郭明錤推特 - 股票QA

https://i.imgur.com/Hnw0cPh.jpg


內文：
我的最新調查顯示，在未來數個季度內，穩懋的營運動能將持續改善，不受主要客戶Lumt
entum訂單趨勢轉弱影響，關鍵在於磊晶圓 (epi wafer) 與手機功率放大器 (PA) 訂單持
續成長。

1. 穩懋的epi wafer已通過Apple驗證，預計將自2H23開始首度出貨給Apple並用於iPhone
15系列。穩懋的epi wafer市佔率預期在未來數年將持續成長，有利垂直整合與獲利提升
。
2. 中芯國際最快或將在2H23開始出貨5G晶片，穩懋為獨家PA代工廠商。
3. 中國品牌採用本土PA供應商比例持續提升，有利穩懋的PA生產市佔率持續提升。
4. 綜合上述，穩懋的整體產能利用率將自1Q23底部的15-20%，在2Q23與3Q23分別提升到3
0-35%與35-40%，並預期4Q23將持續增長。

My latest survey indicates that Win Semi's business momentum will continue to
improve in the coming quarters, unaffected by the weakening trend of orders fr
om major client Lumentum. It is due to the growing orders for epi wafers and s
martphone power amplifiers (PA).

1. Win Semi's epi wafer has been qualified by Apple and is anticipated to ship
to Apple for the first time in 2H23 for use in the iPhone 15 series. The mark
et share of Win Semi's epi wafer is expected to keep growing over the next few
years, promoting vertical integration and profit enhancement.
2. SMIC will likely start shipping 5G chips as early as 2H23, with Win Semi as
the exclusive PA foundry.
3. The proportion of Chinese brands adopting local PA suppliers continues to g
row, contributing to the ongoing increase in the market share of PA production
for Win Semi.
4. Based on the above factors, Win Semi's overall capacity utilization rate wi
ll increase from 15-20% at the bottom of 1Q23 to 30-35% and 35-40% in 2Q23 and
3Q23, respectively, with further growth expected in 4Q23.


心得：
蘋果小王子開示，究竟是重返榮耀還是繼續穩…

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