【招商电子】VIS 25Q4 跟踪报告：电源管理芯片营收同环比双增，2026年稼动率指引回升

Core Viewpoint - World Advanced (VIS, 5347.TW) reported Q4 2025 earnings with revenue of NT$12.594 billion, a year-on-year increase of 9.0% and a quarter-on-quarter increase of 2.0%, driven by ASP growth and favorable exchange rates, despite a decline in wafer shipment volume [2][4]. Financial Overview - Q4 2025 revenue was NT$12.594 billion, with a gross margin of 27.5%, and a net profit of NT$1.748 billion, resulting in an EPS of NT$0.93. The revenue for the full year 2025 is projected to be NT$48.591 billion, a 10% increase from the previous year [2][14]. - The total wafer shipment volume for Q4 2025 was 626,000 pieces, with an ASP of $624 per piece, reflecting a 5% quarter-on-quarter increase [2][14]. Segment Performance - Revenue from processes below 0.18um slightly decreased quarter-on-quarter, while the share of power management chips continued to rise, accounting for 78% of total revenue in Q4 2025 [3][4]. - The revenue from power management chips was NT$9.823 billion, a year-on-year increase of 19.8% and a quarter-on-quarter increase of 7.5% [3]. Capacity and Utilization - The company expects wafer shipments in Q1 2026 to increase by 1%-3%, with ASP projected to decline by 3%-5% due to product mix changes. The gross margin is expected to be between 28%-30%, and capacity utilization is anticipated to rise to 80%-85% [4][15]. - The construction of the 12-inch factory in Singapore is progressing slightly ahead of expectations, with sample production expected to begin in mid-2026 [4][15]. Long-term Outlook - For 2026, wafer capacity is expected to decrease by 4% year-on-year, with capital expenditures projected to remain at NT$60-70 billion, primarily for the Singapore factory [4][15]. - The company anticipates a strong demand for power management products in automotive and data center applications, with significant growth expected in the power management and discrete device sectors [4][21]. Cost Structure and Profitability - The company expects depreciation expenses to increase by 12% in 2026, driven by ongoing capital expenditures and upgrades to production capacity [23]. - The operating expense ratio is projected to be around 12% of revenue in 2026, with a focus on maintaining a gross margin of over 30% when capacity utilization reaches 85%-90% [23].