半导体行业跟踪报告之一：全球半导体景气高企，投资主轴关注设计龙头

全球半导体景气高企，投资主轴关注设计龙头 全球半导体景气：各大机构普遍上调2020年全球半导体销售额增长预期。全球8英寸产能紧缺，半导体行业高景气度加速。部分厂商MOSFET价格开始上调，代工大厂2021年1季度正式涨价。中国半导体产业：A/H半导体行业2020年前三季度和单三季度业绩靓丽。A/H半导体各细分领域前三季度业绩表现均亮眼： 投资建议：设计和功率半导体是投资主轴，兼顾制造、设备和材料。风险分析： s 投资观点 1 ................................................................................. 4 1.1 8 .................................................................................................. 4 1.2 ......................................................................................................... 6 2 A/H .................................................................... 12 2.1 2020 ........................................................................................................ 12 2.2 2020Q3 ................................................................................................................. 14 2.3 +23.6%+66.3% ................................................................................................ 18 3 ................................... 20 4 .............................................................................................................................. 21 12020 .................................................................................. 4 2............................................................................................... 5 3............................................................................................... 5 4 ...................................................................................................... 6 5 ................................................................... 7 6 .............................................................................. 8 7 .............................................................................. 9 8......................................................................... 10 9......................................................................... 11 102020% .................................................... 12 112020Q3% ............................................................ 14 1220Q3Q230%Q2/Q3 ..... 16 1320Q3Q230%Q2Q3 ...... 17 142020%........................................................ 18 代码名称主要产品2019/92019/102019/112019/122020/12020/22020/32020/42020/52020/62020/72020/82020/9营收（百万新台币）代工2330.TW台积电营收102170106040107884103313103683933941135209600293819120878105963122878127584YOYYOY7.6%4.4%9.7%15.0%32.8%53.4%42.4%28.5%16.6%40.8%25.0%15.8%24.9%MOMMOM-3.7%3.8%1.7%-4.2%0.4%-9.9%21.5%-15.4%-2.3%28.8%-12.3%16.0%3.8%2303.TW联电营收10826145871389213370140911360614570150591474614581154951484214534YOYYOY-8.7%16.0%20.2%17.4%19.5%30.1%-41.1%24.6%20.4%24.6%12.9%12.6%34.2%MOMMOM-17.9%34.7%-4.8%-3.8%5.4%-3.4%7.1%3.4%-2.1%-1.1%6.3%-4.2%-2.1%5347.TWO世界营收2340245622702608237525922877258527712871271027842850YOYYOY-11.5%-2.7%-12.2%0.5%-7.2%21.8%29.6%12.6%19.2%25.0%8.7%21.3%21.8%MOMMOM2.0%5.0%-7.6%14.9%-8.9%9.1%11.0%-10.1%7.2%3.6%-5.6%2.7%2.4%逻辑代工加总营收营收115336123083124046119291120149109593130967113646111335138330124168140504144968YOYYOY5.4%5.5%10.2%14.9%30.0%49.2%41.9%27.6%17.2%38.5%23.0%15.5%25.7%MOMMOM-5.1%6.7%0.8%-3.8%0.7%-8.8%19.5%-13.2%-2.0%24.2%-10.2%13.2%3.2%3105.TWO稳懋半导体化合物代工2292232422892291201719642079201419852003207421942219YOY74.1%67.0%64.1%60.5%60.5%78.0%66.4%57.0%42.4%12.8%3.5%5.2%-3.2%MOM9.8%1.4%-1.5%0.1%-12.0%-2.6%5.9%-3.2%-1.4%0.9%3.5%5.8%1.1%8086.TWO宏捷化合物代工237253260267270272272277279284281287312YOY94.1%127.7%110.5%145.0%138.0%190.6%164.2%122.2%79.9%66.3%43.0%23.5%31.5%MOM2.3%6.6%2.7%2.9%0.8%0.8%0.1%1.6%1.0%1.8%-1.3%2.1%8.9%化合物代工加总营收营收2529257725492559228722362352229022642288235524812531YOYYOY75.8%71.5%67.9%66.5%66.9%86.8%73.9%62.8%46.2%17.5%7.0%7.0%0.1%MOMMOM9.1%1.9%-1.1%0.4%-10.6%-2.2%5.2%-2.6%-1.1%1.0%2.9%5.4%2.0%存储2408.TW南亚科技存储DRAM IDM500145224263433145004563.0395355.593562055505320490748705547YOY-37.3%-32.8%-21.1%-10.3%5.7%34.4%44.0%36.7%30.8%30.2%7.2%-6.7%10.9%MOM-4.2%-9.6%-5.7%1.6%3.9%1.4%17.4%4.9%-1.2%-4.1%-7.8%-0.7%13.9%2344.TW华邦电子存储 DARM NAND NOR IDM463043214057407436833725.5194140.767434942734131412444337477YOY7.2%4.0%0.9%10.4%-5.0%13.7%10.9%11.4%6.5%0.9%-4.7%-0.7%61.5%MOM3.7%-6.7%-6.1%0.4%-9.6%1.2%11.1%5.0%-1.7%-3.3%-0.2%7.5%68.7%2337.TW旺宏存储 NAND NOR508036663252266327562777.0333882.239342828363007313931544663YOY35.5%-5.9%6.8%30.3%21.9%53.9%97.6%64.4%4.1%12.6%3.4%-16.8%-8.2%MOM34.0%-27.8%-11.3%-18.1%3.5%0.8%39.8%-11.7%-17.3%6.1%4.4%0.5%47.9%存储加总营收营收14712125091157211067109391106613379133971265912458121701245717687YOYYOY-8.3%-15.3%-7.2%4.8%5.2%30.6%42.1%32.6%15.3%14.8%1.9%-7.6%20.2%MOMMOM9.2%-15.0%-7.5%-4.4%-1.2%1.2%20.9%0.1%-5.5%-1.6%-2.3%2.4%42.0% 设计2454.TW联发科营收234942200320616220891981818220.83722824205462177825279266923271637866YOYYOY1.7%5.6%10.4%3.3%22.0%28.7%2.3%-4.7%13.9%21.0%29.0%42.0%61.2%MOMMOM2.0%-6.3%-6.3%7.1%-10.3%-8.1%25.3%-10.0%6.0%16.1%5.6%22.6%15.7%3034.TW联咏驱动IC、消费电子SOC5