Globalwafers Q2 Revenue NT$153B, Down 14.36% YoY

On July 8th, Globalwafers released its June financial report, disclosing consolidated revenue of NT$5.34 billion. This reflects a 2.66% month-over-month increase but a 15.32% year-over-year decline from June last year. For Q2 2024, Globalwafers achieved NT$15.33 billion in consolidated revenue, a 1.58% increase from Q1 but down 14.36% year-over-year.

In the first half of 2024, Globalwafers accumulated NT$30.41 billion in consolidated revenue, marking a 16.71% decrease from the same period in 2023. Despite recent cyber attacks impacting production and shipment schedules at some facilities, products originally scheduled for June delivery have been rescheduled to early Q3, contributing to revenue growth in Q2 compared to Q1.

Amidst varying degrees of recovery in end-market demand and slower-than-anticipated inventory digestion by customers, the market has witnessed substantial growth in demand for high-bandwidth memory (HBM), driven by the global AI surge. Advances in processes and CoWoS packaging technology are expected to sustain growth in semiconductor wafer demand.

Globalwafers' parent company, Sino-American Silicon Products Inc. (SAS), reported NT$6.82 billion in consolidated revenue for June, a 1.38% increase month-over-month but a 5.21% decrease year-over-year. Q2 consolidated revenue reached NT$19.9 billion, up 1.04% from Q1 but down 2.08% year-over-year. Accumulated revenue for the first half of 2024 approached NT$39.59 billion, underscoring strategic positioning in critical sectors and enhancing competitive advantage and growth prospects.

During the June shareholders' meeting, Globalwafers Chairman Doris Xu expressed optimism for the second half of the year, anticipating modest growth due to slower-than-expected customer demand recovery. Foreseeing significant operational growth next year as customer inventory depletion concludes and demand rebounds, accompanied by a new wave of long-term contractual commitments.

Chairman Xu noted that recovery in sectors such as automotive, mobile phones, and industrial markets may be more gradual than initially anticipated, tempering expectations of a rapid "V-shaped rebound."