Win Semi Is an Early Beneficiary of Smartphone Recovery, Another Upgrade Cycle Looming

Win Semiconductors, or Win Semi, intends to secure its leadership in RF contract manufacturing by expanding capacity, developing GaAs improvements, selling new materials and exploring applications. It boasts almost 80% market share in GaAs foundries, with the next two largest peers at 10%-15% combined. The company has been successful in reducing reliance on mobile products, currently making up less than 40% of the business. Base stations and other infrastructure products make up the second-largest group.