\u3000\u3 Guocheng Mining Co.Ltd(000688) 126 National Silicon Industry Group Co.Ltd(688126) )
National Silicon Industry Group Co.Ltd(688126) : light of domestic semiconductor silicon wafer National Silicon Industry Group Co.Ltd(688126) was founded in 2015 and focuses on the R & D, production and sales of 8 / 12 inch semiconductor silicon wafers. National Silicon Industry Group Co.Ltd(688126) holds three subsidiaries of Shanghai Xinsheng, Xinao technology and okmetic. After years of development, National Silicon Industry Group Co.Ltd(688126) has become one of the largest semiconductor silicon wafers in Chinese mainland and has pioneered the 12 inch semiconductor wafer scale production. The company's main products include 8-inch and below semiconductor polishing wafers, epitaxial wafers, SOI silicon wafers, and 12 inch polishing wafers and epitaxial wafers. All products have been supplied in batches to major wafer manufacturers outside China.
The demand for semiconductor silicon wafer is strong, and the prosperity of the industry continues to rise. Since the second half of 2020, driven by 5g, high-performance computing, automotive electrification and intelligence, Internet of things and other industries, the global demand for semiconductors has continued to be strong, directly driving the growth of demand for upstream silicon wafers. According to sumco statistics, at the end of 2021, the global demand for 12 inch wafers exceeded 7.5 million pieces / month, a record high. In order to solve the problem of chip shortage, wafer factories continue to expand production vigorously, and the global silicon wafer production capacity is in short supply. According to semi statistics, global semiconductor manufacturers will start to build 29 new high-capacity wafer factories from 2021 to 2022, of which the wafer factories producing 12 inch wafers will account for the majority, and 15 are expected. These 29 wafer factories can produce up to 2.6 million equivalent 8-inch wafers per month, The global demand for silicon wafers has further increased.
The production capacity increased steadily to ensure the supply of silicon wafers in China. Shanghai's new building was built in 2014, and successfully pulled out the first 12 inch single crystal silicon ingot in October 2016. In 2017, it opened up the 12 inch semiconductor wafer process, and achieved 12 inch semiconductor wafer scale production in 2018. It filled the gap of 12 inch semiconductor wafer production in Chinese mainland. In 2018, the production capacity of National Silicon Industry Group Co.Ltd(688126) 12 inch silicon wafer will reach 100000 pieces / month, 150000 pieces / month in 2019, 200000 pieces / month in 2020 and 300000 pieces / month in 2021. The company's 8-inch and below silicon wafers are relatively mature, and the production capacity is mainly in its subsidiaries okmetic and Xinao technology. By the third quarter of 2021, the company's silicon wafer capacity of 8 inches and below was about 400000 pieces / month, of which Xinao technology's silicon epitaxial wafer capacity of 8 inches and below was about 200000 pieces / month, and okmetic wafer capacity of 8 inches and below was about 200000 pieces / month.
Increase the production capacity of 12 inch silicon wafers in fixed size to create a high-quality silicon chip leader National Silicon Industry Group Co.Ltd(688126) is the Chinese mainland's first supplier to achieve mass production of 12 inch semiconductor silicon wafer. In 2021, it issued A shares to specific objects to raise funds for the expansion of 12 inch semiconductor silicon wafers, and improved the company's 12 inch semiconductor wafer production technology capability. After the implementation of the 12 inch high-end silicon wafer research and advanced manufacturing project for integrated circuit manufacturing, the company will add 300000 pieces / month of 12 inch silicon wafer capacity that can be used for advanced manufacturing process, and the total planned capacity will reach Shanghai Pudong Development Bank Co.Ltd(600000) pieces / month. The company expects to reach the target capacity in 2024.
Investment suggestion: we estimate that the company's revenue from 2021 to 2023 will be RMB 2467 / 3880 / 5187 million respectively, and the net profit attributable to the parent company will be RMB 145 / 258 / 365 million respectively, corresponding to 24 / 15 / 11 times of PS and 405 / 250 / 176 times of PE from 2021 to 2023. Considering that the company is one of the largest semiconductor silicon wafers in China Chinese mainland, the silicon wafer verification of advanced manufacturing wafer fabrication is leading the whole country, ensuring the safety of China's semiconductor wafer supply, and leading the replacement of semiconductor silicon chips.
Tips: increased industry competition risk; Downstream demand is lower than expected; The expansion of production was less than expected.
