MediaTek , a major IC design company, announced its revenue in June. The total revenue was NT$51.029 billion, a decrease of 2% from May and an increase of 6.8% from the same period in 2021, which was a new high for the same period in a single month. The total revenue in the second quarter reached 155.729 billion yuan, an increase of 9.1% from the first quarter and a 23.9% increase from the same period in 2021, in line with the financial report forecast. Cumulatively, the total revenue in the first six months of 2022 will be 298.44 billion yuan, an increase of 27.7% over the same period in 2021, setting a new record for the same period.
According to the forecast of MediaTek’s previous briefing, the quarterly performance of the second quarter will increase by 3% to 10% compared with the first quarter, and the amount will be between NT$147 billion and NT$157 billion, an increase of 17% to Between 25%. Now, the revenue in the second quarter reached 155.729 billion yuan, which is equivalent to better than previous expectations. According to the latest smartphone chip market analysis report released by Counterpoint Research, MediaTek will lead the global smartphone SoC market with a market share of 38% in the first quarter of 2022, and 5G chip shipments in the first quarter will increase by 20% annually. Driven by the Dimensity 700 and Dimensity 900 series, it occupies a dominant position in the low-end wholesale price field.
In order to consolidate the market and further capture the business opportunities of flagship mobile phones, MediaTek officially launched the Dimensity 9000 mobile processor in June. MediaTek emphasized that the processor inherits the MediaTek 5G flagship technology advantages, adopts TSMC's 4nm process and Armv9 architecture, and the eight-core CPU includes an Arm Cortex-X2 super core with a main frequency of up to 3.2GHz, and three Arm Cortex-A710 large cores. Core, 4 Arm Cortex-A510 energy-efficient cores. The advanced CPU architecture of the Dimensity 9000 and the Arm Mali-G710 flagship ten-core GPU have improved the performance of the CPU by 5% compared to the previous generation, and the performance of the GPU has increased by more than 10%. Bringing stronger performance and energy efficiency to flagship phones, smartphones powered by Dimensity 9000 are expected to debut in the third quarter.
However, even with a lot of positive news, foreign investors are still bearish on MediaTek’s future development. Among them, the Asian Department of Foreign Investment pointed out in the latest research report that the increase in uncertainty in the second half of 2022 may bring variables to MediaTek's forecast last year that its revenue in 2022 will increase by 20% compared with 2021. Asian foreign investors said that non-Apple smartphone shipments in 2022 are expected to decrease by 11% annually. In addition, non-mobile consumer ICs, which accounted for 47% of MediaTek's sales in 2021, have slowed down in home office demand, which is expected to slow down performance growth in 2022. Coupled with the intensified uncertainty in 2023, it has a conservative view on MediaTek's operating expectations. Therefore, MediaTek's "hold" investment rating is reiterated, and the target price is revised down from NT$840 per share to NT$650.
(source of first picture: provided by MediaTek)
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