Organization:Tianfeng Securities
Rating:Better than the big market
We sort out the thinking of the semiconductor industry every week, and the cross-verification from the upstream and downstream of the industry chain gives us a multi-dimensional perspective and point of view to view the industry, and extract the logic and judgment that best suits the main line of investment.
Returning to the origin of fundamentals, from the medium-and long-term dimension, the boundary factor for the growth of the expansion semiconductor industry still exists.Downstream applications take 5G/ new energy vehicles / cloud servers as the main line, and specific to the Chinese mainland region, we believe that "domestic substitution" is the current plate logic, and "growth" under "domestic substitution" is better than "cyclical" consideration.
Micron released its quarterly results for the third quarter of fiscal year 2020 on June 29th.According to Micron's quarterly results for the third fiscal quarter of 2020, Micron's total revenue in the third quarter was $5.4 billion, up 14% from a year earlier and 13% from a month earlier. Of this total, DRAM products earned US $3.587 billion, accounting for 66% of the total revenue, up 6% from the same period last year and 16% from the previous month. NAND product revenue was $1.665 billion, accounting for 31% of total revenue, up 50% year-on-year and 10% month-on-month.
Micron's total revenue, gross profit margin and net earnings per share exceeded expectations for the quarter.Micron's revenue in the third quarter was $5.4 billion, up from a previous forecast of $4.6 billion to $5.2 billion. Gross profit margin is 33.2%, higher than the forecast of 29.5% to 32.5%. Net income per share was $0.82, up from a previous estimate of $0.4 to $0.70.
Affected by the good financial performance in the third quarter, Micron raised its financial forecast for the Quarterly report.. Micron expects next-quarter revenue to be between $5.75 billion and $6.25 billion, with gross margins expected to fluctuate 1.5 per cent, up and down 35.5 per cent. Net income per share was $1.05, or $0.10 per share.
Meguiar's quarterly report exceeded expectations to highlight the prosperity of the industry, and the mid-reporting season is approaching to attach importance to the opportunity of exceeding expectations of individual stocks.We suggest that we should focus on Changdian Technology, Ziguang National Micro, Semiconductor Manufacturing International Corporation, Starr Semiconductor, Huarun Micro, and so on. Semiconductor Manufacturing International Corporation has entered the official issuing stage. According to the issuance arrangement, July 2 is the preliminary inquiry date, July 3 is the confirmation of effective quotation investors, and July 6 will officially announce the offering price ("issue announcement").
Semiconductor Manufacturing International Corporation has locked in China Xinke and Shanghai Integrated Circuit Fund two heavyweight strategic investors in early June and will subscribe for a total of 2.5 billion yuan of shares.In addition, on the evening of July 3, Laimu shares (603633) announced that it had paid 70 million yuan as a limited partner to subscribe for the fund share of Juyuan Core Star, which subscribed for Semiconductor Manufacturing International Corporation Science and Technology Innovation Board IPO shares as a strategic investor, with a subscription scale of 2.305 billion yuan; the fund limited partners included China Micro Corporation, Weir shares, Anji Technology, Huiding Technology, Quanzhi Technology and other semiconductor enterprises.
Risk hintThe epidemic continues to worsen; Android is not advancing as expected; demand is not as good as expected.