Mining Demand Led, 2018 Ic Industry Inventory Adjustment Will Be Completed In Q1, Q2 Demand Pick-up

Set  micro-grid news, according to Taiwan's supply chain shows that the  semiconductor industry in the second quarter season is about to start,  optimistic about the operating outlook, of which the automotive  electronics and mining-related manufacturers. As  for the foundry industry, TSMC still has the advanced technology in the  advanced manufacturing process, and the profit growth momentum in the  second half of the year is still expected. The advanced demand in the  world for the benefit of car power control will grow in 2019 ; IC packaging and testing and mining benefited from the field of  automotive electronics are still strong demand, strong long-term growth.; IC packaging and testing and mining benefited from the field of  automotive electronics are still strong demand, strong long-term growth.

Based  on past IC inventory trends, inventory days fell to 68 days driven by  smart phone shipments in Q4 of 2017. The overall shipments of IC design  companies increased in a single quarter, boosting revenue and returning  inventory days to normal level. In the first quarter of 2010, the Company adjusted its orders in  response to market conditions and kept falling inventories. In the first  and second quarters of the year, the inventories for the mobile phone  sales season slightly increased.In the first quarter of 2010, the Company adjusted its orders in  response to market conditions and kept falling inventories. In the first  and second quarters of the year, the inventories for the mobile phone  sales season slightly increased.

The  recent strong demand for virtual currency led to tight production  capacity, the current supply in short supply, the overall inventory  impact is not obvious. It  is estimated that the IC industry inventory adjustment phase will be  completed in the first quarter of 2018 and the second quarter will be  restarted. The demand for new applications such as the Internet of  Things and automotive applications will be restarted, and the stocking  of spare parts will be restarted iPhone  as the main observation indicators, the three new machine sales this  year for the second half inventory is too high indicators. Overall, the IC industry stocks in the normal cycle stage.

Last  year, smart phone makers cautiously looked at handset sales. The  stocking was relatively cautious. In the fourth quarter, the stock of  communications and consumer products gradually went down. In the first  quarter of this year, adjustments were made to inventory movements. PC  inventories did not significantly reduce, mainly due to Intel accounted  for about 60% of the proportion of inventory level digestion is not as  expected, Yongfeng Investment Fund speculated that the new platform for  stocking adjustments. Car  electronics benefited from the major depot chips began to improve, the  overall demand is better than expected, revenue and inventory growth  simultaneously. In major IC design companies to adjust the market conditions quickly,  so that the semiconductor chip turnover days effectively reduce  inventory back to normal.

In  the smart phone sales as expected, the original forecast semiconductor  industry revenue will fall in the second quarter, the recent benefit  from a large number of virtual currency computing power demand to drive  annual growth of semiconductor revenue bottomed out, high-end foundry  capacity utilization continued Upwards,  filling the production capacity gap under the condition of the  traditional handset off-peak season, mainly driven by TSMC's high-end  semi-conductor supply chain of TSMC and mining ASIC. The demand for 2018  continued to be strong throughout the year. Estimated virtual currency TSMC will account for 5% share, led TSMC and ASE growth in the second quarter.