如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容编译自彭博 ，谢谢。 由于工业和汽车零部件需求改善，最大的模拟半导体制造商德州仪器公司对当前时期的预测好于预 期。 该公司周三在一份声明中表示，第二季度营收预计在41.7亿美元至45.3亿美元之间。这一数字远超 华尔街平均预期的41.2亿美元，推动其股价在尾盘交易中上涨约5%。 这份报告是科技行业首批财报之一，对芯片行业来说是一个利好消息。德州仪器拥有半导体领域最 广泛的产品线和最大的客户群，这使得其盈利状况成为衡量从工厂设备到家用电子产品等所有产品 需求信心的指标。 这家总部位于达拉斯的公司正努力摆脱其主要行业（尤其是汽车和工业市场）需求下滑的影响。该 公司还在努力维持来自中国客户的销售额，中国客户在第一季度贡献了约20%的收入。德州仪器面 临来自美国和中国的关税威胁，这给这家芯片制造商带来了难题。 该公司在美国境外拥有四家工厂，其中一家位于中国。由于正在将生产转移到德克萨斯州总部附近 的全新、更大的工厂，这些工厂的产能一直不足。但首席财务官拉斐尔·利扎尔迪表示，该国际网 络现在可以"快速扩张"。他表示，在一个地区生产的芯片可以轻松地在其他地区进行测试和封 ...

业绩简评 2025 年 4 月 21 日，公司发布 2024 年年报及 2025 年一季报。2024 全年公司实现营业收入 91.98 亿元，同比+45.94%；实现归母净利 润 12.73 亿元，同比+1.36%；2025 年一季度实现营业收入 15.34 亿元，同比-21.90%，实现归母净利润 1.41 亿元，同比-57.56%， 业绩略低于预期 经营分析 行业阶段性供需失衡局面下盈利短期承压，多方面布局助力穿越 周期：截至 2024 年 12 月 31 日，公司在手订单 118.31 亿元（含 税），同比-10.4%；新签订单 101.49 亿元（含税），同比-22.5%； 25Q1 在手订单 112.71 亿元，同比-21.5%，主要系行业大面积亏损 导致下游客户扩产放缓。公司 2024 年减值共计 6.2 亿元，其中资 产减值 4.2 亿元，大部分来源于存货减值，公司出于审慎的原则， 对合同履约成本减值损失计提。同样由于行业景气度低迷，光伏各 产品毛利率均有小幅下降。然而从年报披露中，我们可以看到公司 多方面布局，充分做好穿越行业周期的准备：研发方面，公司 2024 年研发费用率 4.3 亿元，同 ...

Core Viewpoint - The article highlights the strong performance of leading electric vehicle manufacturers in February, indicating a positive trend in the electric vehicle industry despite ongoing cyclical adjustments and price pressures [1][4]. Group 1: Sales Performance - In February, major electric vehicle manufacturers reported significant sales figures, with BYD selling 322,846 units (up 161.4% year-on-year, up 8.9% month-on-month), Xpeng delivering 30,453 units (up 570% year-on-year, up 0.3% month-on-month), Li Auto with 26,263 units (up 29.7% year-on-year, down 12.2% month-on-month), Leap Motor at 25,287 units (up 285.1% year-on-year, up 0.5% month-on-month), and Aion with 20,863 units (up 25.1% year-on-year, up 45% month-on-month) [2]. - The overall sales growth in January and February is notable, contrasting with previous years where the electric vehicle industry typically underperformed during this period due to the Spring Festival and market off-season [2]. Group 2: Industry Dynamics - The market is showing a clear trend of differentiation, with leading companies maintaining their strong positions. The growth in the electric vehicle industry is increasingly favoring top-tier companies, which have shown more robust performance during both industry pressures and recoveries [3]. - The strong sales in the downstream automotive market are positively impacting the upstream battery and materials sectors, leading to an upward revision in production and shipment forecasts for battery and material manufacturers [3]. Group 3: Price and Competitive Landscape - Despite the positive sales trends, the industry has not fully escaped the cyclical adjustment challenges, with limited room for price increases in the supply chain. Some equipment manufacturers are still facing significant pricing pressures in competitive bidding [5]. - The ongoing price war in the industry is creating difficulties for companies, particularly smaller lithium battery firms, leading to challenges in profitability and operational efficiency. The article suggests that technological and product strengths are essential for companies to escape low-end and homogeneous competition [5].