Revenue growth for 5 consecutive quarters is difficult to match the market's cold weather, and wafer foundries will continue to compress costs within the year


Release time:

2023-02-16

Before the U.S. stock market opened on February 14, GlobalFoundries announced its financial report for the fourth quarter of 2022: revenue increased by 14% year-on-year to US$2.101 billion, adjusted gross profit margin to 30.1%, adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) It increased by 41% year-on-year to US$821 million, both hitting record highs.

Revenue growth for 5 consecutive quarters is difficult to match the market's cold weather, and wafer foundries will continue to compress costs within the year

The revenue of GlobalFoundries, the world's fourth largest foundry, hit record highs for five consecutive quarters.

Before the U.S. stock market opened on February 14, GlobalFoundries announced its financial report for the fourth quarter of 2022: revenue increased by 14% year-on-year to US$2.101 billion, adjusted gross profit margin to 30.1%, adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) It increased by 41% year-on-year to US$821 million, both hitting record highs.

GF’s revenue in 2022 will increase by 23% year-on-year to US$8.108 billion; adjusted EBITDA will be US$3.088 billion, a year-on-year increase of 67%; annual shipments of 2.472 million 12-inch equivalent wafers will increase by 4% year-on-year. GF CEO Thomas Caulfield said that the increase in revenue was mainly due to factors such as product mix optimization and average selling price increases.

According to data from market research organization TrendForce, in the second quarter of 2022, GlobalFoundries' share in the global foundry market will be 5.9%, ranking fourth. The top three are TSMC, Samsung, and UMC, with share of 53.4%, 16.5%, and 7.2% respectively. In October 2021, GlobalFoundries will be listed on Nasdaq.

Affected by factors such as the macroeconomic downturn, the conflict between Russia and Ukraine, and local epidemics, demand in the global consumer electronics market has weakened. In the third and fourth quarters of last year, the coldness of the terminal market was transmitted to the upstream chip and wafer foundry and other fields, causing the global semiconductor industry to enter a downward cycle. Especially in the fourth quarter, this trend is particularly significant. Thomas Caulfield said frankly that it is difficult for companies to escape market headwinds and inventory corrections.

In terms of application classification, in the fourth quarter, the performance of GF's largest revenue source, mobile smart devices, fell sharply to US$823 million, a year-on-year and quarter-on-quarter decline of 7% and 14%, respectively. Globalfoundries CFO Dave Reeder explained that it was mainly due to the decline in sales in the mid-to-low-end smartphone market. Similar to mobile smart devices, GF's personal computing terminal (mainly PC) business grew 1% year-on-year to $115 million in the fourth quarter. Dave Reeder said that the business is expected to continue to decline this year.

The performance of the home and industrial Internet of things and communication infrastructure and data centers are the two major businesses. In the fourth quarter, GF’s home and industrial Internet of Things revenue increased by 64% year-on-year to US$416 million, ranking first among all businesses; communication infrastructure and data center revenue increased by 27% year-on-year to US$386 million.

除上述业务外,格芯对尚处于产能爬坡中的汽车业务抱以厚望,该业务当季营收1.15亿美元,同比增长24%、环比增长21%,占总营收5%,呈高速增长趋势。Thomas Caulfield称,长期来看,格芯在高端智能移动设备、汽车和物联网领域有机会获得市场份额,特别是用于汽车行业的传感器、安全、信息娱乐和电池用芯片潜力巨大。

受行业砍单影响,各大代工厂产能利用率普遍下滑。据集邦咨询统计,8英寸晶圆产线中,台积电、联电、世界先进、力积电和中芯国际(约当8英寸晶圆)的产能利用率预计分别下降至97%、80%、73%、86%和79.5%;12英寸晶圆产线,台积电、三星、联电产能利用率分别下降至96%、90%、92%。三星财报没有单独披露晶圆代工业务的收入,但称受益于对主要客户销售的增长,该业务在第四季度创下季度收入纪录。三星亦提及,受客户库存修正影响,晶圆代工业务第4季产能利用率已开始下滑。

上述现象表明,市场需求低迷以及客户产品延期下,晶圆厂普遍存在库存调整问题。格芯并未披露产能利用率数据,但Thomas Caulfield提及,去年第四季度产能利用率为95%左右,预计今年一季度将下滑至85%至90%。

为应对疲软的行情,各大晶圆代工厂已调整价格策略。据台湾《电子时报》报道,三星、力积电、格芯等传出直接降价消息;台积电、联电、世界先进等代工价并未变化,但私下与客户协调给予优惠,以维持ASP(平均销售价格)与毛利率。

格芯预估一季度营收将处于18.10亿至18.50亿美元之间,毛利率降至27.1%。Dave Reeder称,产能利用率的下降同步拉低了毛利率。

“尽管2022年营收创历史新高,但我们对2023年上半年行业面临的宏观经济逆风仍持谨慎态度。”Thomas Caulfield表示,为了应对行业库存调整和通胀逆风,格芯也于去年底宣布裁员。

The company said it has taken cost-cutting and efficiency-enhancing measures for its overall business, and will reduce its workforce by less than 800 globally by the first quarter of this year. According to the total number of about 15,000 employees displayed on the official website of GlobalFoundries, the layoff scale is about 5.3%. Dave Reeder emphasized that these measures are expected to save about $110 million in 2023, and plans to implement more cost-saving measures during the year.

After the release of the financial report, GF’s stock price rose 8.44% on the day to close at $71.73. Year-to-date, GlobalFoundries shares are up 33.10%.