投资者推介-TMT：半导体关税更新及关键股票思路-Investor Presentation Asia Pacific-Tuesday TMT Webcast Semis Tariff Updates and Key Stock Ideas

Summary of Key Points from the Conference Call Industry Overview - Industry Focus: Greater China Technology Semiconductors and Technology Hardware [4][8] - Market Sentiment: The semiconductor industry in Greater China is viewed as attractive, with potential growth opportunities driven by new policies and technological advancements [4][8] Core Insights - Semiconductor Tariffs: Discussion on the implications of Section 232 tariffs and how they may impact companies within the semiconductor sector [6] - Company Exposure: - TSMC has a 75% revenue exposure to US customers and plans a US$165 billion capital expenditure for its US operations by 2030 [7] - GlobalWafers has a 30-40% exposure and has initiated operations in Texas with an additional US$4 billion investment planned [7] - ASE and UMC have varying levels of exposure, with ASE at 50% and UMC at 20% [7] - Investment Plans: Companies like ASE and its subsidiary SPIL are planning investments in the US, although details are yet to be announced [7] Financial Performance Highlights - Lenovo's Financials: - Projected net sales for FY-1Q26E are US$18.081 billion, reflecting a 6% quarter-over-quarter increase and a 17% year-over-year increase [15] - Operating income is expected to rise significantly by 97% year-over-year to US$653 million [15] - Net income is projected to increase by 327% year-over-year to US$384 million [15] - Margins: Lenovo's gross margin is expected to be 16.1%, with operating margin at 3.6% [15] Emerging Trends - AI Demand: There is a notable increase in demand for AI-related device testers, with firms like Advantest expecting continued growth in System on Chip (SoC) tester demand [10] - E-Paper Growth: E Ink is projected to experience a 19% revenue CAGR from 2024 to 2026, driven by opportunities in signage and consumer electronics [18][22] Risks and Considerations - Market Risks: - Potential oversupply issues in mature node foundries could impact companies like UMC and Powerchip [7] - The semiconductor market faces uncertainties due to fluctuating demand and geopolitical factors [35][38] - Investment Risks: Risks to upside include stronger-than-expected recovery in semiconductor demand, while risks to downside involve potential market share loss and declining gross margins [37][38] Additional Insights - Strategic Acquisitions: Lenovo is in the process of acquiring Infinidat Ltd., indicating a strategic move to enhance its capabilities [31] - Buyback Programs: Companies like Ushio are implementing share buyback programs, reflecting confidence in their financial health [11] This summary encapsulates the key points discussed in the conference call, highlighting the current state and future outlook of the semiconductor and technology hardware industries in Greater China.