Summary of Greater China Technology Hardware Conference Call Industry Overview - The conference focused on the Greater China Technology Hardware sector, particularly in AI technology and hardware advancements [7][8]. Key Insights - **Opportunities in AI GPU and ASIC Servers**: There are significant opportunities in upgrading AI GPU and ASIC server designs, with major projects like GB300, Vera Rubin platform, and Kyber architecture showing promise [7][8]. - **AMD Helios Server Rack**: The AMD Helios server rack project is gaining traction, indicating a positive trend in server hardware demand [7]. - **Enhanced Computing Power**: AI ASIC servers are expected to enhance computing power and increase rack density, which is crucial for data centers [7]. - **Power Solution Upgrades**: Transitioning to 800V HVDC power architecture and the growing adoption of liquid cooling solutions are highlighted as key upgrades [7]. - **PCB/Substrate Capacity Expansion**: There is a wave of capacity expansion in PCB/substrate to support ongoing design upgrades, which is essential for meeting increased demand [7]. - **Data Network Improvements**: Upgrades in data and power interconnects are anticipated to improve data network transmission speed and capacity [7]. - **Consumer Electronics Demand**: The demand for consumer electronics is being impacted by rising memory costs, with Android smartphones being more vulnerable compared to iPhones [7]. - **Upcoming Foldable iPhone Models**: Anticipation for the release of foldable iPhone models in the second half of 2026 is noted as a potential market driver [7]. Stock Recommendations - **Key Stock Ideas**: - AI Server Hardware: Wistron, Hon Hai/FII, Wiwynn, Delta Electronics, AVC, BizLink, King Slide, Accton, Chenbro, Gold Circuits, Innolight, FIT, and Fositek [7]. - Edge AI: Xiaomi, Lenovo, Luxshare [7]. Valuation Comparison - A detailed valuation comparison of various companies within the Greater China Technology Hardware sector was provided, including metrics such as price, target price, EPS, P/E ratio, P/B ratio, and ROE [8]. - Notable companies included: - **Lite-On Tech**: Current price at 162.50, target price at 150.00, with a P/E ratio of 23.3 for 2025 [8]. - **Delta Electronics**: Current price at 922.00, target price at 1288.0, with a P/E ratio of 38.9 for 2025 [8]. - **Hon Hai**: Current price at 241.00, target price at 317.0, with a P/E ratio of 16.4 for 2025 [8]. - **Foxconn Tech**: Current price at 66.80, target price at 54.00, with a P/E ratio of 26.0 for 2025 [8]. Additional Considerations - The report emphasizes the importance of considering Morgan Stanley Research as one of several factors in investment decision-making, acknowledging potential conflicts of interest [4][5].

Core Insights - The large-size LCD shipment is expected to grow by 2.2% year-on-year, reaching 873.9 million units by 2025, despite declines in LCD TV and monitor shipments [1] - The large-size OLED market is projected to see a stronger growth of 19.0% year-on-year, driven by significant increases in OLED products for monitors and laptops [1] LCD Market Analysis - LCD TV shipments are forecasted to decline by 3.4% in 2025, while monitor shipments are expected to decrease by 1.8% [1] - The growth in LCD shipments for tablets and laptops is notable, with expected increases of 17.5% and 4.2% respectively, offsetting the declines in other segments [1] OLED Market Analysis - OLED shipments for monitors and laptops are anticipated to grow significantly, with year-on-year increases of 60.9% and 45.9% respectively [1] - OLED TV display shipments are expected to rise by 3.1%, while tablet OLED shipments are projected to decline by 2.3% [1] Market Share and Key Players - By 2025, China is expected to dominate the large-size LCD market with a 67.6% share, followed by Taiwan at 21.0% and South Korea at 8.1% [4] - BOE is projected to lead the large-size LCD market with a 37.1% share, followed by China Star at 16.8% and Innolux at 11.4% [4] - In the OLED market, South Korea is expected to hold an 83.7% share, with Samsung Display leading at 54.3%, followed by LG Display at 29.4% [4] Revenue Projections - China is anticipated to account for 83.7% of the total revenue in the large-size display market by 2025, with South Korea and Taiwan following at 18.0% and 14.7% respectively [4] - BOE is expected to lead in revenue share with 29.7%, followed by China Star at 20.2% and LG Display at 12.4% [4]

Group 1 - The core viewpoint of the article is that the LCD TV panel shipment volume is expected to increase by 5.1% year-on-year in Q3 2025, driven by national subsidy policies and seasonal inventory preparations [2][3]. Group 2 - The article provides a detailed analysis of the global LCD TV panel shipment volume, shipment area, and the ranking of major panel manufacturers in terms of shipment volume and area [2][3]. - It includes monthly changes in LCD TV panel prices from September 2024 to September 2025 [3]. - A timeline related to the "old-for-new" national subsidy policy for 2024-2025 is outlined [3]. - The expected shipment volume and area rankings for global LCD TV panels in Q3 2024 are discussed, along with year-on-year comparisons [3]. - The article presents detailed shipment volume and area share data for various manufacturers (BOE, CSOT, HKC, Innolux, AUO, CHOT, Sharp) segmented by size from Q1 2024 to Q3 2025 [3][4].

Group 1 - The core viewpoint of the article highlights that the global LCD TV panel shipment volume is expected to increase by 5.1% year-on-year in Q3 2025, driven by national subsidy policies and seasonal inventory preparations [4]. Group 2 - The article provides a detailed analysis of the quarterly and monthly changes in global LCD TV panel shipment volume and area, along with forecasts [4]. - It discusses the monthly price trends of LCD TV panels from September 2024 to September 2025 [4]. - A timeline related to the "old-for-new" national subsidy policy for 2024-2025 is included [4]. - The article ranks global LCD TV panel shipment volume and area for Q3 2024, along with year-on-year comparisons [4]. - It presents the shipment volume and area share by size for BOE LCD TV panels from Q1 2024 to Q3 2025 [4]. - Similar data is provided for CSOT, HKC, Innolux, AUO, CHOT, and Sharp LCD TV panels, detailing their shipment volume and area share by size from Q1 2024 to Q3 2025 [4].

Core Viewpoint - The Adani Group is making a second attempt to enter the semiconductor sector by establishing a joint LCD display fabrication plant in India, following the collapse of its previous $10 billion chip manufacturing proposal with Tower Semiconductor [1][2][10]. Group 1: Adani Group's Strategic Moves - The Adani Group had previously announced a $10 billion plan to set up a chip manufacturing facility in Maharashtra, which was later paused due to concerns over commercial viability and strategic alignment [2][10]. - The group is now focusing on establishing an LCD display fab, with discussions reportedly gaining momentum after Prime Minister Modi's visit to Japan [3][10]. - The Maharashtra government has provided a 'comfort letter' to the Adani Group, indicating readiness to offer land for data centers or semiconductor-related projects, contingent on finding a suitable partner [4][10]. Group 2: Market Context and Opportunities - The Ministry of Electronics and Information Technology (MeitY) has prioritized establishing display fabs under the proposed Semicon 2.0 scheme to boost domestic manufacturing and reduce imports [4][10]. - India currently consumes nearly 9% of the global display panel market, and establishing display fabs could unlock nearly 70% of display value within India, significantly reducing import dependency [4][10]. - Analysts suggest that display fabs present lower entry barriers and quicker returns compared to chip fabs, aligning well with Adani's infrastructure strengths [5][10]. Group 3: Partnerships and Technological Expertise - The Adani Group is in discussions with Sharp and Panasonic, both of which have shifted their focus to niche, high-value B2B sectors, leveraging their unique technologies [5][11]. - Sharp is recognized for its Indium-Gallium-Zinc-Oxide (IGZO) technology and is investing in new technologies like nano LED and reflective displays, while Panasonic is a key player in the automotive display sector [7][11]. - The collaboration with Sharp and Panasonic is seen as a strategic move to enhance Adani's capabilities in high-growth electronics manufacturing [4][10].

Core Insights - The global automotive display market is projected to experience significant growth, with revenue expected to reach $13.6 billion in 2025, representing an 8% year-over-year increase. By 2030, the market size is anticipated to grow to $18.3 billion [1] - The revenue growth is driven by the increasing adoption of high-end and high-priced display panel technologies, particularly OLED and LTPS TFT LCD, rather than by shipment volume [1] - In 2025, LTPS TFT LCD is expected to account for 45% of the total automotive display market revenue, while OLED will represent 9%. The share of a-Si TFT LCD is projected to decrease from 48% to 44% [1] Market Trends - LTPS TFT LCD and OLED are becoming the mainstream display technologies in the automotive sector, with LTPS TFT LCD expected to exceed 50% of shipment revenue by 2028, and OLED anticipated to dominate the high-end automotive cockpit segment with over 20% share [5] - The average selling prices (ASP) of LTPS TFT LCD and OLED are higher than traditional a-Si TFT LCD, indicating a market shift towards higher-value technologies [2] Technological Advancements - LTPS TFT LCD offers several advantages over traditional a-Si TFT LCD, including higher resolution, brightness, lower power consumption, and better touch panel integration, which are crucial for the growing electric vehicle sector [1] - OLED is expanding its application range in central displays, instrument panels, and passenger displays due to its lightweight design, high contrast, and efficient power consumption [2] Future Outlook - The introduction of Micro LED displays is expected to occur in the automotive display market after 2028, marking the next wave of advanced display technology [5] - Major panel manufacturers such as AUO, BOE, and LG Display are aggressively entering the automotive sector to pursue higher value and revenue, while leading OLED manufacturers are developing new designs to accelerate their presence in the automotive market [5][6]

Core Insights - The global retail display market is analyzed with a focus on production, sales, consumption, and import-export dynamics, highlighting the impact of COVID-19 on future developments in China [2][3][5] - Major companies in the retail display sector include 3M, AdflowNetworks, AUOptronics, Cisco, HP, Innolux, LG Display, Panasonic, Samsung, and Sharp, with detailed analysis of their product specifications and market shares [2][3][4][6] Market Overview - The global retail display market's total production and the projected market shares for China, the US, and Europe by 2025 are discussed, along with the expected CAGR from 2021 to 2026 [2][3] - The report categorizes retail displays into touch screen and non-touch screen types, providing insights into pricing, production volume, market share, and growth trends for each category [3][4] Regional Analysis - The report segments the market into key regions: China, the US, Europe, Japan, Southeast Asia, and India, analyzing production, consumption data, and future trends for each region [3][4] - Detailed forecasts for production, value, and growth rates for retail displays in various regions, including China, the US, and Europe, are provided [4][5] Competitive Landscape - The competitive landscape is examined through production volume, value, and market share of major companies from 2018 to 2025, with a focus on both global and Chinese markets [4][5] - The report includes a concentration analysis of the retail display industry, identifying key players and their market dynamics [4][5] Demand and Supply Dynamics - The supply and demand situation for retail displays globally and in China is analyzed, including production capacity, utilization rates, and sales ratios [4][5] - Future demand predictions for retail displays in various application sectors, such as clothing, jewelry, and department stores, are discussed [3][4] Impact of COVID-19 - The report assesses the overall development status of the retail display industry in various countries, including the effects of the COVID-19 pandemic and international trade conditions [5][6]

Summary of Conference Call on Greater China Semiconductors Industry Overview - The NAND module market is showing signs of recovery, with a positive outlook on companies like Phison and Longsys, while maintaining an overweight (OW) rating on SIMO. Concerns regarding structural specialty DRAM persist, with week-over-week (WoW) project wins being crucial for differentiation [1][4][9]. Key Points on NAND Modules - **Price Increases**: After the Lunar New Year, two NAND suppliers raised wafer prices by 9-11%, and SanDisk announced price hikes for channels and consumer customers starting April 1. Phison noted that NAND prices in China are the highest in the region due to strong demand [2][9]. - **Demand Recovery**: The bottom for NAND modules is believed to have passed, with expectations of price stabilization in Q2 2025 due to improved supply controls. Phison reported shipment increases in February and anticipates strong demand throughout 2025, with concerns about insufficient NAND supply in the second half of the year [3][9]. - **Inventory Management**: Phison plans to accumulate inventories in the first half of 2025, indicating a cyclical recovery based on historical patterns. A price rebound for NAND modules is expected in Q1 2025 if demand from PC OEMs and smartphones continues [3][9]. Specialty DRAM Insights - **Market Sentiment**: Long-term concerns regarding CXMT's specialty DRAM remain unchanged, but recent project wins have helped identify key players. NTC's share price has increased by 37% year-to-date, driven by DDR4 sentiment and PC demand ahead of tariffs [4][9]. - **Price Trends**: Specialty DRAM spot discounts are currently at 33%, down from 35% a month ago, primarily due to weak consumer electronics demand and oversupply. TrendForce predicts a 10-15% quarter-over-quarter price decline for DDR4 in Q1 2025, followed by another 5-10% decline in Q2 2025 [14][9]. Stock Recommendations - **Upgrades and Downgrades**: - Phison and Longsys are upgraded to OW due to disciplined supply and strong SSD demand. - Winbond is also upgraded to OW based on bottoming fundamentals, while NTC is rated underweight (UW) due to competition from CXMT and lack of project wins [9][48]. - **Preferred Stocks**: SIMO, Phison, and Longsys are highlighted as preferred investments in the Greater China memory sector, with expectations of a recovery in NAND module prices and demand driven by edge AI [13][9]. Additional Insights - **China's Memory Investment**: China's aggressive memory investment is expected to continue into 2025, positively impacting wafer fabrication equipment (WFE) players. CXMT and YMTC are planning significant capacity expansions [52][53]. - **Market Dynamics**: The competitive landscape is shifting, with global suppliers like Samsung and SK Hynix beginning to cut production, which may lead to a new upcycle for specialty DRAM [35][9]. This summary encapsulates the key insights and recommendations from the conference call regarding the Greater China semiconductor industry, particularly focusing on NAND modules and specialty DRAM.