A-Share Quarterly Market: Semiconductor'S Overall Performance In The First Quarter Exceeded Expectations, And The Price Rise May Affect Terminal Consumer Electronics

Entering the April quarter period, the semiconductor plate, which had been bottoming before, finally rebounded. The biggest driving force behind is the catalytic performance of the first quarter.

According to the statistics of the 21st century economic report, as of April 13, 20 semiconductor enterprises in a share have announced their first quarter performance forecasts, and many of them have achieved double net profits. It is expected that the global "core shortage" wave superimposed on the rise in chip prices is the main factor in the performance of semiconductor enterprises exceeding expectations.

Among them, the analog chip company Fuman electronics has achieved a remarkable performance. The net profit attributable to the first quarter of this year is expected to increase by 732.66% - 884.06%, winning the "laureate" in the current performance increase in the semiconductor sector, mainly due to the mass production of new products and the iterative upgrading of the original hot-selling products.

"Most of the semiconductor companies have successively disclosed the first quarter forecast, which is very eye-catching as a whole, and most of them exceed market expectations. Among them, the expectation of the first quarter report disclosed by leading companies is also very bright, which verifies the current industry boom. After full adjustment in the early stage, the cost performance ratio of valuation has gradually become prominent. The current industry is short of supply and demand, and the prosperity is very high, and the performance of leading companies will continue to grow at a high speed. " Industrial securities electronic industry chief analyst Xie Heng pointed out.

Semiconductor performance cashing in the rising price trend

Performance doubling has almost become the standard configuration of this round of semiconductor quarterly report period. Reporter statistics found that, at present, 16 of the 20 companies that disclosed the quarterly forecast had a net profit growth of more than 100%.

In addition to fullman electronics, nastar's performance growth is more than several times. In the first quarter, it is expected to achieve a net profit of about 180 million yuan to 270 million yuan, with a year-on-year increase of 493.91% - 790.87%.

Nastar, the leader of printer chips and consumables, said that compared with the same period last year, the epidemic situation was significantly alleviated, and the global printer market showed a growth trend, and the demand for related consumables and microelectronics was also released. Among them, the company's overall printer sales are expected to grow by more than 15% year-on-year, the sales of general consumables will increase by more than 30%, and the sales and revenue of general consumables chips will increase by more than 20%.

Nastar said that thanks to the rising trend of semiconductor prices this year and frequent product upgrades of original printer manufacturers, the company's related chip product delivery and technical threshold are increasing, and the sales price of some products will also be increased in due time. At the same time, the company's MCU chip in the wafer production capacity shortage and domestic substitution environment, strong demand, the first quarter is expected to increase significantly year-on-year.

The performance growth of Zhuo Shengwei, the leading RF leader, is also accelerating. It is estimated that the net profit in the first quarter will be about 481 million yuan - 496 million yuan, with a year-on-year increase of 216.85% - 226.73%. It said that as the development of 5g communication technology has driven the rapid growth of RF front-end market demand, the company has benefited from the opportunity of 5g and domestic substitution.

In addition, Suzhou gutechnetium, new Jieneng, Quanzhi technology, Ruixin micro and other first quarter net profit growth is expected to reach more than 200%. These companies mentioned the growth of downstream demand in the forecast, which led to the improvement of the company's capacity utilization.

However, it is worth noting that the big increase in the first quarter of this year is also due to the low base in the early stage. Zhuo Shengwei frankly said that the same period last year caused a certain negative impact on customer demand. Suzhou gutechnetium also mentioned that affected by the epidemic situation in 2020, the resumption of work in the first quarter was delayed.

According to Yin Yanji, director of Hua'an Securities Research Institute, the long-term logic of power semiconductor plate has not changed. "On the demand side, the demand for power semiconductors such as new energy vehicles, photovoltaic and charging piles increases, and the industry continues to expand; domestic substitution brings opportunities, the market share of domestic manufacturers continues to increase, and the share under the epidemic situation is concentrated in domestic high-quality manufacturers; at the same time, with the product upgrading and material innovation of the third generation semiconductors, the income and profits of domestic companies continue to grow, while business barriers and surcharges are added Values are also rising. In addition, the price rise factor also makes the performance of the leading companies of power semiconductor relatively high in the first quarter. "

"Core shortage" wave may affect downstream consumer electronics

Although the performance of a good, but from the individual company's forecast, or smell the global "lack of core" crisis.

Nastar, whose volume and price rose in the first quarter, could not avoid the impact of the "core shortage" tide. It said that the current global shortage of electronic materials, Lexmark printers in March there is a certain pressure to deliver. Zhongying electronic's main business is integrated circuit design. The company said that there was strong demand for orders from customers in the first quarter, and sales performance was mainly limited by upstream capacity supply.

The reporter learned from the organization investigation of Quanzhi technology on April 6 that at present, the company's supply is stable and rising, but the finished product inventory is still in short supply. In view of the continuous shortage of global wafer supply, there is still uncertainty in the whole year.

"Lack of core" tide is also further aggravating the price rise tide. Zhongying electronics said that the gross profit margin increased year on year, mainly due to changes in product sales mix and price changes. Quanzhi technology said that since this year, the company's products have been gradually increasing prices.

Just on April 1, SMIC international, the leading manufacturer of wafer foundry in China, informed its customers by email that the agency price had been raised all the time, and that orders already placed but not online would be subject to the new price regardless of the order time and payment ratio.

"The shortage of chips is a situation faced by the whole industry, and price increase is the worst way to cope with the increase in costs. According to the current situation, the increase rate of wafer price will continue to this year and next two years." A semiconductor industry insiders told reporters.

And this increasingly fierce chip shortage storm, or will have a profound impact.

Recently, Xu Zhijun, chairman of Huawei's rotating chairman, said at the Huawei global analyst conference that if there is no cooperation in the semiconductor global industry chain in the future, the overall price of semiconductor will rise by 35% - 65%. Now the price of chip OEM has been rising, then the price of chip itself will rise, which will lead to the price rise of all consumer electronic products. In the next few years, price increases are expected.

Xu Qi, President of realme China, also said that in the second half of the year, the overall supply and demand relationship should be taken into account to determine the whole price trend of the mobile phone industry. "This year, there is not only a lack of core, but also a shortage of parts such as batteries and covers. At present, although the pricing mechanism has not been affected, the price may fluctuate in the second half of the year. This is my prediction based on the current situation. "

However, the rise in chip prices often lags behind when it comes to mobile phones and other terminal devices. An analyst in the field of consumer electronics said, "because mobile phone orders are generally signed a few months ago, the new machines on the market have not been affected by the rise in chip prices. However, entering the second quarter, mobile phones and other consumer electronics may usher in a wave of price increases affected by chip prices. It's just that consumers may not have a strong perception. " The reporter consulted the quarterly report of consumer electronics plate and did not mention the impact of chip price rise.

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