半导体设备行业点评报告：海外半导体设备企业市值回落，国内仍具较大进口替代空间

Investment Rating - The industry investment rating is "Positive" (maintained) [2][14] Core Insights - The valuation of US semiconductor equipment companies has declined significantly, with major companies like KLA, AMAT, LAM, and ASML experiencing stock price drops of 31.32%, 33.88%, 37.82%, and 40.42% respectively since mid-2024 [4] - Demand for stockpiling equipment in mainland China may have peaked, as companies have recently reduced their procurement in response to potential export control measures. The market size for mainland China is expected to account for about 20% next year, down from 47% in Q3 2024 [5] - There remains a substantial amount of imported equipment in areas such as etching and thin film deposition, with significant import values reported for various equipment types [5] - Domestic equipment manufacturers are expected to gradually capture market share from US companies due to stricter export controls affecting the latter. Companies like North Huachuang, Zhongwei Company, and Tuojing Technology are well-positioned to benefit [6] Summary by Sections Market Performance - The semiconductor sector has seen a market performance decline of -33%, -20%, -8%, 5%, 18%, and 31% compared to the CSI 300 index [3] Key Company Ratings - North Huachuang: Market Cap 231.93 billion, Current Price 435.04, 2023A EPS 7.31, 2024E PE 39.88, Investment Rating "Accumulate" [8] - Zhongwei Company: Market Cap 133.90 billion, Current Price 215.15, 2023A EPS 2.87, 2024E PE 78.17, Investment Rating "Accumulate" [8] - Tuojing Technology: Market Cap 52.46 billion, Current Price 188.48, 2023A EPS 2.38, 2024E PE 68.57, Investment Rating "Accumulate" [8] Investment Recommendations - It is recommended to focus on domestic equipment companies such as North Huachuang, Zhongwei Company, and Tuojing Technology [7]