Guo Mingchi: Himax Technologies, Inc. Sponsored ADR (HIMX.US) is becoming a "key" beneficiary of Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR's advanced packaging technology COUPE.

Feng International Securities analyst Guo Mingchi said on Wednesday that Himax Technologies, Inc. Sponsored ADR (HIMX.US) is becoming a "key" beneficiary of Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR's (TSM.US) artificial intelligence and silicon photonics program. Guo Mingchi wrote, "Thanks to COUPE (Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR's silicon photonics program), Himax Technologies, Inc. Sponsored ADR is preparing for strong expansion in the coming years. I estimate that by 2026-2028, Himax's revenue will reach around $1.16 billion, $1.42 billion, and $2.4 billion respectively (market expectations for 2026 are $1.11 billion), with earnings per share of around $1.00, $1.60, and $3.40 (market expectations for 2026 are $0.80)." Guo Mingchi explained that the first generation of COUPE has been fully developed and has received "top priority" in development technology at Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR. Guo Mingchi added that mass production verification is currently underway, with the second generation mass production verification expected to begin in the first half of 2026. Himax Technologies, Inc. Sponsored ADR is expected to benefit from this as it is the exclusive supplier of two generations of micro lens arrays. Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR and NVIDIA Corporation (NVDA.US) may have conflicting views on the timeline for silicon photonics - Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR believes mass production of silicon photonics could take 1-1.5 years, while NVIDIA Corporation believes it could take several years - Guo Mingchi added that if mass production is on time, NVIDIA Corporation's Rubin series GPUs may use COUPE. Furthermore, Guo Mingchi pointed out that AMD (AMD.US) may be the first Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR customer to adopt COUPE, continuing the trend of "actively using Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR's advanced technology."