MediaTek's Q4 gross margin fell below 40% last year

Media Mobile Chips (2454), the Asian mobile phone chip leader, fell below 40% and 10% in the fourth quarter of last year, both rewriting the historical low, and the operating net profit rate was 7.2 percentage points lower than the market. The net profit after tax per share was 2.83 yuan, which was the lowest in the past 15 quarters. In 2015, the net profit per share was 16.6 yuan, which was the low grade in the past three years.

MediaTek held a law conference yesterday to announce the fourth quarter and full-year earnings report last year. Although the revenue in the single quarter was 61.713 billion yuan, which was 8.3% higher than that in the third quarter, and reached the high standard of financial forecast, the gross profit margin and the net operating margin were respectively Dropped to 38.5% and 6.8%, still lower than expected.

The market has already expected MediaTek's fourth quarter gross margin and operating net profit margin may not be guaranteed 40% and 10%, but in terms of actual operating results, the operating net profit rate fell below 7%, compared with 14% in the previous quarter and the same period last year. 18.8%, 7.2 percentage points and 12 percentage points respectively, still surprised the market.

Looking forward to the first quarter, MediaTek's shipments of smart phone chips this quarter were flat to slightly better than last quarter, but revenue will be reduced by 7% to 15% quarter-on-quarter. Gross profit margin and net profit margin continued to be under pressure; The interest rate will fall between 35% and 40%, which means that it will not be able to return to more than 40% this year. The revenue will increase by more than 10% compared with last year. However, it is rare to provide annual shipment targets for key products such as smart phone chips.

In order to accelerate the attack on the high-end market, in order to increase the average product price (ASP) and gross profit margin next year, Xie Qingjiang, vice chairman of MediaTek, admitted that the "Helio X30" will be changed to 10 nm. Process. The new product, which is being operated by TSMC, will be sampled at the end of the year and will be mass-produced early next year. The other 16-nanometer "P20" will be mass-produced in the second half of the year.

Looking forward to the first quarter, Xie Qingjiang said that due to the small number of working days in this quarter, the revenue momentum is slowing down. Based on the exchange rate of NT$1:33.5, the revenue for this quarter is estimated to fall between 52.5 billion yuan and 57.4 billion yuan. 7% to 15%.

Coupled with the price pressure is still large, MediaTek's gross profit margin this season is estimated to be 38.5% plus or minus 1.5%, including the employee dividend rate of 30% plus or minus 2%, the first quarter of smart phone shipments of about 100 million sets to 150 million sets, It is comparable to the previous season and even slightly better.