The overall market rose, and the semiconductor index fell 3.85%.
Last week (2022 / 02 / 07-2022 / 02 / 11), the market rose as a whole, and the semiconductor index fell 3.85%. Among them: semiconductor design – 3.3%, semiconductor manufacturing + 3.8%, semiconductor packaging + 1.4%, semiconductor materials – 2.7%, semiconductor equipment – 8.5%, power semiconductor – 3.0%. Last week, the Philadelphia Semiconductor Index fell by 2.54%, while the Taiwan Semiconductor Index rose by 2.80%. As of last week (February 11, 2022), the total market value of A-share semiconductor company had reached 2809.1 billion yuan, with a month on month ratio of – 1.88%, corresponding to 36.5 times of the overall PE in 2022 (Note: PE is the statistical data according to Zhongtai Securities Co.Ltd(600918) Figure 5).
Plate tracking
1. Industry prosperity: the delivery cycle of 22q1 is still extending, reflecting the high prosperity of the industry
The delivery cycle of all kinds of chips in 22q1 is generally more than 12 weeks, and it continues to extend compared with 21q4. At the same time, the price also shows a general upward trend. At present, the delivery cycle of all kinds of chips is 2112-22q2, and the delivery cycle of all kinds of chips is 2112-22q2; The normal delivery cycle of connecting chips is 12-16 weeks, and currently it is 18-52 weeks; The normal delivery cycle of storage is 6-14 weeks, and currently it is 12-54 weeks; The normal delivery cycle of power devices is 6-12 weeks, and currently it is 16-52 weeks; The delivery cycle of PCB and passive components tends to be stable, and the delivery cycle basically does not change.
2. Semiconductor materials: sumco, a large Japanese silicon wafer manufacturer, said at the meeting that the silicon wafer remained tense
Under the global wave of core shortage, the expansion of wafer factories has driven the continuous tension of supply and demand pattern of upstream silicon wafers. On February 9, sumco, a large Japanese silicon wafer manufacturer, said at the meeting that stimulated by downstream fields such as logic, memory and automotive electronics, the global silicon wafer market environment is very good, and the company’s production schedule has been up to 2026. At present, the global demand for 8-inch silicon wafer is about 6 million pieces / month, and the demand for 12 inch silicon wafer is about 7.5 million pieces / month. Under the tight situation of supply and demand, the price is expected to continue to rise. We believe that in the global silicon wafer shortage market, domestic manufacturers will usher in development opportunities, and the domestic substitution process is expected to accelerate.
3. Semiconductor manufacturing: Semiconductor Manufacturing International Corporation(688981) released 21q4 results, highlighting the high prosperity of semiconductor demand, strong capital expenditure and good demand expectation
This week Semiconductor Manufacturing International Corporation(688981) released the results of 21q4. The revenue of Q4 in a single quarter reached a record high of US $1.58 billion, and the gross profit margin reached 35%, with a year-on-year increase of 17pct. The annual revenue, gross profit margin and net profit attributable to parent company all showed high growth – combined with the brilliant results released by front office Jidian, liandian and Huahong, the wafer foundry industry showed a high boom. At the same time, various companies disclosed huge production expansion plans. Among them, the capital expenditure of TSMC Shangxiu in 2022 reached US $40-44 billion, a record high, Semiconductor Manufacturing International Corporation(688981) the capital expenditure guideline in 2022 reached US $5 billion and yoy + 11%, highlighting the good expectations of the OEM industry and customers for future demand.
4. Semiconductor design: the report “look at MCU again, multi-dimensional comparison of development status at home and abroad” will be released this week
This week, we released the second part of the MCU series report, emphasizing that under the golden window period, MCU manufacturers with high “product completeness” can quickly run horses and enclosure with the first mover advantage. We have made an in-depth comparison of the “product completeness” of MCU manufacturers from multiple dimensions: the number of item numbers, the coverage of medium, high and low-end products, the perfection of ecological construction and the coverage of downstream applications:
1) 32-bit MCU: we have counted nearly 7000 / 500 + 32-bit products in overseas / China respectively. Among them, there is a 10 times gap in the number of material numbers inside and outside Shanghai. At present, the leading manufacturers in the mainland include Gigadevice Semiconductor (Beijing) Inc(603986) (370 + pieces), Huada semiconductor (100 + pieces) and Nations Technologies Inc(300077) (80 + pieces). In terms of medium and high-end coverage, large overseas manufacturers are basically fully equipped with high, medium and low, while Gigadevice Semiconductor (Beijing) Inc(603986) in the mainland is the most advanced. In 2020 / October, they launched high-performance products based on armcortex M33 core.
2) 8-digit MCU: Here we have counted more than 1600 products from 5 overseas manufacturers and 122 products from 4 mainland manufacturers. Among them, Sino Wealth Electronic Ltd(300327) among mainland manufacturers has an absolute advantage in the number of item numbers.
3) in terms of ecological construction (for MCU customized development), we compare them from three dimensions: hardware, software and learning materials. There is little difference among them. Among them, Gigadevice Semiconductor (Beijing) Inc(603986) third-party development tools have more choices and slight advantages.
4) in downstream applications, most mainland manufacturers start from consumption, and Gigadevice Semiconductor (Beijing) Inc(603986) has switched from consumption to industrial consumption. At present, manufacturers in mainland China mainly mass produce low-end body MCU products. Among them, Gigadevice Semiconductor (Beijing) Inc(603986) , Chipsea Technologies (Shenzhen) Corp.Ltd(688595) , Huada semiconductor and BYD semiconductor have mass produced products, Sino Wealth Electronic Ltd(300327) , Nations Technologies Inc(300077) plan to launch vehicle specification products. In addition, Chipsea Technologies (Shenzhen) Corp.Ltd(688595) plans to raise 290 million yuan / total investment of 390 million yuan for the development of vehicle specification level MCU. It is expected that the sales volume will reach more than 200 million in the future to realize power domain, chassis domain Comprehensive coverage of body area, Infotainment System and intelligent cockpit.
5. Semiconductor power: Sanan Optoelectronics Co.Ltd(600703) strategic layout power semiconductor
The 650v20a silicon carbide diodes of Sanan Optoelectronics Co.Ltd(600703) company were selected into the recommended catalogue for the promotion and application of automobile chips jointly prepared by China Automobile Industry Association and China Semiconductor Industry Association in January 2022. Sanan Optoelectronics Co.Ltd(600703) said that the company’s 650v20a silicon carbide diode has received orders from leading enterprises and OEMs in the field of vehicle charger.
Investment suggestions: it is suggested to pay attention to Will Semiconductor Co.Ltd.Shanghai(603501) , Gigadevice Semiconductor (Beijing) Inc(603986) , Sg Micro Corp(300661) , Zhuzhou Crrc Times Electric Co.Ltd(688187) , Hangzhou Silan Microelectronics Co.Ltd(600460) , Hangzhou Lion Electronics Co.Ltd(605358) , National Silicon Industry Group Co.Ltd(688126) , Naura Technology Group Co.Ltd(002371) .
Risk tips: the demand is less than expected, the constraints of capacity bottlenecks, the technological progress of mainland manufacturers is less than expected, the Sino US trade friction is intensified, and the information used in the research report is not updated in time.
