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龙迅股份(688486):25Q1营收同比微增,关注产能供应改善进度
CMS· 2025-04-30 02:15
Investment Rating - The investment rating for the company is "Accumulate" [3] Core Views - The company reported a slight year-on-year revenue increase of 4.5% in Q1 2025, with revenue of 109 million yuan, but faced a quarter-on-quarter decline of 17.7% due to supply constraints [6] - The company is focusing on improving its supply chain capabilities and has plans to establish a dual-cycle supply system to enhance stability and cost efficiency [6] - Key areas for future research and development include automotive electronics, micro-displays, AR/VR, and high-performance computing (HPC) [6] - The company expects revenue growth to reach 693 million yuan in 2025, with a net profit of 199 million yuan, corresponding to a PE ratio of 49.3 [6] Financial Data and Valuation - Total revenue is projected to grow from 323 million yuan in 2023 to 1.31 billion yuan in 2027, with a compound annual growth rate (CAGR) of 34% to 31% [2][12] - Operating profit is expected to increase from 103 million yuan in 2023 to 391 million yuan in 2027, with a CAGR of 48% to 33% [2][12] - The company's net profit attributable to shareholders is forecasted to rise from 103 million yuan in 2023 to 372 million yuan in 2027, with a CAGR of 48% to 32% [2][12] - The company maintains a healthy balance sheet with a debt ratio of 9.0% and a return on equity (ROE) of 10.2% [3][12] Stock Performance - The company's stock has shown strong performance, with a 1-month absolute return of 31%, a 6-month return of 173%, and a 12-month return of 114% [5]
【招商电子】长电科技:晟碟25全年并表贡献增大,25Q1多领域客户高速增长
招商电子· 2025-04-29 15:33
点击招商研究小程序查看PDF报告原文 长电科技是全球第三/国内第一的OSAT厂商,在中国/韩国/新加坡拥有八大生产基地和两大生产中心。 长电科技发布2024年年报和2025年一季报,结合公告信息,点评如下: 长电科技25Q1营收受晟碟并表影响同比高增长,单季利润率同比相对稳定。 2024年:营收359.62亿 元,同比+21.24%,晟碟在24Q4已并表贡献收入,归母净利润16.1亿元,同比+9.44%,毛利率13.06%, 同比-0.59pct,净利率4.48%,同比-0.48pct。25Q1:营收93.35亿元,同比+36.4%/环比-15%,同比高增 长部分系晟碟并表贡献,归母净利润2.03亿元,同比+50.4%/环比-61.9%,毛利率12.63%,同比+0.43pct/ 环比-0.71pct,净利率2.18%,同比+0.23pct/环比-2.74pct。 子公司方面,星科金朋、长电韩国、江阴长电为公司2024年利润核心贡献点。 1)星科金朋:24年营收 121亿元,同比+5.8%,净利润2.6亿美元,同比+118%,订单量增加,产能利用率有所提升;2)长电韩 国:24年营收157亿元,同比+27%, ...
电子行业:HPC需求强劲,指引25Q2营收中值环比+13%;AI加速器收入将翻番,维持25年营收同比+25%
Great Wall Securities· 2025-04-23 10:00
Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - Strong demand for HPC is expected to drive a 13% quarter-over-quarter revenue increase in Q2 2025, with a median revenue guidance of $28.8 billion [2][24] - AI accelerator revenue is projected to double, supporting a year-over-year revenue growth expectation of 25% for 2025 [4][31] - The global semiconductor industry (excluding memory) is forecasted to grow by 10% year-over-year in 2025 [48] Summary by Sections Q1 2025 Summary - Q1 2025 revenue decreased by 5.1% quarter-over-quarter due to seasonal factors in the smartphone market, while AI demand remained strong [2][9] - The gross margin for Q1 2025 was 58.8%, positioned at the upper limit of guidance [9][27] - HPC revenue grew by 7% quarter-over-quarter, accounting for 59% of total revenue [15][11] Q2 2025 Outlook - Revenue guidance for Q2 2025 is set at a median of $28.8 billion, reflecting a 12.8% quarter-over-quarter increase driven by HPC demand [25][24] - The gross margin for Q2 2025 is expected to be around 58.0%, a decrease of 0.8 percentage points from Q1 [27][29] 2025 Industry Outlook - The report maintains a revenue growth expectation of approximately 25% year-over-year for 2025, with AI accelerator revenue projected to reach $32.4 billion [34][31] - CoWoS orders remain intact, with production capacity expected to double to 70,000 wafers per month by the end of 2025 [35][39] - TSMC forecasts a compound annual growth rate (CAGR) of nearly 20% for revenue from 2024 to 2029, with AI accelerator revenue CAGR projected at 40% [40][41] Semiconductor Market Analysis - The semiconductor market is anticipated to recover, with inventory days expected to stabilize between 105 and 110 days by the end of 2025 [49][51] - The global semiconductor market (excluding memory) is projected to grow by 10% year-over-year in 2025 [48][51] - The demand for semiconductors is expected to be driven by a mild recovery in consumer electronics and a new product innovation cycle initiated by AI [52][51]
Compal Launch New High-Performance GPU Server Platform Built on NVIDIA MGX Architecture Revolutionizing AI and HPC Computing
Prnewswire· 2025-03-19 16:00
Core Insights - Compal Electronics unveiled three new server platforms at GTC 2025, designed for enterprise-level AI, HPC, and high-load computing applications, built on NVIDIA MGX architecture [1][2][4] Product Overview - The SX420-2A and SX224-2A servers are powered by the NVIDIA RTX PRO™ 6000 Blackwell GPU, featuring 96GB of GDDR7 memory and a passively cooled thermal design, ensuring stable operation under extreme loads [3][7] - The SX220-1N server is designed for large-scale AI and HPC applications, utilizing the NVIDIA GH200 Grace Hopper™ Superchip and NVLink-C2C technology for enhanced memory speeds and bandwidth [4][7] Competitive Positioning - The new server platforms are positioned as highly competitive solutions in the industry, catering to the rigorous requirements of diverse data center applications [3][4] - Compal's innovative designs and technology advancements are expected to herald a new era in enterprise computing technology [4] Company Background - Founded in 1984, Compal is a leading manufacturer in the notebook and smart device industry, recognized as one of Taiwan's top manufacturers and consistently ranked among the Forbes Global 2000 and Fortune Global 500 companies [5]
未知机构:国君电子兴森科技ABF载板推荐系列二1TAM潜在市场总量-20250318
未知机构· 2025-03-18 03:20
Summary of Conference Call on ABF Substrate Market Industry Overview - The report focuses on the ABF substrate market, highlighting its potential growth driven by advancements in AI and high-performance computing (HPC) [1][2]. Key Market Insights 1. **Total Addressable Market (TAM)**: The global TAM is projected to grow from $37.2 billion in 2023 to $73.4 billion by 2030. - Breakdown: - PC CPUs account for 30% - Server CPUs account for 11% - Gaming GPUs account for 16% - AI GPUs are expected to rise from 11% in 2023 [1][2]. 2. **Serviceable Available Market (SAM)**: The reachable market in China is approximately ¥15 billion. - PC CPU shipments in China are estimated at 40 million units, with an ABF substrate price of ¥100 per unit, resulting in a market size of about ¥4 billion. - Server CPU shipments are around 7 million units, with an ABF substrate price of ¥300 per unit, leading to a market size of approximately ¥2.1 billion [1][2]. 3. **Serviceable Obtainable Market (SOM)**: The obtainable market is estimated at approximately ¥6.9 billion. - Breakdown: - H (¥1.5 billion): 1.3 million Ascend chips correspond to a demand for 1.3 billion ABF substrates. - I (¥4.6 billion): Domestic Intel server market share at 80% corresponds to a procurement demand of ¥1.6 billion, and PC market share at 75% corresponds to ¥3 billion. - N (¥800 million): Domestic H20 with 100,000 units corresponds to a demand for ¥800 million in ABF substrates [2]. Importance of ABF Substrates - ABF substrates are critical in bridging advanced process dies and PCB boards, representing the direction of high-performance computing development. - The demand for ABF substrates is expected to rise in both AI and robotics sectors, indicating a simultaneous increase in both volume and price [2].
最新全球十大晶圆代工厂排名!
国芯网· 2025-03-12 04:22
半导体公众号推荐 半导体论坛百万微信群 国芯网[原:中国半导体论坛] 振兴国产半导体产业! 不拘中国、 放眼世界 ! 关注 世界半导体论坛 ↓ ↓ ↓ 3月12日消息,近日TrendForce集邦咨询发布的研报显示,2024年第四季度,前十大晶圆代工厂合计营 收季增近10%,达384.8亿美元,再创新高。 TrendForce集邦咨询发布的报告称,2024年第四季全球晶圆代工产业呈两极化发展,先进制程受惠于AI Server等新兴应用增长,以及新款旗舰级智能手机AP和PC新平台备货周期延续,带动高价晶圆出货增 长,抵销成熟制程需求趋缓带来的冲击。 其中,受惠于智能手机、HPC新品出货动能延续,营收成长至268.5亿美元,增幅14.1%,以市占率67% 稳居龙头。 三星排名第二,2024年第四季营收下滑1.4%,为32.6亿美元,市占8.1%。 受客户库存调节影响,晶圆出货呈现季减,但受益于于十二英寸新增产能,优化产品组合带动ASP季 增,两者相抵后,营收季增1.7%至22亿美元,市占5.5%,居第三名。 此外,、格罗方德、华虹集团、高塔半导体、世界先进、合肥晶合、力积电分列前十位。 ************* ...
【招商电子】龙迅股份:24Q4营收创单季新高,汽车电子业务聚力再出发
招商电子· 2025-03-01 12:21
Core Viewpoint - Longxun Co., Ltd. is experiencing significant growth in revenue and profitability, particularly in the automotive electronics sector, while maintaining stable gross and net profit margins [2][3]. Group 1: Financial Performance - In 2024, Longxun's revenue reached 466 million yuan, a year-on-year increase of 44.21%, with a net profit of 144 million yuan, up 40.62% year-on-year [2]. - The company's gross margin for the year was 55.48%, an increase of 1.48 percentage points, while the net margin was 30.99%, a decrease of 0.79 percentage points [2]. - In Q4 2024, the company achieved a record quarterly revenue of 132 million yuan, a year-on-year increase of 31.04% and a quarter-on-quarter increase of 18.45% [2]. Group 2: Business Expansion - Longxun is focusing on the automotive electronics sector, with a significant increase in market share for its bridge chips in automotive HUD and infotainment systems [3]. - The company has entered the full-scale promotion phase for its automotive Serdes chipsets and plans to establish an automotive chip division by the end of 2024 [3]. - Longxun is also expanding into AI and HPC markets, with a research and development investment of nearly 100 million yuan in 2024, accounting for 21.45% of revenue, which is a year-on-year increase of 34.14% [3]. Group 3: Product Development - The company is actively developing data transmission and processing chips for AI, HPC, and next-generation communication fields, with ongoing projects related to PCIe and USB protocols [3]. - Longxun has added a domestic wafer foundry to effectively control procurement costs, enhancing its production capabilities [3].
Jim Keller再入局一家RISC-V公司
半导体行业观察· 2025-02-27 01:50
Core Viewpoint - Jim Keller, a legendary CPU designer, has joined the board of AheadComputing, a startup focused on developing breakthrough application processors based on the RISC-V architecture, indicating a strong potential for innovation in the CPU market [1][2]. Group 1: Company Overview - AheadComputing was founded by four former Intel engineers, including CEO Debbie Marr, and aims to create high-performance CPU cores, which is a key focus for major CPU developers like Apple, AMD, Intel, and Qualcomm [2][3]. - The founding team has extensive experience, having worked on multiple generations of Intel CPUs, including Nehalem and Haswell, and has contributed to the development of AI and GPU architectures [3]. Group 2: Funding and Development - AheadComputing recently secured $21.5 million in initial funding to develop a new microprocessor architecture aimed at handling workloads for AI, cloud computing, and edge devices [4]. - The company plans to expand its engineering team and accelerate the development of its core technologies with the new funding, which will significantly impact various industries such as mobile and industrial sectors [4].