According to TrendForce research, as the overall demand for consumer electronics continues to weaken, the inventory pressure on downstream dealers and brands has increased. Although there are still sporadic out-of-stock in specific parts, a two-year general out-of-stock out-of-stock wave has officially come to an end, and brands have gradually suspended stockings in response to changes in market conditions. However, stable demand for automotive and industrial equipment is the key to supporting the continued growth of wafer manufacturing output value. At the same time, due to the growth of wafer shipments in the second quarter of 2022, the output value of the top ten foundries in the second quarter of 2022 reached US$33.2 billion. Quarterly growth fell to 3.9% due to weak consumer markets.
In the third quarter of 2022, the prelude of inventory adjustment officially kicked off. In addition to the intensified first wave of order cuts in LDDI/TDDI and TV SoCs, the reduction in order volume also extends to non-Apple smartphone APs and peripheral IC PMICs, CIS and consumer electronics PMICs, and mid- and low-end MCUs, all pose challenges to OEM capacity utilization. However, the launch of the new iPhone in the third quarter of 2022 is expected to provide some stocking impetus for the sluggish market. Therefore, it is expected that the top ten OEM revenues in the third quarter of 2022 will maintain a growth trend driven by high-price processes, and the quarterly growth rate is expected to be slightly higher than in the second quarter of 2022.
inventory adjustment is approaching, and foundries are frantically shifting production capacity to areas with stable demand such as automobiles and industrial equipment
Benefiting from strong demand for high-performance computing, the Internet of Things and automobile inventory activity, TSMC announced revenue of US$18.15 billion in the second quarter of 2022, but the quarterly growth rate shrinks to 3.5% as wafer price increases expanded the revenue base period for the first quarter of 2022. As Nvidia, AMD, Bitmain and other HPC customers continue to launch new products for more advanced nodes, 5/4nm revenue grew by about 11.1% month-on-month, ensuring that the node performs best in the second quarter of 2022. Although the 7/6nm market is full of uncertainty due to uncertainty in the market conditions of the mid-to-low smartphones and customer order modifications, the node still maintains objective data in the form of mainstream products derived from HPC customers. The revenue generated by this node increased by 2.8% month-on-month.
Samsung's 7/6nm production capacity gradually migrated to the 5/4nm process, and the yield continued to increase, driving revenue to US$5.59 billion in the second quarter of 2022, a month-on-month increase of 4.9%. At the same time, the first 3GAE process using GAA architecture was officially mass-produced at the end of the second quarter of 2022. The first wave of clients includes Chinese cryptocurrency mining company PanSemi. However, due to the complex production process of 3nm, production takes two quarters. Therefore, it is expected that the 3nm node will not contribute revenue until the end of 2022 at the earliest. UMC's new production capacity of 28/22nm was successfully launched in the second quarter of 2022, driving the growth of overall wafer shipments and average selling price. The node's revenue share rose to 22% this quarter, while revenue reached US$2.45 billion in the second quarter of 2022, an increase of 8.1% month-on-month.
GlobalFoundries benefit from the release of a small amount of new capacity and the long-term agreement (LTA) guarantee for most capacity. Revenue reached USD 1.99 billion in the second quarter of 2022, a 2.7% increase from the previous quarter. It is worth noting that with the assistance of the recent US Chip and Science Act, the major American manufacturer Qualcomm signed a new contract with GlobalFoundries to extend the LTA term to 2028, with a significant increase in agreement volume, which mainly produces 5G RF transceivers and Wi-Fi7 at the 14/12nm node of Fab8 in Malta. Such an action is intended to support the localized production of US wafers.
SMIC's revenue in the second quarter of 2012 reached US$1.9 billion, a year-on-year increase of 3.3%, while its revenue share in the smartphone sector fell to 25.4%. The smart home industry maintained strong growth momentum, with revenues of related application products such as Wi-Fi, Bluetooth, PMICs and MCU peripheral ICs for networking and smart control devices increasing by about 23.4% quarter-on-quarter.
second- and third-tier OEM factories have peaked, and the operating rate may decline in the second half of 2022
, sixth to eighth places are Huahong Group, Liji Electric and World Advanced respectively. In addition to Liji Electric, the revenue of other operators was driven by factors such as rising average selling prices and expansion of production capacity, which led to a slight increase in revenue in the second quarter of 2022. In terms of Liji Electric, the foundry revenue in the second quarter of 2022 was US$656 million, a month-on-month decrease of 1.4%.As consumer DDI and CIS are the first wave of product orders modified by customers, this is reflected in the operational performance of each process platform, while revenues from both HV and CIS processes have declined. PMIC grew by about 22.6% month-on-month, reflecting that some PMIC products maintain stocking momentum and also shows that Liji Electric continues to change its production line to produce PMICs.
Hefei Jinghe Integration strives to expand its production capacity and technology platform process diversity, promote overall wafer shipments and contribute to revenue. Revenue in the second quarter of 2022 was approximately US$463 million, a 4.5% increase from the previous quarter. At the same time, in addition to cooperating with SmartSens to develop 90nm CIS and continuously increasing production, the company also cooperated with MediaTek to develop 0.1Xµm smartphone PMIC to contribute to the non-driven IC business revenue. Tower does not have short-term plans to significantly expand production, and its revenue is mainly driven by average selling price and product portfolio optimization. Revenue reached US$426 million in the second quarter of 2022, a month-on-month increase of 1.2%.
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