Investment Rating - The report does not provide a specific investment rating for NCE Power (605111.SS) as it is categorized as "Not Covered" [1]. Core Insights - NCE Power anticipates a recovery in demand for power semiconductors, driven by improving inventory levels and foundries' utilization rates, with management expressing optimism for sales growth in 2025 [4][6]. - The company is facing significant competition from both domestic and international peers, alongside tariff uncertainties that may impact future demand [6][7]. - NCE Power is focusing on expanding into higher-end applications, particularly in the automotive sector with 800V and 48V EV platforms, as well as emerging markets such as drones, eVTOL, and AI computing [7]. Summary by Sections Demand Recovery - Management reports a recovering trend in power semiconductors since last year, with inventory improvements and foundries nearing full capacity [4]. - The overall outlook for power semiconductors is positive, with expectations for increased sales growth in 2025 [4]. Competitive Landscape - There is ongoing competition among domestic and overseas peers, which poses challenges for NCE Power [6]. - Tariff risks are also highlighted as a source of uncertainty for future demand [6]. Strategic Expansion - NCE Power is expanding its product offerings into broader and higher-end applications, with a strong focus on automotive electronics [7]. - The company aims to accelerate product adoption in 800V and 48V EV platforms, while also exploring growth in industrial control applications such as drones and robotics [7].