The impact of the earthquake in Japan on the supply chain, leading foundry leader TSMC (2330) Chairman Zhang Zhongmou also downgraded the view on the growth of the semiconductor industry this year, so that the market's optimism about the semiconductor outlook turned sharply down, foreign Deutsche Securities believes that the second half Semiconductors will drive the recovery in profitability driven by the strong demand for 3G and 4G smart phones and tablet PCs, coupled with the reduction in capital expenditures. Recently, the stock price of TSMC, Seiko (2325), and Lee Shing (6239) is revised. , just bring the opportunity to enter the market.
In addition, Intel’s first-quarter financial report outperformed market expectations and continued to be bullish on the performance of the second quarter. This has injected a boost to the weak performance of the semi-conductor community. Deutsche Securities believes that although the semiconductor groups have affected the supply chain The stock price has weakened, but there will be structural positive factors driving the recovery in the second half of the year, not to underestimate the performance of the semiconductor group.
While demand for PCs and NBs is relatively weak, smartphones and tablet PCs are still the most radiant products in this year's technology industry. According to Deutsche Securities, mobile phone makers are expected to accelerate the launch of low-end 3G smart phones and 4G high-end handsets in the second half of the year. Smartphones and smartphones Qualcomm, the leading chip maker in the mobile phone market, also took a leading position in the 3G smart phone single-chip solution to the 45-nanometer manufacturing process. For the mobile phone industry, this breakthrough will effectively reduce retail prices, and U.S. telecommunications companies are also actively planning to implement 4G smart phones in the second half of the year, both of which will help increase the output of 45-nanometer process products. Deutsche Securities believes that TSMC, Sinpin and Licheng are the biggest beneficiaries of the semiconductor supply chain.
In addition to the continued strong demand for smart phones, tablet PCs are the focus of this year's tech industry. IPad launches and hotspots drastically overwhelm small notebooks. Although other brands have stepped up their efforts to launch tablet products, It is the research institutions or foreign investors that Apple's flat product is still the market's overlord. Deutsche Securities estimates that this year's wafer foundry and packaging and testing plants from PC, tablet PCs, feature phones and smart phone IC products will grow at an annual revenue of 11% to 12%.
The reason why Deutsche Securities is optimistic about semiconductor groups is that, in addition to the demand for smart phones and tablet computers, wafer foundry and packaging and testing plants may reduce the size of capital expenditure this year. According to Deutsche Börse, the capital expenditures of foundry and packaging and testing plants may be reduced by 15% to 20% this year than originally expected, which means that it is expected to slow down the expansion of production capacity, especially before the earthquake in Japan. There is considerable doubt that the slowdown in capacity expansion will lead to a recovery in capacity utilization and gross profit margin in the second half of the year.
In addition, Intel’s first-quarter financial report outperformed market expectations and continued to be bullish on the performance of the second quarter. This has injected a boost to the weak performance of the semi-conductor community. Deutsche Securities believes that although the semiconductor groups have affected the supply chain The stock price has weakened, but there will be structural positive factors driving the recovery in the second half of the year, not to underestimate the performance of the semiconductor group.
While demand for PCs and NBs is relatively weak, smartphones and tablet PCs are still the most radiant products in this year's technology industry. According to Deutsche Securities, mobile phone makers are expected to accelerate the launch of low-end 3G smart phones and 4G high-end handsets in the second half of the year. Smartphones and smartphones Qualcomm, the leading chip maker in the mobile phone market, also took a leading position in the 3G smart phone single-chip solution to the 45-nanometer manufacturing process. For the mobile phone industry, this breakthrough will effectively reduce retail prices, and U.S. telecommunications companies are also actively planning to implement 4G smart phones in the second half of the year, both of which will help increase the output of 45-nanometer process products. Deutsche Securities believes that TSMC, Sinpin and Licheng are the biggest beneficiaries of the semiconductor supply chain.
In addition to the continued strong demand for smart phones, tablet PCs are the focus of this year's tech industry. IPad launches and hotspots drastically overwhelm small notebooks. Although other brands have stepped up their efforts to launch tablet products, It is the research institutions or foreign investors that Apple's flat product is still the market's overlord. Deutsche Securities estimates that this year's wafer foundry and packaging and testing plants from PC, tablet PCs, feature phones and smart phone IC products will grow at an annual revenue of 11% to 12%.
The reason why Deutsche Securities is optimistic about semiconductor groups is that, in addition to the demand for smart phones and tablet computers, wafer foundry and packaging and testing plants may reduce the size of capital expenditure this year. According to Deutsche Börse, the capital expenditures of foundry and packaging and testing plants may be reduced by 15% to 20% this year than originally expected, which means that it is expected to slow down the expansion of production capacity, especially before the earthquake in Japan. There is considerable doubt that the slowdown in capacity expansion will lead to a recovery in capacity utilization and gross profit margin in the second half of the year.
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