Inventory to IC design factory Q4 Wanglai

In the third quarter of the IC design factory, the peak season was not prosperous. Mediatek (2454) and Lingyang (2401), which held the Law Society last week, projected a slight increase in revenue, and Ruiqi (2379) showed a recession. 3041) Revenues will also decline. The joint venture (3034) will have the opportunity to grow in single digits, but it will be worse than in previous years. Manufacturers believe that with the destocking of the third quarter, the fourth quarter results or permit recovery.

Poor market demand in Europe and the United States, coupled with the daily shock after the end of March, customers desperately pull the goods, inventory increased, the pull of goods this season is not as expected, resulting in IC (Integrated Circuit) design industry season peak season, In the past, the peak season revenues grew by more than two digits. This year, the rate has obviously slowed down and some companies have even fallen into recession.

Taking MediaTek as an example, the general manager Xie Qingjiang said in the Law: “This quarter will have a warming effect in the peak season and the shipment of digital home products. Revenue will grow by 5 to 10% from the second quarter.”

The growth rate of MediaTek has slowed down. Although revenue continues to grow, compared to the growth of 15 to 20% in the past, this year's rate has slowed down, and the peak season effect has gradually diminished.

MediaTek’s performance growth this season was not as good as in previous years because the base period of operations did not increase significantly, and in the fourth quarter, there was a demand for pulling goods before the Chinese Lunar New Year. In line with the volume of smart phone chips, revenue does not rule out the potential for growth. .

Deputy Chief Executive Chen Chin-hsing said: "In the second quarter, customers were actively stocking the product due to the daily shock. Under the high inventory, this quarter will face adjustment pressure and revenue will decline compared to the second quarter." However, he believes that with the destocking The fourth quarter results may have the opportunity to go higher.

Looking at this quarter's neutral operation, Yang Zhi held a law meeting on Wednesday. It had announced the financial results for the quarter ahead of schedule, forecasting revenue of 795 million yuan, a quarterly decrease of 9.56%, and a net profit of 0.21 yuan per share. The second quarter of 0.35 yuan. Lin Zhibin, general manager of ALi, believes that in the third quarter, issues such as the European debt and the U.S. public debt ceiling have not yet been resolved. The market has doubts about the economy and there is a small inventory adjustment this quarter, so revenue will decline from the previous quarter.

In conjunction with the law meeting on Friday, the company held a neutral attitude towards the operation this quarter. It does not believe that there is particularly bad news. However, from the panel maker AUO (2409), this season's outlook is conservative. The upstream drive IC factory fears Will be affected. In the opinion of Lenovo, in the second half of the year, the smart phone market is still optimistic about the market conditions, driving the shipment of small-size panel driver ICs to continue to rise, and the large-size panel noise is more likely to change.

Asahi Q3's revenue is estimated to increase by 10%. Currently, large-size panel driver ICs account for more than 60% of united revenue. The third quarter has to be determined by the demand for TVs, laptops, and LCD monitors. Analysts believe that the company's customer base is relatively small. Scattered, it is expected that this quarter's revenue can still maintain single-digit growth.

Other driver IC manufacturers Xu Xuan (3545) and Haochuang (8016), due to the low base period for the second quarter, combined with the growth of shipments of small and medium-sized panel driver ICs, this quarter's revenue should have more than 10% growth strength, low season The effect is not obvious.