证 券 研 究 报 告 意法半导体（STM）FY25Q2 业绩点评及业绩说明会纪要 受重组、减值等影响，25Q2 单季度亏损 会议地点：线上 事项： 2025 年 7 月 24 日意法半导体发布 2025 年 Q2 季度报告，并召开业绩说明会。 2025 年 Q2 实现营收 27.7 亿美元（QoQ+9.9%，YoY-14%），高于业绩指引中 值。2025 年 Q2 毛利率为 33.5%（QoQ+0.1pct，YoY-6.6pct），符合业绩指引中 值。 评论： 1. 营业收入： 2025 年 Q2 实现营收 27.7 亿美元（QoQ+9.9%，YoY-14%），高 于业绩指引中值。营收超预期的主要原因是个人电子产品和工业领域收入高于 预期，抵消了汽车业务因特定客户因素而略低于预期的影响。 2. 盈利情况：2025 年 Q2 毛利率为 33.5%（QoQ+0.1pct，YoY-6.6pct），符合指 引中值，同比下降主要受不利的产品组合、制造效率降低以及未充分利用产能 费用增加的影响。 2025 年 Q2 净亏损为 0.97 亿美元（去年同期为盈利 3.53 亿 美元），主要受资产减值和重组费用影响。在非美国 ...

点击招商研究小程序查看PDF报告原文 事件： 德州仪器于7月23日发布2025年第二季度财报，25Q2公司营收44.48亿美元，同比+16.4%/环比+9.3%，净利润12.95亿美元，同比+14.9%/环 比+9.8%，指引工业市场持续复苏，综合财报及电话会议信息，总结要点如下： 评论： 1、25Q2营收及EPS均超指引中值，库存周转天数环比下降。 25Q2公司营收44.48亿美元，同比+16.4%/环比+9.3%，超指引中值（41.7-45.3亿美元）；毛利率57.89%，同比+0.04pct/环比+1.05pct；净 利润12.95亿美元，同比+14.9%/环比+9.8%。EPS为1.41美元，超指引中值（1.21-1.47美元）。25Q2库存为48亿美元，环比增加1.25亿美 元，DOI 231天/环比-9天。 2、模拟及嵌入式同环比均实现增长，大部分终端呈现复苏态势。 1）分产品类型： 25Q2模拟产品收入为34.52亿美元，同比+17.9%/环比+7.5%；嵌入式处理业务部门收入6.79亿美元，同比+10.4%/环比 +4.9%；其他业务部门收入3.17亿美元，同比+13.6%/环比+49.5%。 ...

[Table_Title] 研究报告 Research Report 24 Jul 2025 中国电子 China (Overseas) Technology 全球科技业绩快报：意法半导体 2Q25 Global Semiconductor Earnings Snapshot: STMicroelectronics 2Q25 姚书桥 Barney Yao barney.sq.yao@htisec.com 事件 意法半导体 2Q25 业绩低迷，核心指标大幅低于市场预期：收入为 27.7 亿美元，符合市场一致预期 27.7 亿美元；EPS 为$-0.11，大幅低于市场一致预期$0.09。对于 3Q25，公司收入指引为 30.7-32.7 亿美元，中 位数为31.7亿美元，14.6% QoQ 增长（市场一致预期为 32.1 亿美元）；公司毛利润指引为31.5%-35.5%， 中位数为 33.5%（市场一致预期为 35.5%）。 点评 公司 2Q25 收入实现 9.9% 环比增长，-14.4% 同比下降：公司所有终端收入均实现增长，其中：1）汽车 市场收入同比下降 24%，环比增长 14%，主要由亚太区（不含中国）和 ...

证 券 研 究 报 告 德州仪器（TXN）FY2025Q2 业绩点评及业绩说明会纪要 工业市场强势回暖，三季度指引或受关税问 题影响 ❖ 事项： 2025 年 7 月 23 日德州仪器发布 2025 年 Q2 季度报告，并召开业绩说明会。公 司财务季度 FY2025Q2 截至 2025 年 6 月 30 日，即自然季度 CQ2025Q2。 ❖ 评论： 1. 业绩总览：25Q2 实现营收 44.48 亿美元（QoQ+9%，YoY+16%），超出指引 中值 43.5 亿美元（指引区间为 41.7-45.3 亿美元），市场一致预期为 43.5 亿美 元。其中模拟业务收入同比增长 18%，嵌入式处理业务同比增长 10%，其他业 务板块同比增长 14%。2025Q2 毛利率为 57.89%（QoQ+1.05pct, YoY+0.04pct）。 2025Q2 实现净利润 12.95 亿美元（QoQ+9.84%，YoY+14.91%)。 2. 终端市场情况：（1）工业市场：同比增长 15%以上，环比增长约 15%，所 有子行业均出现复苏，显示出强劲的周期性回暖。（2）汽车市场：同比增长为 中个位数，环比下降低个位数，复苏节 ...

Core Viewpoint - Texas Instruments (TI) reported strong financial results for Q2 2025, with revenue of $4.45 billion, a 9% quarter-over-quarter increase and a 16% year-over-year increase, driven by a broad recovery in the industrial market [3][6]. Financial Performance - Q2 2025 revenue: $4.45 billion, up 9% from Q1 2025 and up 16% year-over-year [3] - Operating profit: $1.56 billion, a 25% increase year-over-year [3] - Cash flow: $6.4 billion in operating cash flow and $1.8 billion in free cash flow during the same period [3] Segment Performance - Analog segment revenue: $3.45 billion, up 18% year-over-year [4] - Embedded processing revenue: $679 million, up 10% year-over-year [4] - Other revenue: $317 million, up 14% year-over-year [4] Market Insights - Industrial market revenue grew nearly 20% year-over-year, with all sub-segments showing growth [6] - Four out of five markets are recovering at a good pace, with industrial market recovery accelerating [7] - Revenue from China, which accounts for about 20% of total revenue, grew approximately 19% quarter-over-quarter and 32% year-over-year, driven mainly by the industrial sector [7][8] Inventory and Demand - TI's inventory at the end of Q2 2025 was $4.8 billion, an increase of $125 million from the previous quarter, with inventory days decreasing by 9 days to 231 days [7] - Management expressed caution regarding future demand normalization, indicating that some of the recent demand may be temporary due to geopolitical uncertainties [8] Future Outlook - TI expects Q3 2025 revenue to be between $4.45 billion and $4.8 billion, but management refrained from predicting Q4 due to historical seasonal slowdowns [9] - The company noted that the semiconductor market is in a phase of moderate recovery, with prices expected to decline slightly [9]

Texas Instruments (TXN) Q2 2025 Earnings Call July 22, 2025 04:30 PM ET Company ParticipantsMike Beckman - VP & Head - IRHaviv Ilan - CEO, President & DirectorRafael Lizardi - SVP & CFOHarlan Sur - ED - Equity ResearchRoss Seymore - Managing DirectorVivek Arya - Managing DirectorCJ Muse - Senior Managing DirectorChris Caso - Managing DirectorJoshua Buchalter - Director - Equity ResearchConference Call ParticipantsStacy Rasgon - MD & Senior AnalystJim Schneider - Senior Equity AnalystWilliam Stein - MD & Sen ...

Core Viewpoint - Zhaoxin Integrated's IPO application has been accepted by the Shanghai Stock Exchange, aiming to raise 4.169 billion yuan for new processor development and R&D center projects [1] Group 1: Financial Performance - Zhaoxin Integrated has experienced significant financial pressure, with a total loss exceeding 2 billion yuan over three years due to high R&D costs and declining gross margins [1][8] - The company's gross margin has sharply decreased from 38.79% in 2022 to 15.40% in 2024, significantly lower than the industry average [4][6] - The company reported net losses of 7.27 billion yuan, 6.76 billion yuan, and 9.51 billion yuan over the past three years, totaling 23.54 billion yuan [8] Group 2: Customer Dependency - Zhaoxin Integrated relies heavily on a few major customers, with the top five customers accounting for 88.60% to 96.63% of sales from 2022 to 2024 [3] - The first major customer, China Electronics International, contributed over 50% of sales during the same period, indicating a high customer concentration risk [3] Group 3: Product Performance - The company's main products, the "Kaixian" and "Kaisheng" series, have shown strong growth, with revenue growth rates of 74.64% and 51.78% for the "Kaixian" series in 2023 and 2024, respectively [2] - The "Kaisheng" series server processors exhibited even higher growth rates of 289.01% and 547.63% in the same years, albeit from a low base [2] Group 4: R&D Investment - Zhaoxin Integrated's R&D expenses were 9.84 billion yuan, 9.88 billion yuan, and 8.13 billion yuan over the past three years, representing an exceptionally high R&D expense ratio of 289.50% to 91.44% [8] - The company has a lower proportion of employee compensation in its R&D expenses compared to peers, which may affect its long-term competitiveness [9][10]

来源|贝多财经 7月9日，贝多财经从上海证券交易所了解到，上海兆芯集成电路股份有限公司（下称"兆芯集成"）的审核状态有所更新，变更为"已问询"。据贝多财经了 解，兆芯集成于2025年6月17日递交上市申请，准备在科创板IPO。 本次报考上市，兆芯集成计划募资约41.69亿元。其中，10.12亿元将用于新一代服务器处理器项目，10.86亿元用于新一代桌面处理器项目，11.43亿元用于先 进工艺处理器研发项目，9.27亿元用于研发中心项目。 据招股书披露，兆芯集成成立于2013年4月，前称为上海兆芯集成电路有限公司（即"兆芯有限"）。设立之初，该公司的注册资本为1亿美元，股东包括联和 投资、香港威盛、威盛上海、威盛中国和威盛深圳。 此后，兆芯集成历经数次增资，并引入多名股东，包括青岛新兴一号、上海IC基金、上海国资公司、云锋麒泰等。以2022年8月至9月为例，兆芯集成完成 A+轮融资，包括公开增资13.336亿元，以及联和投资同步场外增资3亿元，合计超16亿元。 而2023年3月，兆芯集成股东上华投资因有退出需求，拟向嘉兴信芯、共青城凯风、海通创新转让其所持的该公司股权，转让股权比例分别为0.0514%、 0.1 ...

Group 1: Federal Reserve and Economic Outlook - The Federal Reserve has paused interest rate cuts for four consecutive meetings, maintaining the federal funds rate target range at 4.25% to 4.5% [1] - There is a division among Federal Reserve officials regarding future rate cuts, with some supporting two cuts this year while others oppose them [2] - Market expectations suggest that the Federal Reserve may restart rate cuts in September, influenced by the impact of tariffs on macroeconomic data [1][2] Group 2: Foreign Investment in China - The profits of foreign-invested industrial enterprises in China are projected to increase from 1.6 trillion yuan to 1.8 trillion yuan from 2019 to 2024, with profit margins leading the national average [3] - High-tech sectors are expected to account for 43.7% of foreign investment in manufacturing by 2024, with foreign enterprises nearing 50% of high-tech product exports [3] - China's policies to stabilize foreign investment are aimed at enhancing confidence and attracting quality resources, which will invigorate domestic economic growth [4] Group 3: National Subsidy Policies - A total of 138 billion yuan in central funding will be distributed in batches in the third and fourth quarters to support consumption upgrades, despite some regions temporarily halting subsidy programs [5] - The "old for new" consumption policy has expanded to include more product categories, with the special national bond funding increasing from 150 billion yuan to 300 billion yuan this year [5] - The suspension of subsidies may lead to a decline in consumer spending, as seen during the "618" shopping festival [6] Group 4: Market Trends and Company Developments - The secondary market for Labubu collectibles has seen a significant price drop, with average transaction prices halving from 2279.7 yuan to 1181.3 yuan due to pre-sale strategies [7] - Texas Instruments announced a historic investment plan of over 60 billion USD to build seven chip factories, focusing on analog and embedded processing chips [9][10] - Audi has reversed its plan to stop developing and selling internal combustion engine vehicles, acknowledging market differences in the transition to electric vehicles [13][14]

Core Viewpoint - Texas Instruments announced a historic investment of over $60 billion to build seven chip factories in Texas and Utah, marking the largest investment in semiconductor manufacturing in U.S. history [2]. Group 1: Investment and Expansion Plans - The investment will create 60,000 jobs and includes the construction and expansion of factories in Sherman, Richardson, and Lehi [2][3]. - The company plans to produce billions of chips daily at these new facilities, focusing on reliable and low-cost 300mm wafer production for essential analog and embedded processing chips [3]. Group 2: Financial Performance - Texas Instruments reported a revenue of $4.07 billion for Q1 2025, a 2% increase quarter-over-quarter and an 11% increase year-over-year, marking the first year-over-year revenue growth since Q4 2022 [3].