半导体：成长+复苏，半导体核心资产有望估值重塑

Investment Rating - The semiconductor industry is rated as "Outperform" with a growth outlook, indicating a recovery and potential valuation reshaping of core semiconductor assets [2]. Core Insights - The report highlights that the semiconductor sector is experiencing a recovery, supported by recent government policies aimed at enhancing high-tech productivity and addressing investment characteristics [4]. - The valuation of leading technology companies in the semiconductor sector is considered attractive, with semiconductor foundries and testing companies showing price-to-book (PB) ratios around 2, indicating value [4]. - Semiconductor equipment companies are expected to see significant growth in orders and production, driven by downstream wafer fabrication expansion, leading to high certainty in earnings growth for 2024 and 2025 [5]. Summary by Sections Market Performance - The semiconductor sector has shown a decline of 34% compared to the market performance of the CSI 300 index, which has also seen a decrease [3]. Policy Developments - Recent policies have been introduced to support the semiconductor industry, including the establishment of a new investment fund with a registered capital of 344 billion RMB, aimed at fostering high-tech production capabilities [4]. Company Performance - Major companies like SMIC reported a revenue of 12.594 billion RMB in Q1 2024, marking a year-on-year increase of 23.36% and a quarter-on-quarter increase of 3.63% [5]. - Hua Hong reported a revenue of 3.297 billion RMB in Q1 2024, with a quarter-on-quarter increase of 0.55% and a projected revenue growth for Q2 2024 [5]. Recommendations - The report suggests focusing on semiconductor leaders with strong fundamentals and competitive advantages, including companies in semiconductor equipment, testing, and foundries [5].