfu Microelectronics and JCET, as well as equipment manufacturers like North Huachuang and Zhongwei [2][3].