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Insights Tag:Dimensity

MediaTek Weather’s Macroeconomic Headwinds With 9% YoY Revenue Growth

MediaTek顺序的收入下降了8.7%,但增加8.5% YoY to NT$142.1 billion. On a USD basis, revenues were comparatively flat due to FX weakness. Globalmacro headwinds, inventory correction, slowChina market and weak consumer demand led to the revenue decline and weak outlook. Declining 8% QoQ, the智能手机segment contributed to 55% (NT$ 78.2 in Q3 2022) of MediaTek’s total revenue in Q3 2022. Smartphone segment demand was affected by customers’ inventory adjustments, especially in the 5G mid-range SoCs. Demand forLTE SoCswas strong in QoQ terms.

MediaTek Earning 2022 Q3

  • The company has expanded its portfolio for theflagshipand mid-range segments by launchingDimensity 9000+ and Dimensity 1050, respectively. The newly launched premium SoC has been adopted by top-end gaming smartphones. Also, MediaTek will launch a next-generation flagship SoC in Q4 2022. This will add to its premium segment revenue.
  • The Smart Edge segment, which contributed 38% to the company’s revenue in the third quarter, declined 9% QoQ as telecommunication operators cut back on orders, negatively impacting the company’sWi-Fiand wired businesses. Also, the consumer market weakness affected the tablet, Chromebook and monitor businesses.
  • The power IC segment, which accounted for 7% of MediaTek’s revenue in Q3 2022, declined 17% QoQ due to weak demand for power ICs in consumer devices such as smartphones and PCs. But demand for power ICs for automotive and industrial applications remained robust in Q3 2022.
  • 联发科指导2022年第四季度收入N的范围T$108 billion to NT$119.4 billion ($3.4 billion to $3.8 billion), a decline of 16%-24% QoQ and a decline of 7%-16% YoY. The gross margin is expected to be around 48.5% and the operating expense ratio is expected to be 31%. LTE SoCs will decline more severely than 5G SOCs in Q4 2022. Wi-Fi, broadband and routers will also be impacted as some of the Wi-Fi operators will slow down their fourth-quarter buy-in. The company also projected a sequential increase in revenues in Q1 2023.
  • The inventory level came down in Q3 2022 compared to the previous quarter. For both 4G and5G, SoC inventory will come down in Q4 2022. Inventory corrections will be normalized in H1 2023.
  • According to Counterpoint Research’sSmartphone AP/SoC Shipment Tracker, MediaTek dominated the smartphone AP/SoC market in Q3 2022 with a share of 36.5%, followed byQualcomm. MediaTek shipments have declined due to order cuts from major Chinese OEMs. MediaTek’s relatively greater dependence on the mid-end and low-end smartphone segments, which are likely to be more affected by the current macroeconomic situation as well as excess channel inventory, will lead to a weaker fourth quarter.

Overall, weak market outlook for Q4 2022 from MediaTek echoes increasingly cautious views from the foundry and IC packaging makers, which are seeing a slowdown in smartphone IC orders in early 2023. We expect 2023 to be challenging with inventory correction going on till H1 2023 and coming down to a normal level (80-90 days) by the end of 2023. The demand outlook for 2023 also looks challenging after inventory corrections due to macroeconomic uncertainty and weak China market. From the technology migration point of view, 5G SoCs are going to be a growth opportunity for the company. MediaTek will focus on maintaining gross margin, following price discipline at a time of uncertainty in the globalsemiconductor industry.

Entry Into Flagship Segment, 5G AP/SOCs Lead to Strong Growth for MediaTek in Q1 2022

  • MediaTek recorded an impressive set of numbers for Q1 2022 with revenues growing 32% YoY and 10.2% QoQ to reach $4.8 billion. The company’s mobile phone segment achieved a revenue of $2.7 billion, growing 29% YoY. According toCounterpoint Research’sSmartphone,AP/SOC Shipment Tracker,the addition of the Dimensity 9000 to the premium segment has added meaningfully to the overall revenues that have also been driven by 5G AP/SOCs in the mid-tier segment. LTE AP/SOCs are still attracting high demand and will be in tight supply throughout 2022. Based on our data, LTE AP/SOCs contributed to one-third of the total AP shipments in Q1 2022.
Counterpoint Research MediaTek revenue by segment
MediaTek Revenue by segment
  • The smart edge segment contributed 39% toMediaTek’s Q1 2022 revenues. This segment is mainly driven by the Wi-Fi 6/6E migration and higher-end solutions for smart TVs and tablets. Technology migration trends in smart edge platforms have led to ahigher blended ASPin this segment.
  • The power IC segment accounted for 8% of the total revenues, growing 52% YoY and 21% QoQ. A large part of the PMIC segment’s revenue is coming from displays and smartphones. Automotive and industrial applications contribute to 10% of the PMIC revenue and will drive growth for this segment in 2022.
  • MediaTekguided revenues to be in the range of $5-$5.3 billion in Q2 2022, up 3~10% QoQ and 17~25% YoY. The mobile phone segment will show the strongest growth due to the shifting of demand fromLTEto5GAP/SOCs. As theChina market is slowing, the revenue growth will come from other regions like India and Europe. Also, theDimensity 9000 and 8000 series will continue to add to the revenues in Q2 2022. However, due to theslowdown in Chinaand deteriorating macroeconomic conditions, we have reduced our H2 2022 forecast for theDimensity 9000.
  • Revenues fromWi-Fi 6, 5G SIM modem, 5G tablet, 10G-PON and 4K smart TV are also expected to grow strongly in H2 2022. Also, MediaTek’s mmWaveSOC is on schedule to ship in the second half of 2022. It will pave the way for MediaTek’s further expansion in the global market.
  • According toCounterpoint Research’s Smartphone AP/SOC Shipment Tracker, MediaTek will continue to lead the smartphone AP SOC market with a volume share of 41% in Q2 2022, followed byQualcommwith 27%. The company’s strategy of 5G,Wi-Fi 6, focused product migration, geographic expansion with global customers, and penetration into high-end and flagship segments will allow MediaTek to retain and even improve its strong market position.
  • Chinaslowdown,COVID-19 lockdownsand macroeconomic conditions will affect theglobal smartphone market. MediaTek guides flat growth for the smartphone market in 2022 and5Gpenetration (660-680 million units) reaching 50%. Further, 5G penetration is expected to reach 70% in the next two years.
  • SmartphoneOEMslikeOPPO,vivoandXiaomicurrently have inventories with distributors and also forcomponents like AP/SOCs, PMICs and DDICs. This has led to a drop in AP/SOC orders for MediaTek for H2 2022. But MediaTek is keeping a high inventory reserve this quarter to sustain its OEM andODMpartners during the worseningCOVID-19situation. MediaTek normally runs with around 90 days of inventory. But it has now raised this to around 100 days to manage potentialsupply constraints.
  • 联发科woul试图安抚投资者d not follow a low pricing strategy to counter slowing demand. Instead, it will invest in future growth. Its pricing strategy will also leverage its high capacity and will manage profitability by maintaining similar pricing as the previous quarter. We expect overall 5G AP/SOC ASPs to be flat compared to last year. If the competition reduces the prices, it will be challenging for MediaTek to maintain growth in H2 2022. Due to the strong demand for LTE AP/SOCs, the ASPs will not decline this year. Overall,5GAP/SOCs will have a premium pricing over LTE. The company is now focusing on developing5G AP/SOCs for low-endphones priced less than $150. We believe this will happen two years down the line. However, based on our estimates, LTE is going to dominate the less than $100 smartphones, driven by regions like LATAM, Africa and APAC.
  • Presently, MediaTek is not a big player in thePC业务,having only a few Chromebook-type devices in the market. The company played down its expectations for substantial growth in the PC sector while confirming that it was interested in the potential of the Arm-based PC market.
  • Smartphones still contribute 53% of the revenues for MediaTek. For longer-term growth, MediaTek has to reduce dependence on smartphones and expand into areas like the smart edge,automotive, connected PCs andAR/VR.

相关的帖子

  1. Android Smartphone SoC Market: MediaTek Leads in Low-Mid Tiers, Qualcomm in Upper
  2. China Smartphone Market $250-$399 Price Band Share Grows 10% YoY in Q1 2022, vivo Takes Top Spot
  3. Global 5G Smartphone Sales Penetration Surpassed 4G for First Time in January 2022
  4. MediaTek Leads Smartphone SoC Shipments in Q3 2021; UNISOC Reaches Double-digit Share
  5. MediaTek Records Strong Revenues. Mid-teens Growth Expected Through 2025
  6. MediaTek Summit Key Takeaways: First Flagship 5G SOC, Tie-up With AMD, FiLogic 130 for IoT Devices
  7. MediaTek Weather’s Macroeconomic Headwinds With 9% YoY Revenue Growth
  8. Mid-tier Share in Global 5G Smartphone Shipments Grows to 37% in Q2 2021; vivo Leads
  9. Qualcomm Dominates Premium Android Smartphone Chip Market in Q1 2022
  10. Qualcomm Gains Share in Smartphone AP/SoC Shipments in Q4 2021; MediaTek Continues to Lead
  11. Qualcomm Retains Top Position in Global Cellular IoT Chipset Market in Q4 2021
  12. Smartphone ODM/IDH Companies’ 2021 Shipments Rise 6.4% YoY Despite COVID-19, Component Shortages
  13. US Smartphone Sales Remain Flat YoY in Q4 2021 Due to Shortages of Premium Flagships
  14. Xiaomi Updates: Q3 2022

Qualcomm Gains Share in Smartphone AP/SoC Shipments in Q4 2021; MediaTek Continues to Lead

  • Qualcomm’s share reached 30% driven by the premium tier.
  • UNISOC had a strong Q4 with its share reaching 11%.
  • Qualcomm led the 5G baseband market with a 76% share.

Seoul, Taipei, Beijing, New Delhi, London, Boston, Toronto, Hong Kong – February 24, 2022

The global smartphone AP (Application Processor)/SoC (System on Chip) chipset shipments grew 5% YoY in Q4 2021, according to the latest research fromCounterpoint’s Foundry and AP/SoC service. 5G smartphone SoC shipments were almost half of the total SoC shipments.

Research Director Dale Gaisaid, “MediaTek led the smartphone SoC marketwith a share of 33%. Its smartphone SoC volumes declined this quarter due to the high shipments in the first half and inventory corrections from Chinese smartphone OEMs. Many customers had built chipset inventories to manage uncertainties in the supply situation.”

On the growth outlook, Gai added, “We expect revenues to grow in Q1 2022 driven by the flagship chipset (Dimensity 9000) for smartphones. Higher 5G penetration will offset the lower seasonal demand. The increase in chipset prices after TSMC’s wafer price hike is reflected from Q4 2021 onwards. 5G migration in regions like APAC, MEA and LATAM and continued LTE demand will help MediaTek have a strong 2022.”

Global Smartphone AP/SoC Shipment Market Share (%), Q4 2020 vs Q4 2021

Source: Counterpoint Research Quarterly AP/SoC/Baseband Shipments Tracker, February 2022

Commenting on Qualcomm’s performance,Senior Analyst Parv Sharmasaid, “Qualcomm recorded a very strong quarter, growing 18% QoQ and 33% YoY despite component shortages and foundry capacity not being able to keep up with demand. Qualcomm was able to prioritize high-end Snapdragon sales, which come with higher profitability and less impact from shortages than mid-end and low-end mobile handsets. The company was also able to increase supplies from its major foundry partners bydual-sourcingkey products. It captured a 76% share in the 5G baseband shipments driven by Apple’s iPhone 13 and 12 series and premium Android portfolio.”

Commenting on the growth opportunities, Sharma added, “Qualcomm’sSnapdragon 8 Gen 1 flagshipmobile platform will start shipping from Q1 2022. The performance in Q1 2022 will be driven by design wins in theSamsung Galaxy S22series and launches in the Chinese New Year. Overall, the next inflexion in growth will be in H2 2022 with the launch of 5G handsets by major OEMs. The share of revenues from Android is also growing as more OEMs are adopting Qualcomm’s modem-to-antenna RFFE solution across tiers.”

Global 5G Smartphone Baseband Shipment Market Share (%), Q4 2020 vs Q4 2021

Source: Counterpoint Research Quarterly AP/SoC/Baseband Shipments Tracker, February 2022

Summary:

MediaTekled the smartphone SoC market in Q4 2021 with a 33% share. Shipments declined due to inventory correction as many customers had built inventories due to supply chain constraints.

Qualcommgrew 18% sequentially due to the premium segment and dual-sourcing from foundries. It dominated the 5G baseband modem shipments with a 76% share, driven by basebands for Apple and premium Android.

Applemaintained its third position in the smartphone SoC market in Q4 2021 with a 21% share. The iPhone 13 launch and festive season drove the shipments.

UNISOCcontinued with shipment growth this year and reached an 11% share in Q4 2021. On an annual basis, itsSoC shipments more than doubled in 2021. It has expanded its customer base, securing design wins with HONOR, realme, Motorola, ZTE, Transsion and Samsung.

Samsung Exynosslipped to the fifth position with a 4% share as Samsung is in the middle of rejigging its smartphone portfolio strategy of in-sourcing as well as outsourcing to ChineseODMs. As a result, the share of MediaTek and Qualcomm has been growing across Samsung’s smartphone portfolio, from the mid-range 4G and 5G models manufactured by ODMs to the flagship ones.

HiSiliconwas unable to manufacture Kirin chipsets due to the US trade ban against Huawei. The accumulated inventory of Kirin SoCs is on the verge of being exhausted. As a result, Huawei is launching itslatest serieswith Qualcomm SoCs but is limited to 4G capabilities.

For our comprehensive research on foundries to chipsets to devices, feel free to get in touch with us at the contacts given below.

Background:

Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.

Analyst Contacts:

Dale Gai
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Parv Sharma

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相关的帖子

  1. Despite Global Component Shortages, Qualcomm Dec Quarter Revenues Hit New High of $10.7 Billion
  2. Entry Into Flagship Segment, 5G AP/SOCs Lead to Strong Growth for MediaTek in Q1 2022
  3. MediaTek Leads Smartphone SoC Shipments in Q3 2021; UNISOC Reaches Double-digit Share
  4. MediaTek Records Strong Revenues. Mid-teens Growth Expected Through 2025
  5. Qualcomm Dominates Premium Android Smartphone Chip Market in Q1 2022
  6. Qualcomm in Driver's Seat To Shape The Future of Mobility
  7. Samsung Takes Semiconductor Crown From Intel in 2021
  8. TSMC’s Quarterly High-performance Computing Sales Surpass Smartphones for First Time in Q1 2022

Foundry Strategy & Chipsets Supply Shaping Smartphone SoC Competitive Dynamics in 2021

Seoul, Taipei, Beijing, London, Boston, Toronto, New Delhi, Hong Kong – May 3, 2021

  • MediaTek to lead global smartphone SoC market with 37% share whereas Qualcomm will lead the global 5G smartphone SoC market with 30% share.
  • The leading-edge nodes (7nm, 6nm and 5n) will account for almost half of the smartphone shipment volume during 2021.
  • 5G AP/SoC chipset volumes willmore than doubleannually in 2021.

The competitive dynamics in the smartphone AP/SoC market is changing fast for the fabless SoC vendors such as Qualcomm, MediaTek, Apple and others. The market outlook for these vendors is being shaped by not only the breadth and depth of the capabilities or tiering of the chipset portfolio but also by the choice, the share of the capacities across different edge-nodes at the foundries.Global smartphone AP (Application Processor)/SoC (System on Chip) chipset shipmentswill grow 3% YoY in 2021, factoring in the impact of supply constraint, rapid growth of 5G smartphones and related competitive dynamics according to the latest research from Counterpoint’s Foundry & Application Processor (AP/SoC) research.

Commenting on the research,Research Director Dale Gaisaid, “When we break down our forecast with respect to the current demand-supply dynamics,MediaTek is likely to continue its Q4 2020 momentum into 2021and likely to capture 37% unit share of all the smartphone AP/SoC shipped for the full the year. This 20% potential annual uptick in demand is a function of competitive 5G portfolio powering sub-$150 5G smartphones manufactured at TSMC without any supply constraint and growing share in 4G segment. Further, MediaTek in the first half of 2021 will benefit from Qualcomm’s currentsupply constraintsaround RFICs (radio-frequency integrated circuits) from Samsung’s Austin fab, Power management ICs (PMIC), and relatively lower 5nm production yields.”

Exhibit 1: Global Smartphone AP/SoC Market Share (%) Outlook

Counterpoint Research: Global smartphone chipset share Mediatek leads in 2021 with 32% share
Global smartphone chipset share

Source: Counterpoint Research – Foundry & SoC Outlook, Apr 2021

Mr Gai, added, “However, we believe Qualcomm to bounce back strongly in H2 2021, firstly by securing greater capacity at TSMC to boost its 5G-centric tiered Snapdragon portfolio. Secondly, taking key steps to improve the supply of PMICs and RFICs should alleviate the supply constraints in coming months. This will allow Qualcomm to maintain its leadership in 5G SoC market and overall market share of 31% still growing annually.”

Highlighting the importance of leading-edge nodes and securing capacities for the same, Mr Gai noted, “The leading-edge nodes, including 7nm, 6nm and 5nm, will account for almost half of the smartphone shipment volume in 2021. These leading nodes are mainly for 5G smartphone models, as advanced nodes (e.g., 11/12/14nm at TSMC and Samsung) will serve the mainstream 4G LTE chipsets in 2021.”

Exhibit 2: Global 5G Smartphone AP/SoC Market Share (%) Outlook

5G smartphone Chipset SoC share
5G smartphone chipset forecast

Source: Counterpoint Research – Foundry & AP/SoC Outlook, Apr 2021

Commenting on the growth of 5G smartphone chipsets,Research Analyst Parv Sharmahighlighted, “We estimate Qualcomm to increase its 5G SoC market share to grow to 30% mark in 2021, with 5G solutions across the tiers, from Snapdragon 8-series down to 4-series. If you include 5G baseband shipments to Apple, the overall 5G chipset market share jumps to 59% level. In an ideal scenario, Qualcomm’s market share in 5G segment would have been even higher if it did not face the unfortunate supply constraints in the first half of 2021. As Qualcomm turns to place more wafer orders on TSMC’s 6nm/5nm from Q2 2021, following the below-expectation wafer output of theSnapdragon888 in the beginning of the year, we expect it to resume its 5G SoC shipment growth from H2 2021.”

Mr. Sharma further adds, “MediaTek leveraging TSMC and its affordable 5G portfolio is well-positioned to almost double its market share in 5G smartphone SoC/AP segment. Together, MediaTek and Qualcomm occupy nearly two-thirds of the 5G smartphone SoC market demand, but the gap between the two has narrowed. Having said that, the foundry capacity will continue to remain tight till early 2022, before the next wave ofCAPEXrealizes at the leading nodes.”

For our comprehensive research on foundry to chipsets to devices, feel free to contact us at the contacts below.

Background:

Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.

Analyst Contacts:

Dale Gai

Parv Sharma

Follow Counterpoint Research
press(at)www.arena-ruc.com

相关的帖子

  1. MediaTek Becomes Biggest Smartphone Chipset Vendor for First Time in Q3 2020
  2. MediaTek's new chipsets pack in features for high-end phones -- but not faster 5G
  3. Qualcomm Dominates Premium Android Smartphone Chip Market in Q1 2022
  4. Snapdragon 780G 5G Brings Premium Features for Less, Starting with Mi 11 Lite 5G
  5. UNISOC’s Smartphone Application Processor Shipments Doubled in H1 2021

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