Vanchip (688153.SS): L-PAMiD/ L-PAMiF ramping up in 2H25; Margins recovery in 2Q25 2Q GM came in higher at 28.0% (vs. 21.3% in 1Q25), better than our expectation due to product optimization. With opex also lower than expected, 2Q net income was better than our expectation at Rmb9mn, turning positive from 1Q25's Rmb18mn net loss. We are positive on Vanchip's migration to higher-end 5G PA modules (e.g. LPAMiD, LPAMiF) and product line expansions from cellular PA to WiFi PA, automotive PA and receiver products ...

Group 1 - TSMC maintains a "buy" rating from Bank of America with a target price of $220 following its 2025 technology seminar in North America [1] - Analysts led by Brad Lin emphasize TSMC's commitment to technological leadership and manufacturing excellence, providing a reliable technology roadmap for clients in AI, HPC, automotive, and IoT applications [1] - The company is laying the groundwork to support a significant increase in semiconductor demand, projected to exceed $1 trillion by 2030 [1] Group 2 - TSMC's AI data center development momentum is expected to remain strong through 2025, driving advancements in cutting-edge nodes and packaging [1] - The automotive sector is experiencing short-term weakness but is anticipated to continue structural growth as semiconductor capacity increases, with upgrades to N5A and N3A platforms [1] - TSMC identifies humanoid robots, 6G, and WiFi 8 as long-term development trends, with projected value creation of $250 billion for U.S. companies in 2024, doubling to over $500 billion by 2030 [2]