功率半导体涨价潮来了？德微(3675)营收创高、强茂(2481)AI占比翻倍，下一棒看谁？

AI伺服器功耗持续提高，市场关注焦点逐步由运算晶片延伸至电源供应、散热及功率转换，强茂(2481-TW)、德微(3675-TW)与台半(5425-TW)的产品线同样涵盖整流二极体、MOSFET等分离式元件，近期也成为观察功率元件涨价、车用供应链转单与产品规格升级的重要指标。

随功率半导体厂8月营收陆续揭晓，德微(3675-TW)率先改写单月新高，市场焦点也转向尚未公布8月营收的强茂(2481-TW)与台半(5425-TW)，这使德微(3675-TW)成为观察本轮功率半导体涨价、转单与产品升级能否延续的第一个指标。

强茂(2481-TW)7月营收14.48亿元、年增30.97%，已创下单月新高，8月能否延续高档，将成为下一个验证讯号。不过，单看月营收相比，强茂(2481-TW)上半年获利成长速度已明显快于营收，反映高阶产品占比提高后，营运结构正在改变。

从优分析产业资料库交叉比较可以看到，强茂(2481-TW)上半年营收73.77亿元、年增14%，税后纯益8.36亿元、年增35.5%，每股盈余2.03元、年增47.1%，毛利率则升至33.22%，较去年同期增加2.5个百分点。

(图片来源：优分析产业资料库)

AI占比从7%走向15%，强茂等待8月营收验证

强茂(2481-TW)的AI布局并非直接供应运算晶片，而是由美系云端服务客户伺服器中的中瓦数Power MOSFET切入，再逐步延伸至更高阶功率半导体与电力转换应用。

随AI伺服器功耗与功率密度提高，电源转换元件必须承受更高电压与电流，同时兼顾效率、散热及系统稳定度，使Power MOSFET、TVS与小讯号元件的规格同步升级，相较一般消费性应用，相关产品的技术门槛与单价也相对较高。

强茂(2481-TW)AI相关营收占比已由2025年的约7%提高至2026年第一季的11%，全年目标进一步挑战14%至15%，占比较前一年接近翻倍。

除了AI，车用电子仍是强茂最大的营收来源，上半年占比由去年同期的33%提高至35%，目前订单能见度已超过半年，其中约一半订单需求与车用电子相关。

安世半导体先前的供货波动，促使欧美车厂重新检视单一来源风险，具备车规二极体、MOSFET与保护元件的强茂，因而取得更多认证及替代供应机会，但进入合格供应商名单不代表营收立即增加，后续仍须经过样品测试、量产验证与实际拉货。

因此，强茂(2481-TW)8月营收公布后，除了比较能否延续7月新高，也要观察AI与车用产品占比提升，是否继续带动毛利率及获利成长。

德微获利率率先拉开，产品升级已反映在财报

三家公司目前最明显的差距，不只出现在月营收，也反映在获利率。从优分析产业资料库的同业比较可以看到，德微近一季毛利率40.81%、营益率17.63%，均高于强茂约33.22%及11.74%，也领先台半29.62%及9.28%的水准。

德微(3675-TW)受惠较明显的产品，主要包括TVS与ESD保护元件、小封装MOSFET及Low VF GPP。随AI伺服器、车用电子与工控设备价值提高，系统对防止突波、降低导通损耗及控制发热的要求同步增加，让原本看似成熟的分离式元件产生规格升级空间。

德微(3675-TW)目前不只是营收创高，毛利率与营益率也同步领先，代表产品升级已开始转化为当期获利，而不只停留在订单或市场题材。

不过，德微(3675-TW)营收规模仍明显小于另外两家公司，单一高阶产品放量对营收与获利率的拉动效果也会较突出，后续仍要观察高毛利率能否在营收规模扩大后维持。

(图片来源：优分析产业资料库)

台半营收创高，车用转单是主要验证方向

台半(5425-TW)的产品布局较集中于车用整流器、MOSFET与保护元件，在欧美车厂提高供应链分散程度后，较容易成为替代供应来源，而安世半导体先前的供货波动，也促使车厂重新检视单一来源风险，为具备车规认证的供应商带来新接单机会。

不过，车规元件从客户询价到形成营收，仍须经过供应商认证、样品测试与量产验证，台半(5425-TW)近期营收亮眼，可能反映部分需求开始落地，但由于近一季获利率仍低于德微(3675-TW)，现阶段成长可能较偏向出货量及车用需求回升，后续仍要观察产品售价、车用营收比重与毛利率能否同步提高，才能判断这波成长是否伴随产品组合改善。

强茂还没创高，旧产品需求抵销AI与转单增量

从市场预估图可以看到，强茂(2481-TW)营收在经过前一波回落后，2026至2028年的预估值重新加速向上，2028年营收预估已超过200亿元；EPS预估也由低档快速提高，2028年接近9元。

这代表市场目前对强茂(2481-TW)的期待，并非传统产品全面复苏，而是AI营收占比由2025年的约7%，逐步提高至2026年14%至15%，带动Power MOSFET与高阶功率元件改善产品组合。

(图片来源：优分析产业资料库)

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"AI伺服器功耗持续提高，市场关注焦点逐步由运算晶片延伸至电源供应、散热及功率转换，强茂(2481-TW)、德微(3675-TW)与台半(5425-TW)的产品线同样涵盖整流二极体、MOSFET等分离式元件，近期也成为观察功率元件涨价、车用供应链转单与产品规格升级的重要指标。随功率半导体厂8月营收陆续揭晓，德微(3675-TW)率先改写单月新高，市场焦点也转向尚未公布8月营收的强茂(2481-TW)与台半(5425-TW)，这使德微(3675-TW)成为观察本轮功率半导体涨价、转单与产品升级能否", "img": "", "content": "<img src=\"https://cimg.cnyes.cool/prod/news/6603010/o/7d29d3bc5d9654ddce5a30285a71c4be.jpg\" alt=\"图片来源：优分析产业资料库\" /><p>AI伺服器功耗持续提高，市场关注焦点逐步由运算晶片延伸至电源供应、散热及功率转换，强茂(2481-TW)、德微(3675-TW)与台半(5425-TW)的产品线同样涵盖整流二极体、MOSFET等分离式元件，近期也成为观察功率元件涨价、车用供应链转单与产品规格升级的重要指标。</p>\n<p>随功率半导体厂8月营收陆续揭晓，德微(3675-TW)率先改写单月新高，市场焦点也转向尚未公布8月营收的强茂(2481-TW)与台半(5425-TW)，这使德微(3675-TW)成为观察本轮功率半导体涨价、转单与产品升级能否延续的第一个指标。</p>\n<p>强茂(2481-TW)7月营收14.48亿元、年增30.97%，已创下单月新高，8月能否延续高档，将成为下一个验证讯号。不过，单看月营收相比，强茂(2481-TW)上半年获利成长速度已明显快于营收，反映高阶产品占比提高后，营运结构正在改变。</p>\n<p>从优分析产业资料库交叉比较可以看到，强茂(2481-TW)上半年营收73.77亿元、年增14%，税后纯益8.36亿元、年增35.5%，每股盈余2.03元、年增47.1%，毛利率则升至33.22%，较去年同期增加2.5个百分点。</p>\n<p><img src=\"https://cimg.cnyes.cool/prod/news/6603010/o/cdb3eebc451439dba5c8b25304dc196c.jpg\"></p>\n<p>(图片来源：优分析产业资料库)</p>\n<h2>AI占比从7%走向15%，强茂等待8月营收验证</h2>\n<p>强茂(2481-TW)的AI布局并非直接供应运算晶片，而是由美系云端服务客户伺服器中的中瓦数Power MOSFET切入，再逐步延伸至更高阶功率半导体与电力转换应用。</p>\n<p>随AI伺服器功耗与功率密度提高，电源转换元件必须承受更高电压与电流，同时兼顾效率、散热及系统稳定度，使Power MOSFET、TVS与小讯号元件的规格同步升级，相较一般消费性应用，相关产品的技术门槛与单价也相对较高。</p>\n<p>强茂(2481-TW)AI相关营收占比已由2025年的约7%提高至2026年第一季的11%，全年目标进一步挑战14%至15%，占比较前一年接近翻倍。</p>\n<p>除了AI，车用电子仍是强茂最大的营收来源，上半年占比由去年同期的33%提高至35%，目前订单能见度已超过半年，其中约一半订单需求与车用电子相关。</p>\n<p>安世半导体先前的供货波动，促使欧美车厂重新检视单一来源风险，具备车规二极体、MOSFET与保护元件的强茂，因而取得更多认证及替代供应机会，但进入合格供应商名单不代表营收立即增加，后续仍须经过样品测试、量产验证与实际拉货。</p>\n<p>因此，强茂(2481-TW)8月营收公布后，除了比较能否延续7月新高，也要观察AI与车用产品占比提升，是否继续带动毛利率及获利成长。</p>\n<h2>德微获利率率先拉开，产品升级已反映在财报</h2>\n<p>三家公司目前最明显的差距，不只出现在月营收，也反映在获利率。从优分析产业资料库的同业比较可以看到，德微近一季毛利率40.81%、营益率17.63%，均高于强茂约33.22%及11.74%，也领先台半29.62%及9.28%的水准。</p>\n<p>德微(3675-TW)受惠较明显的产品，主要包括TVS与ESD保护元件、小封装MOSFET及Low VF GPP。随AI伺服器、车用电子与工控设备价值提高，系统对防止突波、降低导通损耗及控制发热的要求同步增加，让原本看似成熟的分离式元件产生规格升级空间。</p>\n<p>德微(3675-TW)目前不只是营收创高，毛利率与营益率也同步领先，代表产品升级已开始转化为当期获利，而不只停留在订单或市场题材。</p>\n<p>不过，德微(3675-TW)营收规模仍明显小于另外两家公司，单一高阶产品放量对营收与获利率的拉动效果也会较突出，后续仍要观察高毛利率能否在营收规模扩大后维持。</p>\n<p><img src=\"https://cimg.cnyes.cool/prod/news/6603010/o/ff4e30017da8c22f0ea9afe4e507f531.jpg\"></p>\n<p>(图片来源：优分析产业资料库)</p>\n<h2>台半营收创高，车用转单是主要验证方向</h2>\n<p>台半(5425-TW)的产品布局较集中于车用整流器、MOSFET与保护元件，在欧美车厂提高供应链分散程度后，较容易成为替代供应来源，而安世半导体先前的供货波动，也促使车厂重新检视单一来源风险，为具备车规认证的供应商带来新接单机会。</p>\n<p>不过，车规元件从客户询价到形成营收，仍须经过供应商认证、样品测试与量产验证，台半(5425-TW)近期营收亮眼，可能反映部分需求开始落地，但由于近一季获利率仍低于德微(3675-TW)，现阶段成长可能较偏向出货量及车用需求回升，后续仍要观察产品售价、车用营收比重与毛利率能否同步提高，才能判断这波成长是否伴随产品组合改善。</p>\n<h2>强茂还没创高，旧产品需求抵销AI与转单增量</h2>\n<p>从市场预估图可以看到，强茂(2481-TW)营收在经过前一波回落后，2026至2028年的预估值重新加速向上，2028年营收预估已超过200亿元；EPS预估也由低档快速提高，2028年接近9元。</p>\n<p>这代表市场目前对强茂(2481-TW)的期待，并非传统产品全面复苏，而是AI营收占比由2025年的约7%，逐步提高至2026年14%至15%，带动Power MOSFET与高阶功率元件改善产品组合。</p>\n<p><img src=\"https://cimg.cnyes.cool/prod/news/6603010/o/c4aaa18d2c303723d4bf7a4694855bb9.jpg\"></p>\n<p>(图片来源：优分析产业资料库)</p><p>※ 本文经「优分析」授权转载，原文出处:<a style=\"color:#A9A9A9\" rel=\"nofollow\" href=\"https://uanalyze.com.tw/articles/1921355021\">原文连结</a>\n <br>※ 免责声明：文中所提的个股、基金、期货商品内容仅供参考，并非投资建议，投资人应独立判断，审慎评估风险。</p>\n <p></p><div class=\"related-articles seo-links\">\n <h4>相关阅读</h4>\n <ul>\n <li><a href=\"/new/tw/article-6557.html\" title=\"〈台股盘后〉抗住盘中1726点崩跌跌点缩至642点仍失守4万5大关\">〈台股盘后〉抗住盘中1726点崩跌跌点缩至642点仍失守4万5大关</a></li>\n <li><a href=\"/new/tw/article-5810.html\" title=\"巨亨速报 - Factset 最新调查：弘塑(3131-TW)EPS预估下修至65.02元，预估目标价为4183.5元\">巨亨速报 - Factset 最新调查：弘塑(3131-TW)EPS预估下修至65.02元，预估目标价为4183.5元</a></li>\n <li><a href=\"/new/tw/article-13908.html\" title=\"CCL厂腾辉电子8月营收8.1亿元登巅峰年增1.33倍\">CCL厂腾辉电子8月营收8.1亿元登巅峰年增1.33倍</a></li>\n <li><a href=\"/new/tw/article-9553.html\" title=\"〈纬创法说〉上半年EPS 7.78元再斥资175亿元同步投资台湾、美国与越南\">〈纬创法说〉上半年EPS 7.78元再斥资175亿元同步投资台湾、美国与越南</a></li>\n <li><a 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AI占比从7%走向15%，强茂等待8月营收验证

德微获利率率先拉开，产品升级已反映在财报

台半营收创高，车用转单是主要验证方向

强茂还没创高，旧产品需求抵销AI与转单增量

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