Bible 1Q24 – Industrials: Past the bottom, but the pace of recovery may be slow
Industrial semiconductor revenues were down 20% YoY in 1Q24, declining sequentially for the sixth quarter in a row. 1Q24 is expected to be the trough with nearly all companies expecting sequential growth in the second half of the year, however elevated customer inventories and a correction in clean energy semiconductors could slow the pace of the recovery. We nevertheless remain bullish on the secular opportunity in industrial semis, particularly for power semis which will benefit from the persistent momentum of deployments in renewables in the coming years.Infineon Technologies is a semiconductor manufacturing company. The Automotive segment designs, develops, manufactures and markets semiconductors for use in automotive applications. The Industrial Power Control segment designs, develops, manufactures and markets semiconductors for the generation, transmission and economy in the use of electrical energy. The Power Management & Multimarket segment designs, develops, manufactures and markets semiconductors for power supplies, mobile devices and mobile phone network infrastructures. The Chip Card & Security segment designs, develops, manufactures and markets semiconductor-based security products for card applications and networked systems.
Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.
New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
- Japan Telecoms
- Asian Internet
- Pan European Healthcare
- Global healthcare thematic research
We provide debt research on:
- Pan European Telecom Services and Cable
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