Shengqun, a large MCU (microcontroller) manufacturer, held a legal person‘s explanation meeting today, giving the expectation that the third quarter will not be prosperous in the peak season. At the same time, in the fourth quarter, more than 10% of the chips will be repaired and the number of global wafer chips will be lowered even lower than last year. Cai Rongzong, deputy general manager of shengqun business marketing center, frankly said that the current inventory turnover days of shengqun are 4 months, and that of the canal end is as high as 5 months, more than double the normal. It is expected that it will not approach the normal inventory level until the first half of next year.
In terms of specific performance, shengqun‘s revenue in the second quarter was NT $1.665 billion, a quarter decrease of 13%, and the gross profit rate was 52.8%, an increase of 1.3 percentage points over the first quarter. The net profit attributable to the parent company was NT $355 million, a quarter decrease of 31%, and the net profit per share was NT $1.57. The accumulated revenue in the first half of the year was NT $3.583 billion, an increase of 14% year-on-year, and the gross profit rate was 52.1%, an increase of 2.5 percentage points over the same period of last year. The net profit attributable to the parent company was NT $867 million, an increase of 0.8% year-on-year, and the net profit per share was NT $3.84.
Due to the current decline in terminal market demand, shengqun‘s inventory level also reached a new high. As of the end of June, shengqun‘s inventory amount reached NT $1.303 billion, and the average inventory turnover days reached 121 days, about 4 months, higher than the normal level of 2 to 3 months. In addition, the current inventory level at the channel end is still on the high side, reaching as much as five months, which is more than twice the normal inventory level of less than two months.
Cai Rongzong said that at present, shengqun‘s inventory has reached a new high and reached twice the normal level. Even if the number of films to be repaired in the fourth quarter exceeds 10%, the annual production capacity will be reduced by more than 5% compared with last year. It is expected that the inventory will not return to the normal level until the first half of next year.
As for the production capacity of the wafer factory, Cai Rongzong revealed that this year, it was originally to strive for 8.5% more production capacity than last year, but this year, when the industry was revised against the wind, the number of wafers adjusted by shengqun this year was reduced. However, these were not signed with LTA (long-term contract), so it had no impact on shengqun‘s finance. As for the price of the wafer, the supplier has no information on price reduction. The planned capacity of next year will be the same as that of this year, and the recruitment of talents in the second half of the year will also slow down.
Cai Rongzong believes that inflation has led to the poor prosperity of the electronic terminal market. In addition, customers are not active in picking up goods because they expect that there will be price reduction opportunities in the future. In terms of product pricing, the cost of upstream suppliers is still at a historical high at this stage. Shengqun has not made a comprehensive price adjustment at present. In addition, considering the market competition, the customer demand is not so strong. Shengqun makes a specific price for specific customers. The two sides will discuss with each other to tide over the difficulties.
As for the follow-up performance expectations, Cai Rongzong said that shengqun‘s revenue in the third quarter and the fourth quarter was comparable, and would decline slightly compared with that in the second quarter. The average sales price, revenue and gross profit rate of products in the second half of the year would fall compared with that in the first half of the year, and the annual revenue might fall by a single digit percentage compared with that of last year.
In terms of specific products, Cai Rongzong predicted that the shipments of DC brushless motors and security chips are expected to maintain year-on-year growth this year, the shipments of health measurement chips will be the same as last year, the shipments of touch chips and RF chips are likely to decline by 20% to 30%, and the shipments of 32-bit MCU will decline by 15% to 20%.
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