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1、1April2019AsiaPacific/TaiwanEquityResearchSemiconductorDevicesAsiaSemiconductorSectorResearchAnalystsRandyAbrams,CFA886227156366randy.abrams@credit-suisse.comJerrySu886227156361jerry.su@credit-suisse.comPaulineChen886227156323pauline.chen@credit-suiss
2、e.comThompsonWu886227156386thompson.wu@credit-suisse.comAchalSultania442078836884achal.sultania@credit-suisse.comKeonHan82237073740keon.han@credit-suisse.comSangUkKim82237073795sang.kim@credit-suisse.comKynaWong85221016950kyna.wong@credit-suisse.comHa
3、asLiu886227156365haas.liu@credit-suisse.comTHEMEAIC2019:RaisingTSMC/Mediatektargets,chainslowlyliftingoffadeepbottomFigure1:Hardware/SemiconductorcompaniesattendingAICbysub-sectorSemiconductorTSMCSMICHuaHongASMLASEMediatekSiltronicsASMPacificInariAmer
4、tronDownstreamhardwareSamsungLGElectronicsLenovoXiaomiRazerHuamiDownstreamcomponentsTPKQ-TechCatcherFITLGInnotekDisplayLGDisplayTelcosChinaMobileChinaTelecomChinaUnicomAutomationAirtacSource:CreditSuisseresearch■TechsupplychaininattendanceatAIC.The22n
5、dCreditSuisseAICinHongKongfeatured300companies,2,000investorsand90keynotepresentations.WepublishedourtakeawaysfromtherelevanttechcompaniesincludingthechipcompanieswithinourcoverageincludingfoundriesTSMC,SMIC,andHuaHong;back-endincludingASE,Inari,andAS
6、MPacificandICDesign(Mediatek)andnotabletechcompanies–hardware(SamsungElectronics,XiaomiandLenovo),components(Q-Tech,Soulbrain,TPK),telecoms(ChinaMobile,ChinaUnicomandChinaTelecom),wafers(Siltronic),equipment(ASML)andautomation(Airtac).■Stillamixedoutl
7、ookforthetechchain.SupplychainfeedbackwasstillmixedattheAICandSemiconChina,withthetechsupplychainmaintainingaviewforadeepseasonalbottomin1Q19,somepick-upfromalowbasein2Q19andhopesforamorenormalseasonal2H19ramp.Mostcompaniesacknowledge2-3quarterstoclea
8、rexcesscomponentinventory(memory,logicsemis,MLCCs)andproductcyclesstayinalullduringthelatestageof4Gwithunexcitingspecupgradesbeyondmulti-cam,otherendmarketsflat(PC/TVs)andautogainsdampenedbycyclicalslowdowninunits.Hyperscaleisatleaststilltrack
