TSMC eats Apple's revenue

Taiwan Semiconductor Manufacturing Co., Ltd. (TSMC) is expected to jump into the heavyweight weight stocks of Apple Business Opportunity following the Hon Hai.

UBS Securities estimated yesterday (11) that Apple’s share of TSMC’s revenue in 2012 will be viewed as 10%. With 2012 revenue forecast of approximately RMB490 billion, Apple’s business opportunities are approximately RMB50 billion, making it the No. 1 player. A big end product customer.

UBS Securities expects Apple’s contribution to TSMC’s 2011 revenue to be approximately 25 billion yuan (5.5%). If there is a chance to challenge 50 billion yuan in 2012, it will be 1 times growth, which is about 9 percentage points higher than the annual revenue growth. % is higher.

The growth momentum of Taiwan’s technology giants’ increasing reliance on Apple is getting higher and higher. Hon Hai is the most typical example. According to Zhang Kaiwei, chief analyst of downstream hardware manufacturing industry in Asia Pacific region of Citigroup Global Securities, Apple will account for 35% of the 2011 revenue share of Hon Hai, and will calculate about 3.8 trillion in revenue in 2011. Apple will be the Hon Hai Come to 1.33 trillion yuan of revenue.

In addition to Hon Hai, foreign investment circles have also reported that TSMC has entered the Apple A5 and A6 processor business and other news. According to Cheng Zhenghua, chief analyst of UBS Securities Asia Pacific, although Apple is not a "direct customer" of TSMC, most of the chips used are manufactured by TSMC. This "indirect" business opportunity is worth paying close attention to in the future.

Cheng Zhenghua pointed out that Apple, which includes star products such as iPhones, iPads, iPods, etc., could potentially be divided into the following five categories for the potential business opportunities brought by TSMC: 1. Basic frequency (Qualcomm); 2. Wireless connector (Broadcom) 3. CMOS Image Sensor (OmniVision); Fourth, Power Management IC (Dialog semi and Licensing); Fifth, A5 processor (probably the second OEM) or the next generation of A6 (may be the first OEM).

Apple iphones, iPads, iPods and other i-series products continue to sell hot. According to UBS’s estimates, these three shipments will total from 91.5 million units in 2010 to 145.8 million units in 2011 and more in 2012. Look at 163.1 million units; because these products are using high-end ICs, such as the iPhone's IC BOM up to 89 US dollars, the future will be the main source of semiconductor market growth.

Taking wafer foundry as an example, Cheng Zhenghua estimates that the number of wafers required for Apple's i-series products will grow from 594,000 12-inch and 65,000 8-inch in 2011 to 660,000 12-inch and 7.2 in 2012. Millions of 8-inch, and this is only based on the iPhone5 and iPad2 as a basis for calculation, has not yet considered the iPhone6 ​​and iPad3 continue to launch.

Cheng Zhenghua currently gives TSMC a "buy" investment rating and a target price of 90 yuan. The optimistic return on equity (ROE) and 28-nanometer manufacturing process are the main forces driving up re-rating.