Inari's Radio Frequency Future Uncertain, Prompts Remain Cautious
Inari's Radio Frequency Future Uncertain, Prompts Remain Cautious
These include the relatively low procurement costs of RF components such as Broadcom's FBAR filters, which account for less than 2% of the cost of an iPhone, and the risk of intellectual property infringement lawsuits. Moreover, Apple renewed a multi-year supply agreement with Broadcom in May 2023, securing its RF components supply for production in the US.
Maybank Investment Bank Bhd (Maybank IB) has maintained its HOLD recommendation for Inari Amertron Bhd after assessing the risk surrounding its radio frequency (RF) business. The research house said Inari risks losing its core RF business due to its major customer, Broadcom, possibly in-housing production of its cellular and connectivity chipsets in the future.
马来亚银行投资银行有限公司（马来亚银行IB）在评估其射频（RF）业务的相关风险后，维持对Inari Amertron Bhd的持有评级。研究机构表示，Inari可能因其主要客户博通今后可能内部生产其蜂窝和连接芯片而面临失去其核心RF业务的风险。
Despite identifying the risk as relatively contained at this stage, Maybank IB pointed out that Inari's short-term outlook remains challenging due to margin pressures, lower volume loads, new product introduction (NPI) ramp-up and rising labour costs.
尽管在这一阶段将风险识别为相对可控，马来亚银行IB指出，Inari的短期前景仍面临挑战，因为存在利润压力、较低的成交量、新产品推出（NPI）加速以及上升的劳动力成本。
The house highlighted recent developments, including a Bloomberg report from Dec 4, 2024, indicating that Apple Inc plans to begin using in-house modems for its low-cost smartphones in 2025. While this shift is seen as a potential threat to Inari's RF business, as Broadcom is a key supplier for Apple's RF components, Maybank IB analysts believe that Apple's move to in-house RF components is unlikely due to several factors.
该机构强调了最近的进展，包括2024年12月4日的彭博社报告指出，苹果公司计划在2025年开始为其低成本智能手机使用内部调制解调器。虽然这一转变被视为对Inari RF业务的潜在威胁，因为博通是苹果射频器件的关键供应商，但马来亚银行IB的分析师认为，苹果转向内部射频器件的可能性不大，原因有多个。
These include the relatively low procurement costs of RF components such as Broadcom's FBAR filters, which account for less than 2% of the cost of an iPhone, and the risk of intellectual property infringement lawsuits. Moreover, Apple renewed a multi-year supply agreement with Broadcom in May 2023, securing its RF components supply for production in the US.
这些原因包括射频器件（如博通的FBAR滤波器）相对较低的采购成本，这些成本占iPhone成本的不到2%，以及知识产权侵权诉讼的风险。此外，苹果在2023年5月与博通续签了多年供应协议，为其在美国的生产确保了射频器件的供应。
Maybank IB also noted that, while Apple's shift to in-house modems might seem logical given the cost of cellular modems in smartphones, the company is unlikely to replicate this move for RF chipsets. The research house argued that it does not make economic sense for Apple to take on the risks associated with in-housing RF production, especially given the stability of its current supply chain and Broadcom's market dominance in RF/wireless technology. As a result, the analyst anticipates that Inari's RF segment sales will remain resilient in the medium term, supported by higher content growth despite a slowdown in demand from China's iPhone market.
马来亚银行IB还指出，虽然考虑到智能手机中蜂窝调制解调器的成本，苹果转向内部调制解调器似乎合乎逻辑，但该公司不太可能在射频芯片上复制这一转变。研究机构认为，苹果接手内部生产RF的风险不具经济意义，尤其考虑到其当前供应链的稳定性和博通在射频/无线科技中的市场主导地位。因此，分析师预计，Inari的RF部门销售在中期内将保持韧性，尽管中国iPhone市场的需求减缓，但其内容增长会提供支持。
Inari's stock remains under Maybank's HOLD recommendation with a 12-month target price of RM2.93, offering just a 1% upside from its current price of RM2.97.
Inari的股票仍然维持在马银行的持有推荐，12个月的目标价为RM2.93，比当前价格RM2.97仅提供1%的上涨空间。
