Core Insights - The semiconductor chip demand is expected to exceed previous seasonal lows due to early stocking of terminal electronic products and the construction of AI data centers, leading to a strong performance in the IC design industry [1] Group 1: AI Data Center Sector - NVIDIA's revenue for Q1 2025 reached $42.3 billion, a 12% quarter-over-quarter increase and a 72% year-over-year increase, maintaining its position as the top revenue earner despite anticipated losses in Q2 due to H20 development limitations [3] - AMD's revenue for Q1 2025 was approximately $7.44 billion, a 3% quarter-over-quarter decrease but a 36% year-over-year increase, with plans to ramp up production of the new MI350 platform in the second half of the year [3] - Broadcom achieved a record semiconductor revenue of $8.34 billion in Q1 2025, a 15% year-over-year increase, as it expands its AI network solutions [4] Group 2: Mobile Devices and Communication - Qualcomm's Q1 2025 revenue was nearly $9.47 billion, a 6% quarter-over-quarter decrease due to seasonal factors and increased competition from Apple's in-house chips, prompting a focus on AI mobile and automotive sectors for growth [4] - MediaTek ranked fifth globally in Q1 2025 with revenue of $4.66 billion, driven by demand for its Dimensity series chips in China [5] - Realtek's revenue increased by 31% quarter-over-quarter to over $1.06 billion, fueled by inventory increases from PC clients and rising demand for Wi-Fi 7 and automotive Ethernet [5] Group 3: Other Notable Performers - Chipone's revenue grew to over $820 million in Q1 2025, a 6% quarter-over-quarter increase, benefiting from consumer subsidy policies in China [5] - OmniVision's revenue decreased by 2% quarter-over-quarter to $730 million, but it made significant progress in image sensors and automotive electronics [5] - ChipSys's revenue reached nearly $640 million in Q1 2025, a record high, driven by strong demand for power controllers in AI data centers [5]

Core Viewpoint - A-shares show resilience amid external market adjustments, indicating a strengthening internal trend supported by recent monetary policy changes and trade negotiations [1][2]. Market Outlook - The current market has largely priced in the tariff events and the first phase of trade negotiations, with a need for additional catalysts to break through March highs [2]. - The extreme drop on April 7 was a one-time reaction to the "equal tariffs" event, and the market has since undergone substantial recovery [2]. - Future challenges to March highs will require new policies, trade negotiation progress, or significant economic indicators [2]. Hot Sectors - June is expected to be driven by event-based thematic trading, with focus on low-position sectors like consumption and pharmaceuticals, as well as adjusted technology growth [3]. - Key areas of interest include: 1. Consumption expansion and domestic demand as a priority for 2025, with expectations for policy support in sectors like dairy, IP consumption, leisure tourism, and medical aesthetics [3]. 2. The trend of robot localization and integration into daily life, with opportunities in sensors, controllers, and dexterous hands [3]. 3. The ongoing trend of semiconductor localization, focusing on semiconductor equipment, wafer manufacturing, materials, and IC design [3]. 4. The military industry is expected to see order recovery by 2025, with signs of bottoming out in various sub-sectors [3]. 5. Innovative drugs are entering a recovery phase after four years of adjustment, with positive net profit growth expected to continue into 2025 [3]. Market Review - A-shares experienced narrow fluctuations with reduced trading volume, while consumption and pharmaceuticals rebounded [4]. - The market showed overall weakness, with 31 primary sectors exhibiting mixed performance, led by textiles, pharmaceuticals, beauty care, environmental protection, and real estate [4].

Core Viewpoint - MediaTek, a leading IC design company in Taiwan, reported a strong revenue performance for April, with a monthly revenue of NT$48.754 billion, marking a 12.93% decrease month-over-month but a 16% increase year-over-year, achieving the second-highest record for the same month in history [1] - The company anticipates a revenue range for Q2, calculated at an exchange rate of 1 USD to 32.5 TWD, between NT$147.2 billion and NT$159.4 billion, indicating a potential quarterly decrease of 4% to an increase of 4%, and a year-over-year growth of 16% to 25% [1] Group 1 - MediaTek's cumulative revenue for the first four months reached NT$202.067 billion, reflecting a year-over-year increase of 15.15%, setting a new record for the same period [1] - The company projects a gross margin of 45.5% to 48.5% and an expense ratio of 27% to 31% for the upcoming quarter [1] - The appreciation of the New Taiwan Dollar against the US Dollar is expected to reduce the company's profit by NT$44.897 million and NT$31.382 million for the years 2023 and 2022, respectively, for every 0.1% increase in the exchange rate [1] Group 2 - MediaTek's CEO expressed confidence in long-term growth opportunities despite current market uncertainties, focusing on growth areas such as AI, data centers, and automotive sectors, which are still in the early stages of market development [2] - External analysts believe MediaTek's financial forecasts align with market expectations, driven by the Smart Edge Platform and the increasing market share of power chips in consumer electronics, automotive, and data centers [2] - The geopolitical tensions, particularly regarding US-China relations, may benefit MediaTek's market share as flagship chips like the Dimensity 9400+ are set to launch, potentially increasing demand for MediaTek's mobile chip business [2]

【MoneyDJ】 驱动IC厂商联咏公告Q1营收为271.2亿新台币（约人民币60.31亿元），季增 7.3%、年增11%，符合先前法说会提及单季营收可望季增约7%的预期。 ▶ 关于集邦 而尽管接下来全球经济可能受到美国加征关税的影响，联咏仍将在Q2如期推出OLED TDDI（显 示触控整合驱动芯片）的新产品，未来也将持续卡位边缘AI所带来的各项装置商机。 图片来源：联咏 联咏看好边缘AI装置渗透率提升趋势，未来也将扩大投入机器视觉、智能居家等应用领域。 公司 并强调，其部分产品已具备先进制程量产能力，将随AI装置逐步落地进一步推升出货动能。 而针对关税后续对于联咏营运的影响，法人则指出，联咏作为IC设计公司，将持续聚焦灵活调整 产销配置，以确保出货稳定与供应链韧性。 上下滑动查看 ...

Core Viewpoint - The article highlights the significant growth in revenue among the top global IC design companies, particularly emphasizing the dominance of NVIDIA in the semiconductor industry [2]. Group 1: Revenue Growth - The top 10 global IC design companies achieved nearly $250 billion in revenue last year, marking a substantial increase of 49% from approximately $167.64 billion in 2023 [2]. - NVIDIA led the revenue rankings with $124.38 billion, more than double its 2023 revenue of $55.27 billion, reflecting a year-on-year growth of 125% [2]. - Qualcomm, the second-largest company, reported revenue of $34.86 billion, significantly lower than NVIDIA's [2]. Group 2: Company Rankings - The top 10 IC design companies in terms of revenue are NVIDIA, Qualcomm, Broadcom, AMD, MediaTek, Marvell, Realtek Semiconductor, Novatek, Will Semiconductor, and MPS [2]. - The rankings of Realtek Semiconductor and Novatek swapped positions compared to 2023, while the other companies maintained their rankings [2]. - Broadcom, AMD, and MediaTek reported revenues of $30.64 billion, $25.79 billion, and $16.52 billion, respectively, with the remaining five companies each generating revenues below $10 billion [2].

Core Viewpoint - The article discusses the impact of the U.S. tariff war initiated by President Trump on the semiconductor industry, particularly the Taiwanese IC design firms, which are experiencing a surge in orders due to preemptive stockpiling by clients in response to potential tariffs [1][2]. Group 1: Impact of Tariff War - The Taiwanese IC design companies, including MediaTek, Novatek, Realtek, and Elan, are seeing increased orders primarily for TV, networking, and PC applications as clients prepare for potential tariffs [1]. - MediaTek expects its consolidated revenue for the current quarter to be between NT$140.8 billion and NT$151.8 billion, representing a quarter-on-quarter growth of 2% to 10% and a year-on-year growth of 6% to 14% [1]. - Novatek anticipates its revenue to be between NT$26 billion and NT$27.2 billion, with a quarter-on-quarter increase of 2.9% to 7.6% due to increased demand for consumer electronics [2]. Group 2: Market Trends and Demand - Realtek is optimistic about its current quarter performance, driven by short-term inventory replenishment needs from clients and preemptive stockpiling due to tariff concerns [2]. - Elan reports that despite the traditional seasonal downturn in the first quarter, it expects stable revenue between NT$3 billion and NT$3.2 billion, with a gross margin of 48% to 51% [2]. - The demand for large-sized TVs and mid-to-high-end mobile products is increasing, indicating a shift in consumer purchasing behavior [2]. Group 3: AI and Cost Management - The IC design industry is actively targeting AI applications, with many products still produced using mature processes, which are currently seeing price adjustments that help reduce costs for IC design firms [3][4]. - MediaTek has capitalized on AI opportunities, with its flagship AI chip revenue doubling, contributing approximately $2 billion in revenue [4]. - The majority of IC design firms are focusing on mature processes, and with wafer foundries operating below full capacity, they are willing to negotiate prices, further aiding cost reduction and improving gross margins [4].