The semiconductor industry slowly recovered in the second quarter. The equipment sector thrived.

Affected by the "grinding bottom" of the semiconductor industry cycle and the slow recovery of consumer electronics market demand, the semi-annual performance forecast of listed companies in the-share semiconductor industry this year shows that the net profit of the parent company generally declined year-on-year, and the IC design, sealing and testing and other links became the "hardest hit area",. From a month-on-month point of view, the second-quarter performance of some head companies has stabilized and recovered, and their profits have increased month-on-month. Artificial intelligence, automotive electronics, power grids and other sectors have contributed to their performance. Some companies have said that they will stabilize and grow in the second half of the year.

Affected by the "grinding bottom" of the semiconductor industry cycle and the slow recovery of consumer electronics market demand, the semi-annual performance forecast of listed companies in the-share semiconductor industry this year shows that the net profit of the parent company generally declined year-on-year, and the IC design, sealing and testing and other links became the "hardest hit area",. From a month-on-month point of view, the second-quarter performance of some head companies has stabilized and recovered, and their profits have increased month-on-month. Artificial intelligence, automotive electronics, power grids and other sectors have contributed to their performance. Some companies have said that they will stabilize and grow in the second half of the year.

According to the statistics of Choice Financial Terminal, more than 30 listed semiconductor companies have disclosed their performance forecasts. Among them, Tongfu Micro Power, Huiting Technology, Shilanwei, Shanghai Beiling, Zhongjing Technology, Dawei Stock and other companies are expected to lose the first time. Botong Integrated's pre-loss has increased. Weir Stock, Ruixin Micro, Huatian Technology and other companies have the largest drop of more than 90%. In contrast, the northern Huacheng, micro-companies and other head enterprises doubled growth.

Design Enterprise:

Accelerate de-stocking

Due to the downturn in the terminal consumer electronics market, the performance of chip design companies in the first half of the year generally fell year-on-year, but with the advancement of destocking, the performance of some companies bottomed out and stabilized, and grew in the second quarter.

As the leader of AIot (artificial intelligence and Internet of Things) chips, Ruixinwei expects to achieve operating income of about 0.858 billion yuan in the first half of this year, down about 31% YoY, and net profit of 20 million yuan to 30 million yuan, down 93% to 89% YoY. From a month-on-month perspective, the company's revenue increased by about 60% in the second quarter, and the net profit attributable to the parent company achieved a turnaround. The company said that in the first half of the year, companies in the same industry had large inventories, fierce product competition, and pressure on sales prices. At the same time, some wafer costs were still rising, and the company increased AIoT R & D investment, resulting in a year-on-year decline in gross profit margin.

"Due to the continuation of the impact of the shortage in 2021, the performance base in the first half of 2022 is high and the base in the second half of 2022 is low. The company is confident of performance growth in the second half of the year." Ruixinwei pointed out that the company is facing a major opportunity for AIoT this year and still maintains a high R & D investment. The R & D cost in the first half of the year was about 0.26 billion yuan, an increase over last year.

Nor Flash storage leader Zhaoyi Innovation is expected to achieve a net profit of about 0.34 billion yuan in the first half of the year, down more than 70% year-on-year, but up nearly 30% from the first quarter.

Huiding Technology, the leader of fingerprint identification chips, is also affected by the sluggish demand in the consumer electronics market. In the first half of the year, its operating income is expected to be about 2.02 billion yuan, an increase of about 10.5 percent over the same period last year, and its net profit loss is about 0.137 billion yuan. However, the company's performance improved month-on-month, and the company's net profit in the second quarter was about 1.84 million yuan, achieving positive growth.

Huding Technology introduced that during the reporting period, the company accelerated the progress of destocking, and the trend of impairment losses on inventory assets has been significantly improved. The company expects the inventory book balance to decrease by about 0.75 billion yuan in the first half of this year. In addition, the company's inventory asset impairment loss is about 0.175 billion yuan. It is expected that there will be no large provision for inventory decline in the second half of this year. In addition, due to the decision to terminate the research and development of the TWS project in the second quarter, the impairment provision for the corresponding development expenditure resulted in an asset impairment loss of about 0.225 billion yuan.

Broadcom Integration, which is engaged in wireless chip design, expects to realize a net profit of -64.803 million yuan to -43.303 million yuan in the first half of 2023 due to the unrecovered demand of end customers. Compared with the first quarter, the company's loss eased in the second quarter.

Zhuo Shengwei, the leading RF front-end leader, is highly dependent on the mobile phone market. Due to weak market demand and changes in the market competition pattern, the company expects operating income of 1.665 billion yuan in the first half of the year, down 25.48 from the same period last year, and net profit of 0.338 billion yuan to 0.376 billion yuan in the first half of the year, down 55.06 to 50.01 percent from the same period last year. The company's second-quarter results increased month-on-month.

However, chip design leader, CMOS image sensor chip leader Weir shares in the second quarter has not yet fully improved. It is estimated that in the first half of this year, the net profit of the parent company will be 0.129 billion yuan to 0.193 billion yuan, a decrease of 91.51 to 94.34 percent year-on-year; the net loss after deducting non-profit will be 52.5 million yuan to 82.5 million yuan, a decrease of 103.62 to 105.68 percent year-on-year. IDM company Shilanwei is also affected by the prosperity of the downstream general consumer electronics market. It is expected to deduct non-net profit of about 156.14 million yuan in the first half of the year, a year-on-year decrease of about 70%.

Unlike the downturn in the consumer electronics market, industrial markets such as power grids have grown steadily.

As an Internet of Things communication technology chip design company, Lihe Micro expects to achieve operating income of 0.253 billion yuan in the first half of the year, an increase of 13.39 percent year-on-year, and net profit attributable to the parent company was 50 million yuan to 53 million yuan, an increase of 57.52 percent to 66.97 percent year-on-year, and net profit after deductions. Net profit increased by 132.71 to 148.57 percent year-on-year. During the reporting period, the power grid market continued to grow, the company's orders were sufficient, compared with the same period last year in hand orders increased by more than 50%, while smart photovoltaic, smart home and other chip projects are also orderly progress, thickening the company's performance. Recently in the acceptance of institutional research, Lihe micro-executive introduction, smart grid is a high-quality market, the market space is larger.

Sealing giant:

Layout Advanced Package

Compared with other semiconductor industry chain links, packaging testing is more sensitive to market changes, the beginning of the current cycle, the performance of the first downward adjustment. The latest performance forecast shows that the second quarter of the sealing head company's earnings increased significantly compared with the first quarter, and listed companies actively layout Chiplet and other advanced packaging, high-performance computing, automotive electronics and other businesses have driven revenue growth.

Tongfu Microelectronics achieved operating income of about 9.909 billion yuan in the first half of the year, an increase of about 3.58 percent over the same period last year, with a net profit loss of 0.17 billion yuan to 0.198 billion yuan, of which the current exchange loss caused a decrease in net profit of about 0.203 billion yuan. Excluding this factor, the company's net profit was positive in the first half of the year. Tongfu Microelectronics introduced that the global semiconductor market was weak and downstream demand recovered less than expected, resulting in pressure on the sealing and testing business and a significant impact on the company's traditional business. In response, the company adjusted its product layout, achieved revenue growth in high-performance computing, new energy, automotive electronics, storage, display drivers and other fields, actively promoted the market-oriented application of Chiplet (core particles), and achieved large-scale mass production.

Changdian Technology, as the leader of A- share semiconductor packaging and testing, also increased significantly in the second quarter. The performance forecast shows that in the first half of this year, the company achieved a net profit of 0.446 billion yuan to 0.546 billion yuan, a year-on-year decrease of 64.65 to 71.08. The company achieved a net profit of about 0.11 billion yuan in the first quarter, and a profit 0.336 billion to 0.436 billion yuan in the second quarter, which was more than twice the previous quarter. The company continued to invest in automotive electronics, industrial electronics and high-performance computing to prepare for a new round of application demand growth. Previously, Changdian Technology introduced the Chiplet high-performance packaging technology platform XDFOI for high-power chip companies.

Huatian Technology also expects its performance to decline in the first half of the year, achieving a profit of 50 million to 70 million yuan, a decrease of 90.27-86.38 percent over the same period last year. However, the company lost about 0.1 billion yuan in the first quarter and is expected to turn losses into profits in the second quarter.

In addition to artificial intelligence to bring high-performance computing market pull, automotive electronics began to gradually contribute to performance.

Jingfang Technology expects to achieve a net profit of 70 million to 80 million yuan in the first half of the year, down 58.11 to 63.35 percent from the same period last year; after deducting non-profits, the company's net profit fell 57.57 to 62.22 percent from the same period last year. Compared with the first quarter profit of 28.57 million yuan, the company's second quarter profit doubled or doubled.

Benefiting from the industrial development trend of automotive intelligence and networking, Crystal Technology continues to expand the development of new areas such as on-board camera packaging and micro-optical device manufacturing, and the corresponding business scale and production capacity continue to increase, but the overall scale still needs to be further improved. At the same time, Jingfang Technology continues to promote the collaborative integration of international advanced technologies and projects. VisIC, as the world's leading third-generation semiconductor GaN (gallium nitride) device design company, has jointly developed high-power main drive inverter modules of 800V and above through cooperation with internationally renowned automobile manufacturers. Because it is in the product development and validation investment stage, it affects the company's investment income.

Equipment enterprises:

Performance doubled growth

Although the overall semiconductor sector has not yet come out of the trough, but driven by domestic substitution demand, equipment link enterprises to maintain counter-cyclical high-speed growth, leading equipment manufacturers in the first half of the performance doubled growth. The National Bureau of Statistics recently disclosed that in order to overcome the "stuck neck" project, the manufacturing industry of semiconductor-related industries grew rapidly in the first half of this year, and the added value of semiconductor device special equipment manufacturing industry increased by 30.9.

As a leader in A- share semiconductor equipment, North Huachuang benefited from the steady increase in the market share of the company's semiconductor equipment business and the continuous improvement of operating efficiency. In the first half of this year, it achieved operating income of 7.82 billion to 8.95 billion yuan, a year-on-year increase of 43.65 to 64.41. Net profit was 1.67 billion to 1.93 billion yuan, an increase of 121.30 to 155.76 over the same period last year. In contrast, in the first half of last year, the company's net profit attributable to the parent company was 0.755 billion billion yuan, a year-on-year increase of 1.43 times, continuing the rapid growth.

At the 2022 annual performance presentation meeting, North Huachuang executives introduced that the company's etching, film deposition, furnace tube and cleaning equipment are all supplied to the market in batches, and the process coverage and market share continue to increase. In the future, North Huachuang will continue to increase its research and development investment in the field of semiconductor basic products and continuously improve its customer-oriented innovation capability.

A- share semiconductor etching equipment leading micro-company performance will also grow significantly, the company is expected to 2023 half-year operating income of about 2.527 billion yuan, an increase of about 28.13 percent, to achieve a net profit of 0.98 billion yuan to 1.03 billion yuan, an increase of 109.49 percent to 120.18 percent. In addition, the company expects net profit after deduction to be 0.5 billion yuan to 0.54 billion yuan, up 13.45 to 22.53 percent year-on-year. However, the second quarter of non-net profit slightly increased month-on-month.

According to reports, the etching equipment of China Micro Corporation continues to be recognized by more domestic and foreign customers, the market share of key customers continues to increase, and the operating income and gross profit increase. The company's MOCVD equipment continues to maintain an absolute leading position in the new generation Mini-LED production line; in addition, the company sold some of its shares in Tuojing Technology in the first half of the year, generating a net after-tax income of about 0.406 billion yuan (non-recurring income).

Wanye enterprises have acquired Kaishitong, Compart Systems, the establishment of Jiaxin Semiconductor, and continue to increase the proportion of integrated circuits in the company's overall business. The company expects to achieve a net profit of about 0.118 billion yuan in the first half of the year, an increase of about 316 percent over the same period last year, with cumulative new integrated circuit equipment orders exceeding 0.24 billion yuan, and equipment manufacturing revenue increasing by about 18 percent over the same period last year. According to the introduction of the company's senior executives at the performance presentation meeting in June, the low-energy large-beam ion implanter, the low-energy large-beam heavy metal ion implanter, the low-energy large-beam ultra-low temperature ion implanter and the high-energy ion implanter independently developed by Kaishitong have successively passed the verification and acceptance of the mainstream 12-inch integrated circuit chip manufacturing factory.

In the semiconductor materials industry chain, the performance of semiconductor silicon wafer enterprises decreased year-on-year. Leon Micro expects to achieve a net profit of 0.165 billion yuan to 0.185 billion yuan in the first half of 2023, a year-on-year decrease of 67.21 to 63.24. Among them, since the second half of last year, due to the decline in the consumer electronics market, the capacity utilization rate of silicon polished wafers has declined, the prices of some silicon wafer products have been lowered, the silicon wafer business has dropped by about 18.5 compared with last year, and the semiconductor power device chip business has dropped by about 10%, however, in the second quarter, revenue increased month-on-month, and the compound semiconductor chip business increased by about 40% year-on-year. The company's RF chip verification progress has basically covered domestic mainstream mobile phone chip design customers, and orders in hand have increased significantly year-on-year. (Reporter Ruan Runsheng)

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