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——做专业的科技财经媒体！![]()
闻泰科技北美大客户业务收入占比在40%左右，配合北美大客户合作生产的AIPC已经在2024年初全球销售，市场需求反馈积极，在第二季度快速上量，同时新一代项目正在合作推进。
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撰文：李星
闻泰科技近日发布了行业关注的半年财报数据，主要内容为营收335.89亿元，同比增长15.01%。归属于上市公司股东的净利润1.4亿元，同比下降88.78%。基本每股收益0.11元／股，同比下降89.11%。其中半导体业务营收70.4亿元，同比下降7.90%，业务毛利率34.95%；净利润10.8亿元，同比下降22.40%；集成业务实现营收261.2亿元，同比增长26.68%，毛利率为2.49%，净亏损8.5亿元；研发投入8.74亿元，去年同期为8.09亿元，同比增长8.03%。从半年报的数据表现可以发现，2024年上半年，闻泰科技半导体业务第二季度收入与利润环比实现增长，毛利率水平较第一季度大幅度改善，带动净利润快速恢复。2024年上半年，闻泰科技的半导体业务来源于汽车、工业与电力的收入占比分别为63%、21%，其他消费电子类如移动及穿戴设备、计算机设备、消费领域收入占比合计为16%。闻泰科技上半年半导体业务第一季度和第二季度分别实现营业收入为34.2亿元、36.2亿元，环比增长5.8%，毛利率分别为31%，38.2%。第二季度毛利率环比增加近7个百分点，已超过2023年第二季度平均水平。第一季度和第二季度净利润分别为5.2亿元（含出售NWF股权的投资收益1.7亿元）、5.6亿元，扣除投资收益后业务利润环比增长60%。闻泰科技近日在接受投资者调研时表示，过去两三年中，半导体的增长主要来自于市场需求较好。随着后续半导体市场进入周期性调整，从今年第二季度起，公司的增长则更多来自于修炼内功，来自于公司新客户拓展与效率提升。公司半导体业务2023年第四季度与2024年第一季度是明确触底，在第二季度就实现了快速反弹。在这个周期中，可以看到公司半导体业务进入下行周期晚，周期调整幅度小，触底时间短，并且能够快速恢复，充分体现出韧性强、潜力大的特点。 其中包括（1）凭借MOSFET、逻辑等产品的车规优势，在汽车领域继续发力，加快了2在国产新能源头部企业的市场开拓，并提高在新能源汽车客户中的渗透率，产品供应量和单车价值都稳步提升。（2）工业、消费电子市场逐渐复苏，AI数据中心、服务器等应用领域的增速较快。（3）半导体在亚太地区的市场表现较好地抵消了欧美市场需求的疲软。（4）通过管理增效、工厂降本、提升稼动率，毛利率得以快速反弹，更加凸显了管理水平与业务韧性。闻泰科技同时在半导体投资上进行了加强，已于6月宣布2亿美元的投资计划，用于研发下一代款近代半导体产品，并在汉堡工厂建立生产基础设施。目前，SiC二极管和高压GaN产线已实现投产，后续重点是建设8英寸SiCMOS产线。竞争激烈，盈利相对困难的ODM代工集成业务上，闻泰科技第一季度与第二季度分别实现营收124.2亿元、137.0亿元，净利润分别为-3.5亿元（含可转债财务费用1亿元）、-5.0亿元（含可转债财务费用1亿元）。闻泰科技表示，产品集成业务还是奠定了良好的客户基础，第二季度韩国大客户与北美大客户出货量提升。而二季度的业务营收环比增长10%，同比增长30%，主要原因是公司积极开拓海外大客户新项目及家电、汽车等客户，海外大客户需求改善明显，其中韩国大客户与北美大客户需求增长明显外，公司在市场总需求弱复苏的情况下，推动各产品ASP提升，第二季度较第一季度产品平均ASP提升20%以上，同比提升50%以上，公司产品集成业务的产品价值量提升明显、业务基础更好。第二季度闻泰科技的ODM代工业务从收入结构来看，手机平板类业务占比在50%以上，其中受市场需求回暖，公司第二季度韩国大客户业务出货量环比提升20%以上，与客户合作的手机、平板新项目顺利上量。同时北美大客户业务，收入占比在40%左右，公司配合北美大客户合作生产的AIPC已经在2024年初全球销售，市场需求反馈积极，在第二季度快速上量，同时新一代项目正在合作推进。 在其他业务为家电、汽车电子与智能穿戴类业务中，汽车电子方面，已实现一定规模的营收，第二季度产品毛利率提升，实现从单一客户向多汽车客户拓展；家电方面与全球家电巨头合作，成功从单一项目向多个项目拓展，目前已有多个项目顺利落地开展，并在第二季度实现快速增量并盈利。闻泰科持表示，ODM代业务已经从过去主要依赖手机平板业务，转变为现在业务结构更为优化，也更为聚焦。在与各细分领域龙头客户保持长期深入合作关系的同时，推动合作项目“从一到多”，合作范围“更深更广”，奠定了更好的客户基础。总体来看，闻泰科技的半导体和ODM代工业务都开始走出低谷，慢缓慢复苏的迹象。闻泰科技2024年上半年销售额同比增长15%至336亿元人民币，强劲的ODM代工业务同比增长27%；但半导体业务上半年总体同比下降8%。但在盈利方面，闻泰科技上半年的净利润同比下降89%至1.4亿元人民币，毛利率下降至9.5%，从2023年上半年的17.6，下降到2023年下半年的14.7%，到今年上半年的9.5%，说明行业的竞争仍然十分激烈。闻泰科技除了半导体毛利率出现复苏迹象，第二季度上升7.7%外，2024年上半年ODM代工毛利率只有2.5%左右。东方财富Choice金融终端数据显示，目前A股消费电子板块94家公司的半年报已披露完毕，实现盈利的企业有73家，占比77.66%；有57家公司实现净利润同比增长。多数行业人士都认为，2024年全球智能手机出货量将会超过12亿部，比2023年增加约5000万部，主要是疫情期间过后，部分用度较紧的用户，也开始有了换机需求。另外，除着端侧AI模型在手机端的应用慢慢渗透，也会加速部分手机重度使用用户增购备用机型，从过往的经验推断，全球实体经济衰退抵消了发展中国家智能手机换机需求后，仍会以每年约5000万部的规模出现增量，到2017年或会达到13亿部。 同时在经历了连续8个季度的下跌后，以PC为代表的其它消费电子市场也受AI应用的拉动，开始出现回暖，部分用户开始采购新的机型来利用AI进行二次创作创业，相关终端产品也实现了连续两个季度的增长。行业数据显示今年第二季度全球PC出货量在6500万台左右，同比增长3%。从全球的经济走势来看，半导体行业与消费电子行业经过短暂的补库存拉动增长后，汽车半导体行业已经重回库存调整阶段，而消费电子行业尽管有AI概念的加持，但也并没有真正有用户粘性的AI功能爆款应用出现，能否真正提升消费电子产品的终端产品整体销量和提高终端产品的销售单价与利润溢价，目前都还处于未知状态。因此市场担心随着行业技术成熟的产能继志释放，行业的产品售价还会继续下行，而在产能充沛的价格竞争下，行业盈利改善的空间有限。而转型高端客户与产品，并重仓半导体的闻泰科技，仍处在转型的阵痛期。针对闻泰科技的现状，行业分析认为从短期的趁势来看，闻泰科技的ODM代工业务因海外客户新订单有所增长，不过移动相关产品平均代工单价还在下降，市场挑战仍然不容乐观。针对这一问题，闻泰科技的管理层表示，预计第三季度实现将盈亏平衡，第四季度转为正值，显示出了对高端客户高端AI产品的信心。闻泰科技自己则认为随着电子行业旺季的到来，展望下半年，公司产品集成业务盈利能力将得到实质性改善，随着业务战略进一步聚焦，伴随后续业务上量，公司将依托手机平板等传统优势业务，持续提升特定客户笔电份额，并在车载与AIoT、家电等新业务上快速增长，实现公司产品集成业务的业绩改善。闻泰科技将继续积极在行业复苏期捕捉更多的市场机遇，实现企业的长期持续发展。![]()
Wingtech Technology's ODM increased by 26.68%, and AIPC made efforts to get out of the trough Wingtech Technology recently released the semi-annual financial report data that the industry is concerned about, the main content is revenue of 33.589 billion yuan, a year-on-year increase of 15.01%. net profit attributable to shareholders of listed companies was 140 million yuan, down 88.78% year-on-year. Basic earnings per share was 0.11 yuan/share, down 89.11% year-on-year. Among them, the revenue of semiconductor business was 7.04 billion yuan, a year-on-year decrease of 7.90%, and the gross profit margin of the business was 34.95%; net profit was 1.08 billion yuan, down 22.40% year-on-year; The integrated business achieved revenue of 26.12 billion yuan, a year-on-year increase of 26.68%, a gross profit margin of 2.49%, and a net loss of 850 million yuan; R&D investment was 874 million yuan, compared with 809 million yuan in the same period last year, a year-on-year increase of 8.03%.![]()
From the data performance of the semi-annual report, it can be found that in the first half of 2024, the revenue and profit of Wingtech Technology's semiconductor business in the second quarter increased quarter-on-quarter, and the gross profit margin level improved significantly compared with the first quarter, driving the rapid recovery of net profit. In the first half of 2024, Wingtech Technology's semiconductor business revenue from automobiles, industry and power accounted for 63% and 21% respectively, and other consumer electronics such as mobile and wearable devices, computer equipment, and consumer fields accounted for 16% of the total revenue. In the first half of the year, Wingtech Technology's semiconductor business achieved operating income of 3.42 billion yuan and 3.62 billion yuan in the first and second quarters, an increase of 5.8% from the previous quarter, and a gross profit margin of 31% and 38.2% respectively. Gross margin in the second quarter increased by nearly 7 percentage points sequentially, exceeding the average for the second quarter of 2023. Net profit in the first and second quarters was RMB520 million (including investment income of RMB170 million from the sale of NWF shares) and RMB560 million respectively, with a quarter-on-quarter increase of 60% in business profit after deducting investment income.Wingtech Technology recently said in an investor survey that in the past two or three years, the growth of semiconductors has mainly come from good market demand. With the subsequent semiconductor market entering a cyclical adjustment, from the second quarter of this year, the company's growth has come more from the cultivation of internal strength, from the company's new customer expansion and efficiency improvement. The company's semiconductor business has clearly bottomed out in the fourth quarter of 2023 and the first quarter of 2024, and has achieved a rapid rebound in the second quarter. In this cycle, it can be seen that the company's semiconductor business has entered a downward cycle late, with a small cycle adjustment, a short bottoming time, and can recover quickly, fully reflecting the characteristics of strong resilience and great potential. Among them: (1) Relying on the advantages of MOSFET, logic and other products, we continued to make efforts in the automotive field, accelerated the market development of domestic new energy head enterprises, and increased the penetration rate among new energy vehicle customers, and steadily increased the product supply and the value of single vehicles. (2) The industrial and consumer electronics markets are gradually recovering, and the growth rate of AI data centers, servers and other application fields is relatively fast. (3) The market performance of semiconductors in the Asia-Pacific region has better offset the weakness of market demand in Europe and the United States. (4) Through management efficiency, factory cost reduction, and improvement of utilization rate, the gross profit margin rebounded rapidly, which further highlighted the management level and business resilience.At the same time, Wingtech Technology has strengthened its investment in semiconductors, announcing an investment plan of 200 million US dollars in June to develop the next generation of modern semiconductor products and establish production infrastructure in the Hamburg factory. At present, the SiC diode and high-voltage GaN production line has been put into production, and the follow-up focus is on the construction of an 8-inch SiCMOS production line. In the ODM foundry integration business with fierce competition and relatively difficult profits, Wingtech Technology achieved revenue of 12.42 billion yuan and 13.70 billion yuan in the first and second quarters respectively, and net profit of -350 million yuan (including 100 million yuan of convertible bond financial expenses) and -500 million yuan (including 100 million yuan of convertible bond financial expenses) respectively.Wingtech Technology said that the product integration business has still laid a good customer foundation, and the shipments of major customers in Korea and North America increased in the second quarter. The business revenue in the second quarter increased by 10% quarter-on-quarter and 30% year-on-year, mainly because the company actively explored new projects of overseas major customers and home appliances, automobiles and other customers, and the demand of overseas major customers improved significantly, of which the demand of large customers in Korea and North America increased significantly, the company promoted the ASP of various products under the weak recovery of total market demand, and the average ASP of products increased by more than 20% in the second quarter compared with the first quarter, and increased by more than 50% year-on-year, and the product value of the company's product integration business increased significantly, the business foundation is better. In the second quarter, Wingtech Technology's ODM foundry business accounted for more than 50% of the revenue structure, of which due to the recovery of market demand, the company's shipments of Korea major customer business in the second quarter increased by more than 20% month-on-month, and the new mobile phone and tablet projects cooperated with customers were successfully increased. At the same time, the North American key customer business, accounting for about 40% of the revenue, the company cooperated with the North American major customers to produce AIPC has been sold globally in early 2024, the market demand feedback is positive, and the volume is rapidly increasing in the second quarter, while the new generation of projects is being promoted cooperatively.In other businesses such as home appliances, automotive electronics and smart wearable businesses, automotive electronics has achieved a certain scale of revenue, and the gross profit margin of products has increased in the second quarter, realizing the expansion from a single customer to multiple automotive customers; In terms of home appliances, it has cooperated with global home appliance giants to successfully expand from a single project to multiple projects, and a number of projects have been successfully implemented, and achieved rapid growth and profitability in the second quarter. Wingtech said that the ODM generation business has changed from mainly relying on mobile phone and tablet business in the past to a more optimized and focused business structure. While maintaining long-term and in-depth cooperative relations with leading customers in various segments, we promote cooperation projects "from one to many", and the scope of cooperation is "deeper and wider", laying a better customer foundation.Overall, Wingtech Technology's semiconductor and ODM foundry businesses have begun to come out of the trough and show signs of slow recovery. Wingtech Technology's sales in the first half of 2024 increased by 15% year-on-year to 33.6 billion yuan, and the strong ODM foundry business increased by 27% year-on-year; However, the semiconductor business as a whole fell by 8% year-on-year in the first half of the year.However, in terms of profitability, Wingtech Technology's net profit in the first half of the year fell by 89% year-on-year to 140 million yuan, and the gross profit margin fell to 9.5%, from 17.6 in the first half of 2023 to 14.7% in the second half of 2023, and to 9.5% in the first half of this year, indicating that the competition in the industry is still very fierce. In addition to the signs of recovery in the gross profit margin of semiconductors, which increased by 7.7% in the second quarter, the gross profit margin of ODM foundry in the first half of 2024 is only about 2.5%. According to the data of Oriental Fortune Choice financial terminal, the semi-annual reports of 94 companies in the A-share consumer electronics sector have been disclosed, and 73 companies have achieved profits, accounting for 77.66%; There were 57 companies that achieved a year-on-year increase in net profit.Most people in the industry believe that global smartphone shipments will exceed 1.2 billion units in 2024, an increase of about 50 million units over 2023. In addition, in addition to the gradual penetration of the application of the end-side AI model in the mobile phone, it will also accelerate the purchase of spare models by some heavy users of mobile phones, and it is inferred from past experience that after the global real economic recession offsets the demand for smartphone replacement in developing countries, it will still increase at a scale of about 50 million units per year, and may reach 1.3 billion units by 2017.At the same time, after 8 consecutive quarters of decline, other consumer electronics markets represented by PCs have also been driven by AI applications and have begun to pick up, and some users have begun to purchase new models to use AI for secondary creation and entrepreneurship, and related terminal products have also achieved growth for two consecutive quarters. Industry data shows that global PC shipments in the second quarter of this year were around 65 million units, a year-on-year increase of 3%. From the perspective of global economic trends, the semiconductor industry and the consumer electronics industry have returned to the inventory adjustment stage after a short period of replenishment of inventory, and the consumer electronics industry, despite the blessing of the AI concept, does not really have the user stickiness of the AI function explosion applicationIt is still unknown whether it can truly increase the overall sales of consumer electronics and increase the sales unit price and profit premium of terminal products. Therefore, the market is worried that with the release of the industry's mature production capacity, the industry's product prices will continue to decline, and under the price competition with abundant production capacity, the industry's profitability has limited room for improvement.Wingtech Technology, which has transformed high-end customers and products and has a heavy position in semiconductors, is still in the throes of transformation. In view of the current situation of Wingtech Technology, industry analysts believe that from the short-term situation, Wingtech Technology's ODM foundry business has increased due to new orders from overseas customers, but the average OEM unit price of mobile-related products is still declining, and market challenges are still not optimistic. In response to this problem, the management of Wingtech Technology said that it is expected to break even in the third quarter and turn positive in the fourth quarter, showing confidence in high-end customers and high-end AI products. With the further focus of the business strategy, with the follow-up business volume, the company will rely on traditional advantageous businesses such as mobile phones and tablets to continue to increase the share of laptops for specific customers, and grow rapidly in new businesses such as vehicle and AIoT and home appliances to achieve performance improvement in the company's product integration business. Wingtech Technology will continue to actively capture more market opportunities during the recovery period of the industry and achieve long-term sustainable development of the enterprise.![]()
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旭日大数据团队长期服务超过全球10000家高新科技电子行业企业客户，在长期建设中国制造业供应链服务体系过程中积累了大量的行业资源，不仅对电子制造业企业的采购需求有着深刻理解，还与全球大量企业建立了系统对接，能够帮助供应商快速适应企业的服务要求，切入企业供应链。
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