[Core Information] Texas Instruments’ Revenue Increased By 14% Year-On-Year, Dio Micro Acquired Rongpai Semiconductor

1. Texas Instruments Q3: Revenue +14% year-on-year, Q4 guidance lower than expected

• core financial data
  • Revenue:$4.742 billion, +14% year-on-year, +7% month-on-month
  • Net profit:$1.364 billion, basically the same as last year
  • Gross profit margin:57.42%, year-on-year - 2.18pct, month-on-month - 0.47pct
  • Inventory days:215 days, month-on-month - 16 days
• business performance
  • Simulated Business: Revenue$3.729 billion, year-on-year + 16%, operating profit + 13%, the core of growth
  • Embedded Processing: Revenue$709 million, +9% year-on-year, operating profit slightly decreased
  • End markets: Strong performance in industrial (+25%), automotive (high single digits), data center (+50%)
• Q4 Outlook and Market Response
  • Guidance: RevenueUS$4.22–4.58 billion(Median QoQ - 7.2%), below analysts’ expectations of $4.5 billion
  • Gross profit margin: expected to drop to approx.55%(decade low)
  • Stock Price: U.S. stocks fell after hours4.88%

2. ASE plans to acquire ADI’s packaging and testing plant in Penang, Malaysia

• Trading Points
  • ASE acquires ADI’s Malaysian subsidiary100% equity, including Penang manufacturing plantASE Holdings
  • Signlong term supply agreement, ASE provides packaging and testing services for ADIASE Holdings
  • Both sidesco-investmentImprove factory technical capabilitiesASE Holdings
• timeline
  • 2025 Q4: Signing of final agreementASE Holdings
  • First half of 2026: Completion of deliveryASE Holdings
• strategic significance
  • ADI: Focus on front-end wafer manufacturing and optimize capital expendituresASE Holdings
  • ASE: Expanding packaging and testing territory in Southeast Asia to serve the high-end needs of AI, automotive, and industrial control

3. Diao Micro intends to acquire 100% equity of Rongpai Semiconductor

• trading plan
  • Acquisition target: Rongpai Semiconductor100% equity
  • Payment method: Issuance of shares + payment of cash
• target core value
  • Main business:Digital isolator, isolation interface, isolation driver, isolation samplingand other analog chips
  • Technology: OriginaliDivider capacitive intelligent voltage dividing technology, obtained multiple patents
  • Applications: automotive electronics, industrial control, new energy, smart meters, etc.
• synergy
  • Product complementarity: Diao Micro quickly enters the isolation chip track and improves the simulation matrix
  • Customer collaboration: Rongpai’s customer resources in the automotive and industrial fields strengthen Diao Micro coverage

4. TrendForce: Latest research and judgment on wafer foundry, MLCC, and storage markets

1. Wafer foundry: Capacity utilization exceeds expectations, and price increases for special processes are brewing

• Capacity utilization rate in the second half of 2025better than expected, the 8-inch line is nearly fully loaded
• Due to strong demand in 2026, specialty processes such as power semiconductors and BCD willRetail manufacturers plan to increase prices
• Hidden concerns: Lack of innovation in consumer electronics and extended replacement cycles may affect demand in 2026

2. MLCC: AI infrastructure supports the market, and it is difficult for the consumer level to rebound

• Demand differentiation:AI infrastructureSupport the steady growth of high-end MLCC
• Consumer grade: OEM/ODM conservative stocking, order prospectsHard to bounce back against the trend
• Trend: Suppliers reduce costs, increase efficiency, and optimize production capacity allocation to control risks

3. SSD: The price rises again, but the increase converges and the volume shrinks.

• 512Gb/1Tb Flash Wafer spot priceCumulative increase exceeds 20%
• SSD prices increase, but terminals shiftQLC schemeto reduce costs
• Market characteristics:Shrinking and rising, manufacturers strictly control the pace of shipments

5. Yageo completed the acquisition of Shibaura Electronics, and STMicroelectronics launched a 5-megapixel industrial image sensor

1. Yageo acquires Shibaura Electronics

• Completed public acquisition, application rate87.3%, costing about109 billion yen
• Shibaura for the worldNTC temperature sensor faucet, Yageo expands sensor product line
• Plans to complete privatization and delisting in Q1 2026

2. STMicroelectronics releases 5-megapixel industrial image sensor

• Model: VD1943, VB1943, VD5943, VB5943
• Features:Global/Rolling Shutter, 2.25µm pixels, 3D stacking, RGB-IR separation
• Applications: industrial automation, machine vision, biometrics, smart retail, etc.

Industry core trends (late October)

1. Analog chip: TI has a moderate recovery and is cautiously controlling inventory; ADI is focusing on high-end and optimizing production capacity, and the structural differentiation of the industry has intensified.
2. Supply chain restructuring: The leading packaging and testing companies are accelerating their integration (ASE + ADI), and local analog companies are making up for their shortcomings through mergers and acquisitions (DioMicro + Rongpai).
3. Manufacturing end: The prosperity of mature processes (8-inch, BCD, power) has rebounded, and AI and automobiles have become the core driving forces.
4. Passive components: Yageo acquired Shibaura, extending from capacitors and resistors to sensors, creating a comprehensive component giant.