DISCO第一季度出货指导上调，关税影响静待观察

1ElectronicsOVERWEIGHT(Maintain)SemiconductorOVERWEIGHT(Maintain)AnalystHUANG Leping, PhDSAC No. S0570521050001SFC No. AUZ066huangleping@htsc.com+(852) 3658 6000AnalystCHEN XudongSAC No. S0570521070004SFC No. BPH392chenxudong@htsc.com+(86) 21 2897 2228AnalystYU KeyiSAC No. S0570525030001SFC No. BVF938yukeyi@htsc.com+(86) 21 2897 2228Sector performanceSource: Wind, Huatai Research(15)7305274May-24Sep-24Jan-25May-25(%)ElectronicsSemiconductorCSI300 This report must be read with important disclosures and analyst certifications located on the end of the report.semiconductors accounted for 15% of 4QFY24 shipmentvalue(silicon-based:5%;SiC:10%),but DISCO projects this proportion coulddrop to 10% in 1QFY25.Additionally,uncertaindemand in 2H25couldkeep 1QFY25CoWoSshipmentssubdued,onDISCO guidance.Risks:global semiconductor downcycles; intensified China-US trade frictions.Content related to unlisted companies or uncovered stocks in this report is basedonpublicly available information and does not represent our recommendations orcoverage. This report must be read with important disclosures and analyst certifications located on the end of the report.DisclaimersAnalyst CertificationI/We, HUANG Leping, CHEN Xudong, YU Keyi, hereby certify that the views expressed in this report accurately reflect thepersonal views of the analyst(s) about the subject securities or issuers; and no part of the compensation of theanalyst(s) was, is,or will be, directly or indirectly, related to the inclusion of specific recommendations or views in this report.General Disclaimers and DisclosuresThis research report has been prepared by Huatai Financial Holdings (Hong Kong) Limited (hereinafter referred to as“HFHL”).The information herein is strictly confidential to the recipient. This report is intended for HFHL, its clients and associatedcompanies. Any other person shall not be deemed a client of the Company merely from his or her receipt of this report.This report is based on information deemed reliable and publicly available by HFHL, but HFHL and its associated company(ies)(collectively, hereinafter“Huatai”)makes no guarantee as to the accuracy or completeness of such information.The opinions, assessments and projections contained herein only reflect the views and judgments at the issuance date. Huataimay issue research reports that contain inconsistent views, assessments and projections with those set out hereinat differenttimes. The prices, values and investment returns of the securities or investment instruments referred to herein may fluctuate.Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur.Huatai makes no warrants that the information in this report be kept up to date. The information contained in this report maybemodified without notice by Huatai, and investors shall pay attention to such updates or modifications when necessary.HFHL is not a U.S. Financial Industry Regulatory Authority(“FINRA”)member firm, and HFHL research analysts are notregistered/qualified as research analysts with FINRA.While every effort has been made by Huatai to ensure the content containedherein is objective and impartial, the views,conclusions and recommendations in this report are for reference only and are not to be construed as an offer or solicitationforthe purchase or sale of any security or financial instrument and in any jurisdiction where such offer or solicitation would be illegal.Such views and recommendations are not intended to provide personal investment advice and does not take into account thespecific investment objectives, financial situation and the particular needs ofany specific person. Investors should give sufficientconsideration to their own particular circumstances, and fully understand and use the contents of this report, which should not beseen as the sole factor to rely on in making investment decisions. Huatai and the report’s authors shall under no circumstance beheld liable for any direct, indirect or consequential losses or damages arising from or in connection with the use or reliance of thisreport or its contents. Any form of written or verbal commitment to share the proceeds or losses of any securities investment shallbe regarded as null and void.Unless otherwise indicated, the data quoted in this report represents past performance, which should not be used as a guide offuture returns. Huatai doesnot promise or guarantee that any future return will be realized. The forecast made in the report isbased on corresponding assumptions, and any change of assumptions may significantly affect the predicted return.Huatai and the report’s authors have nolegally prohibited interest in the securities or investment instruments referred to herein,to the best of their knowledge. Huatai may, to the extent permitted by applicable law, hold positions in or trade securitiesissuedby companies mentioned herein, and may also perform investment banking, financial a