WT Microelectronics revenue 167.2 billion! How is WT Microelectronics doing in 2023?

Recently, WT Microelectronics announced the latest quarterly financial results.

Benefiting from favorable customer demand expectations, Wenye's revenue in the third quarter was NT $167.26 billion, an increase of 42% quarter-on-quarter, an increase of 7% year on year, gross profit margin of 3.03%, a decrease of 0.55 percentage points quarter on quarter, a decrease of 0.16 percentage points year on year, revenue rate of 1.35%, a decrease of 0.39 percentage points quarter on year, a decrease of 0.53 percentage points year on year.

Net profit after tax was NT $1.28 billion, up 33% quarter-on-quarter and down 38% year-over-year.

Subdivided into applications, WT Microelectronics was still dominated by mobile phones in the third quarter, accounting for 28.8% of revenue, data centers and servers surged to 23.7%, communications also accounted for 12.4%, industrial and instruments 8.6%, automotive electronics 7.1%, consumer and other 9.7%, and personal computers and perimeters 9.7%.

The revenue of WT Microelectronics in the first three quarters was NT $404.823 billion, down 2% annually; the gross profit rate was 3.31%, down 0.28 percentage points annually; the profit rate was 1.55%, down 0.66 percentage points annually; and the net profit after tax was NT $2.968 billion, down 54% annually.

Looking ahead to the fourth quarter, WT Microelectronics expects profit to grow slightly compared to the third quarter, the median estimated revenue of NT $175 billion, an increase of about 5% quarterly and 11% year-on-year, consolidated net profit after tax attributable to the parent company owners of about NT $1.32 billion, considering the fourth quarter revenue forecast, estimated overall 2023 revenue growth of about 1.5%.

Chairman Cheng Wenzong said that in the fourth quarter, in addition to the recession of consumer electronics and PC, other applications will grow from the previous quarter, the overall revenue is estimated to reach 170 billion to 180 billion Taiwan dollars, again a record high, even at a low projection, the annual revenue will turn positive growth.

Examining the fourth quarter revenue trend of products, Wen Ye expects that automotive electronics will continue to grow in the fourth quarter, with a quarterly increase of 7-9%, industrial and instrument also rebounded, a quarterly increase of 1-3%, communications quarterly increase of 10%, data centers and servers maintain strong growth, a quarterly increase of more than 20%, consumer electronics and PC are due to enter the traditional off-season.

Quarterly declines of more than 20% and 7-10%, respectively, were roughly flat for mobile phones.

Looking forward to the market situation in 2024, Zheng Wenzong, chairman of Wenye, said that the semiconductor industry will inevitably have a compensating effect in the inventory adjustment to a certain extent, and now the industrial inventory level is low, but the end market demand still depends on the overall economic environment.

For the whole year, the performance of automotive electronics increased by double digits, industrial and instrument increased by 1-3%, communication decreased by the most, up to 20%, data center and server performance growth was the most significant, an annual increase of 50-60%, consumer electronics was about the same, PC fell 17-19%, mobile phones also decreased by 1-9%.

Zheng Wenzong added that the server industry is polarized, non-AI servers continue to reduce inventory, it is expected that the first half of next year will have the opportunity to go to the normal water level, AI servers are in short supply, Wenye's main agent AI servers in ASIC and high-speed switches, demand is also growing rapidly with the overall industry.

Zheng Wenzong stressed that the long-term goal of Wenye has not changed, and it will continue to lock in product applications with good growth and higher profit margins and execute strategic mergers and acquisitions and successful integration to achieve significant synergies and increase market share.

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