TE Connectivity(US:TEL) 半导体行业观察·2025-08-01 01:12Core Viewpoint - Tokyo Electron (TEL) has revised its financial forecasts downward for the fiscal year 2025 due to semiconductor manufacturers adjusting their equipment investment plans, leading to a significant decline in expected revenue and profit compared to market expectations [3][4]. Financial Performance - TEL's consolidated revenue target for the fiscal year 2025 has been lowered from 2.6 trillion yen (an increase of 6.9%) to 2.35 trillion yen (a decrease of 3.4%) [3]. - The consolidated operating profit target has been revised down from 727 billion yen (an increase of 4.3%) to 570 billion yen (a decrease of 18.3%) [3]. - The consolidated net profit target has also been reduced from 566 billion yen (an increase of 4.0%) to 444 billion yen (a decrease of 18.4%) [3]. - For the last quarter (April-June 2025), TEL reported a consolidated revenue of 549.5 billion yen, a decline of 1.0% year-on-year, and an operating profit of 144.6 billion yen, down 12.7% [4]. Market Dynamics - TEL's revenue from the Japanese market surged by 67% to 64.3 billion yen, while revenue from North America plummeted by 26% to 43.4 billion yen [5]. - The revenue from the Chinese market decreased by 23% to 212.1 billion yen, representing 38.6% of total revenue, down from 49.9% in the previous year [5]. Competitive Landscape - Despite concerns over competition from Chinese manufacturers, TEL's CEO expressed confidence in maintaining a technological lead over Chinese competitors due to close collaboration with foundry chip manufacturers [7]. - TEL plans to invest 1.5 trillion yen (approximately 10.5 billion USD) in R&D over the next five years and aims to hire 10,000 engineers [8]. Future Outlook - The company aims to achieve an operating profit of at least 1 trillion yen and sales exceeding 3 trillion yen by 2027 [10]. - TEL's CEO indicated that the company is not significantly affected by potential U.S. tariffs, as only 8% of total revenue is at risk, and transactions are conducted in yen, mitigating currency fluctuation risks [10].