全球半导体：2026年4月WSTS追踪——销售额环比下降2.2%，高于典型水平（环比-11.3%），因内存表现强劲同比增长106.4%
Global Semis: April 2026 WSTS Tracker - Sales -2.2% MoM, abovetypical (-11.3% MoM) & +106.4% YoY on significant memorystrength acrossthesemiconductorindustry,andprovidesdetailsbyproducts,endmarkets,andgeographies.The recent report includes data up to and including April 2026. +12135595917stacy.rasgon@bernsteinsg.com +852 2123 2645mark.li@bernsteinsg.com strength was again dominated by memory with sales more than quadrupling at 364.1%YoY; excluding memory, sales were stll up strongly at 33.1% YoY. +85221232654qingyuan.lin@bernsteinsg.com Totalsemiconductorsales MoM wereabovetypicalseasonality,down 2.2% versusthehistorical April average of-11.3% MoM.On a MoM basis as-reported, all product groupsperformed above historical patterns MoM. David Dai, CFA+85229185704david.dai@bernsteinsg.com Discretes (-9.0% vs.typical -16.6%),0ptoelectronics (4.0% vs.typical -6.9%), Sensors &Actuators (-9.5% vs.typical -10.7%), Analog Std Linear (-1.7% vs. typical -6.1%), AnalogApp Specific (-3.3% vs. typical -10.7%), Logic (0.6% vs.typical -4.3%), MPU (-0.2% vs.typical -9.3%), MCU (-3.1% vs. typical -11.1%), DSP (3.3% vs. typical -14.4%), DRAM(-3.7% vs.typical -26.1%), and NAND (-4.2% vs.typical -15.9%) were better than typicalMoM patterns. +33157 29 4525aleksander.peterc@bernsteinsg.com +1 917 344 8454 Total unit shipments were down 2.2% MoM, with ASPs flattish MoM. By geography,total sales increased YoY in all regions and were up MoM in all regions exceptChina (down) and Japan (flattish). Arpad von Nemes+1917344 8461arpad.vonnemes@bernsteinsg.com patterns(-7.0% MoM).5product groups were abovetypical MoM,and1productgroup wasbelowtypical MoM: Consumer (-0.9%vs.typical-2.6%),Computer &Peripherals (3.0%vs.typical -5.4%), Wireless Communication (-8.2% vs.typical -9.8%), Automotive (-2.5%vs.typical -13.2%), Multipurpose and Others (-2.2% vs. typical -7.3%), were better thantypical.Wired Communication (-0.5%vs.typical 3.2%),wasbelowtypical MoM patterns Edward Hou, CFA+85221232623edward.hou@bernsteinsg.com Zheng Cui+85221232694zheng.cui@bernsteinsg.com Juho Hwang+85221232632juho.hwang@bernsteinsg.com Carmine Milano, CFA+44 20 7762 1857carmine.milano@bernsteinsg.com Yipin Cai, CFA+85221232669yipin.cai@bernsteinsg.com AMD, ADI, AVGO, INTC, NVDA, NXPI, QCOM, KLAC, LRCX, AMAT, MU, 6723.JP, SOI.FP estimate is Adjusted EPS; AMD, ADI, AVGO, INTC, NVDA, NXPIQCOM,KLAC, LRCX, AMAT, MU, 6723.JP, SOI.FP valuation isAdjusted P/E (x); TSM, 2330.TT, 2303.TT, 5347.TT valuation is P/B (x); XFAB.FP valuation isEV/EBIT (x); NVDA base year is 2026; 688041.CH base yearis 2024;Source: Bloomberg, Bernstein estimates and analysis. peak,andvaluations remainelevated. (possibly substantial)growth. software,cashdeployment,and superbmargins &FCF INTc (Market-Perform, $65.o0): Server strength is helping the company get back on their feet, and narrative/headlines mayfuel the vibe for now. NvDA(Outperform,$315.00):Thedatacenter opportunity is enormous,and still early. NXPI(Market-Perform,$270.00): The pace of recovery remains open for debate. QcoM (Market-Perform,$140.o0): Memory headwinds appear likely to pressuresmartphone builds and numbersappearhigh; we shall see if datacenter dream is enough to attract buyers. TXN (Market-Perform, $250.o0): TXN shares feel fully valued in the current environment. AMAT(Outperform,525.o0):Exposuretokeyinflectionsis strong&valuationvspeersisattractive. LRCX (Outperform, $340.o0): The company is benefiting from key inflections (GAA, packaging, HBM, NAND upgrades) andCY26/27commentary seems supportive. KLAc (Outperform,$1,975.oo):Amid positiveWFEtrends KLAC posseses structural growthdrivers,a strong and durable TSMC:WerateTSMCOutperformwithPT=NT$2,780.00 UMC: We rateUMC Underperform with PT=NT$47.00. Vanguard:We rateVanguard Market-Perform withPT=NT$94.00. Novatek:We rateNovatek Market-PerformwithPT=NT$370.00. MediaTek:We rateMediaTek Outperform withPT=NT$4,380.00. SamsungElectronics:WerateSamsungElectronicsOutperformwithtargetpriceofKRW225,000. SK hynix: We rate SKhynix Outperform with target price toKRW1,150,000. Micron: We rate Micron Outperform with target price of US$510.00. KIOXIA: We rate KIOXIA Underperform with target price of JPY17,000. MELE.BB:We rateMelexis Outperformwithtarget price of 72.00SO1.FP: We rate Soitec Outperform with target price of 150.00XFAB.FP: We rate X-FAB Market-Perform with target price of 5.00NAURA:WerateNauraOutperformwithPTofCNY68O.00AMEC:WerateAMECOutperformwithPTof CNY500.00.Piotech: We rate Piotech Outperform withPT of CNY580.00Hygon: WerateHygonOutperform withPT of CNY280.00Silergy: We rate Silergy Outperform with PT of TWD 600.00DISco:WerateDISCOOutperformwithPTof JPY85,000.Tokyo Electron: We rate Tokyo Electron Outperform with PT of JPY59,200Screen:We rate Screen Market-Performwith PT of JPY 12,600.Kokusai:We rateKokusai OutperformwithPTof JPY8,240.00Lasertec:WerateLasertec OutperformwithPTof JPY50,000.SUMCO:Werate SUMCOMarket-Perform withPTof JPY3,190.