Major regions around the world have successively launched chip sovereign competitive investment plans, highlighting the important position of semiconductors in the accelerated transformation of economic digitization, and the demand of the whole industry will continue to gain growth momentum. Domestic semiconductor equipment manufacturers have made frequent progress and achieved good results, and their market share in China's production line is expected to continue to increase. At the same time, the global silicon wafer leader said that its long-term production capacity has been booked, the relationship between supply and demand in the industry continues to be tense, domestic silicon wafer manufacturers accelerate the layout, and continue to benefit from the high demand environment.
Industry trends:
IPO progress: four semiconductor IPOs were promoted, and Dongwei semiconductor was listed last week. Dongwei semiconductor, a high-performance power device designer, went public last week, focusing on the core chip for DC high-power charging pile of new energy vehicles; Kaide quartz, a supplier of quartz parts for integrated circuit process, registered last week, To pass Semiconductor Manufacturing International Corporation(688981) 12 "Quartz crystal boat certification of core parts; Xinlong semiconductor, a designer of medium and high voltage and medium and high power dc-dc power supply chips, held a meeting last week; Tongmei crystal, a manufacturer of III-V compounds including gallium arsenide and indium phosphide and single crystal germanium semiconductor substrate materials, has been inquired last week; ruimo Te, a supplier of electronic semiconductor materials including integrated circuit heat sink, chip heat sink and high-end packaging materials, has entered the market City counseling.
Industry prosperity: in December, the shipment volume of semiconductor equipment in North America and Japan increased rapidly. Last week, the semiconductor index continued to adjust, the storage price maintained a warming trend, and the industry prosperity was high. According to semi statistics, the shipment amount of semiconductor equipment in North America in December was US $39.2, close to US $3.93 billion in November, up 46.1% from US $2.68 billion in the same period in 2020. According to the statistics of Japan semiconductor manufacturing device association, the shipment amount of semiconductor equipment in Japan rose in December, up 7.7% from 281.6 billion yen in November and 71% from 177.4 billion yen in the same period in 2020. Last week, Shenwan industry semiconductor index closed at 5275 points, down 3.7% on a weekly basis; The Philadelphia Semiconductor Index closed at 3365 points, down 2.5% mom. The average spot price of storage continued to rise. The average spot price of NAND flash of 64GB (8gx8) MLC flash module increased by 0.2% on a weekly basis, and the average spot price of DRAM of DDR3 1600MHZ 4GB (512mx8) memory module was the same as last week.
Semiconductor materials: silicon wafer supply is in short supply, and the global silicon wafer shipment and revenue set a record. According to the announcement of sumco, the main manufacturer of semiconductor silicon wafers in the world, the demand for logic and memory of 300mm silicon wafers is expected to further expand. The total capacity of the company, including new factories, has been covered by long-term contracts by fiscal year 2026, even if the increase in new investment plays a role, The tight supply and demand situation will continue, which means that the shortage of silicon wafers will continue. National Silicon Industry Group Co.Ltd(688126) announced that the subsidiary Shanghai Xinsheng signed long-term supply contracts with Changjiang storage and Wuhan Xinxin core. According to the annual report of wafer industry analysis released by SMG, a silicon product manufacturer under semi, the global silicon wafer shipment in 2021 increased by 14% compared with that in 2020, the total revenue increased by 13% and exceeded the US $12 billion mark, with both revenue and shipment hitting a record high.
Semiconductor equipment: Shanghai Wanye Enterprises Co.Ltd(600641) holding Sun company won nearly 700 million orders, Huahai Qingke won the bid for three CMP equipment, and Wuhan Jingce Electronic Group Co.Ltd(300567) Sun company Shanghai Jingji micro obtained a capital increase of 300 million yuan. According to the Shanghai Wanye Enterprises Co.Ltd(600641) announcement, Beijing kaishitong, the holding Sun company, plans to sell several 12 inch integrated circuit equipment (including low-energy high beam ion implanters and low-energy high beam ultra-low temperature ion implanters) to important customers. The order amount is 658 million yuan. This order is the first batch order obtained by kaishitong, It shows that its ion implanter business has entered a period of rapid growth from 1 to n. Huahai Qingke won the bid for 3 sets of CMP equipment (tungsten throwing and copper throwing) of Huahong Wuxi project, and the market share is expected to continue to increase. Wuhan Jingce Electronic Group Co.Ltd(300567) Sun company Shanghai Jingji micro obtained a capital increase of 300 million yuan, and Shanghai Jingji micro focused bright field wafers have pattern defect detection equipment. The localization of semiconductor equipment has entered a new era. Favorable factors such as high elasticity of downstream demand and competition for regional chip sovereignty will continue to promote the development of domestic equipment.
Growth rate of semiconductor parts enterprises is slower than that of global semiconductor parts enterprises. According to statistics, the revenue scale of international semiconductor parts enterprises such as uct, ichor, MKS and AE increased by 22% and 22% year-on-year in the third and fourth quarters of 2021, which was more than 30% slower than the average growth rate of the industry, resulting in global parts in short supply. The delivery of complete machines such as KLA and Lam research was restricted to some extent. On the basis of ordering in advance, We are also actively seeking multiple suppliers to reduce supply chain risks, and domestic parts usher in development opportunities.
Wafer foundry / chip manufacturing: Semiconductor Manufacturing International Corporation(688981) Q4 net profit increased by 172.7% year-on-year, and the capital expenditure in 2022 was about US $5 billion. According to the Semiconductor Manufacturing International Corporation(688981) Q4 performance report, the revenue was 10.26 billion yuan, a year-on-year increase of 53.8%; The net profit attributable to the parent company was 3.415 billion yuan, a year-on-year increase of 172.7%. The company said that the performance growth was mainly due to the combined impact of the increase in wafer sales, the increase in average selling price and changes in product portfolio and the increase in the income of investment associates and financial assets. The Q4 production capacity increased to 620000 pieces / month, about 8 inches of equivalent wafers, an increase of 0.2% month on month, a year-on-year increase of 21.7%, the capacity utilization rate was as high as 99.4%, and the total production capacity doubled after the completion of the three new projects.
Investment suggestions:
Equipment combination: shengmei Shanghai, Wuhan Jingce Electronic Group Co.Ltd(300567) , Advanced Micro-Fabrication Equipment Inc.China(688012) , Naura Technology Group Co.Ltd(002371) , Kingsemi Co.Ltd(688037) , Beijing Huafeng Test & Control Technology Co.Ltd(688200) , Shanghai Wanye Enterprises Co.Ltd(600641) , Hangzhou Chang Chuan Technology Co.Ltd(300604) , Suzhou Maxwell Technologies Co.Ltd(300751) , Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) , Thinkon Semiconductor Jinzhou Corp(688233) ; Suggested attention: Gl Tech Co.Ltd(300480)
Material combination: National Silicon Industry Group Co.Ltd(688126) , Jiangsu Yoke Technology Co.Ltd(002409) , Anji Microelectronics Technology (Shanghai) Co.Ltd(688019) , Crystal Clear Electronic Material Co.Ltd(300655) ; Suggestions: Hangzhou Lion Electronics Co.Ltd(605358) , Red Avenue New Materials Group Co.Ltd(603650) , Tianjin Zhonghuan Semiconductor Co.Ltd(002129) , Hubei Dinglong Co.Ltd(300054)
Power semiconductor: Wuxi Nce Power Co.Ltd(605111) , China Resources Microelectronics Limited(688396) ; Suggestions: Starpower Semiconductor Ltd(603290) , Hangzhou Silan Microelectronics Co.Ltd(600460) , Wingtech Technology Co.Ltd(600745)
Simulation suggestions: Sg Micro Corp(300661) , 3Peak Incorporated(688536)
RF recommendations: Maxscend Microelectronics Company Limited(300782)
FPGA recommended attention: Shanghai Anlogic Infotech Co.Ltd(688107)
CIS: Will Semiconductor Co.Ltd.Shanghai(603501) . Suggestions: Galaxycore Inc(688728)
\u3000\u3000MCU： Gigadevice Semiconductor (Beijing) Inc(603986) ； It is recommended to pay attention to Sino Wealth Electronic Ltd(300327)
Other suggestions and concerns: Sanan Optoelectronics Co.Ltd(600703) , Espressif Systems (Shanghai) Co.Ltd(688018) , Bestechnic (Shanghai) Co.Ltd(688608)
Risk tips
The impact of the epidemic exceeded expectations; The localization process of semiconductor equipment has slowed down; The growth rate of semiconductor materials market in China slows down; The United States further banned the sale of key semiconductor equipment to China.
