中微半导(688380) - 中微半导投资者关系活动记录表（2024年7月3日）

Company Overview - Zhongwei Semiconductor is a startup with a stable shareholding structure and a well-regulated governance system, transitioning from chip applications to chip design, leveraging a market-oriented approach [2]. - The company has a broad product line, focusing on MCU as its core, including 8-bit and 32-bit MCUs, signal chains, power, and driver analog products, widely used in consumer electronics, home appliances, industrial control, and automotive electronics [2]. Financial Performance - In Q1 2024, the company achieved sales revenue exceeding 200 million, with significant growth in both revenue and gross margin; Q2 is expected to maintain a positive trend [2]. - The revenue structure for 2023 shows that consumer electronics and home appliances account for approximately 40% of total revenue, while industrial control (brushless electronics) contributes around 11-12%, and automotive electronics accounts for about 3% [3]. Product Segmentation - The revenue contribution from MCU products indicates that 8-bit MCUs represent over 60% of revenue, while 32-bit MCUs account for over 30%; in terms of shipment volume, 8-bit MCUs constitute 90%, and 32-bit MCUs make up 10% [3]. - The company anticipates significant growth in the industrial control sector, expecting substantial increases in revenue [3]. Profitability and Pricing - The company aims to maintain a comprehensive gross margin of 30-40%, balancing profit and scale; consumer electronics have the lowest gross margin, while automotive electronics have the highest [3]. - Product prices remained stable in the first half of the year, influenced by supply-demand dynamics and cost factors; potential price adjustments may occur if wafer and packaging costs change [4]. Inventory Management - The company has seen a reduction in overall inventory levels due to increased market share and shipment volumes; some products are out of stock, while others still have high inventory levels [4]. - An ideal inventory level is considered to be 3-4 months of sales volume, with a reasonable inventory turnover rate of 2-3 [4]. Market Strategy and Future Outlook - The company does not initiate price wars but remains open to competition, focusing on continuous product development to enhance competitiveness [4]. - The future trend for chip design companies indicates that only those with strong technology and diverse product offerings will survive, with the top companies holding 70% of the market share [5]. - The company is open to mergers and acquisitions as a path for rapid development, seeking like-minded partners for collaborative growth [5].