The chip semiconductor industry cools down.

25.09.2022

Number of this text: 2032, reading time for about 4 minutes

Guide: Multi -factor influence

Author | First Finance Xu Yu

The chip semiconductor industry is on the downward cycle, but Well shares are stocking against the trend.

According to Gartner forecast, global semiconductor revenue is expected to increase by 7.4%in 2022, compared with the previous quarter forecast of 13.6%, and the growth rate of 26.3%in 2021 is far below 2021.

The data of Well shares in the semi -annual report of 2022 shows that the company's inventory amount reached 12.45 billion yuan at the end of June, accounting for 33.65%of total assets, an increase of 43.99%over the same period last year.

On September 16, some investors asked the company's secretary that the industry was in the downward cycle. Why should we increase the inventory and what is the company's operation? What is the new inventory for doing? The original inventory has been 10 billion yuan. Why should we increase the inventory?

The secretary of Well shares said that the demand for consumer electronics has declined, and some of the company's product lines and businesses are indeed inevitably affected.

Similarly, comparable companies in the same industry are also affected by changes in the market environment, and inventory has increased to different extent. The company's inventory is affected by many factors such as market promotion and order preparation. The company will comprehensively consider the above factors and closely pay attention to the lower reaches to reduce the risk of product inventory. At present, the company's inventory products are mainly universal products. Strong strength. The company is actively adjusted to the product line and supply chain strategy to reduce the risk of inventory.

For example, although the company's downstream consumer electronics field is not downturn, the field of new energy vehicles has shown an obvious feature of accelerated demand growth. As a CIS leader, Wir's shares have a set of CIS solutions that can be applied to the automotive field. It also eaten a wave of development of "dividends".

In addition, Guosheng Securities analysis believes that the company's inventory was further increased in the second quarter of 2022. It was mainly due to the successful delivery of products after the early investment and the overall sales in the second quarter of this year. Continuously declined, and the inventory turning point is expected to occur in the third and fourth quarters.

Continuous delivery and weak sales lead to inventory growth

In the case of poor demand in the downstream industry, the growth of inventory is not unique. CICC has previously analyzed that due to the long manufacturing cycle and the lack of foundry capacity, the high inventory of chip companies to continue until the second quarter of 2022 is a common phenomenon in the industry.

The balance of inventory at the end of June 2022 was 2.03 billion yuan, an increase of 12.51%year -on -year; Beijing Junzheng's inventory was 1.9 billion yuan in the same period, an increase of 3.3%year -on -year.

In comparison, Well's inventory increase is even more prominent. According to the first quarter and semi -annual report of Well's shares in the 2022, the company's inventory balance at the end of the first quarter was 10.47 billion yuan, and the end of June was 12.65 billion yuan, the quarter -month increase of more than 20%.

In fact, on April 27, after the first quarter report of Well's shares issued, investors had questioned the significant growth of the company's inventory. The company's director Ren Bing said at the annual performance exchange meeting that the company's inventory volume is compatible with the company's product structure and development strategy. With the rapid growth of the company's income scale, the company's inventory will also have a certain degree of recent extent. rise.

Guosheng Securities said that the company's semi -annual newspaper inventory continued growth analysis said that the growth of Well's stock inventory was mainly affected by the continuous delivery and sales of supply chain transfer and weak sales. Essence

Well's business model adopts Fabless's business model, that is, the company is only engaged in semiconductor R & D design business, and packages the wafer manufacturing and packaging test business to specialized wafer founders and packaging test manufacturers.

This year, Well's shares transferred some relatively mature products to the production of local wafer factories. The inventory increase was related to the succession of the product after the early operation.

Can inventory volume and product structure adapt to development strategies

Although Well's shares are facing the contraction of the downstream consumer electronics industry, the other foot has stepped on the China New Energy Circuit. The downstream prosperity of new energy vehicles such as new energy vehicles is also considered by some people in the industry as one of the reasons for the increase in company inventory.

Well Co., Ltd. has a variety of products that can be used in the automotive field. Such as the company's CMOS image sensor, Silicon -based LCD projection display (LCOS), specific use integrated circuit products (ASIC), and TVS, MOSFET, and Schartky diode in the simulation solution.

Since the beginning of this year, the proportion of auto business in Well's stock business has increased rapidly, which has made the company's sales revenue increased a large scale increase from the same period of the previous year. In the first half of 2022, the company's car image sensor sales were about 1.6 billion yuan, and the proportion image image image image The 22%of the overall sensor business increased significantly compared with the 14%proportion last year.

In the first half of the year, Well Co., Ltd. also acquired more industrial tracks through acquisition of enterprises.

On May 23, Well shares issued an announcement that Shaoxing Wehao, a full -all -funded company, intends to increase holding Beijing Junzheng's stock by concentrated bidding or community transaction for no more than RMB 4 billion. The number of Beijing Junzheng shares does not exceed 50 million shares, which does not exceed 10.38%of Beijing Junzheng's total share capital.

Well's shares believe that Beijing Junzheng, as an IC design (integrated circuit design) enterprise, is complementary with the company's effective resources. In May 2020, Beijing Jun was completing the acquisition of Beijing Silicon, and his operating performance increased significantly. Beijing Silicon Cheng has worked in the memory field for more than 30 years. It has a complete technical system and engineering guarantee system. It can provide various memory products in the fields of automotive electronics, industry and medical care. Industry chip. Beijing Junzheng and Weir are also IC design enterprises. The downstream customers are facing the fields of automotive, industry, medical care, and communications, which can achieve effective resource complementarity.

Wang Song, general manager of Well's shares, previously said that the company's inventory volume is compatible with product structure and development strategies. At the same time, management also adjusts the inventory scale in a timely manner based on the latest market situation.

In addition, the company actively carried out the adjustment of product lines and supply chain strategies. In order to fully cope with the product needs of the transition period in the supply chain adjustment, the company strategically reserved a certain amount of inventory scale. With the continuous growth of the company's sales scale and the release of the demand for epidemic, the company's inventory will be kept at a stable and controllable level for a long time.

As of the close of September 23, Well's stock price has fallen by 64.25%since this year. Tonglian data shows that the current price -earnings ratio of Well's shareholding is 17.73 times, which is located at 0.08%of the history.

(Intern Tang Zhuoya also contributed to this article)

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