[Core Information] Infineon business units are integrated, Texas Instruments may report recovery earnings

1. Infineon: Strategic integration, focusing on new areas of sensing and radio frequency

• core movements: Established by merging sensor and radio frequency (RF) businessesSURF（Sensor Units & Radio Frequency）new department, underPower and Sensing System (PSS)Business unitInfineon。
• strategic purpose: Integrate R&D and supply chain to strengthenAutomotive, Industrial, IoTCompetitiveness of sensing and radio frequency solutions.
• market space: Aiming for 2027Over $20 billionSensor + RF MarketInfineon。
• Effective time：January 1, 2025Formal operationInfineon。

2. Texas Instruments: Q4 decline narrowed, analog chips bottomed out and rebounded

• Financial report forward-looking (later cashed out)：
  • revenue$4.01 billion, year-on-year-2%(much better than the previous double-digit decline)Texas Instruments
  • EPS $1.30, better than expectedTexas Instruments
  • full year revenue$15.64 billion, year-on-year-12%Texas Instruments
• key signal：
  • Accounting for revenue approx.80%ofsimulated businessThe year-on-year decline stopped and the month-on-month increase slightly increased.Stabilized for first time in eight quarters
  • Industrial + Automotive share of total revenue70%, demand resilience appears
  • Capacity utilization is picking up and inventory destocking is coming to an end
    

    Texas Instruments logo

3. TSMC: AI drives performance explosion, advanced processes account for 74%

• Q4 results (new high)TSMC：
  • revenueNT$868.46 billion (US$26.88 billion), year-on-year+38.8%, month-on-month+14.3%
  • net profitNT$374.68 billion, year-on-year+57%, month-on-month+15.2%
  • Gross profit margin59.0%, operating profit margin49.0%
• Process structure (AI-led)TSMC：
  • 3nm：26%、5nm：34%、7nm：14%
  • Total advanced processes of 7nm and below: 74%
• 2025 OutlookTSMC：
  • Q1 revenueUS$25.0–25.8 billion
  • Full year capital expenditureUS$38-42 billion
    

4. Yutai Micro: Domestic breakthrough, sprinting towards 10G Ethernet PHY chip

• Product positioning: Domestic replacement of high-speed wired communication (Ethernet physical layer PHY).
• Current progress：
  • Already in mass production100M / Gigabit / 2.5GEthernet PHY
  • Automotive Ethernet chip scale is on the road
• Major planning：
  • 10G Ethernet PHY chip to be launched by the end of 2025
  • Target application:Wi-Fi 7, 5G small base stations, data centers, industrial vision
  • Technical highlights: Copper cable transmission distance reaches130 meters(Exceeding the industry standard of 100 meters)
    

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5. Rockchip: AIoT explodes, net profit expected to increase by more than 3 times in 2024

• Performance forecast (outstanding)Shanghai Stock Exchange：
  • revenue3.10–3.15 billion yuan, year-on-year+45.23%~+47.57%
  • net profit550-630 million yuan, year-on-year+307.75%~+367.06%
• growth engine：
  • AIoT fully recovered: RK3588, RK356X, RV11 series high volume
  • Automotive electronics, machine vision, industrial controlrapid growth
  • Increased penetration of end-side AI and optimized product structure
    

    Rockchip micro logo

Industry summary: The cycle has bottomed out, and recovery in 2025 is more certain

• International manufacturers：Infineonstrategic focus、TIPerformance bottoms out, TSMCAI surges, confirming that the industry downturn is over.
• Domestic strength: RockchipPerformance explosion, Yu TaiweiHigh-end breakthrough, Domestic substitution is accelerating.
• main line of recovery：AI computing power→automotive electronics→industrial/simulation→consumer electronicsIt will be repaired in sequence, and it is expected to fully recover in the first half of 2025.