Technology

Report by Horizon Insights

The power semiconductor market is showing signs of recovery with Q2 seeing improved sentiment and Q3 potentially marking the bottom. MOS demand is rebounding for domestic manufacturers, while overseas firms are seeing eased inventory pressures. The rebound in consumer electronics is expected to benefit the likes of Yangjie Technology and JieJie Microelectronics. In the IGBT sector, as overseas inventory clears, new energy vehicle customers may increase adoption of domestic alternatives. Companies such as StarPower Semiconductor, CRRC Times Electric and Silan Microelectronics are well positioned to gain market share.

Technology

Report by AceCamp International

Latest channel checks indicate that AceCamp’s negative thesis is starting to play out - sees another 25-40% downside risk for stocks including StarPower, Silan and Macmic. 1) Automotive IGBT price cuts - expects the global IGBT wafer supply/demand ratio to rise from 101% in 1H23 to 109%/137% in 2H23/1H24 and 131%/117% in 2H24/2H25. 2) Expects another 5-10% ASP erosion for commoditised power devices in 2H23 due to the aggressive power capacity expansion of Chinese tier 2/3 foundries. 3) PV IGBT price hikes are unsustainable - expects oversupply in 2H23 and an industry shift to SiC at a faster pace in 2024/25.