Group 1 - The semiconductor industry is experiencing a mild recovery in demand in 2024 after significant adjustments in 2022 and 2023, leading to an increase in company orders and improved operating performance year-on-year [1] - Company achieved a revenue of 667 million yuan in 2024, representing a year-on-year growth of 20.25%, while the net profit attributable to shareholders was a loss of 102 million yuan, showing a reduction in losses [1] - In Q1 2025, the company reported a revenue of 132 million yuan, a year-on-year increase of 6.5%, with a net profit attributable to shareholders of a loss of 32.17 million yuan [1] Group 2 - The company has completed testing and mass production of various product series in wafer testing, including third-generation semiconductors and power management [2] - The company is expanding its product coverage in high-density matrix lead frame packaging technology, with significant progress in mass production of SOP and TSSOP products [2] - The first quarter losses were attributed to reduced other income, increased financial expenses, and higher depreciation and amortization compared to the previous year [2] Group 3 - The semiconductor industry is foundational for electronic information and IoT sectors, with long-term growth prospects despite short-term challenges [3] - Future profit drivers for the company include increased capacity utilization, development of third-generation semiconductor packaging, rapid ramp-up of power device production lines, and enhanced market expansion efforts [3]

Group 1 - The semiconductor materials ETF (562590) has seen a decline of 1.20%, with a latest price of 1.07 yuan, while it has increased by 30.22% over the past year [3][4] - The liquidity of the semiconductor materials ETF shows a turnover rate of 0.95% with a transaction volume of 302.02 million yuan, and an average daily transaction volume of 16.30 million yuan over the past year, ranking it among the top two comparable funds [3] - The ETF's scale has grown significantly, with an increase of 609.55 million yuan over the past week, placing it second among comparable funds [3] Group 2 - The semiconductor materials ETF has reached a new high of 296 million shares, marking a peak in the last month [3] - The ETF has experienced continuous net inflows over the past four days, with a maximum single-day net inflow of 542.63 million yuan, totaling 1.30 billion yuan, and an average daily net inflow of 325.99 million yuan [3] - As of May 14, 2025, the tracking error of the semiconductor materials ETF over the past two months is 0.013%, the highest among comparable funds [4] Group 3 - The semiconductor sector is expected to see a recovery in overall performance in 2024, with the first quarter of this year showing a continued recovery trend [4] - The integrated circuit manufacturing and analog sub-sectors have returned to profitability, while other sub-sectors have achieved double-digit year-on-year growth in net profit, driven by terminal recovery, AI computing power construction, and demand in materials and advanced packaging [4] - The index tracks 40 listed companies involved in semiconductor materials and equipment, reflecting the overall performance of these securities [4] Group 4 - The top ten weighted stocks in the semiconductor materials equipment index account for 62% of the index, with notable companies including Northern Huachuang (002371) and Zhongwei Company (688012) [4][6] - The weightings of the top stocks include Northern Huachuang at 16.44%, Zhongwei Company at 13.55%, and Hu Silicon Industry at 5.61% [6]

Group 1 - The semiconductor materials and equipment theme index rose by 0.28% as of May 12, with notable increases in stocks such as Zhongchuan Special Gas (+2.77%), Youyan New Materials (+2.68%), and TCL Technology (+2.34%) [1] - The semiconductor materials ETF (562590) increased by 0.09%, with a current price of 1.09 yuan, and has seen a cumulative rise of 2.94% year-to-date as of May 9 [1] Group 2 - Despite the first quarter being a traditional off-season for the semiconductor industry, leading companies reported strong performance, with North China Huachuang achieving record results with revenue of 8.206 billion yuan, a year-on-year increase of 37.90%, and a net profit of 1.581 billion yuan, up 38.80% [2] - The company reported a contract liability of 5.75 billion yuan as of Q1 2025, down 37.8% year-on-year, while inventory increased to 25.21 billion yuan, up 40.9%, indicating a strong order backlog [2] - The global semiconductor equipment industry is expected to continue its recovery, with companies like Zhongwei expecting second-quarter revenue to grow by 30% to 35%, reaching between 2.5 billion to 3 billion yuan, and net profit projected to be between 350 million to 400 million yuan, up 20% to 25% [2] - The semiconductor materials ETF and its linked funds closely track the index, with semiconductor equipment (53.1%) and semiconductor materials (22.6%) making up over 75% of the index weight [2]

Investment Rating - The report assigns a positive outlook for the company, indicating a potential for growth in the semiconductor sector, particularly in communication, industrial, and automotive applications [4]. Core Insights - The company reported a revenue of NT$ 11,949 million for FY2025Q1, representing a year-over-year increase of 24.0% and a quarter-over-quarter increase of 3.4%. The gross margin improved to 30.1%, up 6.1 percentage points year-over-year and 1.4 percentage points quarter-over-quarter [2][9]. - The increase in revenue is attributed to the ongoing expansion of consumer stimulus programs in mainland China and proactive inventory management in response to tariff uncertainties [2][9]. - The company’s net profit attributable to shareholders reached NT$ 2,414 million, marking an impressive year-over-year growth of 89.8% and a quarter-over-quarter increase of 30.7% [9]. Summary by Sections 1. Overall Performance - The company achieved a shipment volume of 607,000 eight-inch wafers in FY2025Q1, reflecting a 10% increase quarter-over-quarter and a 29% increase year-over-year. The average selling price (ASP) of products decreased by 5% [2][9]. - Demand for large panel driver IC wafers saw a significant increase, with revenue from LDDI and TDDI rising by 20%, contributing to 20% of total revenue [2][22]. 2. Orders and Demand Outlook - The company currently has an order visibility of approximately three months, with an expected capacity utilization rate for FY2025Q2 projected to increase to between 75% and 80% [3][18]. - There is an anticipated increase in revenue contribution from the 0.5-micron process and power management products due to rising demand from certain customers [3][19]. 3. Capacity and Capital Expenditure Plans - The company plans to maintain an annual capacity of 3,434,000 eight-inch wafers for 2025, with a projected increase of about 1% [20][23]. - Capital expenditures for 2025 are expected to remain in the range of NT$ 60-70 billion, with over 90% allocated for the construction and equipment of a new 12-inch wafer fab in Singapore [20][21]. 4. FY2025Q2 Performance Guidance - The company anticipates a continued recovery in demand for communication, industrial, and automotive semiconductors. It expects wafer shipments to increase by 3%-5% quarter-over-quarter, with ASP projected to rise by 0%-2% [4][21].

Group 1 - The core viewpoint is that the automotive intelligence trend is accelerating, particularly among domestic manufacturers, leading to increased demand for high-resolution automotive CIS products [2] - The company has launched new automotive image sensor products utilizing TheiaCel™ technology and high-performance front machine vision cameras for ADAS and AD applications, providing various adaptable solutions for clients [2] - By the end of 2024, the company's analog solutions business is projected to achieve revenue of 1.422 billion yuan, a year-on-year increase of 23.18%, with automotive analog IC sales rising by 37.03% [2] Group 2 - The global semiconductor industry is recovering, driven by AI and the acceleration of automotive intelligence, leading to an overall upward cycle in the industry [2] - The company has optimized its product structure and supply chain, resulting in improved gross margins and net profit [2] - The OV50X sensor, a 50-megapixel product designed for flagship smartphones, features high dynamic range video capabilities and is expected to enter mass production in Q3 2025 [3] Group 3 - The company's overall gross margin for 2024 is projected to be 29.36%, an increase of 7.74 percentage points year-on-year, with Q1 2025 gross margin further improving to 31.03% [3] - The company aims to continue enhancing its gross margin through ongoing product structure optimization and supply chain efficiency [3]

Group 1: Company Performance - In Q1 2025, the company reported revenue of 528 million yuan, a year-on-year increase of 60.42% [1] - The net profit loss was 113 million yuan, showing a reduction in losses compared to the previous year [1] - Operating cash flow turned positive with a net amount of 24.82 million yuan [1] - R&D investment totaled 191 million yuan, up 36.18% year-on-year [1] Group 2: Market and Product Development - The company is expanding into emerging application areas such as new energy, computing, and automotive sectors to enhance competitiveness and market share [2] - In the new energy sector, the company launched PMIC chips for solar applications based on proprietary technology [2] - The semiconductor industry is benefiting from AI-driven recovery and ongoing domestic substitution, with a positive market outlook [2] Group 3: Industry Trends - The domestic semiconductor industry is focusing on self-sufficiency and high-end development, accelerated by external technological restrictions [3] - The company aims to achieve domestic chip product substitution to reduce reliance on imports and provide high-quality products for the domestic market [3] - The company plans to list on the Hong Kong Stock Exchange to enhance international strategy and overseas business development [3]

Financial Data and Key Metrics Changes - First quarter revenue was $632 million, down 4% sequentially and 6% year over year [12][14] - Non-GAAP earnings per share (EPS) was $0.52, above the midpoint of guidance [8][12] - Non-GAAP gross margin was 10.1%, a 30 basis point decrease quarter over quarter but a 10 basis point increase year over year [12][15] - Non-GAAP operating margin was 4.6%, down 50 basis points sequentially and 30 basis points year over year [12][15] - Free cash flow generated in the quarter was $27 million, totaling slightly more than $140 million on a trailing twelve-month basis [9][16] Business Line Data and Key Metrics Changes - Semi cap revenue grew 18% year over year but decreased 2% quarter over quarter [13][20] - Aerospace and Defense (A&D) revenue was up 15% year over year and 4% quarter over quarter [13][22] - Industrial revenue was down 2% quarter over quarter due to existing customer demand softness [13][22] - Medical revenue decreased 12% quarter over quarter, reflecting demand softness in medical devices [13][22] - AC and C revenue decreased 12% quarter over quarter due to timing-related weaknesses [13][22] Market Data and Key Metrics Changes - The company noted a mixed recovery in the broader industry, particularly in semi cap and A&D sectors [20][22] - Demand in the medical sector is expected to improve in the second half of 2025 as inventory levels normalize [24][66] - The company has a significant U.S. manufacturing footprint, with 36% of its capacity in the U.S. and over 55% in North America [10][68] Company Strategy and Development Direction - The company aims to optimize supply chains for customers amid tariff-related uncertainties [6][27] - Continued investment in semi cap and A&D sectors is a focus, with a new facility in Penang, Malaysia, to support future growth [21][100] - The company is exploring M&A opportunities that align with strategic plans but remains focused on organic growth [28][109] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning to revenue growth despite current headwinds [7][27] - The company anticipates mid-single-digit revenue growth in the second half of 2025 [18][44] - Management highlighted the importance of adapting to customer needs and optimizing supply chains in a dynamic environment [88][90] Other Important Information - The company paid cash dividends of $6.1 million and repurchased $8 million of outstanding shares in the quarter [16][17] - The cash balance as of March 31 was $355 million, a year-over-year increase of $59 million [16][17] Q&A Session Summary Question: Are customer pauses and pull-ins creating a net headwind? - Management indicated that customer activity is balancing out, with some customers pausing shipments while others are pulling in orders [31][32] Question: What is the outlook for existing customers optimizing their supply chains? - Management noted that some bids are taking longer due to customers evaluating their supply chains amid tariff uncertainties [34][35] Question: Where is the traction seen in the industrial sector? - Management reported a balance of new and existing customers driving growth in the industrial sector, particularly in electronic controls and automation solutions [37][38] Question: Is the first half expected to decline while the second half sees growth? - Management confirmed that the first half is expected to decline mid-single digits year over year, with growth anticipated in the second half [42][43] Question: What is the expected tax rate for the second half of the year? - The expected effective tax rate for the remainder of the year is projected to be around 24% [61][62] Question: Are inventory levels in the medical sector normalized? - Management believes that OEMs have worked through much of the inventory, leading to expected growth in the second half [65][66] Question: How quickly can new programs be launched in new facilities? - Management indicated that while moving existing customers can be challenging, new programs can ramp up significantly within six months if they are competitive takeaways [86][88] Question: Is the company considering acquiring customer manufacturing facilities? - Management expressed openness to discussions about taking over facilities but emphasized a preference for leveraging existing infrastructure rather than acquiring new factories [92][94]

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2、22/28nm收入占比创历史新高，消费类业务表现强劲。 1 ） 分 行 业 ： 25Q1 通 讯 / 消 费 类 / 电 脑 / 其 他 占 比 分 别 为 40%/34%/11%/15% ， 环 比 +1pct/+5pcts/-2pcts/-4pcts，消费类表现强劲主要系WiFi、DTV机顶盒及DDI驱动。 2）分节 点： 25Q1 40nm以及下收入占比53%，环比+3pcts ，其中22/28nm收入占比为37%，环比 +3pcts，创历史新高，主要系22nm营收环比+46%所推动，22nm环比高增主要来自OLED显示驱 动IC、ISP、DTV、Wifi和音频编解码器。 3）分地区： 25Q1亚洲/北美/欧洲/日本收入占比分别 为66%/22%/7%/5%，环比+5pcts/-3pcts/-4pcts/+2pcts。 3、指引25Q2下游应用领域均温和回升，2025全年Capex保持不变。 点击招商研究小程序查看PDF报告原文 事件： 联华电子（UMC，2303.TW）于4月23日发布2025Q1财报，营收579亿新台币，同比+5.9%/环 比-4.2%，归母净利润78亿新台币，同比-25.6%/ ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting significant growth in stock price relative to the benchmark index over the next six months [10][16]. Core Insights - The company achieved a revenue of 407 million yuan in 2024, representing a year-on-year increase of 17.12%. The net profit attributable to shareholders was 78.48 million yuan, a decrease of 7.44% year-on-year, but adjusted net profit after excluding share-based payment effects was 87.21 million yuan, reflecting a growth of 2.85% [2][3]. - The semiconductor industry is showing signs of marginal recovery, particularly in the packaging and testing equipment sector. The company's EXCEED-9000 series products' revenue contribution increased to 25.80% in 2024 from 11.45% in 2023, driven by rising demand in specific market segments and enhanced product configurations [3][4]. - The company is actively pursuing product innovation and technology upgrades, with new testing functions added to its sorting machines. The establishment of a semiconductor testing equipment innovation and manufacturing center is expected to enhance its competitive edge [4][5]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 407 million yuan, with a growth rate of 17.12%. The net profit attributable to shareholders was 78.48 million yuan, down 7.44% year-on-year, while adjusted net profit was 87.21 million yuan, up 2.85% [2][12]. - Projections for 2025, 2026, and 2027 indicate revenues of 700 million yuan, 930 million yuan, and 1.18 billion yuan, respectively, with corresponding net profits of 200 million yuan, 300 million yuan, and 400 million yuan [10][12]. Market Position and Strategy - The company is focusing on expanding its global market presence and enhancing product offerings through continuous R&D investments. The establishment of a production center in Malaysia is aimed at better serving market demands [4][5]. - The company has made strategic investments in four firms related to semiconductor testing and packaging, indicating a proactive approach to technology and market positioning [5][9]. Valuation Metrics - The current stock price corresponds to a price-to-earnings (P/E) ratio of 60.01 for 2024, which is expected to decrease to 23.18, 15.70, and 11.72 for 2025, 2026, and 2027, respectively [12][10].