A shares have recently entered a period of intensive disclosure of performance (notice). The performance of some manufacturers increased significantly in 2021, but the share price plunged sharply. The reason is related to the quarter on quarter performance of Q4.
As soon as the market opened on the afternoon of the 24th, Fine Made Microelectronics Group Co.Ltd(300671) shares fell "cliff style" and finally closed down 15.23% to 66.20 yuan. The "peer" Shenzhen Sunmoon Microelectronics Co.Ltd(688699) opened sharply lower in the morning, and then the share price also fell. As of press time, the share price fell 18.55% to 134.72 yuan / share, more than 60% lower than last year's high (410.86 yuan).
Behind the "diving" of stock price is the performance of the two companies like a roller coaster.
Fine Made Microelectronics Group Co.Ltd(300671) released the performance forecast at noon. It is expected to realize a net profit of 470-490 million yuan in 2021, with a year-on-year increase of 367.81% - 387.72%. However, if we only look at the performance of Q4 in a single quarter, company not only has a sharp decline in net profit on a month on month basis, but also has the risk of loss.
Shenzhen Sunmoon Microelectronics Co.Ltd(688699) released the performance express on the 21st. In 2021, the net profit attributable to the parent company was 648 million yuan, a year-on-year increase of 492.87%; In Q4, the company's revenue and net profit both fell month on month, with revenue and net profit decreasing by 60.34% and 83.87% respectively.
In fact, the latter "gave preventive shots" in the third quarterly report of last year, saying that in Q4 of 2021, due to the global covid-19 epidemic, Limited Logistics and other macro factors, the slowdown of product production, cargo transportation and delivery and the inhibition of downstream market demand, the demand for end products may slow down, which may lead to some uncertainty in the company's future operating performance.
In the end, the net profit of Q4 directly fell back to the level of a year ago, and the share price fell sharply together.
among their A-share peers, Shanghai Bright Power Semiconductor Co.Ltd(688368) and Sino Wealth Electronic Ltd(300327) Q4 also showed a month on month decline.
Among them, Shanghai Bright Power Semiconductor Co.Ltd(688368) net profit has decreased month on month for two consecutive quarters; As for Sino Wealth Electronic Ltd(300327) Q4, which has the smallest month on month decline, its business other than display driven IC has also begun to increase gradually in Q3, which is expected to support the growth momentum in the future.
the core shortage tide is coming to an end. Several families are happy and several families are sad
Under the tide of large-scale core shortage and rising prices that lasted more than a year, many semiconductor manufacturers made a lot of money last year, including display driven IC (DDI) enterprises.
However, at the end of the third quarter of last year, there was news in the industry that the price rise of DDI products was slow. At that time, Taiwan Electronic Times reported that due to the refusal of downstream equipment assembly plants and suppliers to further increase the price of IC manufacturers, DDI prices may stabilize, and the growth of Q4 profits of some suppliers may slow down. There are also DDI back-end packaging and testing factories directly issued a warning, saying that "the more fierce DDI is, the more it will be hoarded in the future".
Today, DDI capacity is also further alleviated. According to Taiwan's electronic times today, TSMC's capital expenditure in 2022 will increase to $40 billion - $44 billion, of which 10% - 20% will be used to expand the capacity of mature special processes. The market targeted by this part of production capacity includes OLED panel driver IC.
At the same time, the industry also ushered in strong competitors. BOE cellular array screen was put into production recently, equipped with HW & BOE AMOLED drive chip, which was jointly developed by BOE and Huawei.
With the gradual differentiation of the chip shortage situation, the capacity shortage in the subdivided fields such as DDI and non vehicle MCU is gradually slowing down, and the driving IC manufacturers who no longer hold the "shortage price increase card" may continue to face performance pressure.
It is worth mentioning that, as of the noon of the 24th, combed the semiconductor manufacturers that have released the performance forecast for 2021. Among the top ten stocks in the annual growth of net profit attributable to parent companies, or only four q4s can achieve positive growth month on month, namely Hangzhou Silan Microelectronics Co.Ltd(600460) , Amlogic (Shanghai) Co.Ltd(688099) , Jilin Sino-Microelectronics Co.Ltd(600360) , Hangzhou Lion Electronics Co.Ltd(605358) .
In terms of business, Hangzhou Silan Microelectronics Co.Ltd(600460) is mainly engaged in power semiconductors; Amlogic (Shanghai) Co.Ltd(688099) the main products include intelligent set-top box chip, intelligent TV chip and AI audio and video chip; Jilin Sino-Microelectronics Co.Ltd(600360) also mainly engaged in power semiconductor business; Hangzhou Lion Electronics Co.Ltd(605358) its main business includes semiconductor silicon wafer, power device and compound semiconductor.
