【英文】摩根士丹利报告：亚太地区半导体行业（68页）

英文研究报告 2021年05月10日 06:47 管理员

We believe the 5G cycle will be one of the most important themes within the semi space over the next five years. 5G offers faster wireless data transmission, enabling new features like autonomous cars or AR/VR on smartphones. There are multiple ways to play the 5G upgrade cycle, mainly in two categories – infrastructure and smart phones. In infrastructure, Field Programmable Gate Arrays (FPGAs) are the key beneficiary given the increasing number of base stations for 5G infrastructure. This is positive for companies like Xilinx (covered by Joseph Moore). For 5G smartphones, RF and SoC are the key components that need to be upgraded.

This is positive for companies like Mediatek (smartphone SoC). Wi-Fi is the mid-range wireless communication technology – we expect the Wi-Fi SoC market to nearly double by 2024 We expect the penetration of Wi-Fi 6 in key end devices (smart phones, notebooks, routers, and smart homes) to increase to more than 80% by 2024. The key component that needs to be upgraded is the Wi-Fi SoC. Wi-Fi 5 SoC pricing is currently close to US$2/unit, and the Wi-Fi 6 SoC ASP is above US$4/unit and even as high as US$8/unit.

We expect the Wi-Fi 6 SoC ASP will come down over time but still be more than double Wi-Fi 5 by 2024, thanks to fast adoption within end devices.Investors in general are more familiar with 5G and Wi-Fi than shortrange communication technologies. Some investors even think short-range technologies will be replaced by 5G and Wi-Fi. In contrast, we believe short-range communication technology will complement rather than replace 5G and Wi-Fi.