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摩根士丹利:半导体行业周报:财报周第四周(意法半导体(SLAB)、安霸(AEVA)、应用材料(AMAT)
2025-05-15 15:24

Investment Ratings - The industry view is rated as Attractive for Semiconductors [5] - Aeva Technologies Inc. (AEVA) is rated Equal-weight with a price target of $11.00, raised from $5.22 [5][44] - Silicon Laboratories Inc. (SLAB) is rated Equal-weight with a price target of $141.00 [16][20] - Applied Materials Inc. (AMAT) is rated Underweight with a price target of $164.00 [64][70] Core Insights - Aeva is establishing a leadership position in the Lidar market, with significant opportunities in automotive, particularly with two major OEM wins [3][38] - Silicon Laboratories is experiencing a recovery, particularly in the Home & Life segment, but faces long-term macroeconomic uncertainties [2][13] - Applied Materials is expected to report a mixed quarter, with challenges in the DRAM market and potential overhangs affecting stock performance [9][60] Summary by Company Aeva Technologies Inc. (AEVA) - Aeva's stock has reached its highest level since late 2022, driven by a second major customer win, indicating strong revenue potential [3][36] - The company is expected to utilize a $125 million standby equity purchase agreement to support production [3][36] - Revenue estimates for 2027 are projected to be between $6.00 and $16.00, with a midpoint of $11.00 [39][49] Silicon Laboratories Inc. (SLAB) - SLAB is modeling sales of $178 million for the March quarter, reflecting a 67.2% year-over-year increase, and expects continued recovery in the June quarter [14][15] - The company is cautious about long-term impacts from macroeconomic uncertainties, particularly in the Industrial & Commercial markets [2][13] - The price target reflects a valuation premium due to growth opportunities in the IoT market [16][20] Applied Materials Inc. (AMAT) - AMAT is expected to report revenues of $7.143 billion for the April quarter, with a slight year-over-year increase [61][63] - The company faces challenges in the DRAM market and is unlikely to dispel overhangs affecting its stock [9][60] - The price target reflects a conservative valuation based on expected near-term headwinds [64][70]