The first quarter of 2023 A-share results are disclosed, and the semiconductor industry is clearly differentiated.
On the whole, the semiconductor industry is still at the bottom of the cycle, but the situation of the fine molecule industry is still different, the consumer electronics market is still in inventory, but the demand for chips in high-performance computing, automotive electronics, industrial control and other fields continues to increase, becoming the driving force for industry growth. In addition, driven by the active expansion of chip foundries, semiconductor equipment business performance has been growing steadily.
The paper news sorted out the leading listed companies in the semiconductor field, and the performance of semiconductor equipment manufacturers such as NAhua Chuang (002371) and Micro and Micro companies (688012) maintained a high growth state against the trend. The performance of consumer electronics chip companies such as Zhuosheng Micro (300782) and Weil Stock (603501) is generally under pressure; AI chip companies Cambrian (688256) and JingJiawei (300474), whose stock prices have been stir-fried, have mixed performance; Closed test companies are experiencing a "winter", corporate revenue, net profit have declined.
Semiconductor equipment performance continued to grow steadily
Although the chip demand is at the bottom of the industry cycle, the major integrated circuit founfounts are actively expanding their production capacity, which has brought contrarian growth opportunities to semiconductor equipment, and out of the high growth trend opposite to the overall trend of the industry.
Semiconductor equipment first quarter performance data. Drawing paper reporter Zhou Ling
The leading semiconductor equipment enterprise Naura reported the main income of 3.871 billion yuan in the first quarter, up 81.26% year-on-year, down 17.13% quarter-on-quarter; Net profit returned to the mother was 592 million yuan, up 186.58% year-on-year, down 11.23% quarter-on-quarter; Withholding non-net profit of 534 million yuan, up 243.59%; Gross profit margin was 41.18%, compared with 39.41% in the fourth quarter.
Naura said that in the first quarter, the company's sales orders and production scale increased from the same period last year, resulting in an increase in sales revenue and an increase in net profit.
Naura's first-quarter performance continued the high growth trend for the whole year of 2022. In 2022, NAURA's revenue reached the "10 billion" level, reaching 14.68 billion yuan, an increase of 51.68%. Among them, electronic process equipment increased by 52.03%, and electronic components increased by 50.10%. Net profit attributable to shareholders of listed companies was 2.35 billion yuan, an increase of 118.37%. Naura said in its 2022 financial report that the company has overcome the negative impact of various uncertainties such as the economic downturn and changes in the international environment, strengthened its strategic focus, continued to deepen the field of semiconductor basic products, made remarkable progress in all businesses, and reached a new high in operating performance, officially entering a new stage of "10 billion level" development. The new signed orders of integrated circuit equipment have steadily increased, and a variety of new equipment has realized the launch of the client, opening up a broader development space for the company's subsequent market expansion; The industrialization capacity of advanced packaging, third-generation semiconductors, high-efficiency crystalline silicon cells and other emerging fields has been steadily improved, and the SiC process equipment applied to third-generation semiconductors has formed a comprehensive solution capability, achieving large-scale application in domestic mainstream production lines; Vacuum heat treatment equipment, magnetic material equipment and other applications to achieve new breakthroughs; The market position of a number of new products in the precision electronic components business is increasingly consolidated, and the scale of customer base continues to expand.
In the first quarter of 2023, micro and medium companies also continued to maintain a steady growth trend, achieving operating income of 1.223 billion yuan during the period, an increase of 28.86% year-on-year and -27.8% quarter-on-quarter; Net profit returned to the mother was 275 million yuan, an increase of 134.98% and a decline of 26.9%.
The company said that the company's etching equipment continues to be recognized by more customers at home and abroad, and its market share continues to increase. In the world's most advanced 5nm chip production line and the next generation of more advanced production lines, the company's CCP etching equipment has achieved multiple batch sales, and more than 200 reaction stations have been qualified to operate in the production line. The company's ICP etching equipment continues to approve more etching applications, rapidly expanding the market and receiving volume orders from leading customers.
Among them, the revenue of etching equipment in the first quarter was 814 million yuan, an increase of about 13.94% over the same period last year, and the gross margin reached 47.29%; MOCVD equipment in the new generation of Mini-LED industrialization, in the blue-green LED production line continues to maintain an absolute leading position, the current MOCVD equipment revenue 167 million yuan, an increase of about 300.48% over the same period last year, gross margin reached 40.09%.
Another equipment manufacturer core source micro (688037) in the first quarter of the same high growth, revenue of 288 million yuan during the period, an increase of 56.9%. Down 40% quarter-on-quarter; The net profit returned to the mother was 66 million yuan, an increase of 103.6% year-on-year, and an increase of 15.46% quarter-on-quarter. Xinyuan Micro also said that in the first quarter of 2023, the company's new signed orders were good, and the orders in hand were full. The company continues to consolidate its card advantages in the field of pre-coating development, constantly improve and innovate the product technology, and achieve substantial breakthroughs in the whole machine products, core unit technology, core parts and other aspects.
AI chip companies have had mixed results
This year, due to the promotion of digital China construction and the catalysis of ChatGPT, the share prices of AI chip companies have soared. However, with the disclosure of these companies' first-quarter results, AI chip stock prices have retreated sharply.
AI chip company's first quarter performance data. Drawing paper reporter Zhou Ling
Due to the promotion of artificial intelligence concepts such as ChatGPT, the Cambrian (688256), known as the "first share of local AI chips", has risen 357% since the beginning of this year, returning to the peak of 100 billion market value.
Revenue in the first quarter of Cambrian 2023 was approximately 75.29 million yuan, an increase of 19.52% over the same period of last year and an increase of 83.79% sequentially; Net profit loss attributable to shareholders of the listed company was approximately RMB255 million, compared with a net loss of RMB287 million in the same period last year. Gross margin for the first quarter was 76.79%, compared to 70.08% in the fourth quarter of last year.
In fact, Cambrian 2022 performance was also poor, revenue did not increase, and net profit fell sharply. In 2022, the operating income was about 729 million yuan, an increase of 1.11%; The net profit loss attributable to the shareholders of the listed company was about 1.257 billion yuan; Basic earnings per share loss of 3.14 yuan. The operating income of the same period in 2021 is about 721 million yuan; The net profit loss attributable to the shareholders of the listed company was about 825 million yuan; Basic earnings per share loss of 2.06 yuan.
GPU chip manufacturer JingJiawei (300474) revenue in the first quarter of 2023 was about 65.18 million yuan, a year-on-year decrease of 81.98% and -84.65%. The net profit loss attributable to shareholders of the listed company was approximately 70.68 million yuan, compared with a profit of 77.29 million yuan in the same period last year. Jingjiawei said first-quarter product sales fell sharply from the same period last year, leading to a sharp decline in revenue and profit.
In the secondary market this year, with the concept of AI computing power, Jingjiawei's share price rose by more than 150% this year, and reached a new high in early April, with a market value of 65 billion yuan. In the past 10 trading days, Jingjiawei's share price has been adjusted.
Huatai Securities said that due to the delay of orders and vigorous research and development dragged down Jingjiawei's first-quarter results, the annual revenue growth can be expected.
Compared with the losses of Cambrian and Jingjiawei, Zhongke Shuguang (603019) in the first quarter was in line with expectations. During the period, the total operating revenue was 2.298 billion yuan, an increase of 5.39% year-on-year, -59.1% quarter-on-quarter, the net profit returned to the mother was 131 million yuan, an increase of 19.92% year-on-year, the quarter-on-85.29%, and the non-net profit was 0.49 million yuan, an increase of 24.24% year-on-year.
Oriental Securities research report said that as a domestic supercomputer leader, Zhongke Dawning has developed in a balanced way with high performance, low energy consumption and high integration, and its advantages continue to increase. Backed by the Institute of Computing Science of the Chinese Academy of Sciences, the company focuses on high-end computers and other core advantages, and has achieved full-stack self-research of high-end server products. In the first quarter, the company's gross profit margin was 24.04%, an increase of 3.23 percentage points compared with the same period last year, mainly due to the company's continuous upstream core parts layout, and gradually strengthen the bargaining power of the industrial chain. Orient Securities is optimistic about the future business development of Zhongke Shuguang and gives a buy rating.
Consumer electronics chip performance continues to be sluggish
Due to the recovery of consumer electronics less than expected, resulting in the first quarter of this year consumer electronics chip companies "winter" is still, revenue and net profit both fell sharply.
Consumer electronics chip company's main results in the first quarter. Drawing paper reporter Zhou Ling
Rf chip leading company Zhuo Sheng Micro (300782) in the first quarter of 2023 operating income of 712 million yuan, down 46.50% year-on-year, an increase of 7.6%; Net profit attributable to shareholders of listed companies was 116 million yuan, down 74.64% year-on-year, up 38.25% quarter-on-quarter; Net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses was 118 million yuan, down 74.45% year-on-year.
Zhuosheng Micro previously said in the performance forecast that the industry was more optimistic about the demand for 5G smartphones in the early days of last year, so the company's performance showed a good momentum in the same period last year; With the global economic slowdown and other complex external environment changes, during the reporting period, the company's main downstream application of smart phone market demand did not improve significantly, the combined impact of the above factors made the company's performance in the first quarter decreased compared with the same period last year. In addition, the company has done some inventory impairment processing and increased investment in research and development also led to a certain impact on the company's profit.
Zhuosheng Micro is a leading manufacturer of local RF chips, mainly providing RF switches, RF low noise amplifiers, RF filters, RF power amplifiers and other RF front-end discrete devices and various module products. Its main customers are mobile phone companies.
Weil Shares (603501) In the first quarter of 2023, the company achieved revenue of 4.335 billion yuan, down 21.72% year-on-year and 7.67% quarter-on-quarter. Net profit was 199 million yuan, down 77.81% from -1.158 billion yuan in the fourth quarter of last year.
Vail's semiconductor products consist mainly of image sensor solutions, touch and display solutions and analog solutions. Due to the weak consumer market in 2022, the sales of PCS and smart phones have declined, which has brought great pressure to the business of Weil Shares. The consumer electronics market in 2023 has not recovered strongly, resulting in the first quarter performance of Weil shares affected.
Analog chip manufacturer Shengbang Shares (300661) achieved revenue of 513 million yuan in the first quarter of 2023, down 33.80% year-on-year and down 33.78% quarter-on-quarter; Net profit returned to the mother of 30 million yuan, down 88.40% year-on-year, down 75.4% quarter-on-quarter. The decline in revenue was mainly due to lower sales volumes as a result of market changes.
Our analog chip products can be widely used in industrial control, automotive electronics, communication equipment, consumer electronics and medical instruments, as well as in emerging markets such as the Internet of Things, new energy and artificial intelligence.
Shengbon shares said in the 2022 financial report that since the second half of 2022, affected by the weak global economy, declining consumer confidence, weak chip demand, and increasing inventory pressure, the semiconductor integrated circuit industry has entered a short adjustment cycle, and in the long run, Informatization, intelligent wave and including new energy vehicles, photovoltaic energy storage and other green energy industry development needs are still promoting the electronic information industry continues to move forward, its demand for integrated circuits is expected to show strong growth, the global integrated circuit industry still has broad prospects for development.
Whether Zhuosheng Micro, Weil shares or Shengbang shares, after the release of the first quarter results, the stock price has fallen by about 20-30%, and investors vote with their feet. The wind Semiconductor Select index has been adjusted for three weeks, falling about 20%.
Guoyuan Securities report believes that the fundamentals of the semiconductor industry as a whole will continue to be under pressure in the second quarter, with the inventory adjustment of designers in the third quarter, as well as the reduction of the supply side of the chip leader, the supply and demand results are expected to gradually improve in the second half of the year. However, Guoyuan Securities believes that the market demand for AI computing power chips has been further boosted, and the concept of AI chips will be a continuous hot spot in the market throughout the year; In addition, the wafer is still in a positive expansion trend during the year, which is expected to promote the continued growth of equipment and materials, and equipment and materials as a key link of the "jam neck", in the current external environment to achieve autonomy and control of the strategic significance further highlighted, it is recommended to pay attention to.
Managing Editor: It's Dongdong
Photo editor: Jang Dong Taek
Source: Thepaper.cn
