根据Tr e n dFo r c e集邦咨询最新调查，随着汽车产业加速电动化、智能化进程， 预计将推升全球 车 用 半 导 体 市 场 规 模 从 2 0 2 4 年 的 6 7 7 亿 美 元 左 右 ， 稳 健 增 长 至 2 0 2 9 年 的 近 9 6 9 亿 美 元 ， 2 0 2 4 - 2 0 2 9复合年增长率(CAGR)达7 . 4% 。 Dec. 17, 2025 然 而 ， 各 车 用 芯 片 市 场 的 成 长 极 不 平 均 ， 以 逻 辑 处 理 器 和 高 阶 存 储 器 为 代 表 的 高 性 能 计 算 (HPC)芯片，增速显著超越微控制器(MCU)等传统零部件，反映市场价值快速向支持智能化、 电动化的核心技术领域集中。 Tr e n dFo r c e集邦咨询研究显示， 2 0 2 5年全球电动汽车(含BEV、PHEV、FCV、HEV)于新车 市场的渗透率将上升至2 9 . 5% ，汽车产业也同时加快智能化脚步，需依赖多传感器配置、高速 通讯与AI模型应用等核心要素，电子电气架构(E/E Ar c h it e c t u r e ) 从分散式过渡至域集中式、 中央集中式 ...

Core Insights - The semiconductor materials market is projected to grow from USD 80.79 billion in 2025 to USD 101.89 billion by 2030, with a CAGR of 4.75%, driven by demand in consumer electronics, automotive electrification, and AI applications [1][10] Market Overview - The market is influenced by the adoption of wide-bandgap semiconductors in electric vehicles, high-performance computing, and 5G devices, with Asia-Pacific holding a dominant share and North America emerging as a rapidly growing region [2] Key Trends - **Expansion of Fabrication Facilities**: Increased digitalization is driving demand for high-purity chemicals and substrates, particularly in 300 mm fabs and advanced nodes [3] - **Rising Demand from 5G and AI Devices**: The growth of 5G and AI devices is increasing the need for advanced packaging materials, enhancing thermal and electrical performance [4] - **Automotive Electrification and ADAS**: The use of wide-bandgap semiconductors like SiC and GaN in electric vehicles is creating a demand for specialized materials [5][6] - **Advanced-Node and Packaging Innovations**: Investments in advanced nodes (≤5 nm) are driving the need for ultra-thin materials and innovations in interconnect and thermal management [7] Market Segmentation - **By Application**: Includes fabrication (process chemicals, photomasks, electronic gases) and packaging (substrates, lead-frames, encapsulation resins) [8] - **By Material Type**: Comprises wafer substrates, specialty gases, wet process chemicals, and advanced packaging materials [8] - **By End-User Industry**: Encompasses consumer electronics, telecommunications, automotive, and energy sectors [8] - **By Technology Node**: Ranges from more than 45 nm to less than 5 nm [8] - **By Fab Ownership**: Includes IDM, pure-play foundry, fabless, and OSAT [8] Competitive Landscape - The market is characterized by innovation, supply chain optimization, and strategic collaborations between material suppliers and semiconductor manufacturers [2][10] - Key players include DuPont de Nemours, Showa Denko Materials, Shin-Etsu Chemical, BASF, and Tokyo Ohka Kogyo, focusing on high-performance materials and chemicals for semiconductor fabrication [11]

Core Viewpoint - The article highlights two dividend-paying stocks, Realty Income and Ford Motor Company, which offer high yields and growth potential for investors seeking stable income and upside opportunities [2][11]. Realty Income - Realty Income is a diversified real estate investment trust (REIT) known for its strong track record of raising dividends, having increased its monthly dividend payment 131 times since its public listing in October 1994 [3]. - The company has raised its dividend for 111 consecutive quarters over more than 30 years, currently offering a yield of 5.5% [3]. - Realty Income possesses a robust balance sheet, allowing for billions in annual acquisitions, including investments in development projects and new property types like data centers and casinos [4]. - The company identifies a $14 trillion investment opportunity in commercial real estate across the U.S. and Europe [4]. - Realty Income's portfolio is well-diversified, with 1,630 clients across 91 industries, and over 90% of its total rent is insulated from e-commerce pressures and economic downturns [5]. - The combination of a strong balance sheet and diversified property portfolio positions Realty Income for continued dividend growth, aiding in wealth accumulation for investors [6]. Ford Motor Company - Ford is a global automaker with a healthy dividend yield of 5.1% and a supplemental dividend, providing additional income to investors [7]. - The company is focusing on electrification in the automotive industry, aiming to turn its unprofitable electric vehicle (EV) business into a profitable segment [9]. - In 2023 and 2024, Ford's Model-e unit incurred losses of $4.7 billion and $5.1 billion, respectively, prompting the company to invest $2 billion in modernizing its Louisville Assembly plant and $3 billion in a new battery plant in Michigan [9]. - Ford is also revamping its assembly line to enhance production efficiency, with ambitions to reduce workstations by 40% and parts by 20%, which could significantly impact profitability [10]. - If successful in making profitable EVs, Ford's improved bottom line could lead to increased dividends over time [10]. Conclusion for Dividend Investors - Both Realty Income and Ford offer high-yielding dividends with potential for stock price appreciation, making them attractive for long-term income investors [11].

Financial Data and Key Metrics Changes - Revenue for the second quarter increased by 7% sequentially to $762 million, aligning with guidance, driven by growth in both semiconductors and passive components [7][22] - Gross profit was $149 million, resulting in a gross margin of 19.5%, at the high end of guidance, primarily due to increased volume [24] - Book to bill ratio was positive at 1.02, marking the third consecutive quarter above one, with a backlog of $1.2 billion [23][24] Business Line Data and Key Metrics Changes - Automotive revenue rose by 4% due to improved demand from tier one customers and new ADAS programs [11] - Industrial segment revenue increased by 9%, driven by normalization of inventories and demand for smart grid infrastructure [12] - Aerospace defense revenue grew by 5%, while medical end markets saw a 4% increase, reflecting stronger demand [15][16] Market Data and Key Metrics Changes - Revenue in Asia grew by 12%, driven by AI power requirements and smart grid projects, while The Americas saw a 7% increase due to improved automotive and industrial demand [20] - Distribution revenue grew by 11%, contributing significantly to total revenue growth, while OEM revenue remained flat [18][19] Company Strategy and Development Direction - The company is focused on capacity expansion under the Vishay 3.0 initiative, with approximately $775 million invested over the past two and a half years [9][10] - Strategic initiatives include strengthening customer relationships, expanding product portfolios, and advancing silicon carbide technology [10][41] - The company plans to invest between $300 million to $350 million in 2025, with a significant portion allocated to high-growth product lines [37] Management's Comments on Operating Environment and Future Outlook - Management noted that the inventory correction cycle is largely behind, with normalized inventory levels for passives and some excess in semiconductors [7] - Positive demand momentum is expected to continue, particularly in smart grid infrastructure and AI applications, with a stronger second half of the year anticipated [45][46] - The company is preparing for a market upturn, with increased backlog and capacity readiness to meet customer demand [45][46] Other Important Information - The company reported a negative free cash flow of $73 million for the quarter, attributed to capacity expansion investments and tax payments [31][32] - The effective tax rate is not meaningful at low levels of pre-tax income, with expectations for normalization as profitability returns [27][35] Q&A Session Summary Question: Impact of Newport fab on gross margin - The Newport fab had a lower than expected impact on gross margin in Q2, with guidance for Q3 indicating a range of 160 to 185 basis points [49][50] Question: MOSFET gross margins decline - MOSFET gross margins declined due to manufacturing inefficiencies, which are expected to improve in Q3 with increased IC sales [51][52] Question: US tariff impact - Less than 4% of products are manufactured in China and returned to the US, indicating a minimal impact from tariffs on overall revenue [55] Question: Inorganic growth and M&A opportunities - The company is actively looking for M&A opportunities, particularly in the semiconductor sector, to enhance customer presence and fill portfolio gaps [56][58] Question: Visibility and backlog for Q3 - The company is seeing a faster building of backlog and anticipates a stronger second half of the year compared to the first half [64][65] Question: Customer demand and inventory management - Customers are still cautious in planning demand, with a significant portion of orders for quick delivery, indicating a transition from an inventory-heavy market [67][68] Question: AI customer expansion and revenue metrics - The customer count for AI applications is growing, with a focus on expanding the part count and customer diversity [72][73] Question: Slipping customer programs - Adjustments in customer programs were due to design changes, impacting planned orders [76][77]

Company Overview - Amkor Technology is the largest OSAT (Outsourced Semiconductor Assembly and Test) company headquartered in the U S, with over 55 years of experience [5] - The company plans to break ground on a U S facility in 2025 [5] - Amkor's advanced packaging revenue CAGR (2019-2024) is 16% [5] - In 2024, advanced packaging accounted for 82% of Amkor's revenue [5] - Amkor's 2024 revenue was $6 3 billion, with capital expenditures of $744 million [5] Market and Strategy - The semiconductor market is projected to reach $1 trillion by 2030 [8] - Amkor focuses on industry megatrends such as 5G communications, HPC (High Performance Computing) and AI, automotive electronics, and IoT devices [18] - The company leverages advanced packaging leadership to optimize power, performance, and area [19] - Amkor has a broad geographic footprint with 13 million square feet (1 2M sqm) of manufacturing space [21] Financial Performance - Amkor expects 2025 capital expenditures to be around $850 million [42] - In 2024, Amkor's revenue was $6 318 billion, gross profit was $933 million, and operating income was $438 million [44, 45, 46] - The company's EPS (Earnings Per Share) in 2024 was $1 43 [47] - Amkor's free cash flow in 2024 was $359 million [51]

Financial Performance and Growth - MPS's 3-year Compound Annual Growth Rate (CAGR) is 29.2%[4], consistently outperforming the market[4] - In 2023, MPS grew by 1.5% year-over-year, while the analog industry experienced a decline of 8.9%[4, 72] - From 2021 to Q2 2024, 45% of free cash flow was returned to shareholders[76] Revenue Diversification - MPS has achieved great revenue diversification by geography, with significant contributions from various regions[5, 6] - The company has diversified its end markets, with Enterprise Data growing to 17.7% of revenue in 2023 and 36.9% in 24Q2, showing a CAGR of 61.1% from 2019-2023[7] - Storage and Computing accounted for 27.0% of revenue in 2023 and 22.6% in 24Q2, with a CAGR of 36.5% from 2019-2023[7] - Automotive sector reached 21.7% of revenue in 2023 and 17.2% in 24Q2, demonstrating a CAGR of 44.6% from 2019-2023[7] Market Expansion and Technology - MPS is expanding its Served Addressable Market (SAM) through proprietary technologies, with the total market SAM growing from $10 billion in 2015 to $21 billion in 2023[18, 21] - The company is leveraging over 4000 products across various categories, including AC/DC Power Conversion, Display Backlighting Power, and DC/DC Power Conversion[9, 10] - MPS is well-positioned in the computing market, with a SAM of over $4 billion and rapid growth, particularly in AI server power architecture[26, 28] Automotive Sector - MPS's automotive revenue has grown significantly, reaching $395 million in 2023[42], representing 22% of the total company business[42] - The company has secured $1 billion in automotive wins in the pipeline[51] - New products in the automotive sector allow MPS to address up to $400 per car in additional sockets[49] Other Opportunities - MPS sees $2 billion SAM opportunities in carbon reduction through clean energy and storage, with over $150 million in design wins[64] - The company is targeting a $4 billion SAM in Data Communication and Security[61]