Investment Rating - The report maintains a "Recommended" rating for the industry [1] Core Insights - The semiconductor sector is benefiting from China's subsidy policies and urgent orders due to tariff uncertainties, leading to strong performance among Taiwanese IC design companies [3][11] - The PC and server sectors are experiencing good revenue performance driven by preemptive orders ahead of potential tariffs, although visibility for the second half of 2025 remains unclear [14][15] - The PCB manufacturing sector is facing challenges due to unresolved tariff issues, impacting cost structures and supply chain dynamics [17] - The optical components market has not yet seen significant changes in customer behavior due to tariffs, but there are discussions about diversifying production locations [18] - The passive components sector is showing healthy inventory levels, with companies reporting positive revenue growth [19][20] - The storage sector is witnessing a reduction in old process capacity as manufacturers shift focus to higher-end products, with short-term price support expected from inventory adjustments [21] Summary by Sections Semiconductor - In March 2025, MediaTek reported revenues of NT286 billion, with a year-on-year increase of 46.5% [12] PC/Server - Hon Hai's revenue in March 2025 was NT1,925 billion in March 2025 [14] PCB - Overall revenue for PCB manufacturing companies in March 2025 increased by 13.4% month-on-month and 17.1% year-on-year [17] Optical Components - Largan Precision reported March revenue of NT$49 billion, a year-on-year increase of 41.8% [18] Passive Components - Passive component companies reported a month-on-month revenue increase of 14.4% in March 2025 [19] Storage - The storage supply chain companies reported varying degrees of month-on-month revenue growth in March 2025, with Phison Electronics seeing a 25.9% increase [21]
台股电子2025年3月报：关税扰动添变数-20250424
国海证券·2025-04-24 13:05