中微半导(688380) - 中微半导投资者关系活动记录表（2023年12月21日）

Group 1: Inventory and Product Structure - The company's inventory level continues to decline, with structural shortages observed by the end of Q3 2023, indicating a fast turnover rate and supply-demand imbalance [2][3] - The product structure includes MCU, SOC, ASIC chips, and power devices, categorized by application areas: Consumer Electronics (41-42%), Home Appliances (38-39%), Industrial Control (16-17%), and Automotive Electronics (3-4%) [2][3] Group 2: Chip Shortages and Pricing Strategy - The shortage of chips for e-cigarettes is attributed to increased penetration of MCUs in e-cigarette solutions, sudden demand spikes, and limited inventory among downstream distributors and customers [3] - In 2023, the company focused on destocking and market capture, leading to aggressive pricing strategies with increasing discounts in the first three quarters, followed by a reduction in discounts and a recovery in prices and gross margins in Q4 [3] Group 3: Cost and Future Outlook - The procurement cost of wafers has significantly decreased from historical highs, primarily in mature processes [3] - The company's performance is expected to align with national economic trends, with increasing competition among chip design companies, but the company remains optimistic about future growth due to strong funding and ongoing R&D efforts [3]