Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

<ul>
<li>IDC reported 3Q24 PC shipments declining -2% YoY, Canalys an increase of +1%. Let’s call this flat. If 4Q24 is “average seasonal”, 2024 will reach ~265m, or the pre-Covid range. </li>
<li>No AI fever, no accelerated replacement cycle, for now. If it happens, it will take time, ie compelling AI apps that only run locally and need a new PC.</li>
<li>In Asia, PC vendors: Lenovo, Acer, Asus. Taiwan ODM: Compal, Quanta, Wistron. Semi with high exposure: Novatek, Realtek. </li>
</ul>


IDC reported 3Q24 PC shipments declining -2% YoY, Canalys an increase of +1%. Let’s call this flat. If 4Q24 is “average seasonal”, 2024 will reach ~265m, or the pre-Covid range. 
No AI fever, no accelerated replacement cycle, for now. If it happens, it will take time, ie compelling AI apps that only run locally and need a new PC.
In Asia, PC vendors: Lenovo, Acer, Asus. Taiwan ODM: Compal, Quanta, Wistron. Semi with high exposure: Novatek, Realtek. 


3Q24 PC Shipments Are Flat YoY. Lenovo, Acer, Asus. Compal, Quanta, Wistron.

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<p>Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.</p><ul><li><a href='#lucror-entity-13359'>Lenovo</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.Lenovo

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>Global EV charger market overview with key players highlighted in the industry, including a focus on technological advancements.</li><li>Ex-IBM Chief Accessibility Officer seeks to revolutionize digital inclusion in Taiwan's manufacturing sector through innovative strategies and initiatives.</li><li>Updates on notebook shipment for April 2024, global smartphone sales in the first quarter of 2024 as well as collaborations such as SDC &amp; Lenovo teaming up to launch slidable display devices by 2025.</li></ul>

Global EV charger market overview with key players highlighted in the industry, including a focus on technological advancements.Ex-IBM Chief Accessibility Officer seeks to revolutionize digital inclusion in Taiwan's manufacturing sector through innovative strategies and initiatives.Updates on notebook shipment for April 2024, global smartphone sales in the first quarter of 2024 as well as collaborations such as SDC &amp; Lenovo teaming up to launch slidable display devices by 2025.

Tech Supply Chain Tracker (25-May-2024): Global EV charger market & key players

<ul>
<li>China's smartphone market saw growth in 1Q 2024, with increased shipments of OLED panels indicating potential for LG.</li>
<li>Panasonic's battery unit received US subsidy but faces weak EV demand, potentially hurting sales.</li>
<li>Concerns rise as tech giants invest in AI infrastructure, with focus on consolidation, data privacy, and potential misuse of power.</li>
</ul>


China's smartphone market saw growth in 1Q 2024, with increased shipments of OLED panels indicating potential for LG.
Panasonic's battery unit received US subsidy but faces weak EV demand, potentially hurting sales.
Concerns rise as tech giants invest in AI infrastructure, with focus on consolidation, data privacy, and potential misuse of power.


Tech Supply Chain Tracker (11-May-2024): China smartphone market, Q1 2024

China

Lenovo Group Limited, through its subsidiaries, sells, and manufactures personal computers and handheld devices. The Company also provides Internet services and IT services, and contracting manufacturing business.

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Lenovo (992 HK)

3Q24 PC Shipments Are Flat YoY. Lenovo, Acer, Asus. Compal, Quanta, Wistron.

3Q24 PC shipments are flat YoY. The great recovery or AI replacement cycle aren’t happening (for now). IDC reported 3Q24 PC shipments declining -2%...

Nicolas Baratte

Morning Views Asia: Lenovo

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

Morning Views Asia: Lenovo

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

Tech Supply Chain Tracker (25-May-2024): Global EV charger market & key players

Global EV charger market overview, Lenovo and SDC announce partnership for slidable display devices by 2025, Absolics receives US CHIPS Act subsidy...

Tech Supply Chain Tracker

Tech Supply Chain Tracker (11-May-2024): China smartphone market, Q1 2024

China's smartphone market grows in 1Q 2024, LG competes with Samsung in OLED panels, Panasonic's battery unit receives subsidy, tech giants invest...

Tech Supply Chain Tracker

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