Semiconductor Manufacturing International Corporation(688981) optimistic outlook for 2022, capital expenditure is expected to increase by 11% year-on-year: Semiconductor Manufacturing International Corporation(688981) released 21q4 financial report, the company’s 21q4 revenue was $1.5801 billion, an increase of 11.6% month on month and 61.1% year-on-year; The gross profit margin was 35.0%, up 1.9 CPT month on month and 17 PCT year on year. In terms of revenue structure, from Q1 to Q4, the company’s FinFET / 28nm process chips accounted for 6.9%, 14.5%, 18.2% and 18.6% of wafer revenue respectively, and the proportion continued to increase. In terms of the company’s production capacity, at the end of the fourth quarter of 2021, the company’s monthly production capacity was converted into eight inches and expanded to 621000 pieces, an increase of about 27000 pieces compared with the end of Q3. Looking forward to 2022, the company expects that the annual sales revenue growth rate is higher than the average value of the OEM industry, and the gross profit margin is higher than the company’s 2021 level. In addition, the company expects the revenue of 22q1 to increase by 15% to 17% month on month. The company said that in order to continue to promote the expansion of existing old plants and three new plant projects, 2022 is still the investment peak of Semiconductor Manufacturing International Corporation(688981) , and the capital expenditure is expected to be about US $5 billion, an increase of 11% year-on-year. The company’s capacity increment in 2022 is expected to be higher than that in 2021.
The transaction scale of quest store under meta has exceeded US $1 billion, and the market share of steam platform oculus brand in January far exceeds that of other equipment: on February 3, meta released the results of the fourth quarter and the whole year of 2021. Its internal realitylabs Department reported a revenue of US $877 million as an independent department for the first time, and a revenue of US $500 million in 2019, 2020 and 2021 respectively $1.14 billion and $2.27 billion. In terms of the hardware of the company’s meta universe business, according to the performance description of meta21q4, the transaction scale of quest store has exceeded US $1 billion, and oculus also topped the US app store for the first time at Christmas. According to the data of steam platform, oculus Quest 2 head display accounted for 46.02% in January, about 3.2 times the market share of the second valueindex HMD brand, It increased by 6.39% over the previous month, and the oculus brand under meta still maintained more than half of the share, accounting for about 67.27%. The financial report shows that oculus VR headgear brought meta $2.3 billion in revenue in 2021; In terms of software, the company plans to release the horizon mobile version on the mobile platform in 2022, expand the early meta universe experience to many terminals outside VR, and strive to build avatar as a bridge between 2D social applications and 3D immersive virtual reality experience.
Many manufacturers disclosed the latest progress of silicon carbide and will continue to invest and expand in 2022: wolfspeedfy2022q2 financial report disclosed that its silicon carbide device revenue increased by 100% year-on-year and 37% month on month. In 2022, it will continue to increase the production capacity of 6-inch silicon carbide substrate to match the demand; On February 8, 2022, Anson hairdressing achieved full year performance in fy2021, and plans to expand silicon carbide production capacity by 4 times in 2022; Infineon fy2021 financial report shows that its SiC revenue has increased by 100% to US $200 million. It is expected that SiC revenue will increase by 90% in 2022, exceeding US $380 million. The company’s SiC revenue target is US $1 billion by 2025. In China, according to the third generation semiconductor wind direction, China Resources Microelectronics Limited(688396) silicon carbide diodes have entered mass production in 2021, becoming the first enterprise in China IDM to realize mass production of silicon carbide products. It is expected that the business will grow several times in 2022; On February 7, 2022, Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) announced that it plans to invest about 3.13 billion yuan of raised funds into the silicon carbide substrate wafer production base project, which will bring 400000 pieces / year of conductive and semi insulating silicon carbide substrate wafers with the size of 6 inches and above; Core YUENENG semiconductor will also invest 3.5 billion yuan to build an annual production capacity of 240000 6-inch silicon carbide wafer chips.
Bidding of semiconductor equipment this week: according to the data of electronic trading platform for bidding of mechanical and electrical products, Shanghai Jita added 7 bidding equipment, 3 winning equipment and 9 winning equipment in Huahong Wuxi this week. In terms of domestic equipment, Wuxi JINGMAO Technology Co., Ltd. won the bid for one degumming machine, Wushi Microelectronics (Suzhou) won the bid for one gluing bonding machine and one debonding and cleaning machine, and Huahai Qingke won the bid for two chemical mechanical polishing equipment (copper) and one chemical mechanical polishing equipment (tungsten).
Investment suggestions: automotive electronics focus on Gigadevice Semiconductor (Beijing) Inc(603986) , Wuhan Lincontrol Automotive Electronics Co.Ltd(688667) , Will Semiconductor Co.Ltd.Shanghai(603501) , Ingenic Semiconductor Co.Ltd(300223) , Cubic Sensor And Instrument Co.Ltd(688665) ; In the SiC field, China Resources Microelectronics Limited(688396) , Wingtech Technology Co.Ltd(600745) , Starpower Semiconductor Ltd(603290) are recommended, and Zhuzhou Crrc Times Electric Co.Ltd(688187) , Roshow Technoiogy Co.Ltd(002617) , Phenix Optical Company Limited(600071) are concerned; Semiconductor equipment recommends Shanghai Wanye Enterprises Co.Ltd(600641) , Kunshan Kinglai Hygienic Materials Co.Ltd(300260) , Suzhou Uigreen Micro&Nano Technologies Co.Ltd(688661) , Naura Technology Group Co.Ltd(002371) , and pays attention to Pnc Process Systems Co.Ltd(603690) , Suzhou Hyc Technology Co.Ltd(688001) ; Mini led recommends Shenzhen Xinyichang Technology Co.Ltd(688383) , Hongli Zhihui Group Co.Ltd(300219) , pays attention to Shenzhen Refond Optoelectronics Co.Ltd(300241) , Shenzhen Longli Technology Co.Ltd(300752) , etc; IC design focuses on Shanghai Belling Corp.Ltd(600171) , 3Peak Incorporated(688536) , Sg Micro Corp(300661) , Chipsea Technologies (Shenzhen) Corp.Ltd(688595) , Ninestar Corporation(002180) ; Folding screen focuses on Triumph Science & Technology Co.Ltd(600552) , Jiangsu Gian Technology Co.Ltd(300709) , Nbtm New Materials Group Co.Ltd(600114) , etc; PCB focuses on Shennan Circuits Co.Ltd(002916) , Wus Printed Circuit (Kunshan) Co.Ltd(002463) , Shenzhen Fastprint Circuit Tech Co.Ltd(002436) , Victory Giant Technology (Huizhou)Co.Ltd(300476) , Shenzhen Kinwong Electronic Co.Ltd(603228) , Guangdong Ellington Electronics Technology Co.Ltd(603328) , Olympic Circuit Technology Co.Ltd(603920) , etc.
Risk warning: downstream demand is less than expected; Domestic substitution is less than expected; Continuous risk of epidemic impact
