Consumer electronics downstream demand weak Weir shares in the mid -term performance temporarily under pressure

Well Co., Ltd. (603501) achieved net profit of 2.269 billion yuan in the first half of this year, an increase of 1.14%year -on -year. The agency believes that from the short term, the consumer electronics business phase is under pressure, and the terminal mobile phone inventory is still high. In the third quarter, the company's de -inventory still needs to be observed.

Reducing inventory is an important goal

In the first half of 2022, Well's total operating income was 11.072 billion yuan, a year -on -year decrease of 11.06%; net profit was 2.269 billion yuan, an increase of 1.14%year -on -year; and the basic earnings per share was 1.93 yuan. In the first half of the year, the impact of the global epidemic spread and inflation and other factors, the market size of the consumer electronics field represented by smartphones and computers was impacted, resulting in a decline in the company's market product revenue. Among them, the company's non -recurring profit and loss in the first half of the year was 818 million yuan, which mainly comes from the profit or loss of non -liquid asset disposal of radio frequency business and communication chip business.

At the end of the first and second quarters of 2022, the company's inventory reached 10.47 billion yuan and 12.64 billion yuan, respectively, an increase of 20.8%in the second quarter. “一方面系智能手机需求较弱，下游客户主要以去库存为主。另一方面公司在手机产品端逐步转换代工平台，亦有相应的保障性备货措施。”中信证券认为，展望后续， The company will reduce inventory and increase asset transfer as the primary goal. As the demand is gradually improved in the second half of the year, the inventory water level may gradually fall.

In the long run, CITIC Securities Analyst Xu Tao believes: "Well shares as the leader of image sensor, the company continues to expand the application field and category, followed by new generation of mobile phones with high -end sensors, automotive electronics products, OLED drivers and medium -sized size Driving business is expected to drive the company's growth. "

After the pain, it will usher in new growth

In terms of division, in the first half of the year, Well shares achieved a semiconductor design business revenue of 9.106 billion yuan, of which CIS realized revenue of 7.298 billion yuan, and car CIS revenue was about 1.61 billion yuan. In addition, the revenue of touch and display solutions achieved revenue of 1.188 billion yuan; the semiconductor distribution business achieved revenue of 1.925 billion yuan.

"The company has sorted out the three major businesses, and stripped the radio frequency business and communication chip business that failed to maximize the development space within the group. While the company harvested a certain investment income, it also allowed the core team of relevant companies to make full use of capital funds to provide capital funds Yes, seize the opportunity of better industrial development and integration. "Guo Jian, an analyst at Guoxin Securities, believes.

Guo Sheng Securities Analyst Zheng Zhenxiang believes: "Well shares, as the leading chip platform leader of global competitiveness, has continued to develop in the five key elements of strategic, R & D efficiency, product matrix, customer and supply chain. Very clear, it is expected to usher in a new round of strong growth after the pain. It is optimistic about the future inventory turning point, new product production and other factors to drive the company's performance to continue to grow. "

So, the company's nine -day share of the company ranked among the top ten shareholders. What are the strategic purposes of the company? What is helpful for the company's development?

In this regard, Well's Ministry of Securities Department said: "In the whole process of chip design, various tasks such as functional planning, layout, wiring, and layout need to be achieved with the help of EDA software. Therefore, EDA is also known as the mother of the chip. Sex is no less than the drawing software in the design industry. Nine Days of Huada are the largest EDA companies in the country. The domestic market share is about 6%. The company's participation in China ’s nine days has important strategic significance."

Reporter Zhang Yan

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