全球半导体及半导体设备行业研究

Global Semis: April 2026 WSTS Tracker - Sales -2.2% MoM, abovetypical (-11.3% MoM) & +106.4% YoY on significant memorystrength On Friday the SIA published its monthly WSTS report, which tracks sales, units and ASPsacross the semiconductor industry, and provides details by products, end markets, and Stacy A. Rasgon, Ph.D.+1 213 559 5917stacy.rasgon@bernsteinsg.comMark Li+852 2123 2645mark.li@bernsteinsg.com Total semiconductor sales grew 106.4% YoY in April after rising 88.1% in March. YoYstrength was again dominated by memory with sales more than quadrupling at 364.1%YoY; excluding memory, sales were still up strongly at 33.1% YoY. Qingyuan Lin, Ph.D.+852 2123 2654qingyuan.lin@bernsteinsg.com Total semiconductor sales MoM were above typical seasonality, down 2.2% versus thehistorical April average of -11.3% MoM. On a MoM basis as-reported, all product groupsperformed above historical patterns MoM. David Dai, CFA+852 2918 5704david.dai@bernsteinsg.com Discretes (-9.0% vs. typical -16.6%), Optoelectronics (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 typical Aleksander Peterc+33 1 57 29 45 25aleksander.peterc@bernsteinsg.com Alrick Shaw+1 917 344 8454alrick.shaw@bernsteinsg.com 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+1 917 344 8461arpad.vonnemes@bernsteinsg.com Application specific ICs sales were flattish (-0.2%) MoM, better than typical historicalpatterns (-7.0% MoM). 5 product groups were above typical MoM, and 1 product group wasbelow typical 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 than Edward Hou, CFA+852 2123 2623edward.hou@bernsteinsg.comZheng Cui+852 2123 2694zheng.cui@bernsteinsg.com Juho Hwang+852 2123 2632juho.hwang@bernsteinsg.com Carmine Milano, CFA+44 20 7762 1857carmine.milano@bernsteinsg.com Yipin Cai, CFA+852 2123 2669yipin.cai@bernsteinsg.com BERNSTEIN TICKER TABLE Stacy A. Rasgon, Ph.D.+1 213 559 5917 stacy.rasgon@bernsteinsg.com O - Outperform, M - Market-Perform, U - Underperform, NR - Not Rated, CS - Coverage SuspendedAMD, ADI, AVGO, INTC, NVDA, NXPI, QCOM, KLAC, LRCX, AMAT, MU, 6723.JP, SOI.FP estimate is Adjusted EPS; AMD, ADI, AVGO, INTC, NVDA, NXPI,QCOM, KLAC, LRCX, AMAT, MU, 6723.JP, SOI.FP valuation is Adjusted P/E (x); TSM, 2330.TT, 2303.TT, 5347.TT valuation is P/B (x); XFAB.FP valuation is INVESTMENT IMPLICATIONS ADI (Market-Perform, $430.00):ADI is executing well with both cyclical and idiosyncratic drivers, though may be closer topeak, and valuations remain elevated. AMD (Outperform, $525.00):AI expectations remain high, but a new deal with OpenAI has the prospect to drive further(possibly substantial) growth. AVGO (Outperform, 550.00): A strong 2026 AI trajectory seems set to accelerate into 2027 and beyond, bolstered bysoftware, cash deployment, and superb margins & FCF. INTC (Market-Perform, $65.00):Server strength is helping the company get back on their feet, and narrative/headlines mayfuel the vibe for now. NVDA (Outperform, $315.00):The datacenter opportunity is enormous, and still early. NXPI (Market-Perform, $270.00):The pace of recovery remains open for debate. QCOM (Market-Perform, $140.00):Memory headwinds appear likely to pressure smartphone builds and numbers appearhigh; we shall see if datacenter dream is enough to attract buyers. TXN (Market-Perform, $250.00):TXN shares feel fully valued in the current environment. AMAT (Outperform, $525.00):Exposure to key inflections is strong & valuation vs peers is attractive. LRCX (Outperform, $340.00):The company is benefiting from key inflections (GAA, packaging, HBM, NAND upgrades) andCY26/27 KLAC (Outperform, $1,975.00): Amid positive WFE trends KLAC posseses structural growth drivers, a strong and durablecompetitive position, lower China replacement risk, and disciplined capital allocation, warranting premium valuation. TSMC:We rate TSMC Outperform with PT=NT$2,780.00. UMC:We rate UMC Underperform with PT=NT$47.00. Vanguard:We rate Vanguard Market-Perform with PT=NT$94.00. Novatek:We rate Novatek Market-Perform with PT=NT$370.00. MediaTek:We rate MediaTek Outperform with PT=NT$4,380.00. Samsung Electronics:We rate Samsung Electronics Outperform with target price of KRW 225,000. SK hynix:We rate SK hynix Outperform with target price to KRW 1,150,000. Micron:We rate Micron Outperform with target pr