2021-12-01-亚太地区科技行业-低内存资本支出_更高质量的份额收益_33页_576kb

Summary of KR Tech Supply Chain

Core Content

This document outlines the key findings and insights from the Asia Emerging Tech Tour, focusing on the semiconductor and OLED supply chain in South Korea. The tour included discussions with seven companies, including both covered and uncovered entities, highlighting trends in capital expenditure, market dynamics, and technological advancements.

Key Takeaways

1. Memory Capex Outlook

• Memory semiconductor capital spending is expected to remain flat in the near term.
• However, multi-year foundry capex growth is anticipated, which could drive long-term opportunities.
• The Korean supply chain's disciplined approach supports the view of a shortening memory cycle.
• Infrastructure build is expected to increase, which may negatively impact new order momentum for Korean SPE makers in the short term.

2. OLED Industry Growth

• IT/TV OLED demand is expected to grow significantly, driven by higher area growth and foldable display adoption.
• Mobile OLED demand is expected to grow at double-digit rates, while tablet demand remains flat.
• Chinese smartphone manufacturers are increasing OLED adoption, and Korean players are shifting focus to IT OLED and higher-end markets.
• QD OLED production for TV began in November, with potential for higher material consumption.
• OLED NBPC demand is projected to grow up to 3x next year, with IT panels seeing new material structures.

3. Technology-Driven Share Gains

• Korean supply chain companies are shifting from cost reduction to quality differentiation.
• Foundry testing supply chain players are leveraging M&A and new technologies to gain market share.
• OLED material suppliers are developing new structures that improve content value per screen.
• The Korean supply chain is gaining traction in global markets, supported by localization strategies and product innovation.

Main Companies Overview

Wonik IPS (108320 KS, OW)

• A semiconductor equipment supplier with exposure to memory and display.
• Expected to benefit from EUV adoption and new product lines (e.g., CVD for 1anm DRAM).
• Revenue growth per wspm is anticipated to increase, with potential for higher market share.

LX Semicon (240810 KS, OW)

• Provides LCD and OLED equipment, with a focus on IT panels and new product development.
• Revenue growth is expected from Chinese customers, but cautious outlook on TV DDIC sales and profit margins.

Hansol Chemical (014680 KS, NC)

• Expanding into battery materials, with anode and cathode binder supply.
• Competing with Japanese suppliers and gaining market share.
• Engaged in next-generation anode (silicon anode) development since 2015.

Park Systems (140860 KS, NC)

• A semiconductor equipment supplier with a focus on foundry testing.
• Expects growth in AFM usage due to higher qualification demands.
• Testing pins/IC test sockets could benefit Leeno Industrial (OW).

Nepes Ark (330860 KS, NC)

• A semiconductor testing company with a strong relationship with SEC.
• Secured a first design win with QCOM, offering lower-cost FO-PLP packaging.
• Plans to increase overseas revenue to over 50% by 2024.
• Financials show strong revenue growth and improved profit margins.

Duksan Neolux (213420 KS, NC)

• Supplies HTL products to SDC for QD OLED production.
• Developing new materials like blue prime and targeting growth in OLED NBPC and IT panels.

RFHIC (218410 KS, NC)

• A global leader in RF and microwave components, with a focus on GaN technology.
• Diversifying into RF energy and lab-grown diamond markets.
• Revenue is expected to grow in 2022, with a focus on 4G LTE and RF segments.
• Competitive edge lies in flexibility and tailored solutions for different industries.

Financial Highlights

Implications

• Korean companies are expected to maintain competitive positions in the semiconductor and OLED markets.
• Selective SMiD cap names could benefit from growth in OLED and foundry markets.
• The shift from cost reduction to quality differentiation is a key trend in the Korean supply chain.
• The 5G segment shows slower growth, but OLED and foundry-related investments are expected to drive long-term value.