电子行业专题报告：24Q1全球半导体营收同比+20%，存储拐点&AI浪潮驱动成长

Investment Rating - The report maintains an "Outperform" rating for the semiconductor industry [4]. Core Insights - The global semiconductor revenue in Q1 2024 increased by 15% year-on-year, driven by a recovery in downstream demand and a significant performance in the storage segment, which saw an 86% increase [10][12]. - The top 60 global semiconductor companies reported a revenue growth of 20% year-on-year and a net profit growth of 110% in Q1 2024, aligning with the overall semiconductor sales trends [16][17]. - The AI wave is significantly boosting demand in the storage sector, with a 90% year-on-year revenue increase in Q1 2024, while the MPU segment also saw a strong performance with a 58% increase [18]. Summary by Sections Global Semiconductor Market - In Q1 2024, global semiconductor sales reached $137.7 billion, marking a 15% year-on-year increase, although there was a 5.7% quarter-on-quarter decline due to seasonal factors [10][12]. - The storage chip market alone accounted for approximately $32.7 billion, with a remarkable 86% year-on-year growth [12][14]. Global Semiconductor Companies - The revenue of the top 60 semiconductor companies was $151.7 billion in Q1 2024, reflecting a 20% year-on-year increase, while net profits reached $38.6 billion, up 110% [16][17]. - The storage segment's revenue growth was primarily driven by AI demand, with DRAM contract prices increasing by 20% and NAND Flash prices rising by 23% to 28% [18]. Wafer Foundry - The wafer foundry segment saw a 12% year-on-year revenue increase in Q1 2024, with TSMC and SMIC reporting revenue growth of 13% and 20%, respectively [2][19]. - The capacity utilization rate for foundries is expected to improve, with a projected increase of 2.7 percentage points to 76.7% in Q2 2024 [2]. Investment Recommendations - The report suggests focusing on leading undervalued companies in the smartphone and PC sectors, as well as those involved in high-end storage products and AI-related technologies [3]. - Key companies to watch include 卓胜微 (Zhuosheng Micro), 江波龙 (Jiangbolong), and 芯原股份 (Xinyuan Technology) among others [3].