天风·电子 | 海外半导体Q1总结:各大终端展望乐观,A股Q2业绩环比展望乐观

天风研究
May 15, 2025

综合来看2025年,全球半导体增长延续乐观增长走势,部分终端需求回升明显。同时,政策对供应链中断与重构风险持续升级,国产替代持续推进。展望二季度,建议关注设计板块SoC/模拟/存储二季度业绩弹性,设备材料国产替代。2025Q1(部分公司为FY25Q1),大部分海外及中国台湾半导体龙头公司表现出色。数字逻辑芯片板块,AMD净利润7.09亿美元(+476%yoy),高通净利润28.12亿美元(+21%...

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