FHM(300613)2022-10-31 08:35Group 1: Market Demand and Inventory - Overall downstream procurement demand has weakened this year, influenced by various external factors, leading to uncertainty in demand [2] - High inventory levels among major clients are expected to persist due to increased competition and geopolitical changes [3] - Maintaining high inventory levels will likely become the norm in the foreseeable future [3] Group 2: Product Development and Market Position - The company has successfully mass-produced and shipped high-end NVR SoC products, with stable output expected in Q4 [3] - The automotive electronics sector is progressing well, with new ISP products and MIPI-APHY transmission chips set to launch in 2023 [3] - The growth drivers for performance include expansion in professional audio and video processing hardware and increased market share [3] Group 3: Financial Performance and Margins - The third quarter saw a slight decline in gross margin due to intensified competition, particularly in low-end consumer segments [4] - Despite fluctuations, the company aims to achieve steady growth through new product launches and enhanced product capabilities [4] - The company continues to improve its market share in audio and video processing chips, aspiring to reach a leading position in the industry [4] Group 4: Future Outlook and R&D Investment - The company anticipates sustained growth in general audio and video processing, IoT hardware, and automotive sectors, driven by increased penetration rates and innovative applications [4] - Future R&D investments will focus on high-end products, with a commitment to maintaining a high level of investment in research and development [5] - Recruitment efforts will prioritize high-end talent and recent graduates to support long-term development [5]