August 23 reported that since the beginning of this year, due to the decline in demand in the PC market, the inventory of OEM and ODM manufacturers has risen sharply. At the same time, the inventory level of retail channels has also climbed to a new high at the end of the second quarter, which has significantly extended the inventory turnover days of various OEM/ODM manufacturers, which has also aggravated doubts about the subsequent direction of the PC market. Among them, the Asus , which has a relatively higher inventory than other peers, and the Renbao , which has significantly revised its annual shipment volume, are all considered to be dissatisfied.
financial report shows that at the end of the second quarter, ASUS had NT$5200 billion (approximately RMB 45.4 billion), finished products and components accounted for half of each of them. Among them, high-priced components such as CPU, panels, and memory chips and solid-state electronic components accounted for a relatively high proportion. However, ASUS expects that except for a small number of power management ICs that cannot be used due to their platform architecture, other 80-90% of IC components and components can be continued to be used in the next generation of products.
ASUS has also set positive goals for inventory sales in the second half of the year. With the plan to sell NT$20 billion to NT$30 billion in a single quarter, it will remove at least NT$50 billion in inventory by the end of the year.
, and Acer , which adopts a tight inventory control strategy, began to brake since January this year and began to converge in inventory levels after April. It is expected that there will be another significant decline in the third quarter, and the adjustment will be as fast as the end of the year.
Judging from the inventory turnover days of Taiwan’s three major PC brands, Asus maintained below 100 days before the outbreak of the global epidemic, but has continued to rise for more than 100 days in the past six quarters. It also increased to 180 days at the end of the first quarter, with an increase of significantly higher than its peers.
products also cover board cards and laptop , and the proportion of e-sports revenue is also relatively high. Compared with the average turnover days in the past, the water level was about 70 days. It also saw a significant increase in the first quarter of this year and exceeded 90 days, and climbed to 96 days by the end of the second quarter.
As for Acer, it was extended to 80 days and 90 days at the end of the first and second seasons, but it is not much different from the off-season water level in the previous few years of the epidemic.
While the product turnover days of each brand factory are lengthened, the inventory level of the channel also rises simultaneously. According to survey data, Asus's access inventory level in early July increased by more than twice compared with before the epidemic, while Acer increased by nearly 50%.
analysis believes that in order to sell inventory, brand factories will push finished products into channels through discount promotions, but terminal demand is still sluggish, resulting in a significant increase in the inventory data of the US channel in the third quarter compared with the same period last year. By early August, the average of about 20% higher than the average of the same period before the epidemic (before 2019).
expected brand factories may sacrifice part of their profits and expand marketing efforts to accelerate the progress of inventory clearance, but at the same time, it will also affect the performance of industry's gross profit margin and profitability in the third quarter.
Editor: Xinzhixun-Linzi
