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【出版时间及名称】：2010年2月美国通讯半导体行业研究报告
【作者】：BRIGANTINE ADVISORS
【文件格式】：pdf
【页数】：32
【目录或简介】：
Connecting the Dots: Broadband Access
Semiconductors
This report is the fourth installment of our “Connecting the Dots” series, where we shed light
on the intricate network of semiconductor vendors supplying the most important markets in
communications. We identify which semiconductor vendors have exposure to particular subsegments
of the market, and who sells what to which OEMs.
Top Suppliers and Biggest Exposures
The broadband access semiconductor market is a large, high volume market, with over 100M
units of subscriber equipment shipping annually. It is a complex and dynamic market, with
an array of different technologies and standards and a sophisticated supply chain including
service providers, OEMs, and ODMs which all play a role in choosing component suppliers.
The market generates about $1.7B in semiconductor revenue for protocol-specific ICs,
including both CPE and infrastructure. This does not include the broad array of periphery
components like Wi-Fi, VoIP, embedded processors, telecom interface ICs, network
processors, memories, discretes, etc. that also sell into broadband equipment.
Top suppliers: Overall, the top suppliers of broadband access semiconductors include
Broadcom, Lantiq, Ikanos, Texas Instruments, PMC-Sierra, and TrendChip.
Biggest exposure: Companies with the largest exposure to the broadband access market
(in terms of percentage of sales) include Ikanos, TrendChip, Teknovus, Broadlight, Lantiq,
and Microtune. Entropic, Mindspeed, Zarlink, Atheros, and Cavium also have significant
exposure selling periphery components into broadband access equipment.
Broadcom Extending its Broadband Lead
Broadcom (Buy, $30.95) has built an impressive position in cable modem and ADSL ICs,
No. 1 in both markets. The company is a newer entrant in VDSL and PON, and is likely to
gain share over the next 1-2 years. Broadcom also supplies Wi-Fi, VoIP, and Ethernet ICs
into broadband applications, including carrier-grade Ethernet switch and PHY ICs used for
infrastructure backhaul. Though investors remain focused on growth opportunities in
wireless, broadband remains a core market for Broadcom that continues to grow.
Elsewhere in our coverage universe, PMC-Sierra (Buy, $8.45) remains the top supplier of
EPON fiber-to-the-home ICs, dominant at NTT in Japan and the lead provider into the fastgrowing
China market. Our Buy rating on PMCS is primarily based on opportunities in
storage, but we view FTTH as a wild card that could contribute as well. Broadcom’s pending
acquisition of Teknovus and Marvell’s recent EPON entry add risk to PMC’s position, however.
Atheros (Buy, $35.13) has built a nice business selling Wi-Fi into broadband modems,
partnering primarily with Broadcom’s modem competitors. Atheros should continue to
benefit from rising Wi-Fi attach rates in modems, as well as the growth of Intellon’s
powerline ICs in broadband applications.
Other players to watch include Mindspeed (MSPD, Hold, $7.65), supplying VoIP ICs for
optical access deployments in China as well as gateway CPE processors. Cavium (Hold,
$23.27) has ramped quickly in broadband gateways for FTTH at NTT and Verizon, and has a
strong backlog of tier-1 design wins on the infrastructure side. Marvell (Buy, $19.39)
recently introduced dual-mode FTTX devices supporting both GPON and EPON.
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