Due to the emergence of local international disputes, repeated epidemics outside China, the stability of the supply chain and the changes in the contradiction between supply and demand, the product price, production delivery and supply guarantee in the semiconductor market have been affected to varying degrees since 2022. From the disclosed financial report data, the production and operation conditions of some companies have been quietly changing.
xingkuang data statistics show that the total amount of Q1 contract liabilities of 122 A-share semiconductor companies in 2022 reached 30.82 billion yuan, an increase of 110.4% year-on-year, an increase of 20.8% month on month compared with the end of 2021, accounting for 6.61% of the total revenue in 2021; The total amount of inventory was 122 billion yuan, a year-on-year increase of 74.8%, accounting for 26.2% of the total revenue in 202 7
“Contract liabilities are accounting terms, mainly customer prepayments, including unrecognized deferred income, which can be transformed into performance in the short term, and the changes of enterprise orders can be observed from the side.” The Board Secretary of a listed company told the reporter of the science and Innovation Board daily that due to the revenue recognition method and other reasons, the data at the time node of the financial report can be directly reflected in the change of orders.
in terms of the proportion of contract liabilities of semiconductor companies in Q1 in 2022 to the revenue in 2021, Shanghai Wanye Enterprises Co.Ltd(600641) , tuojing technology, chuangyao technology, Naura Technology Group Co.Ltd(002371) , Kingsemi Co.Ltd(688037) ranked first, accounting for 104%, 103%, 98%, 53% and 52% of the revenue respectively. Among them, the equipment and manufacturing companies ranked at the top and accounted for a relatively high proportion, and the average revenue of 12 semiconductor enterprises accounted for 38.6%
Advanced Micro-Fabrication Equipment Inc.China(688012) relevant person in charge told the reporter of science and Innovation Board daily that the company’s contract liabilities are mainly advance receipts. The amount of new orders signed by the company in 2021 reached 4.13 billion yuan, an increase of 90.5% year-on-year. It is expected to be converted into revenue in the next 1-2 years Kingsemi Co.Ltd(688037) chairman and President Zong Runfu also responded to the reporter of the science and Innovation Board daily at the performance presentation meeting, saying that the company has sufficient orders on hand, and there are certain differences in the delivery cycle of different types of orders due to the complexity of machines.
data show that the proportion of contract liabilities of chip design enterprises is generally low, and the average revenue of 103 companies accounts for 3.4% among which, chuangyao technology, Verisilicon Microelectronics (Shanghai) Co.Ltd(688521) , Hunan Goke Microelectronics Co.Ltd(300672) , SMIC technology, Shanghai Fudan Microelectronics Group Co.Ltd(688385) ranked among the top. The amount of Q1 contract liabilities in 2022 accounted for 98%, 29%, 24%, 18% and 11% of the revenue in 2021 respectively.
Chuangyao technology said that the substantial increase in contract liabilities was mainly due to tight production capacity and urgent customer demand. The company adopted the way of collecting payment in advance from customers Shanghai Fudan Microelectronics Group Co.Ltd(688385) Chairman Jiang Guoxing also told the reporter of the science and Innovation Board Daily: “the company’s downstream application market has strong demand, orders have increased, some products are in short supply, and the increase of customer prepayment has increased the contract liabilities. Although it is affected by the epidemic in the short term, it is expected that the overall business situation of the whole year will remain stable and rise.”
From the perspective of the change in the amount of debt from the Q1 share contract in the first quarter of 2022 from the year of 2022 from the quarter to quarter quarter quarter quarter quarter of the year of 2022 from the quarter of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the, Zhuhai Orbita Aerospace Science & Technology Co.Ltd(300053) decreased by 34%, 24% respectively 18%, 10% and 6% ranked lower.
In terms of inventory, tuojing technology, Kingsemi Co.Ltd(688037) , shengmei Shanghai, Naura Technology Group Co.Ltd(002371) , Shanghai Wanye Enterprises Co.Ltd(600641) and other equipment companies are at the forefront again. In 2022, the inventory amount of Q1 accounted for 171%, 131%, 107%, 100% and 91% of the revenue of 2021 respectively, and most of them were mainly commodities, raw materials and products in process.
the reporter of science and Innovation Board daily noted that the inventory amount of design companies increased in Q1 of 2022, and the average increase of 86 enterprises (excluding new shares) reached 75% of which, Hunan Goke Microelectronics Co.Ltd(300672) , sitway, Amlogic (Shanghai) Co.Ltd(688099) , Cambricon Technologies Corporation Limited(688256) , Wuxi Nce Power Co.Ltd(605111) inventory increased by 502%, 267%, 249%, 212% and 204% respectively year-on-year.
Amlogic (Shanghai) Co.Ltd(688099) Board Secretary Yu Li told the reporter of the science and Innovation Board daily that the company’s increase in inventory preparation is mainly to ensure the timeliness and continuity of the company’s supply to customers however, the person in charge of the above-mentioned company’s business said: “in addition to the increase of inventory due to epidemic, insufficient supply, strong demand and other factors, large inventory goods will also increase the amount of inventory. When the price of products or raw materials goes down, the company may face greater impairment risk.”
Taking Hunan Goke Microelectronics Co.Ltd(300672) as an example, the amount of goods in stock and entrusted processing in the company’s inventory in 2021 was 216 million yuan and 734 million yuan respectively, accounting for 88% of the total inventory amount. In 2021 Hunan Goke Microelectronics Co.Ltd(300672) accrued inventory depreciation reserves of 28.79 million yuan, and the amount of asset impairment accounted for 10.62% of the total profit.
From the perspective of the inventory turnover rate, the inventory turnover rate of the inventory turns to the inventory turnover rate of Guangdong Leadyo Ic Testing Co.Ltd(688135) 3Peak Incorporated(688536) , Leaguer (Shenzhen) Microelectronics Corp(688589) , Hunan Kaimeite Gases Co.Ltd(002549) increased by 0.76 times, 0.65 times, 0.44 times, 0.3 times and 0.26 times respectively.
