国内新能源车渗透率提升、电动智能化加速背景下，国元证券认为，纳芯微依托自身在新能源车赛道的全产品 布局，汽车模拟芯片业务占国内市场的份额有望从2024年的1.8%提升至2026年的2.8%。 在此次港股上市的发行阶段，产业资本用真金白银投下了认同票——据招股书及公开信息，公司与元禾纳芯、 Golden Link、好易得国际、Perseverance Asset Management等多家主体订立了基石投资协议，其中Golden Link为 比亚迪间接全资拥有、Green Better是小米集团的全资附属公司，巨头旗下投资平台入主，被视作对纳芯微赛道 前景的高度认可。 半导体行业景气度的春风吹向模拟芯片，行业巨头随即释放出明确的提价信号。 全球头部厂商亚德诺近日向客户下发调价通知，2026年2月起全产品线启动提价，部分品类最高涨幅达30%；行 业龙头德州仪器早在今年8月已率先开启调价，覆盖6万余个产品型号，涨幅区间达10%—30%。 开源证券研报指出，此次海外大厂涨价除了成本因素驱动，更对应着下游需求的回暖信号——工控、汽车领域 正缓慢复苏，AI数据中心也在拉动高功率、大电流模拟芯片的需求；随着明年下游需求持续 ...

截至11月1日的亚德诺第四财季，亚德诺最新报告的总营收约30.76亿美元，意味着同比增长 26%，比华 尔街分析师平均预期高出约6000万美元，可谓全面摆脱了自2022年以来营收持续大幅下滑的低迷困境; 亚德诺第四财季的Non-GAAP准则下的每股收益为2.26美元，意味着调整后的利润同比增长35%，比华 尔街平均预期高出约0.03美元。 亚德诺财报显示，所有终端市场均实现增长，其中电动汽车与智能驾驶业务共同带来的增长贡献最突 出。按终端市场拆分(Q4)业绩来看，工业端营收约14.3 亿美元，略低于市场预期(14.6 亿美元)，但是实 现同比大幅增长34%，仍为亚德诺最大规模业务板块;通信业务营收约3.90亿美元，略高于市场预期，同 比增长37%;汽车业务营收约8.52亿美元，明显超预期(市场原本预估约7.67 亿)，同比大幅增长19%，凸 显出车用与电动汽车与汽车驾驶智能化(即智驾业务)带来的模拟芯片需求持续扩张;消费电子端业务同比 增长7%至4.08 亿美元，略好于市场预期。 模拟芯片巨头亚德诺公司(ADI.US)周二美股盘前公布最新业绩报告，该公司给出了高于华尔街分析师普 遍预期的2026财年第一财季业 ...

Investment Rating - The report does not explicitly state an investment rating for Texas Instruments, but it highlights strong performance and positive outlooks for revenue and EPS growth in the upcoming quarters, suggesting a favorable view of the company's prospects [1][4]. Core Insights - Texas Instruments reported a strong 2Q25 performance with revenue of $4.45 billion, exceeding market expectations, and an EPS of $1.46, also above consensus estimates. The guidance for 3Q25 indicates revenue between $4.5-4.8 billion and EPS of $1.36-$1.6, reflecting a cautious outlook due to tariff uncertainties and market conditions [1][7][10]. - The company noted that the recovery in analog chips is on track, but concerns about tariffs and geopolitical issues may lead to fluctuations in future performance. The outperformance in 2Q25 was attributed to pre-stocking by clients amid tariff uncertainties [1][10]. Summary by Sections Financial Performance - In 2Q25, Texas Instruments achieved a 9% quarter-over-quarter growth and a 16% year-over-year growth in revenue. Key segments showed robust performance: analog chips grew 18% year-over-year, embedded processing increased by 10%, and other businesses rose by 14% [2][8]. - Gross profit reached $2.58 billion with a gross margin of 58%, reflecting a 110 basis points increase quarter-over-quarter. Operating profit was $1.6 billion, with a 35% operating margin, and net profit was $1.3 billion, resulting in an EPS of $1.41, slightly above initial guidance [2][8]. Capital Management - Texas Instruments reported an operating cash flow of $1.9 billion in 2Q25, totaling $6.4 billion over the past 12 months. Capital expenditures were $1.3 billion, with a total of $4.9 billion in the last year. The company returned $6.7 billion to shareholders over the past 12 months through dividends and stock repurchases [3][9]. - The balance sheet remains strong, with cash and short-term investments totaling $5.4 billion and total debt at $14.15 billion, with an average interest rate of 4% [3][9]. Outlook - For 3Q25, Texas Instruments expects revenue in the range of $4.45-4.8 billion and EPS between $1.36-$1.6, with a tax rate of 12%-13%. The company anticipates a cooling in the industrial market after a strong 2Q and a delayed recovery in the automotive sector [4][10]. - The company emphasizes its focus on long-term value creation through investments in manufacturing capabilities, product diversification, and disciplined capital allocation to drive free cash flow growth [4][10].