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 a rating of "Outperform" for the semiconductor industry [5]. Core Insights - The global semiconductor sales in Q1 2024 reached $137.7 billion, showing a year-on-year growth of 15%, driven by a recovery in downstream demand [2][11]. - The storage segment experienced remarkable growth, with revenues increasing by 90% year-on-year, primarily due to AI-driven demand [19]. - The top 60 global semiconductor companies reported a revenue increase of 20% year-on-year in Q1 2024, with net profits soaring by 110% [17]. Summary by Sections Global Semiconductor Market - In Q1 2024, global semiconductor sales increased by 15% year-on-year, with a total of $137.7 billion, despite a seasonal decline [11][13]. - The storage chip market saw a significant increase of 86% year-on-year, while excluding storage, the semiconductor sales grew by only 3% [13][15]. Global Semiconductor Companies - The revenue of the top 60 semiconductor companies reached $151.7 billion in Q1 2024, reflecting a 20% increase year-on-year, while net profits reached $38.6 billion, up 110% [17][18]. - The storage segment's revenue growth was attributed to rising prices, with DRAM contract prices increasing by 20% and NAND Flash prices by 23% to 28% [22]. Upstream Manufacturing - The wafer foundry segment's revenue grew by 12% year-on-year in Q1 2024, with capacity utilization rates expected to improve [3][19]. - Major players like TSMC and SMIC reported revenue growth of 6% for Q2 2024, indicating a positive trend in the foundry market [3]. Semiconductor Design - The MPU segment saw a revenue increase of 58% year-on-year, driven by strong demand from data centers, particularly for NVIDIA's products [19][20]. - The RF segment also showed recovery, with a year-on-year revenue increase of 11%, supported by a gradual recovery in smartphone demand [19]. Investment Recommendations - The report suggests focusing on leading undervalued companies in the semiconductor sector, particularly those involved in storage and AI-related technologies [4].