Core Viewpoint - AMD's Instinct MI325X accelerator faces significant commercial challenges due to limited scalability and shipment delays, especially in comparison to Nvidia's offerings [1][2]. Group 1: Scalability and Performance - The maximum scalable configuration for AMD's Instinct MI325X and MI355X is limited to 8 GPUs, while Nvidia's B200 can scale up to 72 GPUs using NVLink interconnect [2]. - To build a cluster with more than 8 GPUs based on AMD, a shift to a different architecture is required, which reduces scalability [2]. - The MI325X has high power consumption (1000W) and does not show significant performance improvements over the MI300, complicating upgrades from existing platforms [2]. Group 2: Market Reception and Future Prospects - Microsoft expressed disappointment with AMD's GPUs as early as 2024, leading to a lack of follow-up orders, although Oracle and other companies have shown renewed interest due to AMD's price reductions [3]. - If the MI355X is competitively priced and supported by robust software, it may gain some traction, but it will still struggle to compete with Nvidia's rack-scale GB200 NVL72 [3]. - SemiAnalysis suggests that the MI355X could succeed in non-rack scale deployments if it has a competitive total cost of ownership (TCO) and improved software [3].

Investment Rating - The report gives an optimistic outlook for Samsung Electronics, indicating a positive investment rating for the company based on its strong performance in Q1 2025 and anticipated growth in AI server demand [1]. Core Insights - Samsung Electronics achieved a record high revenue of 79.14 trillion KRW in Q1 2025, driven by strong sales of the Galaxy S25 series and high-end display products, offsetting declines in the storage business [2][9]. - The report highlights a decline in HBM sales due to ASP decreases, AI chip export controls, and delays in HBM3E product launches, but maintains an optimistic outlook for AI server demand in the upcoming quarters [3][38]. - The company plans to focus on flagship and AI products to drive sales during the traditionally weaker Q2, with expectations of continued strong performance from the Galaxy S25 series [4][46]. Revenue Breakdown DS Division - The DS division reported revenue of 25.1 trillion KRW, a year-on-year increase of 9% but a quarter-on-quarter decline of 17% [16]. - The storage business generated 19.1 trillion KRW, with DRAM sales exceeding expectations, while HBM sales declined due to market conditions and export controls [17][39]. - The system semiconductor business saw a slight revenue increase driven by seasonal demand recovery in image sensors, despite a challenging smartphone market [19]. SDC Division - The SDC division achieved revenue of 5.9 trillion KRW, with a year-on-year increase of 9% but a quarter-on-quarter decline of 28% [23]. - The mobile display business improved year-on-year due to favorable exchange rates, while the large panel business benefited from the launch of new QD-OLED products [25][26]. DX Division - The DX division reported revenue of 51.7 trillion KRW, a year-on-year increase of 9% and a quarter-on-quarter increase of 28% [27]. - The MX business saw revenue of 37.0 trillion KRW, driven by strong sales of the Galaxy S25 series, while the VD business faced challenges in the TV market but maintained high demand for premium products [28][35]. Company Performance Guidance DS Division - For Q2 2025, strong AI server demand is expected to continue, with a focus on high-density products and a transition to V8 technology to enhance cost competitiveness [38][39]. - In H2 2025, the company anticipates a recovery in server SSD demand and continued growth in mobile and PC memory due to AI service proliferation [39]. SDC Division - The mobile display business outlook for Q2 2025 is conservative due to external factors, but the company aims to expand sales by meeting new product demands from major clients [44]. - In H2 2025, the company plans to enhance its product lineup and expand into the B2C and B2B markets with new QD-OLED products [45]. DX Division - The MX division expects a decline in smartphone shipments and average selling prices in Q2 2025, but plans to leverage flagship models to maintain sales momentum [46]. - In H2 2025, the company will focus on high-end products and explore new market opportunities to drive growth [47].

Q1 2025 Results Presentation 30th April 2025 Disclaimer The information contained in this presentation is provided for informational purpose only and should not be relied upon for the purpose of making any investment or for any other purpose. Some of the information used in preparing this presentation was obtained from third parties or public sources. The information contained in this presentation has not been independently verified. No representation or warranty, expressed or implied, is made as to, and no ...

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]

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%， ...

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]

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]

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].

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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].