中芯国际，释放重磅信号

Core Viewpoint - The company is experiencing high demand with a capacity utilization rate of 95.8% in Q3, indicating a supply-demand imbalance in its production lines [1] Group 1: Current Market Conditions - The mobile market is facing a severe shortage of memory components, leading to significant price increases, which raises concerns among customers about the assembly of complete devices if memory is insufficient [1] - Customers are currently inclined to stockpile memory components to ensure complete device assembly, but there is a general caution regarding supply uncertainties for Q1 of the following year, resulting in a mix of proactive and cautious stances [2] Group 2: Impact on Business Operations - The company has received a large number of urgent orders for various products, including NOR/NAND Flash and MCUs, and has chosen to delay some non-urgent mobile orders to ensure timely delivery of urgent requests, leading to a temporary decrease in the proportion of mobile business [2] - The impact of memory supply is twofold: it boosts current orders but creates uncertainty for the following year, with observations indicating that a 5% shortage or surplus in memory supply could significantly affect prices [2] Group 3: Industry Dynamics - The industry is currently facing a supply gap, and high price levels are expected to persist [2] - Products like NOR Flash, NAND Flash, and MCUs have long validation cycles and high barriers to entry, making it difficult for new entrants to quickly replace existing suppliers, as it takes at least 16 months from initial testing to mass production [2]