[Core Information] Texas Instruments’ first-quarter revenue increased 11% to US$4.07 billion, with analog business soaring

1. Texas Instruments (TI): The analog business is outstanding, with the Chinese market growing by 33%

1. Core financial data (2025 Q1)

• total revenue：$4.07 billion, year-on-year **+11%** (the first year-on-year positive since 2022 Q4)
• net profit：$1.179 billion, year-on-year **+7%**
• operating profit margin：32.5%；Analog business profit margin 37.6%

2. Business sector performance (ice and fire)

3. Market and Drivers

• Regional Highlights：China market revenue +33% year-on-year, US +18%; Japan/Europe down
• terminal recovery：
  • ✅ Industry: After seven consecutive quarters of declineHigh single-digit growth month-on-month
  • ✅ car：Low single-digit growth month-on-month(Electrification/Intelligence is just needed)
  • ✅ Communications/Enterprise: **+10%/+5%** respectively
  • ❌ consumer electronics：MoM - 15%(seasonal weakness)
• core logic：300mm wafer efficiency improvement + product portfolio optimization + downstream destocking completed, TI stepped out of the U-shaped bottom

4. Outlook

• Q2 Guidelines:US$4.17–4.53 billion, continued growth
• Tariff impact: TI has high domestic production capacity in the United States.Tariff pressure is the greatest, but Q1 China still has high growth, showingJust needed and irreplaceable

2. SK Hynix: HBM banknote printing machine, net profit surged 323% year-on-year

1. Core financial data (2025 Q1)

• revenue: 17.64 trillion won (≈12.36 billion US dollars), year-on-year **+42%**
• operating profit: 7.44 trillion won, year-on-year **+158%**
• net profit: 8.11 trillion won, **+323%** year-on-year,Net profit margin 46%SK hynix Newsroom

2. Growth Core: HBM (High Bandwidth Memory)

• HBM3E 12 layers: Has been shipped on a large scale,Bandwidth 1.2TB/s, specifically for NVIDIA H200/B200
• Capacity planning：
  • 2025HBM doubles production capacity, annual demandApproximately 1 times increase year-on-year
  • Starting from Q2,12-layer HBM3E accounts for over 50%
  • HBM4 samples have been released(12th floor),Mass production in the second half of the year
• market position：HBM global share≈50%, HBM3 domain **>90%**
• Customer structure：The U.S. market accounts for 72%(YoY +22pct), mainly AI giants

3. Storage market trends

• DRAM spot price: supplierIncrease by 8%-10%, OEM catches up before tariffsReplenish inventory
• Product structure: Go all out toHBM, DDR5, enterprise SSDtilt,Squeeze ordinary DRAM production capacity

3. Global PC market: AI PC + tariffs, shipment volume + 6.7% year-on-year

1. Core data (2025 Q1)

• Global shipping：61.4 million units, year-on-year **+6.7%**
• Three driving factors：
  1. Grab tariffs: Before the United States imposes additional tariffsConcentrated shipment
  2. AI PC outbreak: Windows 10 will be discontinued, and AI functions will be added to the tide of machine replacement.
  3. Stock replenishment：Channel low-level replenishment

2. Manufacturer ranking (shipments/share/year-on-year)

1. Lenovo: 15.35 million units /25% / +11%(AI PC main force)
2. HP: 12.89 million units / 21% / +6%
3. Dell: 9.82 million units / 16% / +4%
4. ASUS: 6.14 million units / 10% / +9%
5. apple: 6.14 million units / 10% /+17%(M4 series AI Mac driver)

4. Montage Technology: DDR5 interface chip explosion, Q2 orders exceeded 1.29 billion

1. Core financial data (2025 Q1)

• revenue：1.222 billion yuan, year-on-year **+65.78%**
• net profit：525 million yuan, year-on-year **+135.14%**, a new single-quarter high
• Gross profit margin：64.5%(Interconnect chips), +3.57pct year-on-year

2. Business Highlights

• Main products：DDR5 memory interface chip(Global leader, JEDEC standard setter)
• Orders are overwhelming: As of April 22,Q2 orders on hand > 1.29 billion yuan(Exceeds Q1 total revenue)
• New product volume：
  • MRCD/MDB(Next Generation Memory Interconnect): Second Generation Sample Delivery, Rate12800 MT/s
  • PCIe Retimer/CXL: Year-on-year **+155%**, AI server core chip

5. Industry Summary and Trends (2025 Q2)

1. Two main lines are clear

• AI computing power chain：HBM (SK Hynix) → DDR5 (Mengqi) → AI PC (Lenovo/Apple)High growth across the board
• Industrial/Automotive Simulation：TI/ADIstrong recovery,Automotive/IndustrialBecome the largest engine of analog chips

2. Price and supply and demand

• Storage (DRAM/HBM)：Supply exceeds demand and prices continue to rise, Q2 contract price is expected to rise again
• Analog chip：TI/ADI price increase + delivery time extended，Domestic substitution accelerates(Shengbangwei, Siruipu)

3. Risk points

• tariff disturbance: The cost of American chips (TI/ADI) is rising,China market share under pressure
• Consumer electronics weak recovery: Mobile phones/tablets are still weak,Only AI/Automotive/Industrial is strong

4. Domestic opportunities

• Storage interface: Montage Technologyglobal monopoly, deeply benefiting from the AI server
• Analog/MCU：TI/ADI/ST out of stock and price increase，Shengbang Micro, GigaDevice, SeripWelcome the golden replacement period