Shanghai Anlogic Infotech Co Ltd_ Worst has passed, Await demand improvement

demand improvement FPGA cycle troughed in mid 2024, and we think the overall market can return to growth in 2025. Although Anlogic is well positioned as a leading FPGA player in China benefiting from the localization trend, we stay EW given its sub-scale revenue and loss making status. Expect growth in 2025 to benefit from the localization trend: Four of China's top industry associations said that Chinese companies should be wary of buying U.S. chips as they are "no longer safe" and buy locally instead (lin ...