Just released the annual flagship mobile phone processor Tianhuan 9500 IC design department, but unexpectedly, the stock price was not as good as the market, so foreign investors looked down on future development for four reasons. Not only the targe...
Just released the annual flagship mobile phone processor Tianhuan 9500 IC design department, but unexpectedly, the stock price was not as good as the market, so foreign investors looked down on future development for four reasons. Not only the target price has been reduced from the original NT$1,640 per share to RMB1,417. Investment evaluations also changed from "buy in" to "neutral".
Foreign exchanges pointed out in the latest research report that there are four major reasons, namely, Taiwan's electricity prices, more intense competition on mobile chips, the possibility of Arm's increase in rights in 2026, and the possibility of Google's ASIC project being delayed again, etc., but the future development of Joint Development Technology is expected. In terms of NTF, advanced process price adjustment is 5% to 15% to reflect higher costs and impact the improvement of joint venture gross profit margin.
The second mobile chips are facing more intense competition. The report said that under the trend of reducing the average global mobile chip sales price by 10% in 2026, the market competition will become more and more exciting. The price increase of the insurance company will put pressure on the operating costs of joint ventures. In the ASIC project part of Google, the project of the joint development department for Google's TPU will be postponed again. Even if the joint development department has the opportunity to cooperate with Meta, the actual time of contribution is expected to fall between 2027 and 2028, which is still unfavorable to the development of the joint development department in the short term.
The joint venture was seen by the market as a result of NVIDIA's cooperation and investment in Intel last week that its previous cooperation with NVIDIA may have been slapped, thus hindering the stock price, causing the stock price to fall. In this regard, Chen Guanzhou, general manager of the Department of Development, once issued a statement saying that the products and technologies of the Department of Development and NVIDIA are complementary, and the cooperation between the two parties is broad and is not limited to a single product, including final computing, general computing, vehicle market, cloud sector (such as NVLink related cooperation), etc. These cooperation is a proof of the consistency of the strategy of the two companies. It is currently progressing well and complies with the original plan. It is expected to produce development results as expected within two or three years.
Although the joint venture department combined the capital in August was not bad, the capital was 44.547 billion yuan, with a monthly growth of 3.1%, and an annual growth of 7.3%. Its cumulative revenue in the first eight months of this year was RMB 391.448 billion, an increase of 12.5% compared with the same period in 2024. However, it has only passed through the wave of cooperation between NVIDIA and Intel, but another wave of foreign information has risen again. Next, the market is paying attention to how to win the money after the high-level development of the Department of Technology.
