Directly hit the shareholders' meeting 丨 SMIC: The chip market is structural shortage, the company's production capacity is still "in short supply"

On the afternoon of June 24th, SMIC (SH688981, a stock price of 45.05 yuan, and a market value of 356.3 billion yuan) held an anniversary of the 2022 shareholders online. Compared with the core of 2021, the chip market in the first half of 2022 has different levels of differentiation.

In addition, the new production capacity of the chip industry is also released, and the participants are more concerned about the prosperity of the chip industry in the second half of the year. In the fierce competitive foundry industry, how will SMIC maintain a competitive advantage?

Structural differentiation of chip demand

In recent years, the chip industry, which has continued to be in the prosperity cycle, is currently suffering from twists and turns. The prices of some chips have plummeted or even cut.

Will the changes in the demand in the segmentation of some chip industries in the area of ​​the chip industry have affected the inventory and the price of some chip industries?

In the question and answer session of the shareholders' meeting, some shareholders asked that the market has different views on the prosperity of the second half of the year, and the clients in some areas have experienced high inventory pressure. At the same time, the new production capacity of various places is gradually being released. How does the company look at the market prosperity?

Zhao Haijun, CEO of SMIC, said: At present, it is a structural shortage. For example, mobile phones and consumer goods, the inventory is relatively high. There are many factors in this, such as international shipping is not so good, the situation in Europe is unstable, and some original buyers do not buy it now. Logistics also has some effects in the previous period of time. Everyone's current inventory is relatively high, and some products with high inventory, its temporary demand will be greatly reduced. However, there are also some lists that the original inventory is very low, and the supply has always been in short supply. Now it is still in short supply.

For changes in market demand, SMIC is coordinating with product customers and terminal customers to make very accurate predictions. At the same time, the company signed by the company is also in an orderly manner. At present, the structural out -of -headed customers are still out of stock, or they are signed a long -term cooperation agreement with SMIC. The analysis of the existing capacity of the company still cannot meet the requirements, and the gap is still very large.

The situation of "new production capacity in various places is also gradually released". Zhao Haijun analyzed: From the perspective of the entire industrial chain, because everyone suddenly "one cold and one heat" and built production capacity together, at the supplier, such as equipment and materials (manufacturers) did not increase delivery speed. Therefore, it can be seen that the production capacity of the industry is not at all at once (production capacity), which has a very long -term layout.

How to do SMIC?

The market environment is changing, and SMIC is constantly practicing "internal skills". Zhao Haijun said that when the company wants to invest in its own research and development, to make some of the products that is doing the best, and make the market adjust, "Our product is strong due to quality competitiveness and fast iteration ... The customer cooperates to fill the structural gap of the supply chain. "

Zhao Haijun also said that, like the company's MCU, ultra -low power consumption, power management, and driving, these are now in short supply, and the production capacity cannot meet the needs of head customers.

The market is changing, from "lack of core tide" to structural shortage, and SMIC factories can also switch between various process nodes. Zhao Haijun said that when SMIC built a factory, because buying equipment was bought late, it could do 28 nanometer, 40 nanometer, and 55 nanometer in one factory at the same time. When different nodes are converted, production capacity can be flexibly transferred.

Because of this, when the market changes relatively fast, SMIC can observe how the foreign market develops, how the Chinese market develops, how to develop head customers, and how Chinese customers develop, so as to switch the segmented products according to different shortages. Capacity.

Zhao Haijun introduced that in the third quarter of 2021, the company communicated with investors to predict that some changes in the market in the coming year. So, what is the policy of the company's response? For example, consumers, mobile phones, and high -voltage driving large screens must make its market basically soft landing. After considering the factors of the epidemic, the current market change is similar to the company's evaluation last year. Therefore, Zhao Haijun believes that the company can cope with the current market changes.

Gao Yonggang, chairman of SMIC, said that from the perspective of the overall situation in 2022, the needs of customers have changed structural changes, but for SMIC, demand is still strong. Since the end of last year, the company has made some adjustments to the production capacity in a timely manner, and transforms production capacity to make some strong demand areas and the structural gaps in the incremental market. satisfy customer needs.

Daily Economic News

- END -