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台股电子2025年5月报：汇损侵蚀获利，AI服务器续强-20250624
Guohai Securities·2025-06-24 11:32

Investment Rating - The report maintains an investment rating of "Recommended" for the industry [1][27] Core Insights - The demand for AI hardware continues to grow as cloud service providers and various government departments and enterprises expand their AI infrastructure [27] - The semiconductor sector is facing challenges due to currency losses affecting revenue, particularly for Taiwanese IC design companies [14][15] - The overall revenue for Taiwanese PCB manufacturers is experiencing a year-on-year increase driven by AI server demand, despite a month-on-month decline [24] Summary by Sections Semiconductor - In May 2025, Taiwanese IC design companies experienced revenue declines due to currency losses, with MediaTek reporting NT$452 billion, a month-on-month decrease of 7.3% but a year-on-year increase of 7.2% [14] - TSMC's revenue for May was NT$3,205 billion, down 8.3% month-on-month but up 39.6% year-on-year, with expectations of maintaining a gross margin between 57%-59% [15][16] - Revenue for UMC and other IC manufacturers also showed declines, with UMC reporting NT$195 billion, down 4.8% month-on-month [16][17] PC/Server - Taiwanese PC/server manufacturers showed stable revenue in May 2025, with Hon Hai reporting NT$6,157 billion, a month-on-month decrease of 4.0% but a year-on-year increase of 11.9% [22] - Quanta's revenue reached NT$1,602 billion, up 4.0% month-on-month and 58.2% year-on-year, driven by strong AI server shipments [22][23] - Wistron and other manufacturers also reported significant year-on-year growth, with Wistron seeing a 162.1% increase [22] PCB - The overall revenue for Taiwanese PCB manufacturers in May 2025 decreased by 5.0% month-on-month but increased by 13.1% year-on-year [24] - Companies like Unimicron and Xinxing Electronics are expanding production capacity to meet the rising demand for high-end ABF substrates driven by AI servers [24] Optical Components - The optical component sector is currently in a traditional off-season, with major companies like Largan Precision reporting significant month-on-month declines [25] Storage - The storage sector is experiencing strong price increases for DDR4, with companies like Adata reporting a month-on-month revenue increase of 6.4% and a year-on-year increase of 29.2% [26]