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【出版时间及名称】：2009年11月亚太地区集成电路设计行业研究报告
【作者】：摩根斯坦利
【文件格式】：PDF
【页数】：104
【目录或简介】：
Contents
Investment Case 3
Why Design Service? Current and Future Opportunities 5
Operating Pressures on Semi Companies Should Drive Further Outsourcing 5
“Design-Lite” May Become the Next Trend 5
Semi Industry May See Further Specialization 6
Revenue Sources for Design Service Houses 7
(1) IP Licensing & Royalty Fees 7
(2) NRE Service 7
(3) Turnkey Service 7
(4) Others 8
Product Mix for GUC and Faraday 8
Sizing Up the Market for Taiwan’s Design Service Companies 9
Secular Drivers for Design Service Houses 13
(1) Outsourcing from Japan System Houses 13
(2) The “Costco” Model in the Semi Industry 14
(3) Migration to Nanometer Is Positive for Leading-Edge Design Service Players 14
(4) System Level Integration Continues to Expand 14
(5) ARM-based Platform Design for MID/Smartbook Applications 15
(6) Decrease of ASIC/ASSP Design Starts Is Positive for Large Design Service Houses 15
(7) The Replacement Cycle for High-Speed Interfaces 16
(8) Alliance Between Foundries and Design Service Firms 16
Secular Challenges/Risks for Taiwan Design Service Firms 17
(1) Retention of Big Customers 17
(2) Insufficiency of High-End R&D Engineers 17
(3) Potential Competition from China Design Service Firms 17
(4) Deceasing Fabless Startups 18
(5) Market Share Dynamics of Key Foundry Partners 18
(6) Replacement by FPGA – Not Likely 18
Forecasting Revenues for GUC and Faraday 20
Forecasting Margins for GUC and Faraday 25
Competitive Landscape 27
Valuation 31
Appendice 37
Company Analysis
Global Unichip Corp. 5 3
Faraday Technology 7 5
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