Judging from the monthly revenue/interim report data of industry chain companies and third-party data tracking, under the time lag between downstream demand and product stocking, IC design companies experienced an obvious inertial upward surge in inventory in the third quarter, and the industry entered passive replenishment. In the inventory stage, the price of memory, which has a certain guiding significance, continued to fall one quarter ahead of schedule, and the unsatisfactory capacity utilization rate of wafer foundries indicated that the industry's purchasing efforts at the physical level were declining. Under the "bull short and bear long" characteristics brought about by the channel's "chasing up" and "selling down", the prices of some popular MCU models have basically fallen back to normal levels.QCC-5124-0-CSP90-TR-00-0

The inventory of the electronics industry in 2022Q2 increased by 35% year-on-year, and the inventory levels of passive components, panels, and LEDs increased by 39%, 31%, and 28% year-on-year, respectively.

Passive components: The passive component industry’s inventory in 2022H1 was 8.42 billion yuan, a year-on-year increase of 39%. The growth rate of inventory was higher than that of revenue. The inventory level of the passive component industry increased, mainly due to the decline in the downstream consumer electronics boom and the destocking of downstream customers. Influenced, the industry inventory has increased, and the passive component inventory has a certain pressure, but the overall is still in a healthy state.

PCB industry: Inventory in 2022H1 is 35.451 billion yuan, a year-on-year increase of 13%. The growth rate of PCB industry inventory is not much different from the revenue growth rate, and the overall inventory situation of the PCB industry is relatively healthy.QCC-5124-0-CSP90-TR-00-0

Panel industry: In 2022H1, the industry inventory amounted to 57.9 billion yuan, a year-on-year increase of 30.9% and a month-on-month increase of 14.4%. Under the influence of repeated epidemics, high overseas inflation and other factors, terminal demand has fallen sharply, and brand manufacturers have begun to vigorously destock. Although panel manufacturers are also trying their best to reduce the utilization rate of production lines, it will take time for inventory depletion. accumulation stage. According to DISCIEN statistics, after the production cut in July 2022, the utilization rate of mainstream panel factories is mostly around 80%, which will continue to drop to around 75% in August, and may continue to drop below 70% in September. As panel makers take the initiative to reduce production and increase investment in markets such as automobiles, medical care, and industrial control that still have good demand, the subsequent inventory pressure is expected to gradually ease.

Semiconductor materials: Since 2022, due to the cyclical fluctuations of the industry and the repeated domestic new crown epidemics, the packaging and testing industry has experienced a decline in order volume and insufficient capacity utilization. So far, this situation has not improved, but gradually It has spread to the first-tier manufacturers. Under this circumstance, the upstream packaging and testing materials industry has rapidly fallen from a tight supply to a state of oversupply, and major manufacturers are also facing the crisis of insufficient orders and a sharp decline in performance.