美银：全球研究半导体行业报告-受益于ASIC增长潜力，上调产业链目标价

Investment Ratings - The report maintains a Buy rating on Aspeed, MPI, and a Neutral rating on WT Micro [2][3][4]. Core Insights - The semiconductor industry is experiencing significant growth driven by the rise of AI ASICs, which is positively impacting companies like Aspeed, MPI, and WT Micro [1][2][3]. - Price objectives (PO) for Aspeed, MPI, and WT Micro have been raised due to improved earnings outlooks and market dynamics [1][8][10]. Summary by Company Aspeed - Aspeed is expected to benefit from a favorable capex efficiency due to the rise of ASIC-based AI servers, leading to a long-term optimistic outlook [2]. - The company’s 2025/26/27E EPS estimates have been raised by 6%/7%/15% respectively, with a new price objective of NT$5,300 [2][12]. MPI - MPI's growth is anticipated to be driven by AI ASICs, with an expected increase in pin count and robust growth momentum [3]. - The 2025/26/27E EPS estimates have been increased by 5%/16%/12%, and the price objective has been lifted to NT$1,000 [3][16]. WT Micro - WT Micro is expected to see improved growth post-transition to TPU, with a more positive outlook for 2H25 [4]. - The 2025/26/27E EPS estimates have been raised by 5%/9%/10%, with a new price objective of NT$135 [4][21].