插播： 5月15日，"电动交通&数字能源SiC技术应用及供应链升级大会"活动将在上海举办， 三菱电机、意法半导体、Wolfspeed、三安半导体、天科合达、元山电子、大族半导 体、香港大学、长飞先进、宏微科技、利普思、国基南方、芯长征、合盛新材料、 国瓷功能材 料 等将出席本次会议，点击文章底部 "阅读原文" 即可报名参会。 近日，三安光电、意法半导体、闻泰科技及X-fab相继发布财报，其中披露了 其在碳化硅领域的最新进展， 以下将重点报道这4家企业在碳化硅业务的最新状况： 三安光电 ：湖南三安实现收入 13.54亿元，已向多家 重点客户批量出货； 意法半导体： 第一季度订单出货比有所改善，卡塔尼亚8英寸SiC工厂今年投产； 闻泰科技： 半导体业务实现营收、利润双增长，将建设8英寸SiC产线； X-fab： 第一季度SiC收入 达0.43亿， 订单量 环比增长17%。 三安光电： SiC收入超13亿 4 月 26日， 三安光电发布 2024年年度报告， 报告期内，公司实现销售收入161.06 亿元，同比增长14.61%，实现归属于上市公司股东的净利 润 2.53 亿元。其中，负责碳化硅业务的子公司湖南三安实现 ...

Core Viewpoint - STMicroelectronics has revised its rating from long to neutral following the Q1 2025 earnings release, based on fundamental, income-oriented, long-term analysis conducted by buy-side hedge professionals in developed markets [1]. Group 1 - The company has previously maintained a long rating on its position [1]. - The decision to change the rating was influenced by comprehensive analysis across various sectors globally [1].

Group 1 - The analyst has 5 years of experience managing a technology fund and is licensed by the Brazilian Securities Commission as a portfolio manager and investment consultant [1] - The analyst's educational background includes degrees in Mechanical Engineering from the Federal University of Rio de Janeiro and École Centrale de Lyon [1] - The analyst has a strong focus on the semiconductor sector, having studied global equities since 2017, particularly NVIDIA [1] Group 2 - The investment strategy emphasizes investing in companies within oligopolistic sectors that have high barriers to entry, while avoiding smaller companies due to underestimated risks [1] - The analyst is particularly interested in disruptive technologies in hardware-related fields, including semiconductors, robotics, and energy [1] - The investment approach prioritizes growth at a reasonable price with a mid- to long-term investment horizon [1]

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [58]. Core Insights - The report highlights that the company achieved Q1 2025 revenue of $2.517 billion, a year-over-year decline of 27.3% and a quarter-over-quarter decline of 24.2%, slightly above the guidance midpoint of $2.51 billion and consensus expectations of $2.512 billion [3][11]. - The gross margin for Q1 2025 was 33.4%, down 8.3 percentage points year-over-year and 4.3 percentage points quarter-over-quarter, primarily affected by product mix, unused capacity costs, and lower selling prices [3][11]. - The company expects Q2 2025 revenue guidance to be $2.71 billion, reflecting a quarter-over-quarter increase of 7.7% but a year-over-year decline of 16.2% [5][30]. Revenue Breakdown - The Analog, MEMS, and Sensors (AM&S) segment generated $1.069 billion in Q1 2025, down 23.9% year-over-year and 20.7% quarter-over-quarter, accounting for 42% of total revenue [4][15]. - The Power and Discrete (P&D) segment reported $397 million in revenue, down 37.1% year-over-year and 34.1% quarter-over-quarter, representing 16% of total revenue [4][17]. - The Embedded Processing (EMP) segment's revenue was $742 million, down 29.1% year-over-year and 26.0% quarter-over-quarter, making up 30% of total revenue [4][18]. - The RF and Optical Communication (RF&OC) segment achieved $306 million in revenue, down 19.2% year-over-year and 16.5% quarter-over-quarter, accounting for 12% of total revenue [4][20]. Strategic Focus Areas - The industrial sector saw a revenue decline of 32% year-over-year and 18% quarter-over-quarter, contributing approximately 21% to total revenue, with expectations for order increases in Q2 [24]. - The automotive sector's revenue declined by 11% year-over-year and 17% quarter-over-quarter, representing about 24% of total revenue, with the company anticipating Q1 as the low point for automotive revenue [29]. - The personal electronics sector experienced a revenue decline of 39% year-over-year and 34% quarter-over-quarter, contributing approximately 39% to total revenue [29]. Future Outlook - The company has announced a three-year manufacturing restructuring and global cost adjustment plan, aiming for significant annual cost savings by the end of 2027 [6][32]. - The capital expenditure (CAPEX) for Q1 2025 was $530 million, a decrease of 45.19% year-over-year, with plans to maintain CAPEX between $2 billion and $2.3 billion for 2025 [5][30]. - The company has not provided full-year revenue guidance for 2025 due to uncertainties in the global economy and end markets [5][30].

点击招商研究小程序查看PDF报告原文 事件： 意法半导体（STM）近日发布2025Q1财报，收25.2亿美元，同比-27.3%/环比-24.2%，毛利率 33.4%，同比-8.3pcts/环比-4.3pcts。综合财报及交流会议信息，总结要点如下： 评论： 1、25Q1营收符合指引预期，库存周转天数环比大幅提高。 公司25Q1营收25.2亿美元，同比-27.3%/环比-24.2%，超指引中值（25.1亿美元），个人电子 产品收入增加，但汽车和工业收入低于预期；毛利率33.4%，同比-8.3pcts/环比-4.3pcts，位于 指引中值（33.8%±2pcts），毛利率下降主要系产品组合影响。25Q1存货为30.1亿美元，环比+ 3.2亿美元，库存周转天数167天，环比+45天。 2、各业务部门同环比均下降，汽车和工业订单环比增长。 1）分业务部门： ①AM&S：营收10.7亿美元，同比-23.9%/环比-20.7%，占比42%，主要系模 拟拖累；②P&D：营收4.0亿美元，同比-37.1%/环比-34.1%，占比16%；③MCU：营收7.4亿 美元，同比-29.1%/环比-26.0%，占比30%，主要系通用及 ...

汽车订单环比显著增长，亚洲地区推动整体工业库存改善 1、25Q1 营收符合指引预期，库存周转天数环比大幅提高。 公司 25Q1 营收 25.2 亿美元，同比-27.3%/环比-24.2%，超指引中值（25.1 亿 美元），个人电子产品收入增加，但汽车和工业收入低于预期；毛利率 33.4%， 同比-8.3pcts/环比-4.3pcts，位于指引中值（33.8%±2pcts），毛利率下降主要 系产品组合影响。25Q1 存货为 30.1 亿美元，环比+3.2 亿美元，库存周转天数 167 天，环比+45 天。 2、各业务部门同环比均下降，汽车和工业订单环比增长。 1）分业务部门：①AM&S：营收 10.7 亿美元，同比-23.9%/环比-20.7%，占比 42%，主要系模拟拖累；②P&D：营收 4.0 亿美元，同比-37.1%/环比-34.1%， 占比 16%；③MCU：营收 7.4 亿美元，同比-29.1%/环比-26.0%，占比 30%， 主要系通用及车用 MCU 需求疲软；④D&RF：营收 3.1 亿美元，同比-19.2%/ 环比-16.5%。2）分下游：①汽车收入 9.8 亿美元，同比-39%/环比-34% ...

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容来自半导体行业观察综合 ，谢谢。 在昨天德州仪器对芯片复苏表达了强烈的信心之后，另一个芯片巨头ST也发表了同样的看法。 该公司首席执行官Jean-Marc Chery表示，"第一季度净收入与我们业务预期区间的中点持平ST 认 为 第 一 季 度 是 市 场 底 部 ， 这 得 益 于 个 人 电 子 产 品 收 入 的 增 长 ， 但 汽 车 和 工 业 产 品 收 入 低 于 预 期"，"毛利率略低于我们业务预期区间的中点，这主要归因于产品组合。与去年同期相比，第一季 度 净 收 入 下 降 了 27.3% ， 营 业 利 润 率 从 15.9% 降 至 0.1% ， 净 利 润 下 降 了 89.1% ， 至 5600 万 美 元。"Jean-Marc Chery进一步指出。 "第一季度，我们的订单出货比有所改善，汽车和工业业务的订单出货比均高于平价，"Chery补充 道，"我们第二季度的业务预期中值为净营收27.1亿美元，同比下降16.2%，环比增长7.7%；预计 毛利率约为33.4%，受未使用产能费用约420个基点的影响。" 对于 2025 年第二季 ...

Group 1 - The core issue between France and Italy revolves around the management of STMicroelectronics, with both countries being major shareholders and the company planning voluntary layoffs of 2,800 employees [1][2] - The supervisory board rejected the appointment of Marcello Sala, an Italian nominee, due to his public and private criticisms of CEO Thierry and his strategy, especially in light of a projected 63% decline in net profit to $1.56 billion and a 23.3% drop in sales to just over $13 billion for fiscal year 2024 [1] - Italy's Finance Minister Giorgetti expressed that the rejection of Sala's nomination is incomprehensible and unacceptable, highlighting the strong stance of Italy as a major shareholder [1] Group 2 - The supervisory board of STMicroelectronics reiterated its support for the CEO and management team, emphasizing their capability to execute the company's transformation during challenging times in the semiconductor industry [2] - The company has outlined a roadmap for the coming years, focusing on efficiency improvements through automation and artificial intelligence, while planning for up to 2,800 voluntary departures globally over three years without closing any factories [2] - STMicroelectronics aims to increase production in the coming years to maintain its competitiveness on a global scale, with a workforce of 50,000 employees, including 11,500 in France [2]

STMicroelectronics Q1 2025 Financial Results April 24, 2025 Forward looking information Some of the statements contained in this release that are not historical facts are statements of future expectations and other forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 or Section 21E of the Securities Exchange Act of 1934, each as amended) that are based on management's current views and assumptions, and are conditioned upon and also involve known and unknown risks and u ...

TI正努力摆脱其主要行业（尤其是汽车和工业市场）需求下滑的影响。该公司还在努力维持来自 中国客户的销售额，中国客户在第一季度贡献了约20%的收入。德州仪器面临来自美国和中国的关 税威胁，这给这家芯片制造商带来了难题。 该公司在美国境外拥有四家工厂，其中一家位于中国。由于正在将生产转移到德克萨斯州总部附近 的全新、更大的工厂，这些工厂的产能一直不足。但首席财务官拉斐尔·利扎尔迪表示，该国际网 络现在可以"快速扩张"。他表示，在一个地区生产的芯片可以轻松地在其他地区进行测试和封装。 与同行一样，德州仪器的股价今年也因对美国与其合作伙伴和竞争对手之间不断升级的贸易战的担 忧而受到打击。截至周三收盘，该股已下跌19%。 伊兰表示，德州仪器最艰巨的任务之一将是确保客户获得在关税影响最低的地区生产的芯片。这项 工作很难协调，尤其是考虑到电子元件的生产时间约为三个月，但他相信，他的公司比大多数同行 拥有更多选择。 如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容来自 路透 & 彭博社 ，谢谢。 近日，TI和ST两大芯片巨头在一季度的业绩中都提到，行业在转向复苏。 TI：给出乐观预测 全球最大的模拟芯片公司德州仪器（TI ...