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Semiconductor companies are actively disclosing their impressive performance, and the industry's recovery is accelerating.

Two leading companies disclosed their performance

Wafer foundry sends signs of recovery

Recently, the two leading wafer manufacturing companies disclosed important data related to their first-half performance.

SMICThe latest unaudited financial report shows that the company achieved sales revenue of US$1.901 billion in the second quarter of this year, an increase of 8.6% from the previous quarter and 21.8% from the previous year, which is significantly higher than the company's previous expectations; net profit attributable to the parent company was US$165 million, an increase of more than 129% from the previous quarter. In addition, the company's gross profit margin in the second quarter was 13.9%, an increase from the previous quarter.

Huahong CompanySales revenue (unaudited) in the second quarter increased by 4.13% month-on-month, and the gross profit margin was 10.5%, a significant increase from 6.4% in the previous quarter, and is close to full production.

When analyzing the second quarter results, Tang Junjun, president and executive director of Hua Hong Semiconductor, believed that this was due to the semiconductor market experiencing a slow recovery from the bottom. Similarly, SMIC also previously stated that global customers' willingness to stock up has increased. Compared with the same industry, wafer foundries such as TSMC, UMC and GlobalFoundries have also released signals of market recovery.

Head structure:

The overall recovery cycle of the industry is longer than expected

China Merchants Securities said that the global semiconductor monthly sales data continued to grow month-on-month, the demand in the consumer electronics industry recovered, the inventory of global mobile phone chip manufacturers continued to decline month-on-month, and the destocking of traditional automobiles and industries continued. At present, the chip semiconductor sector has a clear trend of marginal improvement, and the penetration rate of innovative products such as AI terminals is expected to gradually increase.

The Semiconductor Industry Association (SIA) previously predicted that global semiconductor sales will increase by 16% to $611.2 billion in 2024, and will further reach $687.4 billion next year, continuing to set a new record high. Gartner predicts that by 2031 or 2032, global semiconductor sales may exceed the $1 trillion mark.

57 semiconductor companies

Net profit increased by nearly 200%

It is not just the two giants mentioned above that have seen their performance pick up. Judging from the semiconductor companies that have disclosed their semi-annual reports, the A-share semiconductor industry has shown some signs of recovery.

According to statistics from Securities Times Databao, as of August 11, a total of 57 semiconductor companies disclosed their 2024 semi-annual reports (including express reports and upper limits of forecasts), with a total net profit of 13.465 billion yuan, the second highest in the past four years, second only to 2022;The net profit of 57 companies increased by nearly 200% year-on-year, a significant increase over the previous year.

From the perspective of individual companies, the net profit of 10 companies in the 2024 semi-annual report is expected to exceed 400 million yuan, of whichNorth China Huachuang, Will SemiconductorThe upper limit of net profit exceeded 1 billion yuan, reaching 2.96 billion yuan and 1.408 billion yuan respectively.North China InnovationIntelligent manufacturing has helped to effectively improve operational levels and steadily reduce cost-to-income ratios, resulting in continued year-on-year growth in net profit attributable to shareholders of listed companies.

Haiguang Information, Montage Technology, Yak TechnologyThe upper limit of net profit in the 2024 semi-annual report of companies such as these is expected to exceed 500 million yuan.

Among the above 57 companies, 12 have disclosed their official semi-annual report announcements.ACM Shanghai, Nanxin Technology, Espressif SystemsThe net profit of companies such as Alibaba and Alibaba in 2024 reached the highest level in the past four years, with obvious signs of recovery.

14 semiconductor companies

Net profit increased by more than 100%

In terms of performance growth, among the 57 companies mentioned above, 14 companies' 2024 semi-annual net profit growth (including the upper limit of the forecast, and the 2023 semi-annual report will achieve profitability) will exceed 100%, and the companies with growth rates exceeding 5 times areChangchuan Technology, Will Semiconductor, RockchipAnd 6 other companies.

Changchuan TechnologyThe growth rate ranks first, and the upper limit of the net profit growth rate in the 2024 semi-annual report is expected to exceed 10 times. The company has mastered the relevant core technologies of integrated circuit testing equipment; during the reporting period, the company continued to focus on the investment in R&D of high-end equipment. As the company's revenue scale continued to expand, the scale effect gradually emerged; at the same time, the company's operation and management level was effectively improved, and the expense rate level tended to be stable, which led to an increase in the net profit attributable to shareholders of listed companies.

Weil sharesBenefiting from the continued recovery of market demand and the growth of downstream customer demand, the upper limit of the net profit growth in the 2024 semi-annual report is expected to exceed 8 times.

in addition,Espressif, Juchen, TiandeyuandSouthchip TechnologyThe net profit growth of 4 companies in the semi-annual report of 2024 also exceeded 100%.Espressif TechnologiesThe net profit growth is expected to reach 134.85%, and the gross profit margin is expected to reach 43.2% during the same period, which is the highest level in the past five years. The company is a professional integrated circuit design company and has successively developed a number of products with strong market influence.

It is worth mentioning that among the companies that disclosed their first half performance forecasts,Longsys, BIWIN Storage, Tongfu Microelectronics13 other companies achieved a turnaround in performance.Zhongjing Technology, Shengong TechnologyIn addition, the net profit ceiling of the remaining 11 companies in the first half of 2024 is expected to exceed 100 million yuan.

13 blue chip stocks

Many institutions have conducted research this year

According to Databao statistics, the semiconductor companies that disclosed semi-annual report announcements or forecasts are screened according to the following indicators:

1. Achieve profitability in the first half of 2024, with the net profit growth rate or upper limit exceeding 30%.

2. It has underperformed the Shenwan Secondary Semiconductor Index so far this year (down 14.39% as of August 9).

3. Obtain research from more than 20 institutions within the year.

According to statistics, there are only 13 semiconductor companies that meet the above conditions, and these companies mainly belong to the sub-sectors such as analog chip design, semiconductor materials, and integrated circuit manufacturing.

In terms of market performance,Jingsheng Shares, Actions TechnologyThe share price has fallen by more than 30% this year.Jingsheng SharesThe company has a leading market share among domestic suppliers of semiconductor-grade monocrystalline silicon furnaces. During the reporting period, the company's main business has developed steadily. The deepening of customer cooperation and the expansion of technology application areas have created revenue growth for the company. The upper limit of the net profit growth rate in the 2024 semi-annual report exceeds 140%. In addition,GigaDevice, JICThe decline of other companies was relatively small during the year.

According to the survey results of institutions,Goodix Technology, Juchen TechnologyandFuchuang PrecisionThe company has been surveyed by more than 200 institutions each year.

Goodix TechnologyThe company has been surveyed by 234 institutions this year and is the number one fingerprint chip supplier in the global Android mobile phone market in terms of shipments. In the latest survey minutes, the company stated that it has the world's smallest side capacitive fingerprint, which can meet customer needs. In addition to capacitive fingerprints, as mobile phone customers increase demand for low-transmittance, pol-less screens, the company's ultrasonic fingerprints will also become the first choice. The company's 2024 semi-annual report has an upper limit of more than 330% in net profit growth; the stock price has fallen by less than 15% this year, the lowest among the above 13 companies.

Juchen SharesThe company received 230 institutional surveys during the year. The company said that it actively expanded key overseas markets such as Europe, South Korea, and Japan, and worked closely with mainstream domestic and foreign automakers and many industry-leading automotive electronics Tier 1 suppliers. The brand recognition and market competitiveness of automotive-grade EEPROM products have been further enhanced, and shipments in the first half of the year have achieved rapid growth compared with the same period last year.

Statement: All information content of Databao does not constitute investment advice. The stock market is risky and investment should be cautious.

Editor: He Yu

Proofreading: Wang Jincheng

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