世界先进（5347.TWO）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

Investment Rating - The report assigns a positive investment rating, indicating a recommendation for potential growth in the upcoming months [60]. Core Insights - The company reported a revenue of NT$ 12.594 billion for Q4 2025, reflecting a year-on-year growth of 9.0% and a quarter-on-quarter increase of 2.0% [2][12]. - The gross margin for Q4 2025 was 27.5%, showing a slight decline of 1.2 percentage points year-on-year but an increase of 0.7 percentage points quarter-on-quarter [2][12]. - The company anticipates a gradual recovery in demand as inventory adjustments conclude, with expected wafer shipment growth of 1%-3% in Q1 2026 [5][28]. Summary by Sections Company Performance Overview - In Q4 2025, the company achieved a revenue of NT$ 12.594 billion, driven by a 5% increase in ASP (average selling price) in USD and a 4% depreciation of the NT dollar against the USD, despite a 7% decrease in wafer shipments due to seasonal demand and inventory adjustments [2][12]. - The company shipped 626,000 8-inch wafers in Q4 2025, a decrease of 7% quarter-on-quarter but an increase of 13% year-on-year [2][12]. Demand Outlook - The company expects a gradual recovery in demand for panel driver ICs as applications related to TVs and e-paper enter a stocking and inventory replenishment phase [4][23]. - Demand for power management products in sectors such as servers, automotive, industrial control, and computers remains robust [4][23]. Capacity and Capital Expenditure Plans - For 2026, the company plans to phase out and upgrade some of its older capacity, with an expected total capacity of approximately 3.306 million 8-inch wafers, a decrease of about 4% year-on-year [5][24]. - The capital expenditure for 2026 is projected to remain in the range of NT$ 60-70 billion, with 85% allocated for the construction and equipment investment of the 12-inch wafer fab in Singapore [5][26]. Q1 2026 Performance Guidance - The company anticipates wafer shipments to increase by approximately 1%-3% in Q1 2026, with an expected decrease in ASP of about 3%-5% due to product mix changes and price adjustments [5][28]. - The gross margin is expected to maintain a range of 28%-30% supported by improved capacity utilization and product structure [5][28].