电子行业：HPC需求强劲，指引25Q2营收中值环比+13%；AI加速器收入将翻番，维持25年营收同比+25%

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - Strong demand for HPC is expected to drive a 13% quarter-over-quarter revenue increase in Q2 2025, with a median revenue guidance of $28.8 billion [2][24] - AI accelerator revenue is projected to double, supporting a year-over-year revenue growth expectation of 25$28.8 billion, reflecting a 12.8% quarter-over-quarter increase driven by HPC demand [25][24] - The gross margin for Q2 2025 is expected to be around 58.0%, a decrease of 0.8 percentage points from Q1 [27][29] 2025 Industry Outlook - The report maintains a revenue growth expectation of approximately 25% year-over-year for 2025, with AI accelerator revenue projected to reach $32.4 billion [34][31] - CoWoS orders remain intact, with production capacity expected to double to 70,000 wafers per month by the end of 2025 [35][39] - TSMC forecasts a compound annual growth rate (CAGR) of nearly 20% for revenue from 2024 to 2029, with AI accelerator revenue CAGR projected at 40% [40][41] Semiconductor Market Analysis - The semiconductor market is anticipated to recover, with inventory days expected to stabilize between 105 and 110 days by the end of 2025 [49][51] - The global semiconductor market (excluding memory) is projected to grow by 10% year-over-year in 2025 [48][51] - The demand for semiconductors is expected to be driven by a mild recovery in consumer electronics and a new product innovation cycle initiated by AI [52][51]