点击招商研究小程序查看PDF报告原文 近期北美谷歌、Meta、微软、亚马逊等CSP厂商陆续披露了Q2超预期的业绩表现，AI相关业务保持加 速增长态势，并进一步上修了未来Capex指引，显示下游AI算力需求中长期将保持旺盛态势。结合我们 近期和国内外机构投资者的交流，我们提炼总结了目前市场关心的五大议题：行业景气趋势、AI PCB 产品升级趋势对行业的影响、AI PCB扩产后的格局和产能是否过剩、AI PCB升级对上游原材料的影响 及扩产对设备环节的拉动，并根据对产业链的跟踪，对以上五个议题做了研究和分析，我们认为中长期 在AI旺盛需求的背景下，AI PCB产品不断升级和技术创新持续迭代，产业链将处于供不应求的状态， 高端产能的持续扩张将给行业中上游各环节注入强劲增长动能，AI业务占比高的厂商业绩有望实现逐 季增长，我们建议积极把握此轮AI PCB需求驱动的板块高成长的投资机会。 如何看待AI算力的景气趋势？1）Capex角度， 北美CSP大厂近期业绩交流会中进一步上修了未来AI Capex。 谷歌 将25Y-Capex从750亿美金上修至850亿美元同比+62%，其中2/3用于服务器，1/3用于数据 中心和网 ...

点击招商研究小程序查看PDF报告原文 事件 ： 公司发布 2025 年中报， 2025H1 公司实现收入 32.24 亿元，同比 +19.80% ；归母净利润 4.86 亿元，同比 +32.03% ；扣非归母净利润 4.62 亿元，同比 +32.87% ，收入及利润创半年度历 史新高。我们点评如下 ： 2025H1 收入及利润创半年度历史新高，数据中心业务订单获重要增长。 2025H1 公司实现收入 32.24 亿元，同比 +19.80% ；归母净利润 4.86 亿元，同比 +32.03% ；扣非归母净利润 4.62 亿元， 同比 +32.87% 。分业务来看，信号处理 / 电源管理 / 汽车电子或储能专用 / 陶瓷、 PCB 及其他收入 分别为 11.63/11.50/6.41/2.70 亿元，同比 +7.55%/+25.73%/+38.22%/+16.70% 。公司的创新业务得 到多位全球顶级科技客户的认可，其中数据中心业务于 2025 年上半年实现订单的重要增长，成为 公司继汽车电子市场之后又一新兴战略市场的标志性突破。公司重视研发投入， 2025H1 研发投入 2.77 亿元，同比 + 23.82% ...

点击招商研究小程序查看PDF报告原文 事件：公司发布关于投资建设高端PCB项目公告，公司全资子公司超毅集团预计投资不超过10亿美 元建设高端PCB项目，以满足客户在高速运算服务器、人工智能等新场景对高端PCB的中长期需 求。结合公司近况，我们点评如下： 公司大力扩张AI-PCB高端产能，推动PCB产品升级，为积极开拓AI领域头部客户以及承接算力需求奠 定产能基础。 子公司Multek投资不超过10亿美元扩充面向高速运算服务器、AI等新场景的高端PCB产 能。目前AI领域客户对于高密度互连、高速信号传输等特性的PCB产品需求大幅增加，而Multek现有产 能已难以满足客户未来的中长期需求，此次公司聚焦于高端PCB领域，通过新增产能快速填补市场缺 口，满足客户需求，进一步巩固Multek在PCB领域的领先地位，并提高高密度互连、刚柔结合等先进技 术产品的占比，优化产品结构。考虑到AI领域对高端PCB存在显著的中长期需求，随着行业快速发展， 我们公司此次新增的产能有望得到消化，帮助公司实现整体经济效益的提升。 25-26年关注A客户终端AI化及折叠屏带动软板升级、光模块资产整合、AI-PCB业务和汽车电子业务的 扩 ...

点击招商研究小程序查看PDF报告原文 事件： 英特尔（INTC）近日发布2025Q2财报，25Q2营收129亿美元，同比+0.2%/环比+2%，毛利率 29.7%，同比-9.0pcts/环比-9.5pcts。综合财报及交流会议信息，总结要点如下： 评论： 1、25Q2营收超指引上限，毛利率受减值及一次性费用影响。 25Q2营收129亿美元，同比+0.2%/环比+2%，超指引上限（112-124亿美元），主要系客户端 和数据中心业务的强劲需求；毛利率29.7%，同比-9.0pcts/环比-9.5pcts，剔除非现金减值及一 次性费用后毛利率37.5%。 2、AI服务器CPU需求强劲，AIPC占比持续提升。 1）分部门看：①Intel Products： 营收118亿美元，环比+0.3%，其中CCG营收环比+3.9%，推 出多款AI PC、扩展Arc显卡应用场景，聚焦AI推理向边缘延伸机遇；DC AI营收环比-4.9%，受超 大规模客户需求波动影响，AI服务器主机CPU需求强劲，Granite Rapids至强6处理器持续量产， 新款产品获英伟达DGX B300。 ②Intel Foundry： 营收44亿美元， ...

Core Viewpoint - STMicroelectronics (STM) reported Q2 2025 revenue of $2.77 billion, down 14.4% year-on-year but up 9.9% quarter-on-quarter, exceeding the midpoint of guidance [1][8]. Group 1: Financial Performance - Q2 2025 revenue was $2.77 billion, down 14.4% year-on-year and up 9.9% quarter-on-quarter, surpassing the midpoint of guidance by $56 million [1][8]. - Gross margin was 33.5%, down 6.6 percentage points year-on-year but slightly above guidance [1][8]. - Net profit was -$97 million, a significant decline from $353 million year-on-year [10]. - Inventory at the end of Q2 was $3.27 billion, with a turnover period of 166 days, slightly exceeding expectations [11]. Group 2: Business Segment Performance - Automotive revenue was $1.11 billion, down 24% year-on-year but up 14% quarter-on-quarter, with a BB ratio dropping below 1 due to specific customer dynamics [2][12]. - Industrial revenue was $610 million, down 8% year-on-year but up 15% quarter-on-quarter, with a BB ratio above 1 indicating improved order intake [2][14]. - Personal electronics revenue was $640 million, down 5% year-on-year and up 3% quarter-on-quarter, showing stable demand [2][16]. Group 3: Guidance and Outlook - For Q3 2025, the company expects revenue to reach $3.17 billion, down 2.5% year-on-year but up 14.6% quarter-on-quarter, with all end markets except automotive expected to show year-on-year growth [3][19]. - The gross margin for Q3 is projected to be around 33.5%, with inventory turnover days expected to decrease significantly [3][19]. - The automotive sector is anticipated to approach a market turning point, with expectations for sequential growth in Q3 and Q4 [3][19]. Group 4: Strategic Developments - The company is advancing its automotive electrification strategy, achieving progress in silicon carbide and silicon-based devices for various applications [12][13]. - STM's "China for China" strategy aims to enhance local manufacturing and design capabilities, which is expected to strengthen its competitive position in the Chinese market [35]. - The company has received recognition for its sustainability efforts, being listed among the "World's Most Sustainable Companies" by TIME magazine [18].

Core Viewpoint - The company reported strong financial results for FY25Q3, with revenue and EPS exceeding market expectations, driven by robust growth in industrial solutions and AI applications [1][7][4]. Group 1: Financial Performance - FY25Q3 revenue reached $4.53 billion, up 13.9% year-over-year and 9.4% quarter-over-quarter, marking a record high [1][7]. - Adjusted EPS for the quarter was $2.27, reflecting a 19% increase year-over-year and an 8% increase quarter-over-quarter [1][7]. - The adjusted operating profit margin improved to 19.9%, up 0.6 percentage points year-over-year and 0.5 percentage points quarter-over-quarter [1][7]. Group 2: Business Segments - Industrial Solutions segment revenue was $2.116 billion, up 30% year-over-year, driven by AI-related digital data network business growth and energy acquisitions [2][8]. - The Digital Data Network (DDN) business saw an organic growth of 82%, benefiting from ongoing AI projects and an expanding customer base [2][8]. - Transportation Solutions segment revenue was $2.41 billion, up 3% year-over-year, with automotive business growth of 2% offset by declines in Western markets [3][8]. Group 3: Orders and Cash Flow - Total orders for the quarter amounted to $4.47 billion, up 8% year-over-year and 5% quarter-over-quarter, with strong demand in industrial sectors [9]. - Free cash flow reached a record $962 million for the quarter, with a year-to-date total of $2.1 billion [10][1]. Group 4: Future Outlook - The company expects FY25Q4 revenue to reach $4.55 billion, a 12% year-over-year increase, with adjusted EPS projected at $2.27, a 16% increase [4][13]. - AI-related revenue is anticipated to exceed $800 million in FY25 and $1 billion in FY26, becoming a core growth driver [4][15]. Group 5: Mergers and Acquisitions - The company invested $2.6 billion in acquisitions for the industrial sector, including the completion of the acquisition of Richards [11][27].

Core Viewpoint - Amphenol (APH) reported record revenue and profit in Q2 2025, driven by growth in IT data communications, communication networks, commercial aerospace, defense, industrial markets, mobile devices, and automotive sectors [1][6][12]. Financial Performance - Q2 2025 revenue reached $5.65 billion, exceeding guidance of $5 billion, with a year-over-year increase of 57% and a quarter-over-quarter increase of 17% [1][6]. - Adjusted operating profit margin was 25.6%, up 4.3 percentage points year-over-year and 2.1 percentage points quarter-over-quarter, reflecting strong operational leverage from increased sales [1][6][12]. - Adjusted EPS was $0.81, surpassing guidance and up 84% from $0.44 in Q2 2024 [1][6][12]. - Record order volume of $5.523 billion, up 36% year-over-year and 4% quarter-over-quarter, with an order-to-shipment ratio of 0.98:1 [1][6][12]. Segment Performance - All three business segments reported significant year-over-year growth: Environmental Solutions ($1.445 billion, +38%), Communication Solutions ($2.91 billion, +101%), and Interconnect and Sensor Systems ($1.295 billion, +16%) [2][7]. - IT data communications and communication networks saw remarkable growth, with revenues increasing by 133% and 143% year-over-year, respectively, driven by AI applications and acquisitions [2][11][12]. Market Outlook - For Q3 2025, the company expects revenue between $5.4 billion and $5.5 billion, representing a year-over-year increase of 34% to 36% [3][14]. - The defense market is anticipated to see slight growth, while commercial aerospace and industrial markets may experience minor declines due to seasonal factors [4][16][17]. Cash Flow and Capital Expenditure - Q2 2025 operating cash flow and free cash flow reached new records of $1.417 billion and $1.122 billion, respectively, with capital expenditures expected to increase to support growth in IT data communications [12][12]. Acquisition Strategy - The company completed the acquisition of Narda-MITEQ for approximately $300 million, enhancing its position in the defense market [13][31]. - Amphenol continues to explore acquisition opportunities across various market segments, focusing on companies with strong talent and product offerings [31][32]. Future Growth Potential - The company anticipates that future incremental sales will convert to operating profit at a rate close to 30%, reflecting ongoing improvements in product technology and cost management [15][20].

Core Viewpoint - SK Hynix reported a record high revenue of 22.23 trillion KRW in Q2 2025, driven by strong DRAM and NAND shipments, with a year-on-year increase of 35% and a quarter-on-quarter increase of 26% [1][6]. Group 1: Financial Performance - Q2 2025 revenue reached 22.23 trillion KRW, marking a historical high, with DRAM and NAND shipments exceeding expectations [1][6]. - Gross margin stood at 54%, up 8 percentage points year-on-year but down 3 percentage points quarter-on-quarter [1]. - Net profit was 7 trillion KRW, with a net profit margin of 31%, reflecting a year-on-year increase of 6 percentage points but a quarter-on-quarter decrease of 15 percentage points [1][15][16]. - DRAM revenue was 17.1 trillion KRW, up 58% year-on-year and 21% quarter-on-quarter, driven by strong server and PC demand [1][22]. - NAND revenue was 4.7 trillion KRW, down 8% year-on-year but up 47% quarter-on-quarter, with a significant increase in shipment volume [1][22]. Group 2: Market Outlook - Demand for storage is expected to continue growing in H2 2025, with strong demand and favorable pricing conditions observed in H1 2025 [2]. - The server market is anticipated to grow healthily, driven by increased capital expenditures from major companies and a shift in demand due to new CPU procurement [2][22]. - AI applications are expected to boost replacement demand in the PC and mobile markets, leading to an increase in memory capacity per device [2][22]. Group 3: Supply and Production Plans - Q3 2025 shipment growth is expected to slow, with DRAM growth projected at low to mid-single digits and limited growth in NAND shipments [3]. - The company plans to maintain its target of doubling HBM revenue year-on-year and has provided HBM4 samples to customers [3][22]. - Capital expenditures are expected to exceed previous guidance, with additional spending allocated for HBM-related equipment [3][22]. Group 4: Product Development and Strategy - The company is focusing on high-speed DDR5 products and expanding its HBM product line to meet growing AI market demands [23][32]. - Plans include the development of enterprise-level SSDs and high-density server modules to cater to evolving market needs [23][32]. - The M15X factory is set to begin production in Q4 2025, with full-scale production expected in 2026 [23][32]. Group 5: Customer and Market Dynamics - The company is closely monitoring customer demand and inventory levels, with a focus on maintaining stable supply amid uncertainties [26][27]. - The shift in AI workloads is expected to drive significant changes in NAND demand, particularly for eSSD solutions [34]. - The company is committed to ensuring supply continuity for its Chinese operations while navigating regulatory challenges [27].

Core Viewpoint - NXP Semiconductors reported Q2 2025 revenue of $2.926 billion, a year-over-year decline of 6.4% but a quarter-over-quarter increase of 3.2%, exceeding the midpoint of guidance [1][10] - The company anticipates a recovery in the automotive and industrial IoT sectors, with a projected revenue growth of 8%-12% CAGR from 2025 to 2027 [4][37] Financial Performance - Q2 2025 revenue was $2.926 billion, with a gross margin of 56.5%, slightly below the previous year but close to the upper limit of guidance [1][13] - Non-GAAP operating profit margin for Q2 2025 was 32%, down 230 basis points year-over-year but above guidance [10][13] - Q3 2025 revenue guidance is set between $3.05 billion and $3.25 billion, with a midpoint indicating a 3% year-over-year decline but an 8% quarter-over-quarter increase [3][16] Business Segments - Automotive segment revenue for Q2 2025 was $1.729 billion, accounting for 59% of total revenue, with a year-over-year increase of 0.1% and a quarter-over-quarter increase of 3.3% [2][12] - Industrial and IoT revenue was $546 million, down 11.4% year-over-year but up 7.5% quarter-over-quarter, exceeding expectations [2][12] - Mobile business revenue was $331 million, down 4.1% year-over-year and 2.1% quarter-over-quarter, also exceeding expectations [2][12] Market Trends - The automotive market in China is showing strong growth, driven by OEMs pushing for innovations in autonomous driving [4][36] - The overall industrial market is recovering, with growth shifting from consumer electronics to core industrial sectors [4][37] - The company expects to see a continued increase in demand for radar products due to the rising levels of ADAS [4][36] Inventory and Capacity - Inventory days decreased to 158 days in Q2 2025, down 11 days from the previous quarter, with distribution channel inventory remaining at 9 weeks [1][13] - The company aims to increase capacity utilization to nearly 80% in the future, with a long-term goal of reaching 85% [3][29] Strategic Outlook - NXP is focusing on enhancing its competitive product portfolio through recent acquisitions, including TTTech Auto, Kinara, and Aviva Links [11][15] - The company is managing its resources to maintain robust profitability and revenue, with a focus on optimizing operational efficiency [11][15] - The long-term gross margin target is set between 57% and 63%, with various factors influencing this range, including capacity utilization and product mix [29][30]

点击招商研究小程序查看PDF报告原文 事件： 德州仪器于7月23日发布2025年第二季度财报，25Q2公司营收44.48亿美元，同比+16.4%/环比+9.3%，净利润12.95亿美元，同比+14.9%/环 比+9.8%，指引工业市场持续复苏，综合财报及电话会议信息，总结要点如下： 评论： 1、25Q2营收及EPS均超指引中值，库存周转天数环比下降。 25Q2公司营收44.48亿美元，同比+16.4%/环比+9.3%，超指引中值（41.7-45.3亿美元）；毛利率57.89%，同比+0.04pct/环比+1.05pct；净 利润12.95亿美元，同比+14.9%/环比+9.8%。EPS为1.41美元，超指引中值（1.21-1.47美元）。25Q2库存为48亿美元，环比增加1.25亿美 元，DOI 231天/环比-9天。 2、模拟及嵌入式同环比均实现增长，大部分终端呈现复苏态势。 1）分产品类型： 25Q2模拟产品收入为34.52亿美元，同比+17.9%/环比+7.5%；嵌入式处理业务部门收入6.79亿美元，同比+10.4%/环比 +4.9%；其他业务部门收入3.17亿美元，同比+13.6%/环比+49.5%。 ...