HuataiAMAT's Q1 insight: Strong demand for 24-year HBM and advanced equipment.

Huatai released a research report stating that AMAT announced its Q1F24 performance. The highlights of this performance include: 1) China's mainland accounted for 45% of Q1F24 revenue, with AMAT expecting the annual Chinese share to drop to around 30% of the normal level; 2) Looking ahead to the global semiconductor equipment market in 2024, there is strong demand for advanced process-related, ICAPS declining year-on-year due to capacity utilization rates, HBM driving continuous improvement in DRAM; NAND demand is expected to grow year-on-year but still below the 2023 level and accounts for less than 10% of overall WFE investment; 3) HBM and GAA-FET are the future core driving forces of the semiconductor equipment market. Huatai's main points are as follows: AMAT's Q1F24 performance exceeds market expectations, optimistic about HBM and advanced equipment demand in 2024 AMAT announced its Q1F24 performance, with both the Q1F24 performance and Q2F24 guidance surpassing Bloomberg's consensus expectations. Highlights of this performance include: 1) China's mainland accounted for 45% of Q1F24 revenue, and AMAT expects the annual Chinese share to drop to around 30% of the normal level; 2) Looking ahead to the global semiconductor equipment market in 2024, there is strong demand for advanced process-related, ICAPS declining year-on-year due to capacity utilization rates, HBM driving continuous improvement in DRAM; NAND demand is expected to grow year-on-year but still below the 2023 level and accounts for less than 10% of overall WFE investment; 3) HBM and GAA-FET are the future core driving forces of the semiconductor equipment market.