Revenue and annual growth rate of foundry and packaging and testing plants in 2022

Reporter Hong Youfang / Special report

The wafer foundry and packaging and testing industries are expected to recover in the second quarter, and the real recovery may have to wait until the second half of the year.

(Bloomberg)

Affected by the continuous adjustment of inventory in the supply chain, the industry fell into the bottom of operations in the first quarter of this year. Although various companies have successively received urgent orders, including wafer foundries and packaging and testing industries, they pointed out that automotive and high-end products are more expensive. Support, consumer electronics such as mobile phones and PCs are still in the process of adjusting inventory. Although it is expected to recover in the second quarter, the actual recovery may have to wait until the second half of the year.

World Advanced and PSMC's gross profit margin may fall below 30%

Due to unfavorable factors such as customer cut orders, reduced wafer shipments, and price loosening among wafer foundries, UMC (2303), World Advanced (5347) and PSMC (6770) with mature manufacturing processes have significant revenue and gross profit margins in the first quarter For example, UMC's revenue will drop by nearly 20% quarter-on-quarter, and both World Advanced and PSMC's revenue will decrease by 15%. World Advanced and PSMC's gross profit margin may fall by 30%.

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TSMC (2330) saw a decline in capacity utilization in the first quarter, regardless of whether it is a mature process or an advanced process. However, due to high-end products adopting 5nm advanced processes and automotive-driven 28nm and other mature processes, the capacity utilization rate is about 7- 80%, but it also impacted the quarterly decrease of 14.1%~18% in NT dollars.

However, the gross profit margin is expected to remain stable above 53.5%, and may not bottom out until the second quarter.

The operation of packaging and testing plants has grown quarter by quarter this year

ASE Investment Holdings (3711), Licheng (6239), Chaofeng (2441) and other packaging and testing factories are affected by the continuous inventory adjustment of consumer products, which affects customer orders. In addition, the first quarter is the traditional off-season. The revenue in the first quarter will be the bottom of this year's operation. It is expected that the second quarter will start to recover, and the annual operation will show a trend of quarter-by-quarter growth.

The industry said that although various companies have urgent orders one after another, the number is limited, and most of them cannot pay for the first quarter or even the second quarter. Judging from the current market situation, there is no obvious demand for orders in the short term. Even a major factory recently held a global business meeting, and there were many news of customers cutting orders. The growth of annual revenue will depend on the second half of the year.

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