Simulation recovery, AI power supply, storage advancement: the semiconductor industry is blooming in many places (2025.5.23)

1. Analog leader: ADI’s performance exceeded expectations, with double-digit growth across the market

1. Core financial report data (Q2 of fiscal year 2025)

• total revenue：$2.64 billion, year-on-year **+22%**, far exceeding market expectations.
• Profitability: gross profit margin61.0%(YoY + 6.3pct); Operating profit$678 million, year-on-year **+76%**.
• Growth Engine (YoY)：
  • communication: +32% (driven by data centers and AI infrastructure)
  • consumer electronics: +30% (PC and terminal stock in advance)
  • car:+24.2% (new energy and intelligence)
  • Industry: +16.8% (the largest proportion, 44%)
• Orders and Outlook：Bookings increased in all regions and all end markets globally, the order backlog continues to expand.Estimated Q3 revenue$2.75 billion, the growth trend is clear.

2. Industry Interpretation: The simulation cycle is recovering across the board

• demand driven: Industrial automation, automobile electrification, and AI communication infrastructure have become core growth drivers.
• Inventory optimization: Inventory days ranged from -7 days to 169 days month-on-month **, a healthy level, a combination of demand recovery and pre-tariff stocking.
• competitive landscape: The demand for high-end simulation (communications, automobiles, industry) is strong,ADI、TIThe duopoly leads the way, and domestic substitution accelerates.

2. Computing infrastructure: NVIDIA leads the 800V HVDC power supply revolution

1. Technical background: traditional power supply bottleneck

• Copper waste: A 1MW rack requires **200kg+** copper busbars, and the cost and physical space are unsustainable.
• efficiency loss: Multi-stage conversion (AC→DC→48V) has low efficiency and high heat consumption.

2. 800V HVDC core advantages

• Extremely efficient: End-to-end efficiency **+5%, 1MW rack annual power saving590,000 degrees **.
• Weight reduction and cost reduction: The current is greatly reduced,Copper content - 70%, total cost of ownership (TCO)-30%。
• Future-oriented: Single-step conversion (13.8kV AC → 800V DC), supportMegawattAI cluster,2027Launched into mass production with the NVIDIA Kyber system.

3. Impact on the industrial chain

• Power devices：High voltage SiC MOSFET, IGBT, PMICDemand exploded.
• Passive components：High voltage capacitors, inductors, connectorsSpecifications are fully upgraded.
• Standard setting: Nvidia, Google and other giants are promoting,2026-2027Becomes a standard configuration in data centers.

3. Storage breakthrough: SK Hynix launches 321-layer NAND, UFS 4.1 reaches peak performance

1. Technical specifications: The world’s highest stack

• core：321st floor4D NAND (1Tb TLC), compared to previous generation238 floorsBig jump.
• Performance: sequential reading4300MB/s(UFS 4.1 Top); random reads and writes **+15% / +40%**.
• Thin, light and low consumption:Thickness0.85mm(-15%), energy efficiency **+7%, designed forDevice-side AI** and ultra-thin mobile phone optimization.
• planning：2025Send samples,Q1 2026mass production, provide512GB / 1TB。

2. Industry significance

• technology competition: Storage enters the **300 layer +** era,SK Hynix, Samsung, MicronCompetition is fierce.
• AI is urgently needed: Faster reading and writing, lower power consumption, supports mobile phonesLarge model local deployment。
• alternative trends：MLC accelerates delisting，TLC/QLCAbsolutely mainstream,3D NANDComes standard.

4. Vehicle electronics: Haowei releases intelligent high-side switch, domestic simulation accelerates integration

1. Howe ONXQ000: a new benchmark in vehicle power supply

• Positioning：Four-channel automotive-grade intelligent high-side switch，August 2025mass production.
• Core functions：
  • for4-way camera/ultrasonic radarCentralized power supply.
  • Ultra-low sleep, wide voltage, high-precision current detection, programmable over-current protection。
  • I2C interface, only occupying4 MCU I/Os, simplified wiring (-60%).
• Application：ADAS / Intelligent Cockpit / Body Domain Controller, consistent withASIL-BFunctional safety.
  

2. Jihuat’s acquisition of Tianyi Hexin: expansion of analog territory

• transaction：319 million yuanAcquired **40.89%** equity and achieved consolidated control.
• strategic synergy：
  • Product complementarity: Jewart (Power management) + Tianyi Hexin (Signal chain/sensing）。
  • Customer sharing: Leverage Tianyi HexinHead mobile phone customers, expand power supply products.
  • supply chain: Wafer fab overlap,Cost reduction due to economies of scale。

5. Other important developments

1. Jinghua Micro: Multi-category chips will be mass-produced within the year

• medical: Sphygmomanometer dedicated SoC, high-precision sensor AFE.
• Industry: High-voltage operational amplifier, lithium battery protection chip.
• consumption: Digital PIR sensor, high-performance touch display chip.

2. Summary of industry trends

• simulated recovery: withADI、TIas representative,Automotive, industry, communicationsDemand is strong and entering an upward cycle.
• AI infrastructure：800V HVDCReconstructing data center power,SiC, high voltage deviceslong term benefitsNVIDIA。
• Storage Advanced：321-layer NANDtechnological breakthrough,UFS 4.1It has become a standard feature of flagship mobile phones and supports end-side AI.
• Automotive electronics：High integration and functional safetyThe demand for chips (such as Haowei high-side switches) has exploded.
• Domestic integration: Make up for shortcomings and accelerate replacement through ** mergers and acquisitions (Jihuat) and self-research (Jinghua Micro)**.