Semiconductors do not see large orders in the next quarter

While semiconductors are adjusting stocks to positive development, Macquarie Securities believes that the visibility of follow-up orders is limited. Semiconductor companies operating in the fourth quarter will only grow at about the same level in the fourth quarter, and the boom in the first quarter of next year will actually bottom out. According to the time series, it is necessary to wait until the second quarter of next year, and the annual growth rate of total industry revenue will be correct.

Liu Minglong, an analyst at Macquarie Semiconductor, pointed out that after adjusting for semiconductors, the number of inventory days fell to a healthy state, but at this stage, it should not be too optimistic. In the fourth quarter, there will be no strong order backflow. Therefore, it is best to wait and see at this stage. For stock selection, we must focus on wafers for semiconductors and lead stocks for packaging and testing, as leading stocks can best benefit from the booming climate next year.

TSMC chairman Zhang Zhongmou pointed out that customers did not queue up in the third quarter and would wait until the fourth quarter to warm up. From this observation, Macquarie's views are not far from Zhang Zhongmou.

After Freescale Semiconductor, an international integrated component manufacturer, turned off the US six-inch factory, it will have a large number of outsourcing subcontracts to Other major manufacturers, paying attention to the kinetic energy in the fourth quarter; but otherwise, only smart type The order for mobile phones is relatively strong, and the order status of other electronic products is very weak.