[Core Information] Semiconductor industry quick report in late April 2025 (4.28-4.30)

1. NXP: Q1 revenue fell 9%, the automotive business was weak, and the coach was changed at the end of the year

• Core Finance (2025 Q1)
  • Revenue:$2.835 billion，Year-on-year - 9%, month-on-month - 9%
  • Gross profit margin:55%, year-on-year - 2pct, month-on-month - 1.1pct
  • Net profit:$490 million，Year-on-year - 23%, month-on-month - 1%
  • Inventory days:169 days, year-on-year + 25 days, month-on-month + 18 days (all-time high)
• Business dismantling (overall decline)
  1. Automotive Business (Core): US$1.674 billion,Year-on-year - 7%, month-on-month - 6%(accounting for 59%), affected by the destocking of OEMs and the slowdown in demand for electric vehicles
  2. Industrial and IoT: $508 million,Year-on-year - 11%, month-on-month - 2%
  3. Mobile business: $338 million,Year-on-year - 3%, month-on-month - 15%
  4. Communications infrastructure: $315 million,Year-on-year - 21%, month-on-month - 23%(biggest decline)
• Management and Outlook
  • CEO Kurt Sievers to retire at the end of the year, Rafael Sotomayor takes over
  • Q2 Guidance: RevenueUS$2.8-3 billion, year-on-year **-10%~-4%**, pressure continues
  • Main reason:Weak global demand, high inventories, tariff uncertaintytriple whammy

2. Policies and domestic breakthroughs: Vehicle regulations and standards are accelerating, SerDes welcomes heavy domestic replacement

1. Ministry of Industry and Information Technology: Accelerate the formulation and revision of automotive chip standards

• Focus on promoting:Automotive chip reliability, information security, power drive, smart cockpit computing chipStandard formulation and approval
• Meaning:Standardizing the certification system for domestic automotive chips, lowering entry barriers and accelerating the replacement of overseas chips

2. Nanochip: Releases nationally produced automotive video SerDes chipset

• Products：Single channel serializerNLS9116, four-channel deserializerNLS9246

  
• Core advantages (domestic milestones)
  • National supply chain: Design/manufacturing/packaging and testing are 100% localized to avoid geopolitical risks
  • HSMT public protocol: Break the TI/ADI private agreement monopoly and support cross-vendor mixed procurement
  • Performance Benchmarking International: Receiver tolerance **+100%**, 8kV ESD, EMC benchmark first-class
  • Innovation Dimension Testing: Built-in connector instantaneous monitoring, TDR cable diagnosis (accuracy within 1 meter < 30cm)
• market：L2+/L3 bicycle accessories8-16 pieces, more high-end cars,There is huge room for domestic substitution

3. Samsung: Chip profits plummeted 42%, HBM was affected by export controls

• Group financial report (Q1)
  • Total revenue:79.1 trillion won(approximately $58.5 billion),YoY + 10%(all-time high)
  • Operating profit: 6.7 trillion won,Year-on-year + 1.5%
• Chip (DS) department (crotch pulling)
  • Revenue: 25.1 trillion won;Operating profit 1.1 trillion won, year-on-year - 42%
  • Main reason:Memory chip average price falls；HBM sales decline due to U.S. export controls;Customers are waiting for HBM3E to postpone orders.
• Complete machine (DX) department: Revenue 51.7 trillion won, profit 4.7 trillion won,Strong performance

4. UMC/Intel/Zhuosheng Micro: Advanced technology and RF front-end breakthroughs

1. UMC × Intel: 12nm cooperation is smooth, mass production in 2027

• 12nm process: PPA is significantly better than 14nm,Verification in 2026, mass production in 2027
• Advanced packaging: 3D W2W hybrid bonding,Mass production within the year(RF devices)

2. Zhuoshengwei: Nationwide production of L-PAMiD will begin in the second half of the year

• Products：The first in the industryNational supply chainL-PAMiD (integrated self-developed MAX-SAW filter)
• progress:Already inAll brand customer verification/import, some small batch delivery
• Outlook：Volume will start in the second half of 2025, the income contribution is limited this year and will explode next year
• meaning: Breaking the Skyworks/Qorvo monopoly,High-end RF domestic replacement milestone

5. Qorvo/panel driver IC: RF is stable, DDIC decline is slowing down

1. Qorvo: Revenue fell but gross profit margin increased

• Revenue $916 million (-7.6% year-over-year), gross margin42.2% (YoY + 1.6pct), profit improvement
• Strategy: Focus on big customers and promoteRF/power business diversification

2. Panel driver IC (DDIC): price decline converges

• Q1: average priceQuarterly decrease of 1%-3%；Q2：Slight decline, limited range
• Second half of the year:It is expected to stop falling and remain stable
• Main reason:Inventories are healthy and demand is picking up;but subject toGold price, wafer cost, tariffsThree major variable disturbances

6. Industry Summary and Key Trends

1. Automotive chip cycle turning point: NXP and Samsung’s automotive business declined,Industry destocking deepens, short-term pressure
2. Domestic alternative golden period:** Vehicle-mounted SerDes (Nanocore Micro), radio frequency L-PAMiD (Zhuosheng Micro)** Achieve key breakthroughs
3. Cost and price game: DDIC’s decline has slowed down,Rising upstream costsIt may drive price increases in the second half of the year
4. Technology and Supply Chain: UMC × Intel 12nm advancement,Mature processStill the main battlefield for domestic products