汇丰银行-亚洲-半导体行业-亚洲科技：3d传感对于epi晶片制造商的意义

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1、29January2018AsiaTechnologyEQUITIESSEMICONDUCTORMakingsenseoutof3Dsensingforepi-wafermakersTaiwanAdoptionof3Dsensingtoriserapidlyinmanyapplications,SamsonHung*ResearchAnalyst,Technologysuchassmartphones,self-drivingcarsandindustryautomationHSBCSecurities(Taiwan)CorporationLimitedsamson.

2、hm.hung@hsbc.com.twSmartphoneisthekeydriverin2018-19andepi-wafervendors+886266312863WillCho*shouldbenefitfromoutsourcingpartnershipswithIDMsAnalyst,HardwareandMaterialsTheHongkongandShanghaiBankingCorporationLimited,Epi-waferplayersinTaiwanareVPEC,HLJandLandMark(Buy)SeoulSecuritiesBranchric

3、kyjuilseo@kr.hsbc.com+822370687773DsensingdemandtogrowthrapidlydriveninitiallybysmartphoneadoptionandBruceLu*laterbynewareas,suchasVR/AR,autonomousdriving(e.g.LiDAR)andindustryAnalyst,TechnologyHSBCSecurities(Taiwan)CorporationLimitedautomation.Taiwanepi-wafermakersstandtobenefitfrom(1)outsou

4、rcingdemandbruce.kl.lu@hsbc.com.twfromaleadingIDMand(2)structuralgrowthfromnon-smartphoneapplication.We+886266312861forecastepi-waferdemandtogrowataCAGRof105%from2017to2019e.Keyepi-StevenPelayo,CFAGlobalHeadofTechnologyEquityResearchwafervendorsinTaiwanincludeVPEC(2455TT,notrated),LandMark(30

5、81TT,TheHongkongandShanghaiBankingCorporationLimitedBuy),HLJ(3688TT,notrated),andEpistar(2448TT,Reduce).stevenpelayo@hsbc.com.hk+85228224391FocusingonApplesupplychainin2018.Before2020,wethinksmartphonecouldAnthonyLiao*stillbethemaindriverfor3DsensingdemandandiPhonewillstilldominatein3DResearc

6、hAssociate,TechnologyHSBCSecurities(Taiwan)CorporationLimitedsensingsolutionsintermsofbothhardware(VCSELLDandmoduledesign)andanthony.wc.liao@hsbc.com.tw+886266312865algorithm.WeseescopeforallthreenewiPhonemodelsin2018toadoptFaceIDandlikelyanextra3Dsensingsolutionintherear(althoughspecforVCSEL

7、andwhich*Employedbyanon-USaffiliateofHSBCSecurities(USA)Inc.andnotmodelswilladoptitareuncertain).ForAndroid,wethinkthe2018adoptionratewillberegistered/qualifiedpursuanttoFINRAregulationslowgiven(1)latedesignandlimitedsupply,(2)lackofalgorithm