J.P. Morgan Asia Technology Tracker 15 Jul 26 Powerchip Semiconductor Manufacturing Corp.; Samsung SDI; Winbond; China Power Infrastructure; PCs and Servers and More

研报英文原文证据摘录

J.P. Morgan Asia Technology Tracker 15 Jul 26 Powerchip Semiconductor Manufacturing Corp.; Samsung SDI; Winbond; China Power Infrastructure; PCs and Servers and More

Asia Pacific Equity Research

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Asia Technology Tracker 15 July 2026

Asia Pacific Reports/Notes

Powerchip Semiconductor Manufacturing Corp. (Overweight), Taiwan

Stronger-than-expected GM on near-term price hikes; rising AI contribution in medium term; stay

OW (Gokul Hariharan)

We now believe PSMC's GM ramp could be faster than expected, given stronger price hikes in its memory

foundry business. Meanwhile, logic foundry is tracking well, with 10–15% price increases across both 8'' and

12'' in 1H26. Beyond pricing, we expect continued mix improvement (e.g. higher memory contribution, rising

PMIC share in logic while reducing DDIC and sensor exposure) to support overall ASP growth of 50%+/25%

+ in 2026/27. Longer term, we see several new growth drivers: 1) DRAM process migration to 1X (self-

developed) and 1P (technology transferred from Micron); 2) HBM post-wafer fabrication (PWF) outsourced

from Micron; 3) Si capacitor wafers primarily for Intel EMIB; 4) Interposer demand spillover from tight

CoWoS supply at TSMC; and 5) WoW stacking as a more power-efficient memory architecture. We

therefore believe revenue and margin expansion can extend beyond the near-term pricing momentum and

persist into 2027–28. We maintain OW with a PT of NT$100.

Samsung SDI (Overweight), South Korea