希荻微回复称，公司深耕车规级电源管理芯片领域，产品覆盖DC/DC转换器、LDO稳压器、高/低边开 关芯片、PMIC等核心品类，部分产品已批量应用于智能座舱和车身控制等场景。公司各类车规级芯片 产品在单车的价值量估算已超过百元，具体数值随车型配置（如新能源/燃油车、智能化等级）有所差 异。公司将持续丰富产品料号，加速在研及规划产品量产，进一步覆盖整车电子电气架构的核心环节。 随着产品矩阵持续壮大、客户渗透率提升，单车价值量有望向更高区间迈进，但具体目标需结合市场需 求、量产节奏动态评估。 格隆汇1月30日｜有投资者在互动平台向希荻微提问：纳芯微单车价值已达1500元远期将达3000至4000 元，请问公司的单车价值是多少，远期能达多少？ ...

证券日报网讯1月29日，希荻微在互动平台回答投资者提问时表示，公司深耕车规级电源管理芯片领 域，产品覆盖DC/DC转换器、LDO稳压器、高/低边开关芯片、PMIC等核心品类，部分产品已批量应用 于智能座舱和车身控制等场景。截至目前，公司各类车规级芯片产品在单车的价值量估算已超过百元， 具体数值随车型配置(如新能源/燃油车、智能化等级)有所差异。公司将持续丰富产品料号，加速在研及 规划产品量产，进一步覆盖整车电子电气架构的核心环节。随着产品矩阵持续壮大、客户渗透率提升， 单车价值量有望向更高区间迈进，但具体目标需结合市场需求、量产节奏动态评估。 ...

Investment Rating - The report indicates a positive investment outlook for the semiconductor industry, particularly favoring companies like Texas Instruments, Renesas, and STMicroelectronics as preferred picks for exposure to the recovery [2]. Core Insights - The semiconductor inventory is starting to build in the channel, with a month-over-month increase of 4% and a year-over-year average price increase of 2% [2]. - Pricing trends show a general decline in the low to mid single digits through 2023 and 2024, stabilizing in 2025, with signs of increases in 2026 [3]. - The report highlights that MCU and MPU inventories have increased by 7% and 31% month-over-month, respectively, driven by Microchip's significant inventory build [4]. - The pricing environment remains supportive, with average year-over-year pricing flat on a revenue exposure weighted basis [26]. Summary by Sections Inventory Trends - Inventory levels are generally stable, with MCU inventories showing a 323% increase compared to January 2023 [32]. - Nexperia's unit inventory has stabilized, with a month-over-month increase of 4% and a year-over-year price increase of 30-50% [8][10]. Pricing Trends - The Like-for-Like Price Index has been restated to better reflect pricing trends, showing an average price increase of 1% month-over-month and 2% year-over-year [3][25]. - Pricing for Texas Instruments has increased by approximately 13% for two consecutive months, while Infineon's pricing has decreased by around 8% [5]. Company Observations - Microchip's unit inventories have increased significantly, although the reasons for this increase remain unclear [5]. - The report notes that pricing for transistors and diodes has seen limited impact from disruptions, with average pricing remaining stable [20][22].

1. 用"玉米-大豆"模型把 AI 需求如何外溢到非 AI 芯片讲清楚 作者先用一个农业比喻建立分析框架： 本来种玉米（传统芯片）的农民，看见种大豆（HBM/先进制程）更赚钱，于是全去种大豆。 玉米的播种面积自然萎缩，一旦下游玉米需求略有回升，价格就会暴涨。 映射到半导体： "大豆"= HBM、CoWoS、3/4 nm先进制程，资本开 1. 用"玉米-大豆"模型把 AI 需求如何外溢到非 AI 芯片讲清楚 作者先用一个农业比喻建立分析框架： 本来种玉米（传统芯片）的农民，看见种大豆（HBM/先进制程）更赚钱，于是全去种大豆。 玉米的播种面积自然萎缩，一旦下游玉米需求略有回升，价格就会暴涨。 映射到半导体： "大豆"= HBM、CoWoS、3/4 nm先进制程，资本开支和产能全部被 AI 算力芯片吸走。 "玉米"= 8 寸成熟制程（LCD 驱动、PMIC、MCU、模拟 IC）、传统封装、低阶 NAND。 结论：AI 并不直接使用这些"玉米"，但把生产玉米的土地、化肥、劳动力（资本开支、关键设备、材料）全占 了，导致玉米被动短缺。 2. 2026 年已经出现"玉米短缺"的三条证据 ① NAND：铠侠、海力士 26 ...

Financial Data and Key Metrics Changes - Qorvo reported fiscal third quarter revenue of $993 million, with a non-GAAP gross margin of 49.1% and non-GAAP diluted earnings of $2.17 per share, all exceeding guidance [16] - The company generated operating cash flow of approximately $265 million and free cash flow of $237 million during the quarter [17] - For fiscal Q4, revenue guidance is set at $800 million ± $25 million, with a non-GAAP gross margin between 48% and 49% [17] Business Line Data and Key Metrics Changes - In the ACG segment, December quarterly revenue declined sequentially, but there was double-digit revenue growth compared to last December due to content gains from the largest customer [7] - CSG is expanding in automotive and enterprise sectors, with first production orders received for an automotive ultra-wideband program [10] - HPA continues to see growth across defense and aerospace markets, with expected sales in D&A markets totaling approximately $500 million for fiscal 2027 [12][13] Market Data and Key Metrics Changes - Android revenue is expected to decline by approximately $300 million in fiscal 2027, primarily due to strategic exit from lower-margin segments and memory pricing impacts [9][27] - The company anticipates a mid-single-digit decline in full-year revenue for fiscal 2027, with ACG declining but becoming more profitable, CSG remaining flat, and HPA continuing double-digit growth [15] Company Strategy and Development Direction - Qorvo is focusing on optimizing profitability and reducing capital intensity through restructuring actions, including the closure of the Costa Rica facility and transitioning production to external partners [6] - The company is intentionally resizing its Android business to reduce exposure to low-margin segments while maintaining a strong presence in premium and flagship smartphone markets [10] - Qorvo aims to achieve gross margins above 50% and EPS approaching $7 per share in fiscal 2027, reflecting a structurally improved portfolio mix and ongoing operational excellence [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth strategy, highlighting the importance of innovation and operational excellence in navigating the current market challenges [5] - The company is closely monitoring changes in tax policy that may affect operations and financial results [19] - Management noted that while there are pressures from memory pricing and availability, the strategic exit from lower-margin Android segments is expected to support overall profitability [54] Other Important Information - The company ended the quarter with approximately $1.3 billion in cash and equivalents and $1.5 billion in long-term debt, with no near-term maturities [16] - Qorvo's non-GAAP tax rate for fiscal 2026 is expected to be approximately 15% [18] Q&A Session Summary Question: Content roadmap and competition in sockets - Management acknowledged increased competition due to dual sourcing but remains optimistic about growth opportunities in future generations [22][24] Question: Android revenue decline and seasonal expectations - Management clarified that the expected decline in Android revenue is due to strategic exits and not typical seasonal patterns [25][27] Question: Impact of memory pricing on Android business - Management indicated that higher memory prices are affecting build plans, accelerating the exit from lower-margin Android segments [54] Question: Gross margin outlook for fiscal 2027 - Management stated that margin improvements will primarily come from a favorable business mix, particularly as HPA grows in significance [33] Question: Changes in inventory levels at customers - Management reported no abnormal inventory levels, attributing adjustments to customer build plans in response to memory pricing [58]

Core Insights - The semiconductor industry is undergoing a significant capacity restructuring driven by the AI spillover effect, impacting both advanced and mature process nodes [1][11] - Major players like TSMC and Samsung are reducing their 8-inch wafer production capacity, indicating a shift in focus towards more efficient 12-inch processes [3][4] - The demand for power management integrated circuits (PMIC) and power devices is surging due to increased data center power consumption, further straining the supply of mature process nodes [1][5] Group 1: Industry Trends - The closure of 8-inch fabs by TSMC and Samsung is not due to a lack of demand but rather economic considerations and a shift in product platforms towards 12-inch [4][5] - TSMC plans to phase out its 6-inch wafer production by 2027, while Samsung will reduce its 8-inch capacity by approximately 50,000 wafers per month by late 2026 [3][4] - The global supply of 8-inch wafers is expected to decline by about 2.4% year-on-year by 2026, with average utilization rates rising from 75-80% in 2025 to 85-90% [6] Group 2: Opportunities and Challenges - The exit of major players from the 8-inch market opens opportunities for second-tier and regional players, such as DB HiTek and Chinese manufacturers, to capture overflow orders [6][11] - The transition to 12-inch processes is seen as irreversible, with companies like TI investing in new 12-inch fabs to enhance manufacturing scale and cost structure [7][10] - The sale of Powerchip's P5 factory to Micron for $1.8 billion highlights the survival strategies of second-tier manufacturers amid capacity expansions and financial pressures [8][9] Group 3: Implications for Chinese Manufacturers - The reduction in 8-inch capacity presents a valuable window for Chinese wafer fabs to capture market share and improve pricing power [11][12] - Chinese manufacturers must focus on transitioning to 12-inch specialty processes to maintain competitiveness and leverage the current 8-inch market dynamics [12][13] - The ability to convert 8-inch opportunities into 12-inch capabilities will be crucial for long-term success in the evolving semiconductor landscape [12][13]

Core Viewpoint - The article highlights the successful listing of OmniVision Technologies on the Hong Kong Stock Exchange, marking a significant milestone for the company as it enters a dual capital platform phase with a market capitalization exceeding HKD 150 billion [1]. Group 1: Company Overview - OmniVision Technologies is a fabless semiconductor design company with a global R&D center and business network, focusing on sensor solutions, analog solutions, and display solutions for various applications including smartphones, automotive electronics, and IoT [1]. - The company plans to utilize 70% of the raised funds for key technology R&D, 10% for global market penetration and business expansion, 10% for strategic investments or acquisitions, and 10% for working capital and general corporate purposes [1]. Group 2: Business Segments - The core business of OmniVision is the image sensor solutions, particularly CMOS image sensors, where it ranks as the third-largest digital image sensor supplier globally with a market share of 13.7% [2]. - The company is also the third-largest supplier of smartphone CIS and the largest supplier of automotive CIS, holding market shares of 10.5% and 32.9% respectively [2]. - The display solutions include products like LCD-TDDI and OLED DDIC, while the analog solutions encompass PMIC, TVS, and MOSFET products, contributing to a diversified product matrix [2]. Group 3: Financial Performance - OmniVision's revenue has shown consistent growth, with figures of CNY 20 billion, CNY 20.984 billion, and CNY 25.7 billion for the years 2022, 2023, and 2024 respectively, alongside gross profits of CNY 4.741 billion, CNY 4.184 billion, and CNY 7.239 billion [3]. - The gross profit margins for the same years were 23.7%, 19.9%, and 28.2%, indicating an improvement in profitability [3]. - For the first nine months of 2025, the company reported revenue of CNY 21.783 billion, a year-on-year increase of 15.2%, and a net profit of CNY 3.21 billion, reflecting a growth of 35% [3].

Core Viewpoint - The rapid growth of mobile applications, artificial intelligence, and computing power is driving the expansion of the logic process market, with increasing demand for advanced specialty process technology products, particularly in OLED and CIS applications [1][3]. Group 1: Project Development - The fourth phase project of Jinghe Integration has officially started construction with a total investment of 35.5 billion yuan, aiming to enhance the domestic semiconductor industry's technology and supply chain autonomy [1][3]. - The new facility will feature a 12-inch wafer foundry production line with a capacity of 55,000 wafers per month, focusing on 40nm and 28nm processes for CIS, OLED, and logic applications [3][5]. - The project is expected to begin production in Q4 2026 and reach full capacity by Q2 2028, addressing the market's demand for high-performance and high-quality wafer foundry services [3][5]. Group 2: Company Growth and Market Position - Jinghe Integration has grown from one to three factories and from 150nm to 28nm technology, becoming the leading company in the security CIS chip shipment volume [3][5]. - The company is ranked ninth globally and third in mainland China among wafer foundry enterprises, only behind SMIC and Hua Hong Group [4][5]. - According to Frost & Sullivan, Jinghe Integration has the fastest capacity and revenue growth among the top ten global wafer foundry companies from 2020 to 2024 [5]. Group 3: Financial Performance - For the first half of 2025, the company reported a total wafer shipment of 788,400 12-inch wafers, with a revenue of 8.13 billion yuan, reflecting a year-on-year growth of 20% [6]. - The gross margin for the same period was 25.9%, with a net profit of 550 million yuan, showing a significant year-on-year increase of 97% [6]. - The revenue contribution from CIS and PMIC products has increased, with CIS and PMIC accounting for 20.51% and 12.07% of the main business revenue, respectively [6].

公众号记得加星标⭐️，第一时间看推送不会错过。 END 致新以消费性为基础，往车载、工规及伺服器产品进军，产品线避开与大厂直接竞争。 PMIC业者分 析，大厂涨价将有利客户寻找替代料源，台系业者以后进者身分分食市场大饼。致新看好，今年存储 涨价趋势下，将有利PC存储规格迭代至DDR5，对其产品组合有利。 市场总体需求、明年展望相对不明朗，相关业者担忧，存储价格问题，造成终端买盘不振；推测大厂 以差别订价因应，主要也是反映应用不同调，AI独强所致。 原文链接 https://www.ctee.com.tw/news/20251220700106-430503 （来源 ：ctee ） *免责声明：本文由作者原创。文章内容系作者个人观点，半导体行业观察转载仅为了传达一种不同的观点，不代表半导体行业观察对该 观点赞同或支持，如果有任何异议，欢迎联系半导体行业观察。 全球模拟芯片市场释出明确复苏讯号。全球第二大模拟IC大厂亚德诺半导体（ADI）近日向客户发出 调价通知，规划自2026年2月1日起，针对全系列产品启动涨价机制，整体平均涨幅约15％。在此之 前，模拟芯片龙头德州仪器（TI）已于第三季月率先调涨价格，涨幅达1 ...

Summary of Conference Call on Greater China Technology Semiconductors Industry Overview - **Industry**: Greater China Technology Semiconductors - **Market Sentiment**: Cautious outlook on China's analog market due to pricing pressure and slow localization progress [1][2][3] Key Companies Discussed 1. **SG Micro Corp. (300661.SZ)** - **Rating Change**: Downgraded from Overweight to Equal-weight - **Price Target**: Reduced from Rmb90.00 to Rmb80.00 - **Earnings Outlook**: 2026-27 EPS estimates cut by 9% and 8% respectively due to weaker demand [5][57] 2. **Silergy Corp. (6415.TW)** - **Rating**: Maintained Overweight but price target lowered from NT$378.00 to NT$268.00 - **Revenue Guidance**: Expected to guide down full-year revenue to low-single-digit year-over-year growth for 2025, down from an original assumption of 10% growth [4][30] - **Gross Margin**: Anticipated decline in 3Q25 gross margin due to unfavorable product mix and slower ramp-up of Gen4 products [4] Core Insights - **Demand Uncertainty**: Industrial demand in China has not shown sequential growth, impacting the overall market pull-in [2] - **Pricing Pressure**: Texas Instruments (TI) expects a low-single-digit blended ASP reduction throughout 2025, indicating a lack of an "analog price upcycle" [2] - **Localization Challenges**: Localization efforts for analog products are lagging, particularly outside of AI server applications [3] - **Competitive Landscape**: SG Micro faces intensified competition and pricing pressure from foreign peers, affecting its market position [5][57] Financial Metrics - **Silergy's Financials**: - 2025 revenue forecast cut by 5% and EPS by 19% due to high R&D spending and below-expectation auto business [30] - Expected to maintain high operating expenses to support product launches [45] - **SG Micro's Financials**: - Anticipated high R&D expenses leading to a 1.4 percentage point cut in operating margin for 2026 and 2027 [57] Market Dynamics - **Inventory Levels**: Channel inventory levels have normalized, but broad-based consumer demand remains weak [9][10] - **Seasonality Effects**: Traditional seasonality expected to impact sales negatively in 4Q25 [10] - **Tariff Impacts**: Tariff-related front-loading may have artificially inflated 2Q25 shipments, leading to skepticism about sustainable demand [10] Strategic Outlook - **Silergy's Position**: Despite challenges, Silergy is expected to outperform domestic peers due to its own foundry and strategic focus on automotive and AI server products [4][20] - **SG Micro's Challenges**: The company is experiencing a cyclical downturn, with a need to adapt to changing market conditions and competitive pressures [5][57] Conclusion - The conference call highlighted a cautious outlook for the analog semiconductor market in China, with significant challenges for key players like SG Micro and Silergy. The focus on localization, pricing pressures, and demand uncertainty will be critical factors influencing future performance in this sector.