海外硬科技龙头复盘研究系列（十二）：行业深度：复盘历史上的英飞凌，如何走出行业低谷期？

Investment Rating - The industry investment rating is "Positive" as it is expected to outperform the market benchmark index by more than 5% [63]. Core Insights - Infineon Technologies is a global leader in power systems and IoT semiconductor solutions, with a diverse product range including microcontrollers, LED drivers, sensors, and automotive integrated circuits [4][7]. - The company has a strong market position in automotive electronics, power and sensor systems, industrial power control, and secure connected systems, with automotive electronics accounting for 56% of its revenue in FY 2024 [4][19]. - Historical analysis shows that Infineon has successfully navigated industry downturns in 2002, 2009, and 2019 through strategic cost-cutting, divestitures, and focusing on core technologies [5][40]. Summary by Sections Company Overview - Infineon is a leader in power systems, mastering key semiconductor materials such as silicon, silicon carbide, and gallium nitride, and operates globally with 17 manufacturing sites [8][15]. - The company’s main products include MOSFETs, IGBTs, and HEMTs, which are critical for various applications [8][14]. Business Segmentation - For FY 2024, Infineon reported revenues of €14.955 billion, a decline of 8% year-on-year, with automotive electronics being the largest segment at 56% of total revenue [19]. - The company has a significant presence in China, which accounted for 27% of its revenue in FY 2024, benefiting from a globalized business model [19][20]. Competitive Landscape - Infineon holds the top market share in automotive electronics (13.7%) and power discrete devices (20.6%), and ranks second in microcontrollers (16.7%) [23]. - The global market for automotive electronics was valued at $69.2 billion in 2023, indicating strong demand in this sector [23]. Historical Performance and Recovery Strategies - In 2002, Infineon faced an 8% revenue decline due to a global economic downturn but implemented cost-cutting measures and divested non-core businesses to improve liquidity [31]. - In 2009, the company adopted the IFX10+ cost-saving plan and successfully raised capital through convertible bonds and stock placements, leading to improved financial performance [36]. - In 2019, despite a global semiconductor downturn, Infineon achieved a 6% revenue growth, driven by its focus on automotive electrification and strategic partnerships [40][41]. M&A Strategy - Infineon has a history of strategic acquisitions, including the €9 billion acquisition of Cypress Semiconductor, enhancing its position in the semiconductor market [47]. - The company has utilized both horizontal and vertical mergers to expand its product offerings and improve its supply chain [51]. Investment Recommendations - The report suggests focusing on power semiconductors and power IC sectors, highlighting companies like Jiejie Microelectronics and Huahong Semiconductor as key investment opportunities [54].