2025年春季全球半导体与先进材料行业并购策略与市场趋势报告

I N D U S T R YR E P O R TSpring | 2025 Table of Contents Market Observations ................................................................................ 3Transaction Highlights .............................................................................. 9Public Companies ....................................................................................12CFA Overview ............................................................................................21 Market Summary Semiconductor Market As per the World Semiconductor Trade Statistics (WSTS), the global semiconductor sector is expected to grow by 11.2% and reach $697.2 billion in2025. This growth is driven by strong performance in the logic and memory segments, which is expected to cross $400billion in market size. Thelogic and the memory segments are expected to grow by 17.0% and 13.0%, respectively. This growth will be driven by high-performance processorssupporting computing and AI-related applications. The Department of Commerce in the US announced a $1.4 billion investment to create domesticadvanced semiconductor packaging capabilities, with funding allocated to facilities located in New York and Oregon, which marks a strategic effortto strengthen the US chip manufacturing infrastructure. In terms of innovation, Ambiq’s Apollo510 microcontroller has received the “IoTSemiconductor Solution of the Year” award for demonstrating a 300x improvement in the inference throughput per joule, reinforcing themomentum behind ultra-low-power edge AI processing. In the EU, the leading semiconductor firms have approached the European Commission toimplement a “Chips Act 2.0”, focusing on AI chip production to compete with the US and Asian countries in the next generationof technologies. Inthe Asian region, China is expected to lead the investments in the chip manufacturing industry with the expected injection of$38 billion in 2025.Taiwan and South Korea are the next in the list, with projected investments of $21 billion and $21.5 billion, respectively, highlighting Asia’sdominance in the global semiconductor industry. Public Company Valuations The CFA Select Semiconductor Index decreased by 18.0% in the first quarter of 2025, and the 12-month return onthe index was down by 2.2%. The Silicon/Wafer index recorded the highest decline of 36.5% for the 12-monthperiod. Electronic Design Automation / Engineering Software Index had the highest median EBITDA and revenuemultiple of 29.0x and 9.2x, respectively. Silicon/Wafer Index had the lowest median EBITDA and revenuemultipleof 6.9x and 1.9x respectively. Integrated Device Manufacturer, Memory, Fabless Manufacturing, Foundry/Services,and Equipment had median EBITDA multiples of 11.7x, 8.9x, 14.7x, 7.4x, and 17.7x, and median revenue multiplesof 2.8x, 2.0x, 3.9x, 2.2x, and 4.4x, respectively. The public semi-conductor marketdecreased in the firstquarter of 2025... Mergers and Acquisitions The chip deal sentiment in Q1 of 2025 was positive as seen by BCG’s M&A Sentiment Index for the Americas region, which rose to 91 in Januaryfrom 84 in the previous year due to the rising interest in software and semiconductors riding the AI boom. As per Deloitte, the falling interest ratesand the bifurcating market between the AI-centric and legacy chips are expected to “act as a tailwind for the chip industry’s M&A scene”. In KPMG'ssurvey of March 2025, about 58% of executives working in the semiconductor industry conveyed that the acquisitions will be of priority in 2025 andaimed at securing IP and de-risking the supply chain due to tariff uncertainty. As per the report by Datasite, the US tech deal kick-offs were higherby 5% year-on-year in January and 6% in February. The dominating mandates in the pipeline are for AI-Infrastructure and semiconductors,indicating that the M&A executions are already on the rise. Industry Trends AI Demand Keeps Chip Factories Busy The share prices of the chipmakingcompaniesincreased after the news of Microsoft's injection of $80 billion in AI data centres, indicating that the buyers wanted everyadvanced processor the industry could make. After this, TSMC, one of the biggest contract chip factories, reported that its quarterly sales have beaten the expected quarterlysales because of the “torrid pace” of spending on AI hardware tools. As per a Reuters article, the demand was high in China because of companies like ByteDance, Tencent andAlibaba’s rush to reserve NVIDIA’s H20 AI chips and stock up on a million units of chips even before the formal launch. Broadcom’s custom AI-chip revenue expects therevenue to jump to $4.4 billion for the next quarter, which shows the appetite for tailor-made processors. Even Apple has formed new partnerships to expedite theconnection between AI chips in data centres, demonstrating the expansion of infrastructure around chips. To put it simply, everyone needed the powerful silicon to buildsearch engines, video apps, factory robots, etc., and that dem