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2025-05-15

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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