半导体供应链行业报告：景气度呈现复苏态势，国产替代集中发力

Industry Overview - The global semiconductor market is showing signs of recovery, with Q1 2024 sales reaching $137.7 billion, a 15.2% YoY increase [7] - China's semiconductor market is leading the recovery, with a 27.4% YoY growth in Q1 2024, driven by strong demand in AI, IoT, and consumer electronics [8][9] - The US has escalated semiconductor trade restrictions, increasing tariffs on Chinese semiconductor products from 25% to 50% [13] Memory Market - Memory prices are steadily rising, with DRAM contract prices expected to increase by 13%-18% and NAND Flash by 15%-20% in Q2 2024 [2] - Server memory, particularly HBM, is in high demand, with SK Hynix and Micron reporting sold-out HBM chips for 2024 [19][20] - Niche memory markets, including DDR3 and NOR Flash, are experiencing price increases, with some products seeing up to 30% price hikes [25] Foundry Market - TSMC reported a 59.6% YoY revenue increase in April 2024, driven by strong demand for AI chips [27] - SMIC has become the world's third-largest foundry, with an 80.8% capacity utilization rate in Q1 2024 [28] - Chinese foundries like SMIC and Hua Hong Semiconductor are expected to see continued revenue growth in Q2 2024 [29] Semiconductor Equipment - China's demand for semiconductor equipment is boosting the performance of global equipment manufacturers, with Japan's semiconductor equipment shipments increasing by 8.5% YoY in March 2024 [30] - Domestic Chinese equipment manufacturers, such as Naura and AMEC, are making significant progress, winning multiple bids for equipment procurement projects [37][38] - ASML's revenue from China increased to 49% of total revenue in Q1 2024, highlighting the importance of the Chinese market [35] Investment Recommendations - Memory companies like Jiangbolong, Biwin Storage, and Dongxin are recommended due to the rising prices and demand for memory products [2] - Foundry companies like SMIC and Hua Hong Semiconductor are key to the semiconductor supply chain and are expected to benefit from the industry's recovery [42] - Semiconductor equipment and material companies, including Naura, AMEC, and Dinglong, are expected to see growth due to the expansion of domestic production lines [43][44]