国泰海通｜电子：2025E半导体设备/材料公司在先进制程的发展

Core Viewpoint - The semiconductor equipment and materials sectors are expected to benefit from expansion in advanced logic, advanced memory, and advanced packaging fields, leading to sustained growth through 2025E [1] Semiconductor Equipment Sector - The semiconductor equipment sector is rated "overweight" as capital expenditures from mainland China’s fabs and OSATs are projected to increase in 2025 and 2026, albeit with structural differences [1] - Foundries will focus on expanding advanced processes, while advanced memory factories will upgrade to more advanced technologies, and OSATs will concentrate on advanced packaging [1] - Companies with significant exposure in advanced logic, memory, and packaging are expected to benefit from the upcoming expansions over the next 2 to 3 years [1] Semiconductor Materials Sector - The semiconductor materials sector is also rated "overweight," with wafer and packaging factories gradually recovering capacity utilization rates in 2024 [1] - Leading wafer manufacturers like SMIC and Hua Hong Semiconductor are expected to see continued improvements in capacity utilization rates into Q1 2025, with additional capacity released from expansions in 2024 [1] - Companies with substantial market share in mainstream wafer and packaging sectors, along with new products gaining traction in client applications, are anticipated to achieve better performance [1] Financial Performance - In the semiconductor equipment sector, 44 companies reported a total revenue of 109.368 billion yuan in 2024, a year-on-year increase of 27.01% from 86.109 billion yuan in 2023 [2] - The net profit attributable to shareholders for 2024 was 15.653 billion yuan, up 8.09% from 14.482 billion yuan in 2023 [2] - In the semiconductor materials sector, 42 companies reported a total revenue of 76.245 billion yuan in 2024, a year-on-year increase of 14.90% from 66.357 billion yuan in 2023 [3] - The net profit attributable to shareholders for 2024 was 5.209 billion yuan, down 17.98% from 6.351 billion yuan in 2023 [3] Market Valuation - The trading volume of the semiconductor equipment sector accounted for a minimum of 0.61%, a maximum of 2.82%, and an average of 1.14% of the total trading volume in the A-share market, with a current level of 0.98% as of April 30, 2025 [4] - The semiconductor materials sector's trading volume had a minimum of 0.38%, a maximum of 2.10%, and an average of 0.78%, with a current level of 0.96% as of April 30, 2025 [4] - The price-to-earnings (PE) ratios for the semiconductor equipment and materials sectors are projected to be 31.21 times and 36.56 times, respectively, based on 2025 earnings forecasts [4]