[Table_Title] 研究报告 Research Report 10 Feb 2026 中国半导体 China (Overseas) Semiconductor FY4Q25 全球科技业绩快报：安森美 FY4Q25 Global Semiconductor Earnings Snapshot: ON Semiconductor 姚书桥 Barney Yao barney.sq.yao@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件 安森美 4Q25 业绩整体表现稳健：4Q25 收入为$15.3 亿，略高于$15.35 亿的市场一致预期；非公认会计准则每股收益 （non-GAAP EPS）为$0.64，超出$0.62 的市场共识；盈利能力稳步提升，GAAP 毛利率达 36%，non-GAAP Gross Margin 进一步提升至 38.2%，已初步显现晶圆优化措施的成效，整体业绩表现超出公司此前业绩指引中值。 点评 AI Datacen ...

来源：滚动播报 杰富瑞将安森美半导体目标价从65美元上调至73美元。 ...

Major U.S. stock benchmarks closed higher on Monday, with the Dow Jones Industrial Average edging up 0.04% to 50,135.87, the S&P 500 rising 0.47% to 6,964.82, and the Nasdaq climbing 0.9% to 23,238.67.These are the top stocks that gained the attention of retail traders and investors through the day.Kyndryl Holdings, Inc. (NYSE:KD)Kyndryl Holdings stock tumbled 54.92% to close at $10.59, trading between an intraday high of $11.43 and a low of $10.10, with the stock sitting at its 52-week trough of $10.10 ver ...

面向汽车与工业领域的芯片巨头安森美半导体(ON.US)北京时间周二晨间公布最新季度业绩数据以及未来展望，数据显示，安森美半导体截至 2025年12月31日的第四季度业绩高于华尔街分析师平均预期，但是该公司对于当前季度(第一季度)的最新展望不及华尔街预期，导致该芯片 巨头的股价在美股盘后交易中一度大跌超8%。 为何安森美半导体今年以来股价大涨? 今年以来，安森美半导体股价跟随史无前例AI大浪潮所驱动的模拟芯片/数据中心电力链条相关芯片需求强劲复苏预期持续上涨，自 2026年以来的涨幅高达20%，作为对比，2025年该芯片巨头全年股价跌幅高达15%。 财报数据显示，安森美半导体第四季度总营收约15.3亿美元，意味着同比下滑11%，Non-GAAP准则下的调整后每股收益为0.64美 元，远远低于上年同期的约0.95美元，不过两项业绩数据均高于华尔街分析师们平均预期的约15.2亿美元与0.62美元。安森美半导 体Q4营业利润率约13.1%，低于上年同期的约23.7%，Non-GAAP准则下的营业利润率约19.8%，同样低于上年同期的约26.7%。 按业务部门划分，安森美第四季度电源方案部(PSG)业务营收为7.24亿 ...

智通财经APP获悉，面向汽车与工业领域的芯片巨头安森美半导体(ON.US)北京时间周二晨间公布最新 季度业绩数据以及未来展望，数据显示，安森美半导体截至2025年12月31日的第四季度业绩高于华尔街 分析师平均预期，但是该公司对于当前季度(第一季度)的最新展望不及华尔街预期，导致该芯片巨头的 股价在美股盘后交易中一度大跌超8%。 作为对比，在上年同期，安森美半导体整体营收约为14.5亿美元，调整后每股收益约为0.55美元;这也意 味着，在经历了长达两年多的同比下滑阶段之后，安森美半导体第一季度的总营收和每股收益有望恢复 增长轨迹。 为何安森美半导体今年以来股价大涨? 这家聚焦于模拟芯片与功率半导体领域的芯片巨头业绩自2025年下半年以来可谓持续受益于AI数据中 心建设进程如火如荼带来的强劲电力链条相关芯片需求，尤其是其聚焦AI基础设施的电源管理产品增 长对冲了电动汽车端(尤其SiC与EV相关)更谨慎的开支以及自2022年末以来电动汽车需求持续疲软态 势，这也说明市场并非凭空想象"AI拉动安森美半导体业绩"，而是已有订单/营收端的体现。 安森美主营业务的上述三大分部决定了该芯片公司"更像电力/功率与能效类半导体 ...

US stock futures inched higher on Tuesday after the Dow’s latest record close, as Wall Street's march back to record territory continued following last week's tech sell-off. Dow Jones Industrial Average futures (YM=F) rose 0.1%, edging nearer to fresh all-time highs above 50,000. Meanwhile, contracts on the S&P 500 (ES=F) and the tech-heavy Nasdaq 100 (NQ=F) moved up roughly 0.2%. The moves follow another positive session for stocks to start the week. The Dow (^DJI) eked out a gain, setting another all- ...

US stock futures hit pause on Tuesday after the Dow’s latest record close, as Wall Street's march back to record territory continued following last week's tech sell-off. Contracts on the Dow Jones Industrial Average (YM=F), the S&P 500 (ES=F), and the tech-heavy Nasdaq 100 (NQ=F) hovered around the baseline. The muted action follows another positive session for stocks to start the week. The Dow (^DJI) eked out a gain, setting another all-time high over 50,000. The S&P 500 (^GSPC) advanced roughly 0.5% a ...

Hassane El-Khoury: Thank you, Parag. Good afternoon, and thank you all for joining us on this first call of the year. In 2025, amid a challenging demand environment, we delivered $6 billion of revenue and non-GAAP gross margin of 38.4% by staying disciplined in our execution and tightly aligning to our long-term strategy. With focused investments, we advanced our technology leadership while positioning ourselves better in the growth markets that define our future. We strengthened our portfolio through organ ...

Wide-bandgap roadmap updates, including plans to sample more than 30 new GaN devices in 2026 across 40 to 1,200 volts , as well as a new foundry partnership to broaden supply options for lateral GaN (with revenue beginning in 2026). Management also said it expects first V-GaN revenue in 2027 .Automotive efforts tied to the industry’s shift to zonal architecture , including an automotive zonal design funnel that management said has already exceeded $400 million for products such as SmartFETs, eFuses, and 10B ...

Financial Data and Key Metrics Changes - In 2025, the company delivered $6 billion in revenue with a non-GAAP gross margin of 38.4%, reflecting disciplined execution and alignment with long-term strategy [7] - Free cash flow increased 17% year-over-year to $1.4 billion, achieving a record free cash flow margin of 24% [17][24] - For Q4, revenue was $1.53 billion, with a non-GAAP gross margin of 38.2% and earnings per share of $0.64, exceeding the midpoint of guidance [10][23] Business Line Data and Key Metrics Changes - Automotive revenue was $798 million, up approximately 1% quarter-over-quarter, indicating stabilization in the automotive market [21] - Industrial revenue was $442 million, up approximately 4% quarter-over-quarter, marking the first quarter of year-over-year growth in industrial revenue after eight quarters of declines [21] - AI data center revenue contributed more than $250 million for the full year, with growth in Q4 [12][21] Market Data and Key Metrics Changes - The aerospace, defense, and security segment saw a 70% year-over-year revenue increase, driven by North America and Europe [12] - The company is experiencing improving order trends across core markets, contributing to a positive outlook for 2026 [10][27] Company Strategy and Development Direction - The company has evolved from a manufacturing-centric to a product-centric model, focusing on high-margin product revenue and strategic investments in technology [8] - The introduction of the Treo Platform and expansion into high-growth markets like AI data centers and automotive zonal architecture are key strategic initiatives [7][11] - The company aims to achieve margin expansion through operational efficiency and a refined product mix, with a focus on differentiated products [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about improving demand conditions across automotive, industrial, and AI infrastructure markets [15][27] - The company anticipates that the groundwork laid over the past years will enable it to benefit from improving demand conditions [15] - Management highlighted the importance of aligning manufacturing capabilities with market demands to enhance gross margins [19][88] Other Important Information - The company announced a new $6 billion share repurchase program after returning approximately 100% of free cash flow to shareholders in 2025 [18][24] - The company is reducing fab capacity by 12% to improve operational efficiency, which is expected to lower depreciation costs in 2026 [19] Q&A Session Summary Question: What was going on in the other category? - Management noted that excluding exits, the company is above seasonal trends, and the decline in the other category was due to normal seasonality and $40 million in exits [30] Question: Can you discuss the AI data center market and its potential? - Management expressed confidence in the growth of the AI data center segment, highlighting the company's unique capabilities in high-voltage power supply and its broad product portfolio [32][33] Question: What is the expected run rate for non-core exits? - Management clarified that the $50 million exit in Q1 is part of a larger $300 million total for the year, with varying quarterly impacts [37] Question: How do you expect gross margins to progress? - Management indicated that gross margins are expected to improve due to increased utilization and ongoing FabRight initiatives, with a target of reaching low 40s% in the long term [88][90] Question: What is the outlook for the automotive market? - Management expects automotive revenue to be roughly flat in Q1 due to seasonal factors, but overall stabilization is anticipated [50]