Core Thesis - Qorvo, Inc. is positioned favorably due to secular growth in smartphones, 5G rollouts, Wi-Fi 7 adoption, and increased RF spending in defense and automotive sectors [3] Financial Performance - Recent quarterly revenue reached approximately $1.06 billion, exceeding expectations with modest year-over-year growth and sequential margin expansion [4] - Non-GAAP gross margins are trending towards the high-40% range, indicating durable profitability [4] Strategic Developments - The proposed merger with Skyworks, valued at around $22 billion, is a significant near-term catalyst for Qorvo [5] - Management has a strong balance sheet with approximately $1.10 billion in cash, allowing for flexibility in M&A, buybacks, or other capital allocation initiatives [5] Competitive Position - Qorvo's competitive advantage lies in its RF intellectual property, scale, and strong customer relationships [5] - However, potential risks include vertical integration by OEMs and competitive technological shifts that could erode this advantage over time [5] Valuation Considerations - Valuation is dependent on merger outcomes and assumptions regarding secular growth, necessitating scenario analysis to balance cyclical smartphone exposure against long-term RF total addressable market capture [7] - Investors should monitor merger updates, quarterly performance, customer order flows, and capital allocation to adjust exposure relative to catalyst risk [7]

证券日报网讯2月24日，康希通信在互动平台回答投资者提问时表示，公司采用Fabless经营模式，晶圆 代工成本是产品成本的重要组成部分。公司近两年已完成了境外与境内双供应链布局。希望在满足境 内、外不同客户需求的同时，合理地选择晶圆代工厂，力争与客户一起消化因贵金属价格波动而带来的 原料价格波动；公司将密切跟踪晶圆代工成本的变化情况。公司于2026年1月底取得了美国337诉讼初裁 结论，判定公司不存在侵犯Skyworks知识产权的情形，增强了境外客户与公司加强合作的信心。目前已 有多家境外客户提出重启或加大合作力度的意愿，公司希望通过出海等形式，争取更大的毛利空间，提 升公司整体盈利能力。 ...

Core Insights - The RF front-end module is a critical subsystem that directly impacts terminal communication quality, driven by the acceleration of global 5G commercialization and the increasing demand for multi-band compatibility in terminals [1][5] - The global market for RF front-end modules is projected to reach $14.881 billion by 2025, with modules accounting for nearly 70% of the market share [5] - China's RF front-end market is expected to grow from 22.9 billion yuan in 2020 to 33.6 billion yuan in 2024, and is projected to exceed 53 billion yuan by 2029, becoming the largest regional market globally [6][7] Industry Overview - RF front-end modules (RFFE) serve as the core components in wireless communication systems, integrating multiple RF devices into a single package to perform essential tasks such as signal processing [2][4] - The classification of RF front-end modules includes power amplifiers, low-noise amplifiers, filters, RF switches, and duplexers, among others, catering to various application scenarios [3] Market Dynamics - The demand for RF front-end devices is increasing due to the rapid commercialization of 5G, with a notable rise in the need for high-end products associated with key technologies like millimeter-wave communication [5] - The global RF front-end market is expected to grow at a compound annual growth rate (CAGR) of approximately 3.4% from 2025 to 2030, reaching $17.5 billion by 2030 [5] China's Market Growth - China's RF front-end market is experiencing rapid growth, driven by the acceleration of 5G commercialization, the rise of domestic smartphone brands, and the expansion of emerging applications like IoT [6][10] - The domestic market's growth is supported by policies promoting the semiconductor industry, which have created a robust support system for the RF front-end module sector [4] Industry Chain Analysis - The RF front-end module industry chain in China includes upstream suppliers of EDA design software and semiconductor materials, with domestic breakthroughs in certain areas [8] - Midstream focuses on module design, manufacturing, and testing, with local companies narrowing the technology gap with international giants [8] Competitive Landscape - The current market landscape shows a coexistence of international dominance and domestic breakthroughs, with major international companies holding about 76% of the global market share [12] - Domestic companies like Weijie Chuangxin, Huizhiwei, and Zhuoshengwei are gradually increasing their market share through continuous R&D and technological advancements [12] Future Development Trends - The RF front-end module industry in China is expected to develop along three main lines: technology, industry, and application, focusing on high integration and energy efficiency [13] - The trend of domestic substitution will deepen, with local companies aiming to penetrate high-end markets and enhance their competitiveness [14] - Application scenarios are expanding from consumer electronics to various fields, including smart vehicles and satellite internet, creating new growth opportunities [16]

Group 1 - iREIT+HOYA Capital focuses on income-producing asset classes that provide sustainable portfolio income, diversification, and inflation hedging [1][2] - The investment group targets high-yield, dividend growth opportunities, offering portfolios with dividend yields up to 10% [2] - The Dow Jones Industrial Average has recently surpassed the psychological level of 50,000, making it challenging to identify value stocks [2]

Financial Performance - Net revenue for the three months ended January 2, 2026, was $1,035.4 million, a decrease of 3.5% compared to $1,068.5 million for the same period in 2024[10] - Gross profit for the same period was $427.2 million, down from $441.9 million, reflecting a gross margin of approximately 41.2%[10] - Operating income decreased to $103.8 million from $181.1 million, indicating a decline of 42.7% year-over-year[10] - Net income for the quarter was $79.2 million, a significant drop of 51.1% compared to $162.0 million in the prior year[10] - Basic earnings per share (EPS) was $0.53, down from $1.01, representing a decline of 47.5%[10] - Revenue from the United States was $805.7 million, down 4.8% from $846.7 million in the prior year[31] - Gross profit margin decreased to 41.3% for the three months ended January 2, 2026, down from 41.4% in the prior year[83] - Operating income fell to 10.0% of net revenue for the three months ended January 2, 2026, compared to 17.0% in the same period last year[83] - Net income margin decreased to 7.7% for the three months ended January 2, 2026, down from 15.2% for the same period in fiscal 2025[83] Cash and Liquidity - Cash and cash equivalents increased to $1,550.4 million from $1,161.3 million, showing a growth of 33.5%[15] - The company reported net cash provided by operating activities of $395.5 million, an increase from $377.2 million in the previous year[17] - Cash, cash equivalents, and marketable securities totaled $1,568.6 million as of January 2, 2026, an increase of $180.2 million from October 3, 2025[117] - The company expects cash, cash equivalents, and marketable securities, along with cash generated from operations, to be sufficient to fund short-term and long-term liquidity requirements[120] Assets and Liabilities - Total assets decreased slightly to $7,867.9 million from $7,917.0 million, a reduction of 0.6%[15] - Total liabilities decreased to $2,109.0 million from $2,159.9 million, reflecting a decline of 2.3%[15] - The Company’s total other current assets increased to $378.4 million as of January 2, 2026, compared to $350.0 million as of October 3, 2025[67] - The Company’s total other current liabilities rose to $457.6 million as of January 2, 2026, compared to $407.1 million as of October 3, 2025[67] Expenses - Research and development expenses increased to 19.6% of net revenue for the three months ended January 2, 2026, compared to 16.5% in the prior year[83] - Selling, general, and administrative expenses rose by 31.2% to $108.4 million, accounting for 10.5% of net revenue, compared to $82.6 million in the same period last year[103] - Restructuring, impairment, and other charges increased significantly by 612.5% to $11.4 million, representing 1.1% of net revenue, compared to $1.6 million in the prior year[106] - Share-based compensation expense totaled $57.7 million for the three months ended January 2, 2026, compared to $51.1 million for the same period in the previous year, representing an increase of approximately 13%[65] Taxation - The provision for income taxes for the three months ended January 2, 2026, was $30.5 million, with an effective tax rate of 27.8%[46] - The company recorded a provision for income taxes of $30.5 million for the three months ended January 2, 2026, reflecting a 7.4% increase from $28.4 million in the prior year[109] Stock and Dividends - The Company declared a cash dividend of $0.71 per share, payable on March 17, 2026, to stockholders of record as of February 24, 2026[63] - The Company has a stock repurchase program authorized for up to $2.0 billion, with approximately $1.2 billion remaining available as of January 2, 2026[60][61] - The company repurchased a total of 621,305 shares of common stock during the three months ended January 2, 2026, at an average price of $62.78 per share[137] - The company's net share repurchases are subject to a 1% excise tax under the Inflation Reduction Act, which reduces the amount available under the stock repurchase program[138] Mergers and Acquisitions - The Company has entered into a merger agreement with Qorvo, Inc., with a combined enterprise value of approximately $22.0 billion, expected to close early in calendar year 2027[68] - The Exchange Ratio in the Merger Agreement is set at 0.960 shares of Skyworks common stock and $32.50 in cash for each share of Qorvo common stock[86] - The company is involved in a merger agreement with Qorvo, Inc., and Comet Acquisition Corp., dated October 27, 2025[140] Internal Controls and Compliance - As of January 2, 2026, the company's disclosure controls and procedures were evaluated as effective at the reasonable assurance level by the CEO and CFO[132] - There were no changes to the internal control over financial reporting during the first quarter of fiscal 2026 that materially affected or are likely to materially affect the internal control over financial reporting[133] Market and Risk Factors - The company experienced a decrease in market share at a significant customer, partially offset by increased demand for Wi-Fi products[96] - The company has identified risk factors that could materially affect its business and financial condition, as discussed in the 2025 10-K report[136] - The company has not disclosed any new product or technology developments in the provided content[130] - There are no significant legal proceedings affecting the company as referenced in the financial statements[135]

Core Insights - Skyworks Solutions (SWKS) reported first-quarter fiscal 2026 non-GAAP earnings of $1.54 per share, exceeding the Zacks Consensus Estimate by 10.20% but down 3.8% year over year [1] - Revenues for the quarter were $1.04 billion, a decrease of 3.1% year over year, yet surpassing the consensus estimate by 3.68% [1] - SWKS shares increased by 0.46% in pre-market trading [1] Revenue Breakdown - Mobile revenues accounted for nearly 62% of total revenues, with the largest customer contributing approximately 67% of revenues in the reported quarter [2] - Broad Markets, which includes edge IoT, automotive, industrial, infrastructure, and cloud, experienced a sequential growth of 4% and an 11% year-over-year increase, driven by sectors such as edge IoT, automotive, and data center [2] Operating Performance - The non-GAAP gross margin for the first quarter was 46.6%, up 10 basis points year over year [3] - Research & development expenses rose by 310 basis points year over year to 19.6% of revenues [3] - Selling, general, and administrative expenses increased by 270 basis points to 10.5% in the reported quarter [3] - Non-GAAP operating margin contracted by 230 basis points year over year to 24.3% [3] Financial Position - As of January 2, 2026, cash and cash equivalents along with marketable securities totaled $1.57 billion, up from $1.39 billion as of October 3, 2025 [4] - Long-term debt was reported at $996.2 million, a slight increase from the previous quarter [4] - Cash generated by operating activities was $395.5 million, compared to $200 million in the prior quarter [4] - Free cash flow reached $339 million, resulting in a free cash flow margin of 32.7% [4] Future Guidance - For the second quarter of fiscal 2026, the company anticipates revenues between $875 million and $925 million [5] - A sequential decline of approximately 20% in Mobile revenues is expected, while Broad Markets are projected to remain flat sequentially, representing 44% of revenue, with a high single-digit year-over-year increase [5] - Gross margin is forecasted to be between 44.5% and 45.5%, with operating expenses estimated between $230 million and $240 million [5]

分组1 - Skyworks Solutions reported quarterly earnings of $1.54 per share, exceeding the Zacks Consensus Estimate of $1.4 per share, but down from $1.6 per share a year ago, resulting in an earnings surprise of +10.20% [1] - The company achieved revenues of $1.04 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 3.68%, although this is a decrease from year-ago revenues of $1.07 billion [2] - Skyworks has consistently surpassed consensus EPS and revenue estimates over the last four quarters [2] 分组2 - The stock has underperformed, losing about 10.4% since the beginning of the year, while the S&P 500 has gained 1.9% [3] - The current consensus EPS estimate for the upcoming quarter is $0.97 on revenues of $863.41 million, and for the current fiscal year, it is $4.39 on revenues of $3.62 billion [7] - The Semiconductors - Radio Frequency industry, to which Skyworks belongs, is currently ranked in the top 8% of over 250 Zacks industries, indicating a favorable outlook compared to lower-ranked industries [8]

Financial Data and Key Metrics Changes - The company reported revenue of $1.04 billion, exceeding the high end of guidance, with earnings per share of $1.54, and generated $339 million in free cash flow [8][14] - Gross profit was $482 million, resulting in a gross margin of 46.6%, while operating income was $252 million, translating to an operating margin of 24.3% [14] - The company ended the quarter with approximately $1.6 billion in cash and investments and $1 billion in debt, maintaining a strong balance sheet [15] Business Line Data and Key Metrics Changes - Mobile revenue represented 62% of total revenue, driven by healthy sell-through at the top customer, while broad markets grew 4% sequentially and 11% year-over-year [14][15] - Broad markets delivered its eighth consecutive quarter of growth, reflecting strength across edge IoT, data center, and automotive sectors [10][11] Market Data and Key Metrics Changes - The smartphone replacement cycle is beginning to shorten, driving increased unit growth as consumers upgrade more frequently, particularly with new AI-capable devices [9] - Automotive demand remains solid, driven by increased connectivity across telematics and infotainment [10] Company Strategy and Development Direction - The company is focused on operational execution, customer engagement, and disciplined investment in its product roadmap, with a strategy to invest in core technologies and grow broad markets [7][8] - The combination with Qorvo is expected to enhance scale, R&D capabilities, and technology portfolio, aiming for over $500 million in synergies over time [4][5] Management's Comments on Operating Environment and Future Outlook - Management remains bullish on long-term drivers of RF content, supported by accelerated replacement cycles and rising RF complexity tied to AI workloads [10] - The company expects revenue for the second quarter of fiscal 2026 to range between $875 million and $925 million, anticipating a 20% sequential decline in mobile revenue due to seasonality [15][16] Other Important Information - The company is committed to closing the transaction with Qorvo, with regulatory filings completed and a shareholder vote scheduled [5][6] - The company is maintaining a disciplined approach to operating expenses, projecting them to be between $230 million and $240 million in the next quarter [16] Q&A Session Summary Question: Can you elaborate on the expected benefits from the Qorvo deal? - The CEO highlighted the complementary nature of the portfolios, particularly in RF technologies, which should reduce volatility and increase scale [20][21] Question: What areas of broad markets do you see the most strength in? - The CEO pointed to Wi-Fi 7 adoption, automotive connectivity, and power/timing products for data centers as key growth areas [28][30] Question: How do you see the content gains at your largest customer being offset by mix? - The CEO explained that while content gains are expected, the mix of models and their performance is uncertain, leading to a projection of flat blended content [41][72] Question: What is the outlook for gross margins given memory pricing dynamics? - The CFO noted that gross margins are projected to decline due to typical seasonality and a higher mix of Android products, but no abnormal trends are expected [68] Question: How is the data center segment performing relative to the overall market? - The CEO confirmed that the data center segment is growing faster than the overall broad markets, driven by demand for power isolation and timing products [76]

Financial Data and Key Metrics Changes - Skyworks reported revenue of $1.04 billion, exceeding the high end of guidance, with earnings per share of $1.54, and generated $339 million in free cash flow [8][14] - Gross profit was $482 million, resulting in a gross margin of 46.6%, while operating income was $252 million, translating to an operating margin of 24.3% [14] - The company ended the quarter with approximately $1.6 billion in cash and investments and $1 billion in debt, maintaining a strong balance sheet [15] Business Line Data and Key Metrics Changes - Mobile revenue represented 62% of total revenue, driven by healthy sell-through at the top customer, while broad markets grew 4% sequentially and 11% year-over-year [14][15] - Broad markets delivered its eighth consecutive quarter of growth, reflecting strength across edge IoT, data center, and automotive sectors [10][11] Market Data and Key Metrics Changes - The smartphone replacement cycle is beginning to shorten, driving increased unit growth as consumers upgrade more frequently [9] - Automotive demand remains solid, driven by increased connectivity across telematics and infotainment [10] Company Strategy and Development Direction - The company is focused on operational execution, customer engagement, and disciplined investment in its product roadmap, with a strategy to invest in core technologies and grow broad markets [7][8] - The combination with Qorvo is expected to enhance scale, R&D capabilities, and technology portfolio, with anticipated synergies of over $500 million [4][5] Management's Comments on Operating Environment and Future Outlook - Management remains bullish on long-term drivers of RF content, supported by accelerated replacement cycles and rising RF complexity tied to AI workloads [10] - The company expects revenue for Q2 of fiscal 2026 to range between $875 million and $925 million, anticipating a sequential decline in mobile revenue of approximately 20% [15][16] Other Important Information - The company is committed to closing the transaction with Qorvo, with regulatory approvals expected to be completed by early calendar year 2027 [5][6] - The company is actively monitoring customer forecasts and channel inventory, which remains lean [9] Q&A Session Summary Question: Can you elaborate on the expected benefits from the Qorvo deal? - Management highlighted the complementary nature of the portfolios, particularly in RF technologies, which should reduce volatility and enhance innovation opportunities [20][21] Question: What areas of broad markets do you see driving growth? - Management identified Wi-Fi, automotive, and data center power and timing products as key growth areas, with strong demand signals in these segments [29][30] Question: How do you see the content gains at your largest customer being affected by mix? - Management indicated that while content gains have been defended, the overall blended content is expected to be flat due to uncertainties in model performance [41][72] Question: What is the outlook for gross margins given the current market dynamics? - Management projected a decrease in gross margin due to typical seasonality and a higher mix of Android products, but noted no abnormal trends [68] Question: How is the data center segment performing relative to the overall market? - Management confirmed that the data center segment is growing faster than the overall broad markets, driven by demand for power isolation and timing products [76]

Financial Data and Key Metrics Changes - Skyworks reported revenue of $1.04 billion, exceeding the high end of guidance, with earnings per share of $1.54, and generated $339 million in free cash flow [8][14] - Gross profit was $482 million, resulting in a gross margin of 46.6%, while operating income was $252 million, translating to an operating margin of 24.3% [13][14] - The company ended the quarter with approximately $1.6 billion in cash and investments and $1 billion in debt, maintaining a strong balance sheet [14] Business Line Data and Key Metrics Changes - Mobile revenue represented 62% of total revenue, driven by healthy sell-through at the top customer, while broad markets grew 4% sequentially and 11% year-over-year [13][14] - Broad markets delivered its eighth consecutive quarter of growth, reflecting strength across edge IoT, data center, and automotive sectors [10][11] Market Data and Key Metrics Changes - The smartphone replacement cycle is beginning to shorten, driving increased unit growth as consumers upgrade more frequently [9] - Automotive demand remains solid, driven by increased connectivity across telematics and infotainment [10] Company Strategy and Development Direction - The company is focused on operational execution, customer engagement, and disciplined investment in its product roadmap, with a strategy to invest in core technologies and grow broad markets [6][7] - The combination with Qorvo is expected to enhance scale, R&D capabilities, and technology portfolio, aiming for over $500 million in synergies over time [4][5] Management's Comments on Operating Environment and Future Outlook - Management remains bullish on long-term drivers of RF content, supported by accelerated replacement cycles and rising RF complexity tied to AI workloads [10] - The company expects revenue for Q2 of fiscal 2026 to range between $875 million and $925 million, anticipating a sequential decline in mobile revenue of approximately 20% [14][15] Other Important Information - The company is committed to closing the transaction with Qorvo, with regulatory filings completed and integration planning underway [5][6] - The effective tax rate for the quarter was 10%, and the company anticipates approximately $4 million in other income for the next quarter [14][15] Q&A Session Summary Question: Insights on the Qorvo deal and expected benefits - Management highlighted the complementary nature of the portfolios, particularly in RF technologies, which should reduce volatility and enhance innovation opportunities [18][19] Question: Strength in broad markets and growth areas - Management identified Wi-Fi 7 adoption, automotive connectivity, and data center power and timing products as key growth areas driving demand [26][28] Question: Content gains and pricing dynamics with the largest customer - Management indicated that while content gains are expected, they may be offset by mix dynamics, and competitive pricing remains a factor [30][45] Question: Data center growth relative to overall segment - Management confirmed that data center products are growing faster than the overall broad markets, driven by demand for power isolation and timing products [72]