我是芯片超人花姐，入行20年，有50W+芯片行业粉丝。 有很多不方便公开发公众号的， 关于芯片买卖、关于资 源链接等， 我会分享在朋友圈 。 在半导体整体经历低谷之后，模拟芯片巨头TI 和 ADI 都 交出了逐季回暖的成绩单 ， 也让行业复 苏的迹象愈发明显。 本文将把它们放在一起对比，看看财报里都透露了哪些差异，又隐藏着哪些 关键信号。 扫码加我本人微信 01 模拟芯片大厂 TI （德 州仪 器） 近期报告2025年第二季度收入为 44.5 亿美元，环比增长 9%，同 比增长16% 。除汽车行业外，TI第二季度各核心终端市场均实现收入的连续增长 ；另一大厂 ADI （亚德诺） 公布 2025财年第三季度 （截至2025年8月2日） 收入为 28.8 亿美元，环比增长 9%，同 比增长 25% ，所有终端市场均实现两位数同比增长 。 两家都在复苏，但ADI的增长明显更为强劲，这种差异与两家公司的 产品差异 密切相关。 都在复苏，但 ADI更强劲 两家模拟芯片巨头的收入都在持续回暖，但走势却有所差异。 ADI的复苏更快也更强。 在经历2025财年一季度 （ 截至 2025年 2月1日 ） 的低谷 （营收24.2 ...

1)星网锐捷（002396）(西部利得基金管理有限公司参与公司特定对象调研&电话会议) 调研纪要：星网锐捷在通讯板块重点发力光通信，德明通讯深耕美国车联网市场，升腾资讯在金融行业和信创领域深耕。政府希望公司在AI方面 有亮点并提供机会，公司围绕ICT基础设施与I应用方案战略，福建省国资委有市值管理要求。德明通讯2025年上半年营收7亿多，增长较大，光通 讯与国内运营商合作，产品结构调整使毛利率上升。金融信创推进至2028年，升腾资讯将抓住市场机会。2023-2024年组织架构调整已完成，2025 年起费用影响向好，海外业务毛利增加，费用率控制较好。各板块毛利率可能波动，I领域将继续保持投入。公司积极探索外延式增长机会，需企 业文化和市场目标契合。 2)兆易创新 调研纪要：兆易创新（603986）在2024年二季度各业务线增长情况良好，NOR Flash高个位数增长，利基型DRAM增长超50%，MCU接近20%，模 拟芯片基数低环比成长较高，传感器芯片增长约10%。预计第三季度环比增长，全年需求上涨，利基型DRAM供应偏紧缺至全年。下半年利基型 DRAM营收显著增长，合约价格上涨，第三季度继续上涨。公司毛利率整 ...

华安证券研报指出，兆易创新2025年上半年归母净利润5.75亿元，同比增长11.31%，对应2Q25单季度 归母净利润3.41亿元，同比增长9.17%，环比增长45.27%。受益于消费类国家补贴政策的实施，消费终 端需求稳步释放，同时AI的发展持续拉动PC、服务器、汽车电子等领域需求增长。Flash产品方面， 2025年上半年，在消费国补及第二季度消费旺季等因素催化下，消费领域需求增长明显。同时，手机屏 幕、AIPC及服务器中NORFlash存储容量的不断升级也拉动了Flash业务收入的增长。传感器芯片方面， 公司在手机市场持续深耕，营收同比保持相对平稳。模拟芯片方面，公司原有模拟芯片收入实现同比超 过4.5倍的增长，加之收购苏州赛芯的影响，公司模拟芯片收入同比实现大幅增长。维持"买入"评级。 ...

公 司 报 告 电子 兆易创新(603986.SH) 多元化布局助力稳健经营，利基DRAM量价齐升 推荐 ( 维持) 股价:150.88元 主要数据 | 行业 | 电子 | | --- | --- | | 公司网址 | www.gigadevice.com | | 大股东/持股 | 朱一明/6.89% | | 实际控制人 | 朱一明 | | 总股本(百万股) | 664 | | 流通A股(百万股) | 664 | | 流通B/H股(百万股) | | | 总市值(亿元) | 1,002 | | 流通A股市值(亿元) | 1,001 | | 每股净资产(元) | 25.96 | | 资产负债率(%) | 11.9 | 行情走势图 证券分析师 | 杨钟 | 投资咨询资格编号 | | --- | --- | | | S1060525080001 | | | yangzhong035@pingan.com.cn | | 徐碧云 | 投资咨询资格编号 | | | S1060523070002 | XUBIYUN372@pingan.com.cn 事项： 公司发布2025年半年度报告，实现营业收入41.50亿元，同比增长1 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6]. Core Views - The company reported a revenue of 4.15 billion yuan for the first half of 2025, representing a year-on-year growth of 15.00%, and a net profit attributable to shareholders of 575 million yuan, up 11.31% year-on-year [2][5]. - The company's business segments are progressing smoothly, with significant growth in various fields such as automotive, consumer electronics, storage and computing, and mobile devices, driven by government subsidies and AI development [5][6]. - The company maintains a market share-centered strategy, effectively capturing market opportunities, and has seen rapid revenue and sales growth across multiple sectors [5][6]. Summary by Relevant Sections Financial Performance - In Q2 2025, the company achieved a revenue of 2.24 billion yuan, a year-on-year increase of 13.09% and a quarter-on-quarter increase of 17.40%. The net profit for Q2 was 341 million yuan, up 9.17% year-on-year and 45.27% quarter-on-quarter [5][6]. - The gross margin for Q2 was 37.01%, showing a slight decline year-on-year and quarter-on-quarter, while the net profit margin improved quarter-on-quarter to 15.53% [5][6]. Business Segments - The company's main business includes storage, MCU, sensors, and analog chips, with storage chips accounting for 68.55% of revenue and MCU contributing 23.11% [5][6]. - Storage revenue for the first half of 2025 was 2.84 billion yuan, growing approximately 9.2% year-on-year, with NOR Flash and niche DRAM showing significant growth [5][6]. - The MCU segment saw nearly 20% year-on-year growth, with strong performance in the networking, consumer, and automotive sectors [5][6]. Market Outlook - The supply situation in the niche DRAM market has improved, leading to a rise in both volume and price, with the company expected to benefit from this trend [6]. - The company is projected to have earnings per share of 2.27 yuan and 3.04 yuan for 2025 and 2026, respectively, with corresponding PE ratios of 66 times and 50 times [6][7].

Core Viewpoint - GigaDevice Semiconductor Inc. reported a 15% year-on-year increase in revenue for the first half of 2025, driven by strong demand in consumer electronics, AI technology, and automotive electronics, alongside a strategic focus on market share growth [2][8][9] Company Overview and Financial Indicators - The company achieved a total revenue of approximately 4.15 billion RMB in the first half of 2025, compared to 3.61 billion RMB in the same period of the previous year [2] - The total profit for the period was approximately 596 million RMB, reflecting a 12.92% increase from 528 million RMB in the previous year [2] - The net profit attributable to shareholders was approximately 575 million RMB, marking an 11.31% increase year-on-year [8] - The basic earnings per share rose to 0.87 RMB, up 11.54% from 0.78 RMB in the previous year [2] Business and Product Analysis - GigaDevice's main business includes the research, development, and sales of memory, microcontrollers, sensors, and analog chips, serving various sectors such as consumer electronics, automotive, and industrial applications [3][4] - The company is a leading player in the NOR Flash, SLC NAND Flash, and niche DRAM markets, ranking second globally in NOR Flash with an 18.5% market share [4][5] - The global integrated circuit market is projected to grow significantly, with a compound annual growth rate (CAGR) of 13.3% from 2020 to 2024, driven by advancements in AI and automotive sectors [4][5] Market Trends and Growth Opportunities - The specialized storage market, including NOR Flash and SLC NAND Flash, is expected to grow at a CAGR of 7.1% from 2025 to 2029, reaching a market size of approximately 20.82 billion USD [5] - The MCU market is projected to grow from 19.7 billion USD in 2024 to 29.3 billion USD by 2029, with a CAGR of 8.7% [6] - The sensor market, particularly for touch and fingerprint recognition, is also expected to expand significantly, driven by increasing demand in smartphones and smart home devices [7] Strategic Initiatives - The company is pursuing a global strategy to enhance its brand image and expand its international market presence, including plans to issue H-shares on the Hong Kong Stock Exchange [16] - GigaDevice emphasizes technological innovation and market empowerment, focusing on product development and industry applications to improve operational efficiency and competitiveness [11][18] - The company maintains a Fabless model, outsourcing manufacturing while concentrating on design and customer service, allowing for flexibility and rapid market response [22][23]

3、指引 FY25Q4 营收同环比增长，工业、通信及消费环比引领增长。 FY25Q4 营收指引 29-31 亿美元，指引中值同比+23%/环比+4%;营业利润率指 引中值为 42.5%-44.5%，同比+2.4pcts/环比+1.3pcts，EPS 2.12-2.32 美元； 公司指引工业、通信和消费将引领环比增长，汽车环比回落。 证券研究报告|行业简评报告 2025 年 08 月 21 日 工业增长动能延续至 FY25Q4，汽车市场预计环比下降 ADI（ADI.O）FY25Q3 跟踪报告 TMT 及中小盘/电子 事件： ADI（亚德诺）近日发布 FY25Q3 季报，FY25Q3 营收 28.8 亿美元，同比+25%/ 环比+9%；毛利率 69.2%，同比+1.3pcts/-0.2pct。综合财报及交流会议信息， 总结要点如下： 评论： 1、FY25Q3 营收超指引上限，渠道库存周数略下降。 FY25Q3 营收 28.8 亿美元，同比+25%/环比+9%，超指引上限；毛利率 69.2%， 同比+1.3pcts/-0.2pct，环比下降主要系产能利用率下降；营业利润率 42.2%， 库存环比增加 7200 万美 ...

我是芯片超人花姐，入行20年，有50W+芯片行业粉丝。 有很多不方便公开发公众号的， 关于芯片买卖、关于资 源链接等， 我会分享在朋友圈 。 扫码加我本人微信 模拟 芯片 大厂 ADI 于 当地时间 8 月 2 0 日 公布 2025财年第三季度 （ 截至 2025 年8月2日 ） 财务业绩， 收入为 28.8 亿美元， 环比增长 9%，同比增长 25% ， 所有终端市场均实现两位 数同比增长。 "尽管面临地缘政治挑战，ADI第三季度的收入和每股收益仍超出了我们预期的高端 。 "首席执行官兼董事长Vincent Roche表示。 Vincent Roche 还表示， "尽管关税和贸易波动正在造成市场不确定性，但对ADI产品的需求仍 然强劲。公司对尖端创新的不懈关注使我们能够利用智能物理边缘的增长。此外，我们多元化且有 弹性的商业模式使ADI能够驾驭各种市场条件，并持续为股东创造长期价值。 " 接下来，让我们具体看看ADI在各业务领域的表现，以及其对未来市场的展望。 01 工业复苏加速 汽车环比下滑 先 看 工业 —— ADI最赚钱的业务 ，每个季度 收入 都在环比增长 ， 第三季度 的 增长 还 加速 了 。 ...

Core Viewpoint - The company, Unisoc, has indicated a positive outlook for its special integrated circuit business, particularly in the analog chip segment, which constitutes approximately 40% to 50% of its operations, with a growth rate of about 18% to 20% [1] Summary by Category Business Performance - The analog chip segment accounts for around 40% to 50% of the company's special integrated circuit business [1] - The growth rate for this segment is projected to be between 18% and 20% [1] Future Outlook - For 2025, the company holds an optimistic view regarding overall orders in the special integrated circuit business [1] - However, it is currently challenging to predict the order situation for 2026 and 2027 [1] Strategic Initiatives - The company plans to continue diversifying its product offerings to capture more market share in downstream markets [1] - There is a focus on consolidating and enhancing market share [1]

Core Viewpoint - The article discusses the strategic transformations of semiconductor companies in response to market changes, emphasizing the shift towards specialized processes and the importance of technology partnerships in the current geopolitical landscape [2][13][20]. Group 1: Company Strategies - Huahong Semiconductor is planning to acquire a controlling stake in Shanghai Huahong Microelectronics to resolve competition issues related to its IPO commitments [2][3]. - SMIC has shifted its focus to power semiconductors, indicating a proactive approach to meet customer demands and adapt to market changes [4][5]. - Chipone Integrated Circuit is implementing a dual-track strategy of self-research and foundry services, achieving significant revenue growth and marking its first quarterly profit [8][9]. Group 2: Market Dynamics - The semiconductor market is experiencing a transformation due to the explosive growth in AI chip demand and the rise of automotive semiconductors, contrasting with the decline in consumer electronics [3][6]. - Geopolitical factors are reshaping the global supply chain, prompting domestic foundries to seek new paths amid increased external restrictions [3][17]. - The demand for automotive electronics and power devices is driving the growth of domestic foundries, with significant increases in revenue from these sectors [9][10]. Group 3: Financial Performance - SMIC reported a sales revenue of $2.209 billion in Q2 2025, with a capacity utilization rate of 92.5%, reflecting a 22% year-on-year growth [5][6]. - Huahong Semiconductor's Q2 2025 sales revenue reached $566.1 million, a year-on-year increase of 18.3%, with a projected revenue of $620-640 million for Q3 [15][16]. - Chipone Integrated Circuit's revenue for the first half of 2025 was $3.495 billion, a 21.38% increase year-on-year, with a notable growth in module packaging business [9][10]. Group 4: Challenges and Opportunities - The transition to new markets presents challenges, including high capital expenditures and long certification cycles for automotive products [7][22]. - The dual-track model adopted by Chipone Integrated Circuit offers both opportunities for higher margins and risks related to resource allocation [12]. - The collaboration between international firms like GlobalFoundries and domestic companies through technology licensing is emerging as a new paradigm, enhancing local capabilities [13][14].