China's semiconductor production equipment (SPE) imports expanded 29% in December 2024, anchored by a 35% rise in water fabrication equipment (WFE), Jefferies said in a Tuesday research note.
The growth likely reflects a rush to secure orders ahead of expected US export restrictions, Jefferies said.
However, the equity research firm remains bearish on the Chinese WFE sector's capital expenditure outlook for 2025, mainly due to buying hurdles for sanctioned foundries, component sourcing concerns for sanctioned WFE players, and likely consolidation in the foundry industry.
Jefferies sees the December import rise as temporary, with full-year 2024 WFE imports only growing 22% year over year, compared to the 47% growth in 2023.
China's semiconductor imports rose 11% in December, supported by a 25% increase from Korea, Jefferies said.
The research firm expects China's semiconductor exports to weaken in 2025 amid the US export restrictions and slower smartphone growth.
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