IoT Top10 semiconductor manufacturers Q3 earnings focus
更新時間: 2021-11-22 15:50:44
With the major semiconductor companies Q3 earnings report, we can see that the last quarter revenue first semiconductor company is still Samsung. In terms of business growth, Nvidia performed the brightest year-on-year growth of 57% and 22% YoY growth, Intel ranked last among the ten companies with only 5% YoY growth and 2.2% YoY decline. In terms of profitability, Texas Instruments is still the highest gross margin, while the storage industry's gross margin growth is the fastest. q3 quarter only Qualcomm TSMC's gross margin fell year-on-year, with Qualcomm falling the most, which is closely related to the increase in costs of the two companies. The following are some of the conclusions found after the analysis of the Q3 earnings of several major semiconductor manufacturers.
Storage business shows high growth, but inventory is still at a low level
Q3 Samsung semiconductor business revenue of about $22.4 billion, up 40% year-on-year; ahead of the past king Intel 3 billion dollars.
Samsung's good performance is attributed to the boom in the storage market. With the development of edge computing, artificial intelligence, Internet of Things and other technologies, the demand for storage in data centers, transportation, medical, manufacturing, security and other fields continues to remain strong. As can be seen, in addition to Samsung the same storage giant SK Hynix, Micron Technology in Q3 ushered in 45% and 37% growth in performance, respectively.
We can see that the gross margin of companies containing storage business in Q2 this year reached 45%, (Samsung semiconductor business specific financial results have not been disclosed, no data), year-on-year growth of more than 10%. In the booming market cycle, these three companies have announced plans to expand production.
In the first half of this year, Samsung has completed the expansion of the second phase of its plant in Xi'an, with a total investment of $15 billion, which will mainly manufacture flash memory chips; at the same time, Samsung also announced that it will expand its P3 plant in Pyeongtaek, which is expected to introduce production facilities in March 2022. For Hynix, Hynix plans to acquire the U.S. NAND business for $60 billion, and this acquisition is still waiting for China's approval. In October, Micron Technology announced it would invest more than $150 billion in memory manufacturing and R&D over a decade. Sources said Micron's plan includes expanding its fabs in the U.S. and possibly building a new DRAM chip plant in Japan.
However, in its forecast for the next quarter, Micron revised its revenue to $7.45 to $7.85 billion, down 8 percent sequentially. Micron believes that due to the shortage of other parts for PC OEM customers will affect the purchase of memory chips, the shipment of memory chips may decline. Meanwhile Hynix and Micron both said the company's inventory is at a low level, with Micron's Q3 inventory worth $4.5 billion and 84 days of turnover, which is lower than the normal 95-105 days.
Why did Qualcomm and TSMC's gross margins decline?
The gross margins of several major manufacturers are on the rise overall, except for TSMC and Qualcomm. The decline in TSMC and Qualcomm gross margins may have something to do with the business expansion of both companies.
On November 11, TSMC and Sony jointly announced a new joint venture factory in Japan. In addition to Japan, TSMC also negotiated with the United States, Europe and many other countries to build a factory, to which Zhang Zhongmou had warned that the government's introduction of fabs into the country could lead to increased costs. TSMC's second quarter profit was less than expected year-on-year, with a gross margin of only 50%. The decline in TSMC's gross margin is closely related to TSMC's recent investment in expansion, which Morgan Stanley had predicted could fall below 50% next year.
Although year-over-year TSMC Q3 gross margin has declined, although compared to Q2, TSMC Q3 is not as depressed as analysts expected. TSMC Q3 net profit rose 16.3% sequentially, and gross margin rose 1.3% sequentially. Notably, TSMC's smartphone platform business rose 2 percentage points sequentially, which is not unrelated to the launch of Apple's new A15 chip-equipped products in September.
Qualcomm's earnings report showed that net profit for the fourth fiscal quarter (through the end of September) was $2.798 billion, down 5 percent year-over-year, but Qualcomm's overall revenue reached $9.336 billion, a new high for Q4 revenue. Notably Qualcomm's QCT (chip) business revenue reached $7.733 billion, up 56 percent year-on-year, with net profit of $2.464 billion, up 143 percent year-on-year.
The cell phone business is still the highest revenue share of Qualcomm's chip business. A number of cell phone manufacturers released new products last quarter, making Qualcomm's Snapdragon chip shipments grew 21% year-on-year, and cell phone chip business revenue of $4.686 billion grew 56% year-on-year. But the Internet of Things business is the highest growth in Qualcomm's chip business, IoT business amounted to $1.54 billion, up 66% year-on-year, and also grew to account for the second largest share of Qualcomm's chip business.
It can be said that Qualcomm's overall performance are very bright, and the growth of non-mobile phone business in the chip business is also in line with Qualcomm's expectations. Qualcomm gross margin decline is mainly due to the increase in costs, Qualcomm financial results show that in fiscal year 2021, the number of Qualcomm employees increased by about 4,000 people, research and development costs up to $ 7.176 billion, an increase of 20% year-on-year. Qualcomm said it will be laid out in the IoT business through its advantageous aspects of mobile and smart connectivity.
Revenue growth of 5%, Intel Q3 is still not the return of the king
And this quarter, Intel still did not get back the first place lost in Q2.
Intel's client computing business unit revenue of $9.7 billion fell 2% year-on-year, to which Intel said the lack of core impact, resulting in a decline in shipments. Meanwhile, Intel's data center business grew at a rate of 10%, with revenue reaching $6.5 billion.
The IOT market grew strongly after the recovery from the epidemic, with IOTG revenue of $1.042 billion, up 54% year-on-year, and operating income of $276 million, up over 352% year-on-year, making IOTG the fastest growing business unit.
Intel said in the earnings preview because of the company's investment plan, the company's gross margin in the next few years will fall to 51% to 53%, close to the lowest level in a decade, these investments include IDM2.0 program, advanced process on beyond TSMC.
After collating the earnings reports of major manufacturers, we found that IoT is becoming the next growth point of the semiconductor industry. Therefore, the demand for data center, communication, storage and other related businesses associated with the IoT market will remain strong. Under this trend, major manufacturers are bound to make the next move.