WINGTECH(SH:600745) Guan Cha Zhe Wang·2025-12-20 00:43Core Viewpoint - The ongoing conflict between Nexperia Netherlands and its Chinese subsidiary continues, with Nexperia China securing local silicon wafer supplies to meet its production needs for IGBT power chips by 2026, despite the Dutch parent company halting wafer supplies to the Chinese entity [1][2]. Group 1: Supply Chain Developments - Nexperia China has locked in silicon wafer supply with local companies to cover its IGBT chip production needs for 2026, ensuring continued production of these critical components for electric vehicles and industrial equipment [1]. - The Chinese subsidiary is accelerating the validation of wafer products from Wingsky Semi to ensure "sufficient supply" [1]. - Nexperia China has informed local distributors that its wafer inventory is low due to the lack of supply from the Netherlands, leading to a potential chip shortage for local automotive companies [4][5]. Group 2: Legal and Corporate Governance Issues - Nexperia Netherlands has stated there is currently "no communication" with its Chinese subsidiary and has no intention of negotiating a short-term solution to restore chip supply [2]. - The legal battle over control of Nexperia continues, with the Chinese subsidiary and its parent company engaged in ongoing litigation, and the Dutch court's decision to strip control from the subsidiary is being appealed [6][7]. - Nexperia China has accused Nexperia Netherlands of obstructing business operations and misleading the public regarding their relationship and supply chain issues [7]. Group 3: Market Impact - The revenue from IGBT products is projected to account for only about 0.1% of Nexperia's total revenue in 2024, indicating limited financial impact from the current supply chain disruptions [2]. - The chip shortage has already affected major automotive manufacturers, including Honda, which has had to temporarily halt production in some factories due to the lack of chips [5].