Shanghai Wanye Enterprises Co.Ltd(600641) (600641)
According to the notice issued by the company, the holding subsidiary Jiaxin semiconductor (project company) and Xitang town government of Jiashan County signed an annual output of 2450 sets / set of new equipment and 50 sets / set of semiconductor renovation equipment project with a total investment of 2 billion yuan.
Key points supporting rating
Join hands with Ningbo Xinen to enter a diversified layout. Jiaxin semiconductor, a holding subsidiary, holds 80% of the shares of Shanghai Wanye Enterprises Co.Ltd(600641) and Ningbo Xinen holds 20%. Among them, the main shareholder of Ningbo Xinen is Dr. Zhang Rujing, a well-known technology and operation management expert in the global semiconductor integrated circuit industry. The investment in this project well confirms the original intention of Jiaxin semiconductor. In the future, it will mainly engage in the development, production and equipment renovation of 8-inch and 12 inch semiconductor new equipment such as etching machine, rapid heat treatment, film deposition, single-chip cleaning machine, trough cleaning machine, tail gas treatment and mechanical arm. The company will also set up 6 subsidiaries and 2 business divisions for business coverage.
Based on the ion implanter, "1 + n" layout promotes China's leading semiconductor equipment leader. Kaishitong, which is controlled by the company, is mainly engaged in ion implanters and shares in compart systems to enter the field of semiconductor parts such as gas control systems, and has formed a "1 + 1" business layout. The company's IC ion implanters have made gratifying achievements in introducing customers. After the first low-energy and high beam ion implanters in the fourth quarter of 2020 were verified and confirmed in China's mainstream 12 inch integrated circuit chip manufacturers, the company also delivered two ion implanters to customers and continued to assemble, It also received an official order for two ion implanters from another Chinese 12 inch chip manufacturer. At the same time, kestone was Semiconductor Manufacturing International Corporation(688981) included in its strategic supplier and actively participated in the localization of semiconductor equipment. In addition, the related industries of the joint-stock company compartsystems have also entered the supply chain of China integrated circuit equipment company. Based on the competitive advantage of ion implanters, the company takes the lead in the field of semiconductor parts, superimposes the holding subsidiary to enter the core track of diversified semiconductor process, and is expected to grow rapidly into a "1 + n" semiconductor equipment leader.
The chip shortage is expected to continue until 2022, and the company is expected to strive for more verification windows. According to the public views of international semiconductor equipment leaders and mainstream OEM, the current chip shortage has not been alleviated and is expected to continue to 2022. With the superposition of adverse factors such as repeated epidemic situations, the high prosperity of the industry continues. As a leading product in China, the company's ion implanter equipment is expected to win more verification opportunities in the tide of active production expansion of Chinese wafer factories.
Profit forecast and investment suggestions
The company's ion implanter has been recognized by mainstream wafer factories, and its parts have entered China's semiconductor equipment supply chain, superimposing the diversified layout of holding subsidiaries. In view of the gradual driving revenue and profitability of integrated circuit business, it is predicted that the net profit from 2021 to 2023 will be RMB 420 / 4.6 / 540 million respectively, maintaining the overweight rating.
Main risks of rating
The delivery period of parts is prolonged due to the high industry boom; The implementation progress of the expansion plan of local wafer factories is slow; Uncertainty of international geopolitical friction, etc.
