每经记者｜朱成祥 每经编辑｜陈俊杰 近期，长光辰芯向香港联交所递交招股书。在年初终止科创板IPO（首次公开募股）后，长光辰芯此次拟冲击港股IPO。 据了解，长光辰芯为国内CIS（摄像头传感器）厂商。与豪威集团、思特威、格科微主要面向消费级CIS不同，长光辰芯主要 面向工业成像及科学成像等专业级市场。不过在整个CIS市场中，工业成像、科学成像CIS占比较小。 产品聚焦CIS小众市场 CIS是采用CMOS（互补金属氧化物半导体）技术制造的光学传感器，其功能在于将光信号转换为电信号，并通过集成读出电 路进一步转化为数字数据。作为摄像模组的核心元件，CIS在消费级、专业级、汽车、安防、工业成像、医疗成像、国防及航 空航天以及科学成像等领域具有关键应用价值。 在CIS市场中，消费级与非消费级应用的产品需求存在明显差异。消费级CIS主要面向智能手机、计算机及平板电脑等大众电 子产品市场，具有产量大、价格敏感度高及产品周期短的特点。制造商通过成本控制和大规模出货展开竞争，客户则更关注 性价比与快速创新。 相比之下，非消费级CIS服务于工业成像、汽车领域、医疗成像及科学成像等专业领域，此类应用对CIS产品的要求具有单价 更高 ...

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容来自 ctee 。 晶圆代工厂力积电22日公布2025年第二季财报，因新台币升值与帐面汇损影响，单季净损扩大至 33.3亿元，每股亏损0.8元，较第一季每股亏损0.26元明显扩大。力积电总经理朱宪国指出，下半 年将持续聚焦DRAM代工、3D AI先进制程等高附加价值产品，带动营运结构优化。 力积电表示，第二季出货量约40万片，较第一季成长9％，但因新台币升值5％影响，平均销售单 价（ASP）下滑约2％至3％，台币计价的营收增幅仅1.5％。 汇率因素对获利造成显著冲击，第二季帐面汇兑损失达15.9亿元，推升第二季净损较第一季11亿 元大增至33.3亿元。 展望后市，总经理朱宪国提出五大营运重点，在逻辑产品线方面，第三季能见度仍低，大中华区 驱动IC、影像感测元件（CIS）需求偏弱，但欧美电源管理IC（PMIC），特别是AI应用相关需 求依旧强劲。 第二，DRAM代工近期需求明显回升，受一线大厂宣布退出8G DDR4市场影响，带动客户提前 备货，投片需求满载，投片ASP自上月起逐月上扬。公司预期，此效益将于三至四个月后陆续反 映在营收与毛利表现上。 第三，SLC ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of $300 [7][24]. Core Insights - The company reported Q2 2025 revenue of $30.07 billion, exceeding guidance due to strong demand for 3nm and 5nm processes, with a gross margin of 58.6% [1][12]. - The company raised its 2025 revenue growth guidance to approximately 30%, up from nearly 25% previously, and expects capital expenditures to remain between $38 billion and $42 billion [1][14]. - The report highlights the ongoing strong demand for AI and HPC, with HPC revenue increasing by 14% quarter-over-quarter, now accounting for 60% of total revenue [2][12]. Revenue and Profitability - The company expects Q3 2025 revenue to be between $31.8 billion and $33.0 billion, with a gross margin forecast of 55.5% to 57.5% [1][14]. - The revenue forecast for 2025-2027 has been adjusted upward by 1.9%, 1.7%, and 1.1% respectively, while net profit estimates have been adjusted to NT$1,528 billion, NT$1,820 billion, and NT$2,156 billion [5][24]. Capacity and Technology - The company maintains its capital expenditure budget for 2025 at $38 billion to $42 billion, with ongoing production plans for N2 and A16 processes [4][30]. - The report emphasizes the tight supply-demand balance for N3 and N5 nodes, with expectations for increased AI product transitions to N3 in the coming years [31]. Market Position and Valuation - The company is positioned as a leader in semiconductor foundry services, with a projected PE ratio of 25x for 2026, compared to a median of 21x for comparable companies [5][26]. - The target price of $300 reflects a significant increase from the previous target of $227.98, based on the anticipated growth in earnings per share [24][26].

业绩简评 2025 年 7 月 17 日公司披露 25Q2 业绩，25Q2 公司实现营收 300.7 亿美元，同比增长 44.4%，环比增长 17.8%，毛利率为 58.6%，同 比+5.4pcts，环比-0.2pcts，实现净利润 128.0 亿美元，同比 +60.7%，环比+10.2%。 公司指引 25Q3 营收为 318~330 亿美元，毛利率为 55.5%~57.5%， 营业利润率为 45.5%~47.5%。 盈利预测、估值与评级 我们认为，公司作为晶圆代工龙头企业，在最先进制程上与竞争 对手优势愈发明显，有望充分受益 AI 芯片需求增长。未来看，AI 有望带动端侧产品创新，公司也有望受益 AI 手机、机器人等端侧 应用起量。我们预计公司 25~27 年净利润分别为 496.86、603.79、 667.68 亿美元，维持"买入"评级。 风险提示 下游需求不及预期；美国关税风险；研发进度不及预期；行业竞 争加剧；美国制裁加剧。 经营分析 公司毛利率下滑主要因新台币升值导致，公司收入按照美元计价， 报表则会转化为新台币计价。公司所在晶圆代工行业属重资产行 业，折旧占营业成本比重较大，导致新台币升值会对公 ...

Core Viewpoint - TSMC's Q2 2025 performance shows strong growth driven by AI semiconductor demand, with revenue reaching NT$933.79 billion, a 38.6% year-on-year increase, and net profit at NT$398.27 billion, up 60.7% [1] Group 1: Financial Performance - TSMC's revenue for Q2 2025 was NT$933.79 billion, reflecting a 38.6% year-on-year growth [1] - Net profit for the same period was NT$398.27 billion, marking a 60.7% increase compared to the previous year [1] - The company expects revenue growth to approach 30% year-on-year in 2025, driven by strong AI semiconductor demand [2] Group 2: Business Segments - High-performance computing (HPC) revenue grew by 14% quarter-on-quarter, now accounting for 60% of total revenue [2] - Smartphone revenue increased by 7% quarter-on-quarter, representing 27% of total revenue [2] - Digital consumer electronics (DCE) saw the fastest growth at 30% quarter-on-quarter, but only accounts for 1% of total revenue [2] Group 3: Advanced Process Technology - TSMC's advanced process technology accounted for 74% of wafer revenue in Q2 2025 [2] - The N2 process, utilizing advanced nanosheet technology, is expected to achieve mass production in the second half of 2025, with a 10-15% speed improvement and 22-30% energy efficiency improvement compared to previous generations [4] - The A16 process, deemed most suitable for HPC, is anticipated to begin mass production in the second half of 2026, with an 8-10% speed improvement over N2 [4] Group 4: Market Dynamics and Supply Chain - The demand for AI semiconductors is expected to increase due to the growth in token numbers and AI model usage, leading to higher chip demand [2] - NVIDIA's resumption of H20 supply to China is seen as a positive development, although TSMC has not yet observed significant changes in customer behavior [3] - The company is preparing to meet demand but acknowledges potential uncertainties in customer orders [2][3] Group 5: International Expansion - TSMC is advancing its overseas expansion plans, including factories in Arizona, USA, and Kumamoto, Japan, with an expected annual impact of 2-3% on gross margin over the next five years [5] - The total investment in advanced manufacturing in the USA is projected to reach $165 billion, including a $100 billion increase announced in March [5] - The expansion includes six advanced process factories and two advanced packaging factories, with the first factory already in large-scale production [5]

Group 1 - JS Foundry, a Japanese semiconductor foundry specializing in power semiconductors, filed for bankruptcy on July 14, 2023 [1] - The total liabilities of JS Foundry amount to approximately 16.1 billion yen [1]

Core Viewpoint - The Japanese government is considering investing in the semiconductor foundry Rapidus, with the condition of holding a "golden share" to exercise veto rights on important operational matters [3][4]. Group 1: Government Support and Funding - The Japanese government plans to invest 100 billion yen (approximately 1 billion USD) in Rapidus this fiscal year, alongside a total support package of about 1.72 trillion yen (approximately 12 billion USD) [4][8]. - Rapidus aims to achieve mass production of 2-nanometer (nm) chips by 2027, requiring an estimated total funding of around 5 trillion yen (approximately 35 billion USD) [4][8]. - Existing shareholders, including major companies like Fujitsu and Honda, have expressed interest in additional funding for Rapidus [4][5]. Group 2: Company Background and Market Position - Rapidus was established in August 2022, backed by eight major Japanese companies, including Toyota, Sony, and NTT [5][8]. - The company is in discussions with 40-50 potential clients, including major U.S. tech firms and AI chip startups, indicating a growing demand for alternative suppliers in the advanced semiconductor market [5][6]. Group 3: Technological Development and Production Strategy - Rapidus has initiated its 2-nm chip trial production line, utilizing advanced equipment, including a cutting-edge extreme ultraviolet (EUV) lithography system valued at over 300 million USD [6][10]. - The company plans to adopt a single-wafer processing method, which allows for customized chip production aimed at niche markets, contrasting with the mass production strategies of competitors like TSMC [9][10]. - Rapidus is implementing a new design-manufacturing collaborative optimization (DMCO) approach to enhance design speed and yield through AI-driven data analysis [10][11]. Group 4: Market Outlook and Competitive Landscape - The demand for 2-nm chips is expected to surge due to the anticipated growth in AI applications, with projections indicating a potential 30% reduction in power consumption compared to current leading-edge chips [11][12]. - Rapidus's timeline for achieving mass production by 2027 may lag behind industry leaders like TSMC, Intel, and Samsung, which are expected to begin large-scale production of 2-nm chips in the latter half of this year [9][11].

Group 1 - TSMC's Vice President of Material Management, Li Wenru, has resigned due to personal reasons and will leave the company on July 13, 2025 [1] - Li Wenru joined TSMC in 2022 and was promoted to Vice President of Material Management in August 2022, where he established a comprehensive work model and system for demand forecasting and monitoring supplier delivery status [1] - The role of Material Management will be taken over by senior Vice President and co-COO, Hou Yongqing, who has been with TSMC since 1997 and is also the chairman of the Taiwan Semiconductor Industry Association [2] Group 2 - TSMC is currently in an expansion phase, focusing on the construction of its facility in Arizona, USA [1] - The company is managing a significant number of suppliers, which indicates a heavy organizational responsibility [1]

Group 1 - The "anti-involution" policy has become a hot topic in the stock and commodity markets, with various industries responding and institutions releasing related research reports [1] - Tianfeng Securities suggests that the "anti-involution" trend may develop in three phases: initial expectations catalyzed by policy, followed by rising prices of resource products, and finally, a prolonged period of high prices for these resources [1] - CITIC Securities identifies three key differences between the current "anti-involution" and the supply-side reform of 2015-2016, including broader industry coverage, better operating conditions for upstream enterprises, and a higher proportion of private enterprises in emerging industries [1] Group 2 - Zhejiang Merchants Fund focuses on two major industrial issues: structural contradictions in capacity and disruptions to fair competition, particularly in the new energy vehicle and photovoltaic sectors, where prices have dropped significantly [2] - Dongwu Securities highlights that the "anti-involution" policy will have a more pronounced effect on correcting vicious competition and benefiting emerging industries, particularly in sectors with high state-owned enterprise representation [2] - Specific sectors to watch include the photovoltaic industry chain, traditional industries facing overcapacity like steel and cement, and emerging non-manufacturing sectors such as e-commerce [2] Group 3 - Huachuang Securities identifies potential beneficiary industries of the "anti-involution" policy based on factors like state-owned enterprise representation, industry concentration, price elasticity, taxation, and employment [3] - Industries likely to benefit include coal mining, coke, ordinary steel, energy metals, glass fiber, steel raw materials, precious metals, and the hospitality sector [3]

Core Viewpoint - The article discusses the retirement of TSMC's Vice President of R&D, Dr. Yu Zhenhua, highlighting his significant contributions to the semiconductor industry, particularly in advanced packaging technologies and the establishment of TSMC as a leader in the foundry sector [3][5][7]. Group 1: Contributions of Dr. Yu Zhenhua - Dr. Yu Zhenhua joined TSMC in 1994 and played a pivotal role in the development of advanced packaging technologies such as CoWoS and InFO, which have been crucial for TSMC's success in the semiconductor industry [3][5][9]. - He has accumulated over 190 U.S. patents and 173 Taiwanese patents, focusing on low dielectric materials and packaging integration technologies [9]. - Dr. Yu's leadership in the development of 3D chip integration and TSV technology has strengthened the Taiwanese semiconductor supply chain [9]. Group 2: Transition of Leadership - Following Dr. Yu's retirement, his responsibilities will be taken over by Xu Guojin, who has over 30 years of experience in the semiconductor industry and previously held senior positions at Micron [5][11][13]. - Xu Guojin is currently the Vice President of Integrated Interconnect & Packaging at TSMC, focusing on 3D IC and advanced packaging technologies [13]. Group 3: Historical Context and Achievements of TSMC - TSMC's rise to prominence in the semiconductor industry is attributed to key technological breakthroughs, including the 0.13-micron copper process developed in 2003, which significantly enhanced its market position [16][17]. - The article refers to the "Six Knights of TSMC," a group of key figures, including Dr. Yu, who have been instrumental in TSMC's technological advancements and overall success [15][17][22]. - TSMC's focus on advanced packaging has become a major area of growth, with the establishment of the "3D Fabric" brand for its 2.5D and 3D packaging products [25].