Urgent single estimate package test Hutchison Q4 flat

China Sunlight (2311) and Yipin (2325) announced the third quarter revenue profile. Analysts estimate that due to the adjustment of customer orders, coupled with diminishing urgency single effect, the fourth quarter of the four quarters of the four-year sales record increase, the order recovery. Normal to the fastest in the first quarter of next year.

Sun Moonlight’s self-determined closed sales of NT$10,659 million in September, which was a decrease of 3.1% compared with the previous month and a decrease of 5.5%. It closed at a total of RMB32.581 billion in the third quarter of the year, only 1% in the quarter.

Yipin (2325) consolidated revenue of 5.329 billion yuan from the end of September, 5.84% month-on-month, an annual increase of 2.37%, combined revenue from the third quarter of consolidated revenue 16.325 billion yuan, a quarter increase of 10.8%.

The legal person pointed out that the monthly sales revenue of Sun Moonlight increased by only 1% in the third quarter, which was mainly affected by the order adjustment of integrated component manufacturing plants (IDM) and the reduction of orders by Wireless Netcom's chip makers. Orders returning to normal as soon as possible may not reach March next year.

The short-term decline in the price of gold has helped China-Japan Moonlight and defective products to increase gross profit margin. The legal person estimates that the fall in the price of gold and the depreciation of the Taiwan dollar against the US dollar will help offset the declining capacity utilization of the sun and moon light. It is estimated that the earnings of the fourth quarter of the day and the month of the month and the EPS of the company will probably perform best in the third quarter. Even if it is flat, it may be about 10%.

Sun Moonlight actively cut into the copper wire process market. Goldman Sachs Securities Technology Industry analyst Yan Zijie pointed out that the expansion of the copper and wire bonding process scale and upgrading of technology by the company will help increase market share. At present, the global low-footprint packaging market is approximately US$19 billion. With a market share of less than 5%, Sun Moonlight still has considerable room for growth in the low-foot-count packaging market.

The third-quarter revenue of counterfeit products surpassed market expectations. Analyst Zhang Zhihui of Dahua Investment Co., Ltd. believes that there are two reasons. One is the short-term effect of MediaTek. MediaTek releases the urgent orders to TSMC in June and arrives at 1.5 months. After 2 months of normal output time, it led to the production and testing of defective products. Second, the shipment of Netcom equipment was better than expected, and the closure of the products was also benefited.

However, JPMorgan Chase Securities recently reported that it may not be enough to boost the fourth-quarter revenue and gross profit margin of the counterfeit products due to the urgency effect. The counterfeit products need to be accelerated to shorten the gap with the moon and the moon.

Yan Zijie said that the improvement rate of defective products in the production process of copper-bonded wire may not be as fast as expected. It is worthwhile to continue to observe whether the gross profit rate of defective products in the fourth quarter can be effectively raised.

JP Morgan Chase Securities pointed out that the fake single-chip smart mobile phone chip test can continue until October, the fake product received another smart phone chip makers to test the urgent orders, which will help the fourth quarter revenue increase , but orders to return to normal, the fastest to the first quarter of next year.

As a whole, the short-term urgent single effect of the packaging and testing plants may end in the fourth quarter. Zhang Zhihui stated that the short-term effect of the sealing and testing plant lasted up to October, and that the urgency effect of the overall semiconductor industry was almost over. In November and December, the semiconductor industry did not have a significant rush order effect. Orders are expected to return to normal, the fastest It may not be until March next year.