20240506_招商证券_电子行业：安森美24Q1跟踪报告24Q1碳化硅表现相对更优Q2营收和毛利率指引悲观_13页.pdf

|2024 05 06 24Q1 TMT/2024Q1 18.63-4.95%/-7.68%45.9%-0.94pct/-0.8pct 1 24Q1 DOI 24Q1 18.63-4.95%/-7.68%18-19 24Q1 45.9%-0.94pct/-0.8pct 44.5%-46.5%24Q1 65%23Q4 66%24Q1 3500 DOI 15 194 EPS 1.08 0.98 1.10 24Q1 design-win 30%9%2 24Q1 SiC 24Q1 PSG 8.74+2%/-9%AMG 6.97-6%/-6%ISG 2.92-18%/-5%24Q1 10.17+3%/-9%4.76-14%/-4%3.69-12%/-9%24Q1 80%3 24Q2 24Q2 16.8-17.8-17.38%/-7.14%44.2%-46.2%-2.2pcts/-0.7pct 24Q1 Capex 1.8-2.2 EFK Fab Right 15-20 4 OEM LSTA 2023 2024 2 EV OEM LSTA%493 9.7 6860.5 8.8 5618.0 8.1%1m 6m 12m-1.5-17.4-16.5-3.4-18.3-5.9 1 23Q4 24Q1 2024-02-07 2 23Q3 Q4 SiC 2023-11-01 3 23Q2 23Q2 CIS 2023-08-01 S1090511060002-40-30-20-1001020May/23 Aug/23 Dec/23 Apr/24(%)电子 沪深30024Q1 Q2 2 1 2 3 2024Q1 4 2024Q1 2024Q1-20%-10%0%10%20%30%40%0510152025 YOY-10%0%10%20%30%40%50%60%16%37%47%Intelligent Sensing GroupAnalog&Mixed-Signal GroupPower Solutions Group55%26%20%Automotive Industrial OthersXVAZvMmRnOqRtNmPrMoRqR6McMbRsQqQsQsOlOoOtOkPrRvM7NmMvNNZtPnOvPoPtQ 3 2024Q1 2024 4 29 Parag Agarwal-Hassane El-Khoury-Thad Trent-2024Q1 24Q1 18.6 non-GAAP 45.9%non-GAAP EPS 1.08 18-19 44.5%-46.5%design-win 30%24Q1 9%50%OEM 800V EV 2024 2023 SAR 2024 2 190 TAM xEVs BEV ATV IGBT xEV 60%BEV ADAS 4 800 30%60%ADAS 50%OTC 200 200 300 BEV PSU CPU GPU Power Tree 24Q1 2024Q1 18.6-4.95%/-7.68%18-19 24Q1 10+3%-9%4.76-14%-4%80%24Q1 PSG 8.74+2%AMG 24Q1 AMG 6.97-6%ISG 2.92-18%24Q1 GAAP 45.8%-1.04pcts/-0.9pct GAAP 45.9%-0.94pct/-0.8pct 44.5%-46.5%65%66%30%Fab Right 140 200 Global Foundries 100 EFK Fab Right QhyBXnDsfpvAzWMqaxCwnpKvZxvDHl7CnYBIQwX/6MOR8l6WHVxbGMf5Se6HWq5n 5 15 20 24Q1 GAAP 1.04 1.03 GAAP 1.08 1.19 GAAP 4.37 GAAP 4.32 24Q1 GAAP 3.28 3.53 GAAP 3.14 2.86 GAAP 28.2%GAAP 29%GAAP 15.7%GAAP 16%24Q1 1 36%12 5.6 100%24Q1 26 revolver 11 4.99 3 2.76 15%24Q1 2.22 12%2024 low-teens 24Q1 3500 15 194 86 bridge inventory 3100 109 1900 8 7.2 2024 2024Q2 16.8 17.8 GAAP 44.2%46.2%45%65%GAAP 650 GAAP 3.13 3.28 2860 GAAP 1200 GAAP 4.32 GAAP 0.86 0.98 GAAP 16%1.8 2.2 50%6 Q&A Q TAM 2 TAM A 2 vehicle-by-vehicle socket-by-socket socket socket 2 Q 45%East Fishkill A 15-20 low 80s 65%East Fishkill 100 2022 2025 1.6 2025 25 2025 Q TAM A L Q A 2024 2023 IGBT OEM 7 IGBT IGBT Q 50%A 50%53%Q A TAM 2024 Q A 80%20%2024 2023 OEMs Onsemi 2 LTSA Q 8 A Power Tree 22%Q OEM A Onsemi Q design-win design-win 30%12 lifetime value 10%12%A lifetime value 10%12%design-win 10%12%Q OEM OEM A 1 LTSA 9 2 2022 2023 3 1900 4 Q design wins bottoms-up 2 design wins 2024 A 2024 2 2 TAM TAM 50%50%Q LTSA LTSA A LTSA 10 Q 24%4%A 22 23 Q GLOBFO A 800 Q/12 A LTSA 157 12 47 40 41 66%65%Q IGBT A BEV IGBT BEV 350 50 BEV 750 11 Q LTSA A 4.75 Q pushout unit dynamics A 2023 OEM BEV TAM OEM Q 12 100%50%50%A 12 3 50%Q A Q 200 A 24 25 12 13 6-12 A 300 500 20%5-20%5%5%