中银证券中银晨会聚焦

Core Insights - The report highlights a recovery in the semiconductor industry, particularly in wafer manufacturing and packaging, with significant improvements in utilization rates for major players like SMIC and Huahong Semiconductor [3][6][7] - The digital chip design sector shows initial signs of recovery, with revenue and net profit growth reported for Q1 2024, while the analog chip sector continues to face challenges [8][9] - Public finance data indicates a continued push towards infrastructure and technology spending, with a notable increase in budget allocations for these areas [2][22] Group 1: Semiconductor Industry - Wafer manufacturing utilization rates have shown a significant recovery, with SMIC at approximately 80.8% and Huahong at 91.7% for Q1 2024, indicating a positive trend in the industry [3][6] - TSMC's revenue for Q1 2024 reached approximately NT$592.6 billion, reflecting a year-on-year growth of 17%, driven by high-performance computing [6][7] - The integrated circuit packaging and testing sector also reported revenue growth, with major companies like Changdian Technology and Tongfu Microelectronics showing positive year-on-year changes in both revenue and net profit [7][8] Group 2: Digital and Analog Chip Design - The digital chip design sector reported Q1 2024 revenue of CNY 30.5 billion, with a year-on-year increase of 32%, while net profit also saw significant growth [8][9] - In contrast, the analog chip design sector continues to struggle, with revenue growth but persistent net losses, indicating a need for further recovery [8][9] - The report suggests a focus on companies like Saintbond and Aiwei Electronics, which are showing signs of improvement in the analog chip market [9][28] Group 3: Public Finance and Economic Indicators - In April, public finance expenditure reached CNY 1,962.7 billion, a year-on-year increase of 6.1%, with a notable focus on infrastructure and technology sectors [2][22] - The report emphasizes the importance of government support for projects in high-tech and growth-stabilizing areas, which is expected to continue in the coming months [2][22] - Despite the positive trends, the report notes that public finance revenue saw a decline, highlighting challenges in land sales and government debt issuance [4][22]