2024年，全球智能手机出货量迎来转折点，在经历了数年的停滞之后，同比增长5.7%。预计2025 年，出货量将增长2.8%，达到12.5亿部。在政府补贴和安卓系统扩张的支持下，中国手机厂商是此 次复苏的关键贡献者。华为强势回归，在中国市场抢占了苹果的市场份额；三星则以18%的市场份额 保持全球第二，专注于中高端市场。 传统供应商仍占据射频前端 (RFFE) 市场 70% 以上的份额，但正面临来自中国替代供应商的日益增 长的压力。在政府激励措施的支持下，中国生态系统正在不断扩张。然而，激烈的成本竞争也给成熟 的企业带来了挑战。 公众号记得加星标⭐️，第一时间看推送不会错过。 来源 ： 内容 编译自 yole 。 2024年，全球移动射频前端市场规模将达到154亿美元，其中70%来自模块，30%来自分立元件。由 于一系列支撑和抵消趋势，预计到2027年，该市场将保持平稳： 增长动力：5G持续扩展，增加一些新的5G频段的内容。 不利因素：架构简化、成本压力巨大以及平均售价下降。 我们预计增长将在2028年左右开始，届时更多的射频前端内容将首先应用于旗舰手机，以支持与5G- Advanced相关的新频段，随后不久将迎 ...

Core Insights - Qorvo (NASDAQ: QRVO) reported results that significantly exceeded expectations for both June and September guidance, surprising analysts with their performance [1] Financial Performance - The results were described as "better than nice," indicating a strong financial performance that surpassed prior estimates [1] Analyst Commentary - Analyst Thomas O'Malley expressed surprise at the results, indicating that the performance was unexpectedly strong compared to what was anticipated [1]

点击招商研究小程序查看PDF报告原文 事件：Qorvo （ QRVO ）发布 2026 财年第一季度（ 25CQ2 ， 2025 年 4 月 1 日～ 6 月 30 日）财报， FY26Q1 营收 8.19 亿美元，同比 -7.63%/ 环比 -5.86% ； Non-GAAP 净利润 0.86 亿，同比 +2.38%/ 环比 -35.33% 。综合财报及交流会议信息，总结要点如下： 1 、 FY26Q1 营收同环比下滑，营收、毛利率、每股收益仍超业绩指引 FY26Q1 （ 25CQ2 ）单季度营收 8.19 亿美元，同比 -7.63%/ 环比 -5.86% ； Non-GAAP 毛利率 44% ； Non-GAAP 摊薄每股收益 0.92 美元； Non-GAAP 净利润 0.86 亿，同比 +2.38%/ 环比 -35.33% 。营收、毛利率和每股收益均超此前业绩指引。 净库存余额 6.38 亿美元， 同比减少 8900 万美元。在最大客户方面，公司持续从现有产品线的高出货量中获益，同时在不断上量的新平台上，实现了同比超 10% 的业务合 作内容增长。 2 、 FY26Q1 国防与航空航天领域实现强劲两位 ...

Core Insights - Qorvo (NASDAQ: QRVO) has shown a price increase of over 12% in the last three months, trading in the $90 range, indicating a slow recovery for the stock [1] Company Performance - The stock has not been traditionally exciting for investors, but recent momentum suggests a potential shift in investor sentiment [1] Market Context - The article reflects on the author's extensive experience in the technology sector, particularly in navigating various market cycles, which may provide context for understanding Qorvo's current position [1]

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Group 1 - The company "Chip Superman" has a 1,600 square meter intelligent chip storage base with over 1,000 stock models and around 100 brands, totaling 50 million chips with a stock value exceeding 100 million [1] - The company operates an independent laboratory in Shenzhen, ensuring quality control (QC) for each material [1] - The company has served 20,000 users and can complete transactions in as fast as half a day [5] Group 2 - The company is currently seeking to purchase specific chip models, including 30,000 units of Rubycon 80ZLH1500MEFC18X40 and 15,000 units of TI TMS320F28034PNT [2] - The company is offering discounted sales on advantageous materials, including 51,17 units of ADI LTM8001IYPBF and 16,000 units of ADI LTM4620AEYPBF [3] - The company highlights challenges in the chip distribution industry, including difficulties in finding and selling chips, and the need for better pricing [7]

Group 1: Industry Overview - The semiconductor industry is experiencing a moderate recovery, with Q1 2025 global sales reaching $167.7 billion, a year-on-year increase of 18.8% [66] - In May 2025, global semiconductor sales were $59 billion, showing a year-on-year growth of 19.8% [66] - The recovery is driven by strong demand in the Americas and Asia-Pacific regions, particularly in high-end computing and storage due to AI [66] Group 2: Company Performance - Texas Instruments reported Q2 revenue of $4.45 billion, a 9% quarter-on-quarter increase and a 16% year-on-year increase, driven by a broad recovery in the industrial market [6] - STMicroelectronics experienced a 14.4% year-on-year decline in Q2 revenue to $2.76 billion, resulting in a net loss of $133 million due to restructuring costs [7] - NXP's Q2 revenue was $2.93 billion, a 6% year-on-year decline but a 3% quarter-on-quarter increase, with all key end markets performing better than expected [9] Group 3: Specific Company Highlights - Qualcomm's Q3 revenue increased by 10% year-on-year to $10.365 billion, with automotive chip revenue growing by 21% [11] - MediaTek's Q2 revenue was NT$150.37 billion, a 1.9% quarter-on-quarter decline but a 4.3% year-on-year increase, driven by demand for AI and automotive chips [13] - Samsung's Q2 operating profit fell by 55.2% year-on-year to 4.7 trillion KRW, marking a six-quarter low due to AI chip sales issues [14][15] Group 4: Market Trends - The industrial market is showing signs of recovery, while the automotive market is lagging behind by about a year [6] - AI-related demand continues to be strong, particularly in high-performance computing and storage sectors [66] - The overall semiconductor market is expected to see varied recovery rates across different sectors, with traditional markets like industrial applications rebounding first [66] Group 5: Financial Performance of Key Players - SK Hynix reported record high Q2 revenue of 22.232 trillion KRW, driven by strong demand for AI-related memory products [16] - Micron Technology's Q3 revenue reached $9.3 billion, a 37% year-on-year increase, attributed to record DRAM revenue [19] - TSMC's Q2 revenue was approximately NT$933.8 billion, with a net profit increase of 60.7% year-on-year [43]

Core Insights - Qorvo reported Q1 FY2026 earnings with GAAP revenue of $818.8 million and non-GAAP diluted EPS of $0.92, both missing analyst estimates of $868.8 million and $1.13 respectively [1][5] - Non-GAAP gross margin improved to 44.0%, up 3.1 percentage points year-over-year, indicating stronger profitability despite soft sales [1][6] Financial Performance - Q1 FY2026 diluted EPS (Non-GAAP) was $0.92, below the estimate of $1.13 but up 5.7% from $0.87 in Q1 FY2025 [2] - GAAP revenue decreased by 7.7% year-over-year from $886.7 million in Q1 FY2025 to $818.8 million in Q1 FY2026 [2] - Non-GAAP operating income rose 10.3% to $108.2 million compared to $98.1 million in Q1 FY2025 [2][6] - Free cash flow surged to $145.4 million, a 339% increase from $42.85 million in Q1 FY2025 [2][6] Business Focus and Strategy - Qorvo is concentrating on enhancing its R&D pipeline, strengthening customer relationships, and scaling high-value operations while reducing exposure to lower-margin segments [4] - The company is prioritizing new design wins in power management ICs, automotive ultra-wideband chips, and defense electronics [4] - Qorvo's customer base is heavily concentrated, with Apple and Samsung accounting for significant portions of sales, which poses challenges during periods of low demand [5] Segment Performance - The High Performance Analog (HPA) unit reported a 6.1% year-over-year revenue increase to $137.4 million [8] - The Connectivity & Sensors Group (CSG) saw revenue decline by 4.1% to $110.2 million but improved its operating loss from $19.5 million to $7.5 million [8] - The Advanced Cellular Group (ACG) experienced an 11.1% revenue decline to $571.2 million, attributed to weaker demand and a strategic pullback from the low-tier Android market [8] Product Development - Qorvo is investing in technologies for faster wireless data and improved battery efficiency, focusing on GaAs, GaN, BAW, and SAW technologies [9] - The company is advancing its power management ICs and ultra-wideband chips, leveraging AI and machine learning for enhanced product performance [9] Future Outlook - Management projects Q2 FY2026 revenue of approximately $1.025 billion, with non-GAAP gross margin expected to rise to 48% to 50% and non-GAAP EPS to reach $2.00 [10] - Growth is anticipated to be driven by new customer device launches, particularly from major accounts [10]

PART I [Item 1. Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited).) For the quarter ended June 28, 2025, Qorvo reported revenue of $818.8 million, a 7.7% decrease year-over-year, with operating income significantly increasing to $30.1 million and net income rising to $25.6 million [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 28, 2025, total assets were $6.0 billion, primarily driven by a rise in cash and cash equivalents to $1.17 billion, while total liabilities remained stable Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 28, 2025 | March 29, 2025 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $1,165,478 | $1,021,176 | | Total current assets | $2,246,256 | $2,167,275 | | Total assets | $5,997,524 | $5,933,131 | | **Liabilities & Equity** | | | | Total current liabilities | $798,330 | $783,182 | | Long-term debt | $1,549,200 | $1,549,215 | | Total liabilities | $2,560,455 | $2,540,819 | | Total stockholders' equity | $3,437,069 | $3,392,312 | [Condensed Consolidated Statements of Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) For the three months ended June 28, 2025, revenue decreased by 7.7% to $818.8 million, but operating income substantially increased to $30.1 million due to lower operating expenses, resulting in net income of $25.6 million Consolidated Statement of Income Highlights (in thousands, except per share data) | Metric | Three Months Ended June 28, 2025 | Three Months Ended June 29, 2024 | | :--- | :--- | :--- | | Revenue | $818,778 | $886,671 | | Gross Profit | $331,802 | $332,304 | | Operating Income | $30,086 | $4,606 | | Net Income | $25,594 | $414 | | Diluted Net Income per Share | $0.27 | $0.00 | [Condensed Consolidated Statements of Comprehensive Income (Loss)](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) Total comprehensive income for the quarter was $37.0 million, a significant turnaround from a comprehensive loss in the prior-year period, driven by net income and positive foreign currency translation Comprehensive Income (Loss) (in thousands) | Item | Three Months Ended June 28, 2025 | Three Months Ended June 29, 2024 | | :--- | :--- | :--- | | Net income | $25,594 | $414 | | Other comprehensive income (loss) | $11,368 | $(932) | | **Total comprehensive income (loss)** | **$36,962** | **$(518)** | [Condensed Consolidated Statements of Stockholders' Equity](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity) Stockholders' equity increased to $3.44 billion during the quarter, primarily due to net income and other comprehensive income, partially offset by common stock repurchases - Key activities affecting stockholders' equity in Q1 FY2026 included net income of **$25.6 million**, stock-based compensation of **$43.8 million**, and common stock repurchases totaling **$50.0 million**[16](index=16&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) The company generated **$182.9 million** in net cash from operating activities, with net cash used in investing activities of **$33.3 million** and financing activities of **$6.9 million**, resulting in a net increase in cash of **$144.3 million** Cash Flow Summary (in thousands) | Cash Flow Activity | Three Months Ended June 28, 2025 | Three Months Ended June 29, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $182,945 | $81,085 | | Net cash used in investing activities | $(33,331) | $(17,185) | | Net cash used in financing activities | $(6,935) | $(29,525) | | **Net increase in cash and cash equivalents** | **$144,302** | **$33,157** | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Key notes detail revenue breakdown by region and segment, ongoing restructuring initiatives, and share repurchase activities Revenue by Geographic Region (in thousands) | Region | Three Months Ended June 28, 2025 | Three Months Ended June 29, 2024 | | :--- | :--- | :--- | | United States | $425,260 | $447,456 | | China | $155,895 | $196,434 | | Other Asia | $122,241 | $132,036 | | Taiwan | $96,926 | $92,554 | | Europe | $18,456 | $18,191 | | **Total revenue** | **$818,778** | **$886,671** | - The company's 2025 Restructuring Initiatives resulted in charges of **$5.8 million** during the quarter, primarily for contract termination and employee termination benefits, with cumulative expenses reaching approximately **$264.6 million**[47](index=47&type=chunk) Segment Revenue (in thousands) | Segment | Three Months Ended June 28, 2025 | Three Months Ended June 29, 2024 | | :--- | :--- | :--- | | HPA | $137,395 | $129,468 | | CSG | $110,153 | $114,853 | | ACG | $571,230 | $642,350 | | **Total revenue** | **$818,778** | **$886,671** | - During the quarter, the company repurchased approximately **0.7 million shares** of its common stock for about **$50.0 million**, with **$898.8 million** remaining authorized for future repurchases[42](index=42&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=18&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) Management attributes the 7.7% year-over-year revenue decline to a strategic reduction in exposure to mass-market Android smartphones, while gross margin improved and operating income grew substantially [First Quarter Fiscal 2026 Overview](index=19&type=section&id=FIRST%20QUARTER%20FISCAL%202026%20OVERVIEW) The first quarter of fiscal 2026 saw a 7.7% revenue decrease due to a strategic shift, but gross margin improved to 40.5%, and operating income increased to $30.1 million - Revenue decreased **7.7% YoY**, primarily due to a strategic reduction in exposure to mass-market Android smartphones[68](index=68&type=chunk) - Gross margin increased to **40.5%** from **37.5%** in the prior-year quarter, driven by improved product costs and lower inventory-related charges[68](index=68&type=chunk) - Net cash provided by operating activities was **$182.9 million**, and the company repurchased **0.7 million shares** for approximately **$50.0 million**[68](index=68&type=chunk) [Results of Operations](index=21&type=section&id=RESULTS%20OF%20OPERATIONS) Consolidated revenue decreased by $67.9 million, primarily from the Advanced Cellular Group (ACG), while gross margin increased to 40.5% and operating expenses decreased across the board HPA Segment Performance (in thousands) | Metric | June 28, 2025 | June 29, 2024 | % Change | | :--- | :--- | :--- | :--- | | Revenue | $137,395 | $129,468 | 6.1% | | Operating income | $21,582 | $4,881 | 342.2% | CSG Segment Performance (in thousands) | Metric | June 28, 2025 | June 29, 2024 | % Change | | :--- | :--- | :--- | :--- | | Revenue | $110,153 | $114,853 | (4.1)% | | Operating loss | $(7,533) | $(19,501) | 61.4% | ACG Segment Performance (in thousands) | Metric | June 28, 2025 | June 29, 2024 | % Change | | :--- | :--- | :--- | :--- | | Revenue | $571,230 | $642,350 | (11.1)% | | Operating income | $97,934 | $116,449 | (15.9)% | [Liquidity and Capital Resources](index=23&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) As of June 28, 2025, Qorvo had working capital of $1.45 billion, including $1.17 billion in cash and cash equivalents, and generated $182.9 million in cash from operations - The company's working capital was approximately **$1.45 billion**, with cash and cash equivalents at **$1.17 billion** as of June 28, 2025[86](index=86&type=chunk) - Net cash provided by operating activities was **$182.9 million** for the quarter, driven by net income adjusted for non-cash items and favorable changes in working capital[90](index=90&type=chunk)[91](index=91&type=chunk) - The company repurchased **0.7 million shares** for approximately **$50.0 million**, with **$898.8 million** remaining under the authorized share repurchase program[89](index=89&type=chunk) - The company entered into a new five-year unsecured senior credit facility on April 23, 2024, providing a **$325.0 million** revolving line of credit, with no borrowings under this facility during the quarter[95](index=95&type=chunk)[96](index=96&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=27&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk.) The company states that there have been no material changes to its market risk exposures during the first quarter of fiscal 2026 - There were no material changes to the company's market risk exposures during the first quarter of fiscal 2026[110](index=110&type=chunk) [Item 4. Controls and Procedures](index=27&type=section&id=Item%204.%20Controls%20and%20Procedures.) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of June 28, 2025, with no material changes to internal control over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the period[111](index=111&type=chunk) - No changes occurred during the quarter that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[112](index=112&type=chunk) PART II — OTHER INFORMATION [Item 1A. Risk Factors](index=28&type=section&id=Item%201A.%20Risk%20Factors.) This section directs investors to the risk factors discussed in the company's Annual Report on Form 10-K for the fiscal year ended March 29, 2025 - The company refers to its Annual Report on Form 10-K for the fiscal year ended March 29, 2025, for a detailed discussion of risk factors[114](index=114&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=28&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds.) During the first quarter of fiscal 2026, the company repurchased 702,000 shares of common stock for approximately $50.0 million, with $898.8 million remaining available for repurchase Issuer Purchases of Equity Securities (Q1 FY2026) | Period | Total shares purchased (in thousands) | Average price paid per share | Approximate dollar value of shares that may yet be purchased (in millions) | | :--- | :--- | :--- | :--- | | March 30 - April 26, 2025 | 233 | $60.28 | $934.6 | | April 27 - May 24, 2025 | 211 | $72.90 | $919.3 | | May 25 - June 28, 2025 | 258 | $79.53 | $898.8 | | **Total** | **702** | **$71.14** | **$898.8** | [Item 5. Other Information](index=28&type=section&id=Item%205.%20Other%20Information.) The company reported that no director or Section 16 officer adopted or terminated a Rule 10b5-1 trading arrangement during the first quarter of fiscal 2026 - No director or Section 16 officer adopted or terminated a Rule 10b5-1 trading arrangement during the first quarter of fiscal 2026[116](index=116&type=chunk) [Item 6. Exhibits](index=29&type=section&id=Item%206.%20Exhibits.) This section lists the exhibits filed with the Form 10-Q, including bylaws, subsidiary guarantors, CEO and CFO certifications, and iXBRL formatted financial statements - Key exhibits filed include CEO/CFO certifications and iXBRL data files for the financial statements[119](index=119&type=chunk)

Core Insights - Qorvo, Inc. (QRVO) reported strong first-quarter fiscal 2026 results, with adjusted earnings and revenues exceeding Zacks Consensus Estimate [1] Revenue Performance - The company experienced a revenue contraction year over year, with net sales declining to $818.8 million from $886.7 million in the prior-year quarter, primarily due to declines in the Advanced Cellular Group (ACG) and Connectivity and Sensors Group (CSG) segments [2][5] - Despite the revenue decline, the top line surpassed the Zacks Consensus Estimate of $775 million, supported by solid demand trends in defense, aerospace, power management, Wi-Fi, and smartphones [2][5] Net Income - On a GAAP basis, net income was reported at $25.6 million or 27 cents per share, a significant increase from $0.4 million or break-even earnings in the prior-year quarter, attributed to lower costs of goods sold and operating expenses, along with an income tax benefit [3] - Non-GAAP net income was $86.5 million or 92 cents per share, compared to $83.5 million or 87 cents per share in the year-ago quarter, exceeding the Zacks Consensus Estimate by 30 cents [4] Segmental Performance - High Performance Analog (HPA) revenues increased to $137.4 million from $129.5 million in the year-ago quarter, driven by strong demand in defense and aerospace applications [6] - Revenues from CSG were $110.2 million, down from $114.9 million in the prior-year quarter, while ACG net sales were $571.2 million, reflecting an 11.1% year-over-year decline due to reduced Android revenues [7] Operating Metrics - Non-GAAP gross profit decreased to $360 million from $362.7 million, with respective margins of 44% and 40.9% [8] - Non-GAAP operating expenses fell to $251.8 million from $264.5 million year over year [8] - GAAP operating income was reported at $108.2 million, compared to $98.1 million in the prior-year quarter [9] Cash Flow & Liquidity - As of June 28, 2025, the company had $1.17 billion in cash and cash equivalents and $1.55 billion in long-term debt, generating $182.9 million in net cash from operating activities and a free cash flow of $145.4 million during the quarter [10] Outlook - For the second quarter of fiscal 2026, the company expects revenues of $1.025 billion (+/- $50 million) and non-GAAP gross margin to be within 48%-50%, with non-GAAP earnings projected at about $2.00 per share (+/- 25 cents) [11]