全球科技业绩快报：联发科 2Q25 Global Tech Earnings Snapshot: MediaTek 2Q25 姚书桥 Barney Yao barney.sq.yao@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_Title] 研究报告 Research Report 31 Jul 2025 电子 Technology [(Table_summary] Please see APPENDIX 1 for English summary) 事件 联发科 2Q25 业绩表现稳健，AI SoC 和 ASIC 业务驱动增长：2Q25 收入为 NTD 1504 亿元，略低于市场一致预期 NTD 1512 亿元，-1.9% QoQ，18.1% YoY。EPS 为 NTD 17.5 元，超出市场一致预期。本季度毛利率为 49.1%， 环比上升 1 pct，包含一份长期供货协议（LTA）的一次性贡献 1.9 pcts。营业利润为新台币 294 亿元，营业 利润率为 19.5%。公司 2Q25 收入主要由 AI SoC 和对更快速连接的需求所驱动，并观 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The AI-driven demand for high-performance chips is a key growth driver for TSMC, with FY25Q2 revenue reaching NT$933.8 billion (approximately USD 31.9 billion), exceeding market expectations and previous guidance [14][19] - The global PC device sales are projected to increase by 6.5% year-on-year in Q2 2025, reaching approximately 68 million units, with Apple showing the strongest performance [21] - MediaTek reported a June revenue of NT$56.4 billion, a year-on-year increase of 31%, indicating strong growth potential in the AI PC market [27][30] Summary by Sections AI Developments - Moonshot AI launched and open-sourced the Kimi K2 model, which features 32 billion active parameters and aims to enhance agent applications in China [12][7] - Google's Veo AI has integrated a new image-to-video feature into its Gemini application, available in over 150 countries [13] TSMC Performance - TSMC's strong Q2 performance reflects ongoing high demand for advanced processes and packaging capacity driven by AI [14] - Key topics for TSMC's upcoming earnings call include AI demand sustainability, non-AI customer demand changes, and the impact of currency fluctuations on profit margins [19][20] PC Market Dynamics - According to IDC, global PC sales are expected to continue their upward trend, with Apple leading in growth [21][23] - The report highlights the competitive landscape in the AI chip market, particularly between MediaTek and Qualcomm [27][30]

Core Viewpoint - The anticipated AI PC chips from Nvidia and MediaTek are expected to see significant market rollout only in the second half of 2026, despite a planned unveiling at Computex 2025 [1][2]. Group 1: Chip Development and Release Timeline - Nvidia and MediaTek are set to jointly unveil the new Arm chip "N1" at Computex, with two models, N1X and N1, expected to be introduced [1]. - The industry anticipates that significant shipment volumes for these chips will not materialize until the second half of 2026 due to ongoing production capacity enhancements [1][2]. - Early benchmark tests for the N1X indicate performance lags behind some existing Arm-based PC chips, raising concerns within the industry [1]. Group 2: Market and Product Focus - The roadmap for Nvidia and MediaTek includes commercial N1X AI laptops targeting high-end consumers and the business market, boasting 180-200 AI TOPS of computing performance [4]. - Consumer-grade AI laptops will utilize the N1C processor platform, which has been delayed to 2026 due to tariffs and inflation [4]. - Major manufacturers like Dell, HP, Lenovo, and ASUS are planning to launch desktops and laptops based on these new chips, with MSI and Compal also entering the supply chain [4]. Group 3: Additional Developments - Nvidia's DFX Station is in preparation, featuring the GB300 Grace Blackwell Ultra "super chip," which will include 748GB of memory and 20K TOPS of AI computing capability, compatible with both Windows and macOS [4].