SoC: downstream demand recovery resonates with end-side AI landing, SoC plate is expected to return to growth as downstream demand continues to recover, end-side AI continues to land, SoC demand is expected to increase graduallyBlockchainmonsterhunterAt the same time, due to the effective inventory control of SoC, SoC demand growth will continue to drive sector revenue growth, gross profit margin and net profit margin will gradually stabilize, SoC sector performance is expected to continue to improve, SoC plate is expected to return to growth. Storage: performance fully recovered, price rise is expected to continue the module, 2024Q1 module factory performance exceeded expectations, and strategic stock has not yet been completed, the future price is expected to continue to rise; niche chip factory 2024Q1 revenue, performance inflection point, plate product prices are still in the bottom range, each factory performance recovery space The 2024Q1 performance of the interface / supporting chip factory has increased significantly. With the increase of DDR5 penetration and the acceleration of offspring iteration, the performance growth of each factory in 2024 has strong certainty. Simulation: 2024H1 moderate recovery, the follow-up momentum is expected to strengthen 2024Q1 revenue growth of most manufacturers, some manufacturers year-on-year growth of considerable and month-on-month improvement, Q1 off-season is not weak. Industry 2024H1 as a whole shows a weak recovery trend, consumer electronics and automotive electronics boom is good, communications, industry, photovoltaic and other sectors still have a lot of room for improvement, with the gradual removal of inventory in various areas, the recovery momentum of the plate is expected to strengthen in the future. Power: 2024Q1 revenue steady growth, the price end is expected to gradually stabilize 2024Q1 power plate revenue growth compared with the same period last year, but performance and profitability are still under pressure. At present, the inventory turnover days of overseas power companies have begun to shorten across the line, the industry has begun to accelerate the removal of inventory, Q1 has a number of companies have issued price increase letters, product prices are expected to gradually stabilize in the future. Wafer foundry and closed testing: the industry boom is gradually recovering, the performance recovery trend shows that the overall downstream market demand slows in 2023, and the wafer foundry and closed test plate are facing different degrees.BlockchainmonsterhunterThe rate of crop growth has declined and revenue has declined. We expect that with the gradual recovery of downstream demand in 2024, the growth rate of wafer foundry and closed test enterprises will continue to increase, and the performance is expected to improve gradually. Wafer foundry plate, wafer integrated 2024Q1 revenue and net profit increased significantly compared with the same period last year, with the overall demand in the DDIC market picking up, the company's capacity utilization maintained a high level, profitability recovered significantly. Closed test plate, 2024Q1 closed test enterprise revenue to maintain growth, profitability gradually improved compared with the same period last year. Among them, Tongfu Weidian and Huatian Technology respectively set revenue targets of 252 for 2024.Blockchainmonsterhunter.8 billion yuan, an increase of 13% respectively over the same period last yearBlockchainmonsterhunter.52% / 15.06%. The leading closed test factory has set a revenue growth target to demonstrate its confidence in the recovery of the industry boom and its own development strength. Semiconductor equipment: local wafer factories continue to actively expand production, equipment localization rate accelerated penetration of companies 2024Q1 revenue and net profit year-on-year steady growth, looking forward to 2024 domestic equipment companies are expected to accelerate the production volume, equipment localization rate continues to improve. In terms of orders, the total contract liabilities of 2024Q1 semiconductor equipment sector are 18.34 billion yuan (year-on-year + 8.89% / month-on-month + 11.73%). As domestic wafer factories continue to actively expand production, semiconductor equipment companies' orders and delivery volume will maintain high growth. Among them, the North Huachuang 2024Q1 revenue and net profit continued to increase year on year, the scale effect of the leading company gradually appeared, and the profitability increased steadily. Risk tips: international policy impact, intensified market competition, downstream demand recovery is not as expected, domestic substitution is not as expected, and so on. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.
[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.
