[Click eStock] "Anapass, Expected to Benefit from AI PC Market Growth"

Hana Securities analyzed on the 12th that Anapass is expected to benefit from the emergence of the artificial intelligence (AI) PC market.

Kim Seong-ho, a researcher at Hana Securities, stated in a report on the same day, “In July, Samsung Display raised its shipment target for high-end laptops as the increase in AI PC demand was steeper than expected,” and “Due to the recent rise in AI PC demand and the need for power efficiency, global OLED laptop shipments are expected to reach 7 million units by 2025.”

Researcher Kim said, “Anapass’s third-quarter performance this year is expected to show strong results with sales of 48.1 billion KRW and operating profit of 5.1 billion KRW, representing increases of 198.5% and 280.4% respectively compared to the same period last year,” adding, “The main reason for exceeding consensus is that the mobile OLED T-Con was reflected from the third quarter due to its adoption in the Galaxy S24 Fe line in July, and IT OLED sales were stronger than expected.”

He noted, “Samsung Display holds a 94% global market share for OLED monitors and laptops, and Anapass’s T-Con market share among its customers also exceeds 70%,” and predicted, “If high-end laptops (AI PCs) continue to grow, the trickle-down effect on Anapass from Samsung Display’s OLED business expansion is expected.”

Additionally, he forecasted Anapass’s sales and operating profit for next year to be 292.3 billion KRW and 57.8 billion KRW respectively, representing increases of 86.5% and 328.2% compared to the previous year. He explained, “The 2025 earnings estimate does not reflect the explosive growth of the AI PC market, so if AI PCs lead the IT OLED PC market at the current pace, there is potential for further upward revision of performance.”

Furthermore, he added, “Anapass holds compatibility certification references from Nvidia, AMD, Qualcomm, and Intel, so diversification of end-users can also be expected in the future.”