世界先进：FY25Q4 业绩点评及法说会纪要：库存调整进入尾声，PMIC 驱动业绩韧性释放
Huachuang Securities·2026-02-06 07:47

Investment Rating - The report assigns a positive investment rating to the company, indicating a favorable outlook for the next six months [60][61]. Core Insights - The company reported a revenue of NT$ 12.594 billion for Q4 FY2025, reflecting a year-on-year growth of 9.0% and a quarter-on-quarter increase of 2.0%. The gross margin was 27.5%, showing a slight decline from the previous year but an increase from the previous quarter [2][12]. - The demand for power management integrated circuits (PMIC) continues to grow, contributing significantly to the company's revenue, which is expected to remain stable and support overall gross margin performance [4][19]. - The company anticipates a gradual recovery in demand for panel driver ICs as applications related to televisions and e-paper enter a stocking phase [4][23]. Summary by Sections Company Performance Overview - For Q4 FY2025, the company achieved a revenue of NT$ 12.594 billion, with a gross margin of 27.5% and a net profit of NT$ 1.748 billion [2][12][13]. - The shipment volume for Q4 was 626,000 8-inch wafers, a decrease of 7% quarter-on-quarter but an increase of 13% year-on-year [2][12]. Demand Outlook - The company expects an improvement in overall demand in Q1 FY2026, driven by the recovery in panel driver ICs and stable growth in power management products across various sectors [4][23]. Capacity and Capital Expenditure Plans - The company plans to optimize its capacity structure, with an expected total capacity of approximately 3.306 million 8-inch wafers for FY2026, a decrease of about 4% year-on-year [24]. - Capital expenditures for FY2026 are projected to remain in the range of NT$ 60-70 billion, primarily focused on the construction and equipment investment for the new 12-inch wafer fab in Singapore [26]. Q1 FY2026 Performance Guidance - The company anticipates a quarter-on-quarter increase in wafer shipments of approximately 1%-3% for Q1 FY2026, with gross margins expected to maintain in the range of 28%-30% [28].