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台股电子2025年4月报：关税扰动致下半年能见度降低，存储Q2市况向好-20250523
Guohai Securities·2025-05-23 07:01

Investment Rating - The report upgrades the industry investment rating to "Recommended" [1] Core Insights - The semiconductor industry faces reduced visibility in the second half of 2025 due to tariff uncertainties, while the storage market shows positive trends in Q2 [1][3] - AI hardware demand remains strong, driven by cloud service providers and government sectors, suggesting a focus on leading companies in the AI hardware segment such as NVIDIA and TSMC [1][3] Semiconductor Sector - IC Design: In April 2025, MediaTek reported revenue of NT$48.8 billion, a month-on-month decrease of 12.9% but a year-on-year increase of 16.0%. The company noted uncertainty due to tariffs [3][11] - IC Manufacturing: TSMC achieved record revenue of NT$349.6 billion in April 2025, with a month-on-month increase of 22.2% and a year-on-year increase of 48.1% [3][14] - IC Testing: ASE Technology's revenue in April 2025 was NT$52.2 billion, a month-on-month decrease of 2.9% but a year-on-year increase of 13.9% [3][22] PC/Server Sector - The PC market is affected by tariff uncertainties, with companies like Hon Hai reporting April revenue of NT$641.4 billion, a month-on-month increase of 16.2% and a year-on-year increase of 25.5% [3][25] - Quanta's April revenue was NT$154 billion, a month-on-month decrease of 20.0% but a year-on-year increase of 58.2% [3][25] PCB Sector - The PCB manufacturing sector saw overall revenue increase by 5.6% month-on-month and 18.6% year-on-year in April 2025, driven by demand for AI servers and high-end networking [3][27] - Zhen Ding's revenue reached NT$13.6 billion in April, a year-on-year increase of 22.9% [3][27] Optical Components Sector - The optical components sector is experiencing a traditional off-season, with Largan Precision reporting April revenue of NT$4.4 billion, a month-on-month decrease of 10.6% but a year-on-year increase of 26.5% [3][28] Storage Sector - The storage market is showing positive signs, with companies like Nanya Technology reporting a month-on-month revenue increase of 13.3% in April 2025 [3][4] - DRAM prices are expected to rise, with TrendForce adjusting its Q2 price forecast from -5% to +8% [3][4]