■ CS Greater China Tech Conference company takeaways. Credit Suisse's Virtual Greater China Tech Conference over 6-8 January featured record 72 corporates split between hardware/semiconductors and Internet, four expert speakers, and over 700 registered investors for a look into 2021 business trends. Our report includes takeaways from 37 of the 45 hardware/semiconductor companies and 11 Internet companies.
■ Optimistic demand and a sellers’ market in tech. The conference tone was uniformly positive, in line with our Technology and TSMC outlook reports last week. Companies are upbeat on demand, with COVID-19 second-wave stay-at-home demand, online education and supply constraints keeping PC and home consumer orders healthy, supplemented by 1H21 recovery in hyperscale/cloud, expected doubling of 5G units to over 500 mn, and improving auto/EV/industrial as the vaccine rolls out. Offsets include FX appreciation and higher component costs, though most companies are reporting a sellers’ market to start the year.
■ Supply constraints at peak intensity, but may persist through the year. Supply constraints reached their peak intensity in late 2020 and are persisting through the 1Q21 low season across advanced and mature foundry, display, power management, CPU, advanced substrates, driver ICs, and CIS. Constraints are fueled by upside stay-at-home demand plus rising content in 5G/data centre, stretching lead times, and draw down of component inventory in 2H20, along with the desire to carry more inventory due to disrupted supply chains.
■ Results to support the recent share price run. We expect TSMC to kick off a positive results season the coming Thursday and see positive earnings revisions continuing, with risks to monitor from any sharper slowdown in WFH demand, though we expect cycle strength should continue through the year, with risk only into 2022 if capacity ramps up sharper and 5G China saturates and Europe/EM are still not ramping. Our top picks in our semiconductor coverage are TSMC, Mediatek, ASE, Realtek, and Chunghwa Precision, and elsewhere in tech include Largan, Lens Tech, Luxshare, Murata, Parade, Quanta, Samsung, Sunny Optical, and Will Semi.
相关报告
元宇宙,下一个“生态级”科技主线-20210908-华西证券-66页
2.2w+
类型:行研
上传时间:2021-09
标签:元宇宙、科技)
语言:中文
金额:5积分
未来发展方法论《信息传》读书笔记
1.5w+
类型:读书笔记
上传时间:2020-11
标签:科技、趋势、读书笔记)
语言:中文
金额:5元
《未来呼啸而来:指数型技术融合如何颠覆商业与生活》读书笔记
1.5w+
类型:读书笔记
上传时间:2021-03
标签:商业、指数型技术、未来科技)
语言:中文
金额:6.6元
深度研究:中美人工智能之比较分析
9536
类型:经管职场
上传时间:2021-08
标签:中美、人工智能、科技)
语言:中文
金额:免费
腾讯研究院-文化科技融合2021,迈入数字文化经济时代
7166
类型:行研
上传时间:2021-03
标签:文化、科技、数字文化)
语言:中文
金额:5积分
高盛中国市场策略-2022市场展望:“不适”的上行空间;离岸市场重回超配
5364
类型:策略
上传时间:2021-11
标签:投行报告、中国、市场展望)
语言:中文
金额:5积分
华为技术-想象未来靠科幻,创建未来靠科技
5268
类型:行研
上传时间:2021-07
标签:未来、科技)
语言:中文
金额:5积分
《2021科技趋势报告》504页重磅发布
5099
类型:专题
上传时间:2021-03
标签:科技)
语言:英文
金额:5积分
以市场与科技驱动国企改革转型完整报告
4706
类型:专题
上传时间:2021-09
标签:市场、科技、国企改革)
语言:中文
金额:5积分
甲子光年-2021中国科技投资趋势报告
4488
类型:行研
上传时间:2021-07
标签:中国、科技、投资)
语言:中文
金额:5积分
积分充值
30积分
6.00元
90积分
18.00元
150+8积分
30.00元
340+20积分
68.00元
640+50积分
128.00元
990+70积分
198.00元
1640+140积分
328.00元
微信支付
余额支付
积分充值
应付金额:
0 元
请登录,再发表你的看法
登录/注册