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Initial Iphone 11 Pro Max Teardowns Offer Few Chip Surprises Craig A FLASH Technology: Semiconductor Industry Update Monday, September 23, 2019 Initial iPhone 11 Pro Max Teardowns Offer Few Chip Surprises Craig A. Ellis Summary and Recommendation 415-229-4835 Friday, 9/20, an iPhone 11 Pro Max teardown emerged from iFixit.com, identifying 17 different [email protected] chip parts. In assessing semi and semi cap implications, we offer three caveats: 1) more detailed Carlin Lynch Chipworks and Techinsights teardowns will sharply expand the design-in list in the next week. 703-312-1797 2) Even those may miss WLAN PA’s (a historic SWKS strength), discretes, capacitors and others, [email protected] while Broadcom's (AVGO) combo connectivity flies under the radar within Apple (AAPL) branded modules. 3) Model(s) dissected are a subset of all versions produced and supplier variation can be substantial model-to-model with the lower priced and likely higher volume iPhone 11’s noteworthy. Observations expand on initial product announcement takeaways noted in 9/11’s “AAPL iPhone New Product Release Chip/Equipment Laterals…” including a sharply higher A13 APU transistor count, a tiny bump in RF band count, retained NAND densities but significantly enhanced camera and video capability and much longer battery life. Specific observations include: 1) Skyworks (SWKS—Buy, $95 PT) three parts (78221-17 low- band PAMiD, 78223-17 PAM, and 13797-19 DRx) appears one fewer than CY18’s XS MAX, 2) a single AVGO-labeled part (8100 Mid/High band PAMiD) is likely complimented by the Apple/USI branded WiFi+Bluetooth 339S00648, 3) Qorvo (QRVO) added envelope tracking (81013). 4) In storage, Toshiba’s NAND is unsurprising while memory’s 4GB MU DRAM affirms flat densities. 5) The A13 Bionic SoC package size remains unknown, but we suspect a flattish dies size despite a 23% transistor increase with EUV used at TSMC’s 7nm+ lower layers. Elsewhere, we believe the Apple branded “power management IC” (343S00355 PMIC) could be a Texas Instruments (TXN) or Dialog Semi part, while Intel (INTC) has the baseband modem, baseband PMIC, and transceiver. STMicroelectronics' (STM) presence remains unchanged. In sum, we see few real surprises. We will conduct further checks once iPhone 11 and 11 Pro teardowns become available. Below is a table for the XS Max and 11 Pro Max. Ahead, we’ll monitor early iPhone demand trends where it appears pre-order strength was aided by favorable pricing, but sustainability bears watching, early-October China Golden Week electronic product demand, and mid-October’s Taiwan Tech Supply Chain September sales update. The SOX eased last week due largely to Friday’s -1.8% drop, but remains up +7% 3QTD, outperforming the S&P 500 by 600 bps. Within that, SWKS is up just 3.2%, while AVGO is down 1%. Analyst certification and important disclosures can be found on pages 4 - 7 of this report. This document represents an abbreviated discussion of the subject issuer and should not be used as the sole basis for an investment decision. Contact your B. Riley FBR representative for complete research concerning the subject issuers, including research briefs and reports. Technology: Semiconductor Figure 1: iPhone teardown iPhone XSMax iPhone 11 Pro Max APU/Baseband APU/Baseband Apple A12 Bionic SoC Apple A13 Bionic SoC Intel 9955 X816YD5R P10PHV Intel X927YD2Q modem RF Front End RF Front End Avago 8092M high/mid PAD Avago 8100 Mid/High band PAMiD Murata 500 4x4 MIMO DSM Intel 5765 P10 A15 08B13 H1925 transciever Skyworks 206-15 946368 1830 Skyworks 78221-17 low-band PAMiD Skyworks 170-21-916794 1830 Skyworks 78223-17 PAM Skyworks 5775 4321 1827 Skyworks 13797-19 DRx Skyworks 5941 0925 1831 Qorvo 81013 - Envelope Tracking 5762 P10 1828 (Unidentified) S775 4321 1827 (Unidentified) Power Management Power Management Apple 338S00383-A0 PMIC Apple APL1092 343S00355 PMIC Apple 338S00456 PMIC Intel 6840 P10 409 H1924 baseband PMIC Apple 338S00375 PMIC STMicrolectronics STB601A0N power management IC Cypress CPD2 USB Power Delivery IC STMicroelectronics STB601A0 Memory Memory Toshiba TSB3243V85691CHNA 1 Flash Storage Toshiba TSB 4226VE9461CHNA1 1927 Micron MT53D512 LPDDR4X SDRAM SK Hynix H9HKNNNCRMMVDR-NEH LPDDR4X Audio/Voice Audio/Voice Apple 338S00248 Audio Codec Two Apple 338S00411 audio amplifiers Three Apple 338S00411 Audio Codec Cirrus Logic 338S00509 audio codec Other Other Broadcom 59355A210646 Wireless Charging Module TI 97A8R78 SN261140 A0N0T TI SN2600BI Battery Charger Apple/USI 339S00648 WiFi/Bluetooth SoC ST Microelectronics ST33G1M2 32 bit MCU w/ ARM SecurCore SC300 YY NEC 9M9 NXP 100VR27 Apple/USI 338S00540 Wifi / Bluetooth SoC Source: B. Riley FBR, iFixit.com |11100 Santa Monica Blvd., Ste. 800 Los Angeles, CA 90025 |www.brileyfbr.com | 2 Technology: Semiconductor Valuation for mentioned companies: Skyworks Solutions, Inc. (SWKS) Our $95 price target is derived from applying a target P/E of 14.0x to CY20 EPS and adding just half of net cash. Risks for mentioned companies: Skyworks Solutions, Inc. (SWKS) Acquisition/Integration - The Company actively evaluates potential acquisitions as part of its growth strategy. Acquisitions pursued by the Company could be dilutive to financial results and result in a difficult, dilutive or expensive integration. Carrier spending trends - A significant portion of the Company's revenue is tied to carrier capital spending trends. Fluctuations in wireless, long-haul and access capital spending could have a material negative impact on the Company's results. Cyclical Nature of the Company's Business - Revenue from the Company's businesses have historically correlated positively with both US and world GDP. A cyclical downturn in GDP growth domestically and/or abroad may lead to a material deterioration in the Company's results. Economy - Macro-economic issues such as increasing oil and gas prices and a possible drop in consumer spending could have a negative impact on the Company's business. Fabless Model - The Company could suffer if the Company's foundry or packaging partners lack adequate capacity. Financial Results - Unpredictable timing of customer orders. Growth Plan - There are many factors that may impact the company's ability to achieve its stated growth objectives. Inventory risk - Depending on market conditions, the Company's gross margins could come under pressure if market prices quickly fall within a three to five week time frame. Pricing Pressure - The Company's business could be affected by pricing pressure within the market. Seasonality - The Company's results are highly seasonal. |11100 Santa Monica Blvd., Ste. 800 Los Angeles, CA 90025 |www.brileyfbr.com | 3 Technology: Semiconductor *Closing price of last trading day immediately prior to the date of this publication unless otherwise indicated. Important Information This report is prepared by B. Riley FBR, Inc. (“B. Riley FBR” or the “Firm”) and may be distributed by B. Riley Wealth Management, Inc. (BRWM) as a third-party research report under FINRA Rule 2241. B. Riley FBR and BRWM are broker-dealers registered with the SEC and are members of FINRA, SIPC, and the NASDAQ Stock Market. The principal business address of each of B. Riley FBR and BRWM is: 11100 Santa Monica Blvd., Suite 800, Los Angeles, CA 90025 40 S. Main Street, Suite 1800, Memphis, TN 38103 B. Riley FBR and BRWM are affiliated companies. The relationship between B. Riley FBR and BRWM is a factor considered by BRWM when deciding to distribute each other’s research. Company-Specific Disclosures B. Riley FBR acts as a market maker or liquidity provider for Skyworks Solutions, Inc.'s securities. For up-to-date B. Riley FBR company disclosures, please click on the following link or paste the URL in a web browser: www.brileyfbr.com/legal/disclosures. General Disclosures Information about the Research Analyst Responsible for this report: The primary analyst(s) covering the issuer(s), Craig A. Ellis, certifies (certify) that the views expressed herein accurately reflect the analyst's personal views as to the subject securities and issuers and further certifies that no part of such analyst's compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by the analyst in the report. The analyst(s) responsible for this research report has received and is eligible to receive compensation, including bonus compensation, based on B. Riley FBR’s overall operating revenues, including revenues generated by its investment banking activities. Information about B. Riley FBR's Conflicts Management Policy: B. Riley FBR’s Research conflicts management policy is available at: https://brileyfbr.com/conflicts-management-policy/ Information about investment banking: In the normal course of its business, B. Riley FBR, or any of their affiliates seek to perform investment banking and other services for various companies and to receive compensation in connection with such services. As such, investors should assume that B. Riley FBR, or any of their affiliates intend to seek investment banking or other business relationships with the companies covered in their research reports. Information about our recommendations, holdings and investment decisions: The information and rating(s) included in this report represent the long-term view as described more fully below. The analyst may have different views regarding short-term trading strategies with respect to the stocks covered by the rating(s), options on such stocks, and/or other securities or financial instruments issued by the company, and such views may be made available to all or some of our clients from time to time. Our brokers also may make recommendations to their clients, and our affiliates may make investment decisions that are contrary to the recommendations contained in this research report. Such recommendations or investment decisions may be based on the particular investment strategies, risk tolerances, and other investment factors of that particular client or affiliate. From time to time, B. Riley FBR its affiliated entities, or their respective directors, officers, employees, or members of their immediate families may have a long or short position in the securities or other financial instruments mentioned in this report.
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