- 1、本文档共24页,可阅读全部内容。
- 2、原创力文档(book118)网站文档一经付费(服务费),不意味着购买了该文档的版权,仅供个人/单位学习、研究之用,不得用于商业用途,未经授权,严禁复制、发行、汇编、翻译或者网络传播等,侵权必究。
- 3、本站所有内容均由合作方或网友上传,本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺!文档内容仅供研究参考,付费前请自行鉴别。如您付费,意味着您自己接受本站规则且自行承担风险,本站不退款、不进行额外附加服务;查看《如何避免下载的几个坑》。如果您已付费下载过本站文档,您可以点击 这里二次下载。
- 4、如文档侵犯商业秘密、侵犯著作权、侵犯人身权等,请点击“版权申诉”(推荐),也可以打举报电话:400-050-0827(电话支持时间:9:00-18:30)。
查看更多
Semiconductors
TMC Conference Summary: Strong Demand Trends In Cloud Datacenter/5G/Auto/Industrial; Tight Supply Into CY23
This week, we hosted 10 semiconductor and semiconductor capital equipment companies at our 50th annual Global Technology, Media, and Communications Conference, held in Boston. Discussions at this year’s event centered on the current supply/demand imbalance, China demand/supply disruptions, sustainability of the current semiconductor cycle, and longer term structural supply chain tightness. Most of our companies under coverage discussed near-term demand trends exceeding supply (e.g., NXPI, MCHP, ADI, SYNA, GFS all indicating demand outstripping supply) and most companies expect the tight demand/supply dynamics to persist through CY22 and into CY23 (ADI sees supply constraints into mid-CY23). In our view, this suggests companies will continue to retain strong pricing power and we see continued positive EPS revisions over the coming quarters. Companies are being more proactive and open to the potential for a slowdown next year and looking for potential areas of overheating or any signs of weakness in demand. Reflective of this, Microchip has prudently factored in a recession/down cycle assumption in its long term revenue outlook (drives the growth outlook towards the lower end of its target range). That said, despite macro slowdown concerns for CY23, companies continue to see strong backlog/orders (no order cancellations/rescheduling), very lean customer/channel distribution inventory (companies don’t expect channel inventory replenishment this year), and extended lean times/visibility. Moreover in the mature/specialty segment of the market, most of our companies agreed with our assessment of a structural demand/supply imbalance as demand is expected to outpace capacity growth (low- single-digit% capacity growth ex-China) over the next several years. On the demand side, end-markets are strong across cloud/hyperscale datacenter, enterprise hard
您可能关注的文档
- 小数据人工智能的巨大潜力(2022年).docx
- 中国爱眼大会_关爱眼睛·与你同行:2022中国爱眼之路_罗静珊_20220606.docx
- 中国税务快讯:横琴粤澳深度合作区企业所得税优惠政策发布 -kpmg.docx
- HSBC-全球石油行业-石油市场:已到达极限-2022.5.26-22页.docx
- J.P.摩根-美股保险行业-LDTI对保险公司有负面的影响,但较高的费率降低了影响-2022.5.31-25页.docx
- J.P.摩根-美股能源行业-可再生天然气前景调查II:为实现客户驱动的可再生天然气浪潮做好监管基础工作-2022.6.2-35页.docx
- J.P.摩根-美股投资策略-机会之谱:电信、付费电视和媒体股6月表现排行-2022.6.1-25页.docx
- J.P.摩根-全球投资策略-相对的货币政策和美联储的量化紧缩支持了更广泛的外汇隔夜指数互换基础-2022.6.1-34页.docx
- J.P.摩根-全球投资策略-长期走高:在中期内重新分配农业价格的热度-2022.6.2-26页.docx
- J.P.摩根-新兴市场投资策略-新兴市场边缘数据观察:在全球增长放缓中做出你的选择-2022.5.27-30页.docx
- 四川省德阳市罗江中学2025届高三考前热身化学试卷含解析.doc
- 山东省枣庄现代实验学校2025届高三下学期第五次调研考试化学试题含解析.doc
- 吉林省长春市十一高中等九校教育联盟2025届高三一诊考试生物试卷含解析.doc
- 2025届江苏省盐城市伍佑中学高考仿真模拟化学试卷含解析.doc
- 2025届广西贺州中学高考冲刺押题(最后一卷)生物试卷含解析.doc
- 安徽省池州市贵池区2025届高三第一次模拟考试生物试卷含解析.doc
- 宁夏银川一中2025届高三(最后冲刺)化学试卷含解析.doc
- 广东省广州市增城区四校联考2025届高考压轴卷化学试卷含解析.doc
- 2025届邯郸市第一中学高考生物必刷试卷含解析.doc
- 2025届安徽省安庆市石化第一中学高考仿真卷化学试卷含解析.doc
文档评论(0)