中微半导(688380) - 中微半导投资者关系活动记录表（2023年10月27日）

Group 1: Company Overview - Zhongwei Semiconductor is a platform chip design company focused on MCU solutions, aiming to provide comprehensive chip-level solutions for smart controllers [2][3] - Established in 1996, the company transitioned into chip design in 2001 and has over 20 years of development in MCU design capabilities [3] Group 2: Financial Performance - In Q3 2023, the company achieved revenue of 176 million CNY, with a shipment volume of nearly 470 million units, showing year-on-year and quarter-on-quarter growth [3] - The total shipment volume reached nearly 1.2 billion units by the end of the reporting period, surpassing the previous year's total [3] - Despite revenue growth, net profit attributable to shareholders was negative due to significant price reductions and increased R&D investments [3][4] Group 3: Market Segmentation - In the first three quarters, revenue from consumer electronics and home appliances each accounted for nearly 40%, while industrial control contributed around 16% and automotive electronics 3-4% [3] - The automotive electronics segment is a key focus for future growth, with current revenue around 10 million CNY from only 3 wafer products and over 10 part numbers [4][5] Group 4: Profitability and Margins - The gross margin reached a historical low in Q3, with consumer electronics showing negative margins, while home appliances and industrial control maintained around 20% [3] - Future gross margins are expected to rise, stabilizing between 30-40% as market demand recovers and inventory of high-cost products decreases [4] Group 5: Inventory and Pricing Trends - The current inventory structure consists of 70% wafers and 30% packaged products, with MCU prices having bottomed out [4] - Inventory reduction is expected to continue for approximately six more months, although some products are already experiencing supply shortages [4]