Investment Rating - The report maintains a positive stance on the analog semiconductor sector, indicating a recovery in the automotive semiconductors market [2][7]. Core Insights - The automotive semiconductor market is projected to experience a revenue decline of -5% YoY in 2025E, an improvement from the previous estimate of -7% YoY, with a subsequent growth of +11.6% in 2026E [4][23]. - Analog revenue growth has returned to positive levels, with Q3'25 showing a 5% YoY increase, and expectations for Q4'25 to grow by 11% YoY [3][4]. - AI is emerging as a growth driver, contributing 5-10% of revenues, with significant increases in AI-related revenues anticipated for major players [5]. Summary by Sections Automotive Semiconductors - The automotive semiconductor revenue is expected to decline by -5% YoY in 2025E, improved from -7% previously, and is projected to grow by +11.6% in 2026E [4][23]. - China’s automotive semiconductor demand is forecasted to grow by 9% YoY in 2025E, down from 21% in 2024, indicating a normalization trend [6][28]. Analog Semiconductors - Analog revenue growth has shown positive momentum, with Q3'25 revenue up 5% YoY, and projections for Q4'25 to grow by 11% YoY [3][4]. - Industrial revenues are expected to grow by 10.8% YoY in 2025E, with a forecast of +14.5% YoY for 2026E [4]. AI and Growth Drivers - AI is becoming a significant growth driver, with major companies like Infineon and TI reporting substantial increases in AI-related revenues [5]. - Infineon anticipates AI revenue to rise from $860 million in FY'25E to $1.7 billion in FY'26E [5]. Regional Insights - The report indicates that while China’s growth is moderating, it remains a key market, with expectations of 6% growth in 2026E compared to 8% for non-China regions [6][28]. - Year-to-date, China’s car volumes grew 13% YoY, with NEV (New Energy Vehicle) volumes up 31% YoY [6]. Sector Preferences - The report highlights a preference for analog semiconductors, which are currently trading at approximately 20x P/E for 2026E, compared to a 10-year average of 19x [7]. - Preferred stocks include TI, IFX, and Renesas, while ON and Melexis are rated Neutral [7].

来源：滚动播报 纳斯达克公司宣布纳斯达克100指数成份股调整将于12月22日生效。6家公司即将被纳入纳斯达克100指 数。分别是艾尼拉姆制药公司、费罗维亚集团、英斯梅德公司、单片电源系统公司、希捷科技控股有限 公司和西部数据公司。而有6家被移出，百健公司（Biogen）CDW公司、格芯公司、露露乐蒙、安森美 半导体和交易台公司（The Trade Desk）。 ...

Why a misunderstood power leader sits at the center of EVs, AI infrastructure, and U.S. onshoringA Focused Power and Sensing LeaderON Semiconductor (NASDAQ:ON) has transformed itself into a focused power and sensing company centered on silicon carbide, high-voltage power devices, and industrial-grade reliability. Its portfolio is tightly aligned with EV powertrains, industrial automation, energy infrastructure, and datacenter power, areas where efficiency and durability matter far more than commoditized sca ...

人民财讯12月12日电，安森美日前宣布与佛瑞亚海拉深化长期战略合作，将在其先进汽车平台全面采用 安森美的Power Trench T10MOSFET技术，助力佛瑞亚海拉为各类汽车应用提供更高效、更具成本效益 的解决方案，共同应对自动驾驶、车辆安全及电气化趋势带来的日益增长的电气需求。 ...

In a market dominated by headline-grabbing artificial intelligence (AI) giants, On Semiconductor Company (ON) is quietly inventing the power systems, materials, and technologies that makes the entire AI revolution possible. Yet, ON stock may still be flying under the radar. With accelerating AI revenue, breakthrough innovations in power efficiency, and momentum across automotive, industrial, and data-center markets, this overlooked player could deliver the kind of upside investors aren’t expecting yet. ww ...

Core Insights - onsemi has extended its strategic engagement with FORVIA HELLA by adopting its PowerTrench® T10 MOSFET technology for advanced automotive platforms, enhancing collaboration for the next decade of automotive transformation [2][5] Company Collaboration - The long-term agreement between onsemi and FORVIA HELLA strengthens their partnership, focusing on delivering innovative solutions in the automotive sector [2][5] - This collaboration is built on a 25-year history, showcasing the trust FORVIA HELLA places in onsemi for next-generation power solutions [5] Technology Advancements - onsemi's PowerTrench® T10 MOSFET technology offers industry-leading efficiency with ultra-low conduction and switching losses, enabling higher power density in a compact design [3][6] - The T10 MOSFETs are produced at onsemi's advanced facility in East Fishkill, NY, and are designed to improve efficiency and reduce costs across various automotive applications [3][9] Market Trends - The partnership addresses the growing demand for efficient, compact, and cost-effective power systems as vehicle electrification accelerates [6][9] - By integrating onsemi's intelligent power solutions with FORVIA HELLA's automotive expertise, the collaboration aims to meet the increasing electrical demands of automated driving and electrification trends [6]

After staging an impressive recovery from its Q1 bottom this year, the rally in shares of On Semiconductor (NASDAQ: ON ) fizzled in Q2; that was before On Semi’s management announced the massive $6B shareUttam is a growth-oriented investment analyst whose equity research primarily focuses on the technology sector. Semiconductors, Artificial Intelligence and Cloud software are some of the key sectors that are regularly researched and published by him. His research also focuses on other areas such as MedTech, ...

Core Insights - On Semiconductor's share rally experienced a significant decline in Q2 after a strong recovery from Q1, coinciding with the announcement of a $6 billion share buyback program [1] Company Overview - On Semiconductor is focused on growth within the technology sector, particularly in semiconductors, artificial intelligence, and cloud software [1] Market Context - The semiconductor industry is currently facing volatility, with On Semiconductor's stock performance reflecting broader market trends [1]

Question-and-Answer SessionJoseph MooreMorgan Stanley, Research Division I guess I'd like to start off giving you guys credit a couple of years ago at this event. You sort of talked about industrial starting to weaken, and you were right about that. Last year, it was auto and like it's probably not all that rewarding to be a good early warning indicator, but it helps me a lot so -- and I appreciate it a lot, and you guys have built a lot of credibility through that. And now it feels like we're kind of throu ...

ON Semiconductor FY Conference Summary Company Overview - **Company**: ON Semiconductor (NasdaqGS:ON) - **Date**: December 09, 2025 - **Speakers**: Hassane El-Khoury (CEO), Thad Trent (CFO) Key Industry Insights - **Market Conditions**: The company has observed stabilization in both the industrial and automotive sectors after a period of decline, indicating a potential recovery phase [2][3][4] - **Inventory Management**: ON Semiconductor has proactively managed inventory levels, resulting in lean inventory on both the balance sheet and in the channel, which positions the company well for future demand increases [2][5] - **Replenishment Cycle**: The company is currently under shipping to burn off excess inventory, with expectations for a replenishment cycle to follow once demand increases [4][12] Financial Performance and Projections - **Utilization Rates**: Current factory utilization is around 70%-74%, with potential for significant gross margin improvement as utilization increases [32][33] - **Gross Margin Impact**: Each percentage point increase in utilization could lead to a 25-30 basis point improvement in gross margin, with a potential increase of 650-700 basis points if fully utilized [33] - **Free Cash Flow**: The company is generating approximately $1.5 billion in free cash flow, with plans to return 100% of it to shareholders through a $6 billion share repurchase program over three years [39][40] Competitive Landscape - **Chinese Competition**: ON Semiconductor has strategically exited low-margin businesses that faced competition from Chinese manufacturers, focusing instead on high-value products where competition is limited [21][22] - **Technological Differentiation**: The company emphasizes its unique technological capabilities, particularly in silicon carbide and GaN products, which are critical for high-voltage applications [28][29] Growth Opportunities - **Silicon Carbide Applications**: The company sees expanding opportunities in silicon carbide beyond automotive, including energy storage systems and data centers [24][25] - **AI Data Center Market**: Revenue from AI data center products has doubled year-on-year, with projections of reaching around $250 million by 2025 [28] - **Treo Platform**: The Treo platform, a 65-nanometer BCD mixed signal analog technology, is expected to generate significant revenue, with a target of $1 billion by 2030 [50][51] Strategic Focus - **Supply Resilience**: The company has maintained a strong supply resilience strategy, which has proven beneficial during market disruptions [16][18] - **R&D Investments**: Continued investment in R&D is a priority, with a focus on developing new products and technologies to drive long-term growth [39][44] Conclusion - ON Semiconductor is navigating a recovery phase in the semiconductor market, with a focus on inventory management, technological differentiation, and strategic growth opportunities in high-value segments. The company's proactive measures and strong financial position are expected to support its long-term objectives and shareholder returns.