The semiconductor sector went up on the 12th. As of press time, Yongsi Electronics rose by nearly 8%, Weisi Technology and Dagang shares rose by more than 6%, Fuchuang Precision, Longxun shares, etc. rose by more than 5%; SMIC rose by about 5%. 4%, and once rose by more than 6% during the session.
SMIC's first quarter report for 2023 shows that the company achieved operating income of 10.209 billion yuan in the first quarter, a year-on-year decrease of 13.9%; net profit attributable to shareholders of listed companies was 1.591 billion yuan, a year-on-year decrease of 44%. The company said that the decline in net profit in the first quarter was mainly due to the decrease in wafer sales and the decline in capacity utilization.
The company stated that in the first quarter, the company's sales revenue was slightly better than the guidance, and the gross profit margin was at the upper end of the guidance; in the second quarter, the company expects capacity utilization and shipments to be higher than the first quarter, and sales revenue is expected to increase by 5% to 7% month-on-month. The average unit price of wafers decreased quarter-on-quarter due to changes in product mix; gross profit margin is expected to be between 19% and 21%. The company promotes the corresponding capital expenditure according to the expansion plan. At present, SMIC Shenzhen has entered mass production, SMIC Beijing is expected to enter mass production in the second half of the year, SMIC Oriental is expected to be completed by the end of the year, and SMIC Xiqing is still under construction.
Looking forward to the whole year of 2023, although revenue bottomed out in the second quarter, the extent of recovery in the second half of the year is still unclear. Overall, the market has not seen a full recovery, so the guidance for the whole year remains unchanged, that is: sales revenue The year-on-year decline was in the low ten digits, and the gross profit margin was around 20%.
Regarding the semiconductor sector, Hong Kong United Securities pointed out that from the perspective of demand, the current inventory of the semiconductor industry as a whole is at a relatively high level. In the first quarter of 2023, the inventory and inventory turnover days of domestic and foreign PC and mobile phone chip manufacturers have increased, but terminal PC manufacturers It is expected that the PC market will rebound in the second half of 2023. The inventories of Vail and Zhuo Shengwei have begun to decrease in the first quarter of 2023, and consumer demand is expected to bottom out in the second half of the year. In terms of prices, storage prices in the second quarter of 2023 will The decline may narrow, and it is expected to gradually improve in the second half of 2023. From the perspective of supply, fab shipments continue to decline, and TSMC has guided that the utilization rate is expected to bottom out in the second quarter of 2023. The performance of packaging and testing companies in the first quarter of 2023 will be under pressure due to the impact of the boom. However, judging from the revenue of Taiwan-listed packaging and testing companies, it will start to pick up in March. As downstream demand gradually picks up, the performance of packaging and testing companies is expected to increase quarter by quarter. Advanced packaging is the future trend, and it is recommended to pay attention to domestic packaging and testing leaders. In terms of power, the downstream of consumer products is under pressure, and the new energy field continues to grow. However, as demand picks up in the second half of the year, and the valuation of power companies is at a low level, it is recommended to pay attention to downstream automobiles and other non-consumer businesses with a high proportion.
In addition, in the future, the growth rate of AI servers will be faster than that of ordinary servers, and GPUs will gradually replace CPUs as the absolute core components of AI servers. Due to the relatively fierce competition in the GPU head market, it is recommended to focus on the layout of core computing power chips such as GPUs. In the background, a company with solid scientific research strength and strong product competitiveness. The proportion of wafer manufacturing capacity in mainland China is still relatively low, while domestic semiconductor market demand accounts for a relatively high proportion of the world, and there is still room for improvement in the supply of wafer manufacturing capacity compared with demand. However, foreign restrictions on China's semiconductors continue to tighten, and the urgency of self-control has further increased. On the other hand, the localization rate of domestic semiconductor equipment is still low. Judging from the contract liabilities and inventory of domestic semiconductor equipment manufacturers, domestic semiconductor equipment manufacturers have sufficient orders in hand, and the logic of accelerated share increase will continue to be fulfilled. As the utilization rate of the fab is expected to bottom out in the second quarter, the increase in the utilization rate in the second half of the year will drive the demand for domestic semiconductor materials. At the same time, the localization rate of domestic semiconductor materials is still low. The double benefits of the increase in aggregate demand and the increase in the localization rate.