IC design giant MediaTek 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. Total revenue in the second quarter reached 155.729 billion yuan, an increase of 9.1% from the first quarter and an increase of 23.9% from the same period in 2021, in line with the financial report forecast. Cumulatively, total revenue in the first six months of 2022 was 298.44 billion yuan, an increase of 27.7% compared with the same period in 2021, setting a new high record for the same period.
According to estimates from MediaTek’s previous briefing, the second quarter quarterly results will increase by 3% to 10% compared with the first quarter, with the amount ranging from NT$147 billion to NT$157 billion, an increase of 17% from the same period in 2021. between 25%. Now, second-quarter revenue has reached 155.729 billion yuan, which means the performance is better than previously expected. According to the latest smartphone chip market analysis report released by Counterpoint Research, MediaTek led the global smartphone SoC market with a market share of 38% in the first quarter of 2022. In the first quarter, 5G chip shipments increased by 20% year-on-year. Driven by Dimensity 700 and Dimensity 900 series, it occupies a dominant position in the mid-to-low-end wholesale price field.
In order to consolidate the market and further seize the flagship mobile phone business opportunities, MediaTek officially launched the Dimensity 9000 mobile processor in June. MediaTek emphasized that the processor inherits the technical advantages of MediaTek 5G flagship technology and adopts TSMC’s 4-nanometer process and Armv9 architecture. The eight-core CPU includes one Arm Cortex-X2 ultra-large core with a main frequency of up to 3.2GHz and three Arm Cortex-A710 large cores. Core, 4 Arm Cortex-A510 energy efficiency cores. The advanced CPU architecture of Dimensity 9000 and Arm Mali-G710 flagship ten-core GPU improve CPU performance by 5% compared with the previous generation, and GPU performance improves by more than 10%. Bringing stronger performance and energy efficiency to flagship mobile phones, smartphones equipped with Dimensity 9000 are expected to debut in the third quarter.
However, even with the blessing of many positive news, foreign investors are still bearish on MediaTek’s future development. Among them, Asian foreign investors pointed out in the latest research report that the increased uncertainty in the second half of 2022 may bring variables to MediaTek's last year's estimate that revenue in 2022 will increase by 20% compared with 2021. Foreign investors in Asia said that shipments of non-Apple smartphones in 2022 are expected to drop by 11% annually. In addition, demand for non-mobile phone consumer ICs, which will account for 47% of MediaTek's sales in 2021, has slowed down in home offices, which is expected to slow down performance growth in 2022. Coupled with the increasing uncertainty in 2023, it has a conservative view of MediaTek's operating expectations. Therefore, it reiterates MediaTek's "hold" investment rating and the target price is revised down from NT$840 per share to NT$650.
(source of first image: provided by MediaTek)
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