富士康对青岛新核芯的投入持续加码，2024年3月及2025年先后两次增资，累计增资超3.3亿元，其 中2025年6月，富士康母公司鸿海集团再度加码2.32亿元，通过注资与股权收购进一步扩大先进封装布 局。截至2024年11月，该工厂出货量已突破5万片，成为西海岸新区集成电路产业的重要支柱，其满产 后年产能将达36万片晶圆，可实现每月3万片12英寸芯片的封装测试能力。此外，富士康还通过工业富 联收购日月光投控位于中国大陆的4座工厂，其中包括位于山东威海的日月新半导体有限公司，重点布 局车用第三代半导体碳化矽（SiC）、绝缘栅双极电晶体（IGBT）等功率元件封装，同时通过鸿腾精密 收购山东华云光电70%股权，完善新世代移动通信领域布局，形成了以青岛、威海为核心的山东半导体 产业集群，为其电动车、机器人等新兴产业提供技术储备。 除中国基地外，越南作为富士康重要的海外制造与半导体配套基地，布局同样日趋完善。富士康自 2000年代进入越南以来，截至2024年在当地投资已超过32亿美元，制造业务主要集中在北部的北宁省和 北江省，形成了多元化的产业布局。其中，富士康全资控股的越南富山科技公司位于北宁省越南新加坡 工业园区， ...

Core Viewpoint - The global semiconductor market is experiencing a significant surge in demand for storage chips due to the explosive growth of AI servers and high-performance computing (HPC), leading to shortages and record-high prices [1][5]. Group 1: Market Trends - Since September 2025, the prices of DRAM and NAND flash memory have increased by over 300% [1]. - For Q1 2026, NAND flash contract prices are expected to rise by 55% to 60%, while general DRAM contract prices are projected to increase by 90% to 95% [1][3]. - The revenue growth momentum in the storage market is anticipated to continue until 2027, driven by sustained demand from AI computing and enterprise storage [5]. Group 2: Supply Chain Dynamics - The production of display driver chips, essential for LCD panel manufacturing, is facing structural adjustments due to the rising prices of storage chips, which account for 15% to 20% of LCD panel costs [6]. - The shift in wafer foundry capacity towards higher-margin AI-related chips has led to a narrowing of the production window for display driver chips, resulting in an expanded supply-demand gap and longer delivery times [6]. - Despite the global contraction in 8-inch wafer capacity, the expansion of 12-inch wafer capacity in mainland China is expected to alleviate the supply constraints for display driver chips in the long term [7]. Group 3: Demand Side Effects - In the short term, the rising prices of storage components have led to an unusual "off-season not off" phenomenon, with manufacturers increasing panel inventory to hedge against future price hikes [8]. - The price of TV panels is expected to rise in January 2026, with increases of $1 for various sizes [9]. - The demand for LCD panels is projected to rise due to the anticipated price increases, although long-term pressures from high storage prices and a weak macroeconomic environment may suppress overall demand [11]. Group 4: Future Outlook - The "butterfly effect" caused by rising storage prices is altering the supply and demand dynamics in the global LCD panel industry, with short-term price increases driven by inventory accumulation and production capacity shifts [12]. - Long-term supply constraints are expected to ease as mainland China's display driver capacity is released, but high storage prices may continue to suppress overall demand for display panels [12].

Core Viewpoint - The company is well-positioned to manage cost fluctuations and maintain growth in the display driver chip market, particularly through its focus on stable application areas and ongoing product development in response to customer needs [1][2][3]. Group 1: Impact of Storage Chip Price Fluctuations - Recent increases in storage chip prices are not expected to significantly impact the company's display driver chip business, as its primary applications are in the maintenance and replacement market, where customers prioritize stability and compatibility over price sensitivity [1]. - The company's reliance on storage components is limited, allowing it to manage cost fluctuations effectively through supply chain management and product structure optimization [1]. Group 2: Electronic Price Tags Business Development - The electronic price tag segment has seen robust growth driven by retail digitalization, with the company achieving scale in product shipments to retail and supermarket applications [1]. - The company plans to continue product iteration and application expansion in response to evolving customer digitalization needs [1]. Group 3: Business Cycle Resilience - The company's focus on the display driver niche, particularly in stable demand areas like maintenance and electronic price tags, provides a buffer against the volatility of the semiconductor industry cycle [2]. - Demand in these areas is more closely tied to the existing scale of terminal devices and the penetration rate of applications, reducing sensitivity to new product cycles [2]. Group 4: Future Product and Market Expansion - The company aims to enhance product performance and expand application scenarios in the display driver chip sector, while also monitoring new technical demands in emerging application areas [3]. - The strategy involves maintaining stability in existing advantageous application fields while gradually advancing into new markets [3].

Group 1 - Hefei has transformed its integrated circuit industry from non-existent to a strong presence in ten years, focusing on a four-dimensional development path: leading enterprises, talent foundation, innovation breakthroughs, and ecological empowerment [1] - The city positions the integrated circuit industry as a strategic pillar, aiming to create a world-class industrial cluster by integrating it with new displays and enhancing electronic manufacturing capabilities [1] - Policies support the entire integrated circuit value chain, including R&D subsidies, project investment grants, and market procurement assistance [1] Group 2 - By 2025, only key industrial areas like the High-tech Zone and Economic Development Zone have issued multiple integrated circuit policies, focusing on design innovation and wafer manufacturing [2] - As of Q3 2025, Hefei has gathered over 450 integrated circuit companies and 33,000 professionals, with the High-tech Zone having the most companies and a well-structured industrial chain [9] Group 3 - Hefei's integrated circuit industry has achieved significant growth, with a scale exceeding 50 billion RMB and an annual growth rate of over 20% as of the end of 2024 [11] - The production of integrated circuits reached 2.081 billion units in 2024, with dynamic memory chips and display driver chips holding leading global market shares [12] Group 4 - During the 14th Five-Year Plan (2021-2025), Hefei aims to ensure comprehensive support across all stages of the integrated circuit industry, with a focus on collaborative development [17] - By November 2025, Hefei has attracted 7 listed companies, 6 unicorns, and 20 national-level "specialized and innovative" small giants in the integrated circuit sector [19] Group 5 - The integrated circuit industry in Hefei is characterized by a "leading enterprise" model, with over 200 key companies concentrated in the High-tech Zone, accounting for over 60% of the total [21] - The industrial layout is centered around the High-tech Zone, Economic Development Zone, and New Station High-tech Zone, with a balanced distribution and strong agglomeration effects [22] Group 6 - Hefei's integrated circuit industry financing is robust, with numerous financing events indicating strong capital interest in semiconductor manufacturers and design/testing companies [26] - Recent financing events include several rounds with amounts reaching tens of millions of RMB, reflecting a healthy investment climate [27] Group 7 - Hefei's differentiated layout includes "high-tech design, economic development manufacturing, new station testing, and county-level support," aiming for a collaborative industrial ecosystem [30] - The city has been approved as the first cross-strait integrated circuit industry cooperation pilot zone and has established a provincial investment fund of 30 billion RMB [33]

证券日报网2月6日讯，天德钰在接受调研者提问时表示，公司将继续围绕显示驱动芯片主业，结合下游 应用需求变化，推进产品性能优化和应用场景拓展。在保持现有优势应用领域稳定发展的同时，公司也 将持续关注新应用场景的技术需求，在稳扎稳打的前提下稳步推进相关布局。 ...

证券日报网2月6日讯，天德钰在接受调研者提问时表示，公司显示驱动芯片的主要应用场景集中在存量 设备维修及替换市场，下游客户更关注产品的稳定性、兼容性及交付保障，对上游存储价格波动的敏感 度相对较低。同时，公司产品方案中对存储类器件的直接依赖度有限，相关原材料价格波动对公司整体 经营成本的影响相对可控。公司将持续通过供应链管理及产品结构优化，降低外部价格波动带来的影 响。 ...

（编辑 丛可心） 证券日报网2月6日讯 ，天德钰在接受调研者提问时表示，电子价签是公司显示驱动芯片的重要应用方 向之一，相关产品已实现规模化出货，并持续服务于零售、商超等应用场景。从经营层面看，随着下游 客户数字化升级需求的推进，电子价签相关产品出货保持了相对稳健的增长态势。公司将根据客户需求 变化，持续推进产品迭代和应用拓展。 ...

Core Viewpoint - The fire incident at Suzhou Qizhong's Fab2 has caused significant damage to facilities and equipment, leading to a temporary halt in production. The company has insurance coverage for the damages and is working on recovery plans to resume operations by July 2026 [2][4][11]. Insurance Coverage - The company has a property insurance policy with a coverage amount of RMB 2,916,494,109.07, which includes various categories such as buildings, machinery, and goods [2][10]. - The insurance covers damages caused by natural disasters and unforeseen accidents, including fire and explosions [2][9]. Impact on Production and Recovery Plans - The fire has resulted in damage to production equipment, cleanroom facilities, and energy supply pipelines, leading to a temporary shutdown of the manufacturing line [4][11]. - The company is coordinating with equipment suppliers for repairs and prioritizing the cleaning and restoration of cleanroom facilities, which is expected to take 2-3 months [4][11]. - After the cleanroom passes fire safety inspections, equipment installation and testing will take an additional 2 months, with production expected to resume in July [4][11]. Customer Communication and Order Management - The company has promptly informed major clients about the incident and the measures being taken to address it. Orders have been shifted to the Hefei factory to maintain delivery schedules [4][12]. - During the transition period, the company plans to relocate some production equipment to Hefei to enhance capacity, aiming to meet customer demand by February [12]. Financial Impact - The temporary halt in production is expected to reduce the projected revenue growth for 2026 by 5-8 percentage points compared to the initial financial budget [5][12].

Core Viewpoint - The electronic industry panel manufacturers are continuing their production control strategies, leading to price increases for large-sized panels, which are expected to persist due to demand from events like the World Cup [1][2]. Group 1: Panel Price Trends - Large-sized panel prices are expected to continue rising as manufacturers maintain production control, with demand remaining stable [2]. - AVC data indicates that all sizes of TV panels saw price increases in late January, with some monitor panels also experiencing price hikes [1][2]. - The tight supply-demand situation for TV panels is extending to monitor panels, with expectations of price increases in February [2]. Group 2: Capital Expenditure Trends - The large-scale capital expenditure cycle in the panel industry is nearing its end, with leading manufacturers expected to significantly reduce future spending [3]. - According to BOE's announcement, 2025 will be the peak year for capital expenditure, with a significant decline anticipated starting in 2027 [3]. - TCL Technology is focusing on investments aligned with the accelerated penetration of OLED in the mid-size market, with no major new production line investments planned beyond the T8 line [3]. Group 3: Mobile OLED Panel Market - Mobile OLED panel prices are under short-term pressure, but the impact is expected to be manageable [4]. - The penetration rate of mobile OLED panels is anticipated to continue increasing, which may offset the decline in overall smartphone shipments [4]. - Omdia forecasts that global smartphone AMOLED panel shipments will decrease slightly to 810 million units in 2026, a minor decline from 817 million in 2025 [4]. Group 4: Investment Recommendations - The favorable supply-demand relationship and the expected continuation of price increases for large-sized panels suggest potential investment opportunities in panel manufacturers such as TCL Technology, BOE A, and others [5]. - Related material manufacturers and display driver chip manufacturers are also highlighted as potential investment targets [5].

证券研究报告 | 行业简评报告 2026 年 02 月 04 日 电源管理芯片营收同环比双增，2026 年稼动率指引回升 VIS 25Q4 跟踪报告 TMT 及中小盘/电子 事件： 世界先进（VIS，5347.TW）于 2 月 3 日发布 25Q4 季报，营收 125.94 亿新台 币，同比+9.0%/环比+2.0%；毛利率 27.5%，符合此前指引，同比-1.2pcts/环 比+0.7pct；归母净利润 17.5 亿新台币，同比-5.4%/环比+2.6%，净利率 13.2%， 同比-2.8pcts/环比-0.4pct，EPS 为 0.93 新台币。晶圆总出货量为 62.6 万片， ASP 为 624 美元/片（折合八英寸），环比+5%。综合财报及交流会议信息，总 结要点如下： 评论： 1、25Q4 营收同环比双增，ASP 环比显著改善。 1）业绩情况：25Q4 公司营收 125.94 亿新台币，同比+9.0%/环比+2.0%，主要 得益于 ASP 增长及有利的汇率环境，部分营收被晶圆出货量下滑抵消；毛利率 27.5%，符合此前指引，同比-1.2pcts/环比+0.7pct；归母净利润 17.48 亿新台 币 ...