Investment Rating - The industry rating is "Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 to 12 months [96]. Core Insights - The semiconductor industry is experiencing a continuous recovery in its business climate, with global semiconductor sales expected to reach 697 billion in 2025 [3][20]. - The capacity utilization rate of leading chip foundries, such as SMIC, has significantly improved, rising from 68.1% in Q1 2023 to 90.4% in Q3 2024, driven by increased demand for smart devices [4][21]. - The demand for computing chips is being propelled by large model training and inference, as well as the rapid growth of the AIoT market, leading to a substantial increase in the validation and use of domestic computing chips [5][29]. - The storage market is witnessing a significant recovery, with the market size expected to grow by 84% year-on-year to reach 117.1 billion in 2024, with domestic investment in semiconductor equipment increasing by 35% [7][61]. - The power semiconductor market is expected to grow steadily, driven by the electrification of vehicles, AI servers, and solar energy applications, with the global market size projected to reach $522 billion in 2024 [8][81]. Summary by Sections Semiconductor Industry Overview - The semiconductor industry has shown continuous positive growth for 16 consecutive months, with both global and Chinese sales figures reflecting this trend [3][20]. Chip Manufacturing - The leading chip foundry, SMIC, has seen its capacity utilization rise significantly, indicating a robust recovery in demand for semiconductor products [4][21]. Computing Chips - The demand for computing chips is being driven by advancements in AI and the growing AIoT market, with domestic companies experiencing rapid revenue growth [5][29]. Storage Market - The storage market is experiencing a significant rebound, with substantial year-on-year growth expected in both NAND and DRAM segments, driven by AI applications [6][51]. Semiconductor Equipment and Materials - The semiconductor equipment market is on an upward trajectory, with a notable increase in domestic investment, while the materials sector is also seeing growth due to rising demand and technological advancements [7][61][69]. Power Semiconductors - The power semiconductor market is projected to grow steadily, supported by trends in electric vehicles and renewable energy, with significant growth expected in the coming years [8][81].
半导体行业景气度持续复苏，重点关注国产替代和AI相关投资机会
华福证券·2025-04-24 07:53