1. Electronic industry
1.1, Shanghai Wanye Enterprises Co.Ltd(600641) (600641. SH): establish a new Jiaxin semiconductor equipment subsidiary to build a new semiconductor equipment development platform
Event: December 23, 2021, The company announced that Jiaxin Semiconductor Equipment Technology Co., Ltd. (hereinafter referred to as "Jiaxin semiconductor"), the holding subsidiary of the company, has signed a project investment agreement with the people's Government of Xitang Town, Jiashan County. The project is collectively known as the "Yangtze River Delta integration demonstration zone" (Zhejiang Jiashan) Jiaxin Semiconductor Equipment Technology Co., Ltd. has an annual output of 2450 sets / set of new equipment and 50 sets / set of semiconductor renovation equipment project ", which will include 6 subsidiaries and 2 business divisions. The project company will mainly be engaged in the new installation of 8-inch and 12-inch semiconductors such as etching machine, rapid heat treatment, film deposition, single chip cleaning machine, trough cleaning machine, tail gas treatment and manipulator in the future The total investment of the project is 2 billion yuan, of which the company's investment will not exceed 800 million yuan.
Comments: the company established Jiaxin semiconductor to realize the leap from ion implanter to semiconductor equipment platform. At present, the company's main semiconductor equipment product is the ion implanter of its subsidiary kaishitong. The first low-energy high beam ion implanter has been verified and confirmed in a large 12 inch wafer factory in China. One low-energy high beam heavy metal ion implanter and one low-energy high beam ultra-low temperature ion implanter have been delivered to customers, The high-energy ion implanter equipment is assembled according to the customer delivery plan. It has signed an order for one low-energy large beam ultra-low temperature ion implanter and one high-energy ion implanter with another 12 inch wafer factory in China, breaking the monopoly of foreign equipment manufacturers. It is not only a leading enterprise of ion implanters in China, but also a strategic supplier of China's leading Wafer Factory Semiconductor Manufacturing International Corporation(688981) , The ion implanter has entered the mass production period.
According to the statistics of Huajing Industry Research Institute, in 2020, the sales of ion implanters accounted for about 3% of the sales of semiconductor front channel equipment, which is relatively small compared with 26.9% of thin film deposition machines, 23.9% of etching machines and 6.7% of cleaning equipment. On April 29, 2021, the company established a subsidiary, Jiaxin semiconductor, with a shareholding ratio of 80%, which is the largest shareholder, and Ningbo Xinen has a shareholding ratio of 20%, which is the second largest shareholder. In the future, Jiaxin semiconductor will be engaged in the development of new equipment such as film deposition machine, etching machine, cleaning equipment and rapid heat treatment, which can greatly expand the company's growth space in the field of semiconductor equipment in the future, and complete the leap from "1-ion implanter" to "n-platform: etching machine, thin film deposition machine, cleaning equipment, ion implanter and rapid annealing", The prototype of platform semiconductor equipment company has emerged.
Epitaxial endogenesis helps the company transform the field of IC core equipment, with increasingly diversified layout and platform. In recent years, the company has actively transformed from real estate business to IC core equipment business by means of "external M & A and internal growth". In addition to the core product ion implanter, In December 2020, the company led domestic and foreign investors to complete the investment in compart systems, the world's leading supplier of precision components and flow control solutions in the field of integrated circuit gas delivery system (CS) is the core supplier of Applied Materials and other overseas giants. Its operating revenue is expected to reach 1 billion yuan in 2021 and will continue to maintain strong growth in 2022. In addition, as the main LP invested by Shanghai semi conductor equipment materials fund, the company has invested in Huazhuo precision technology, Shanghai Precision measurement, Hangzhou Chang Chuan Technology Co.Ltd(300604) , Shanghai Yudu, etc. cover the core parts of lithography machine - Double worktable, semiconductor front channel testing equipment, rear channel testing machine and other core equipment. The layout of the company's IC core equipment field is becoming more and more diversified and platform.
Risk tip: customer import and verification are not as expected, wafer factory expansion is not as expected, and technology R & D is not as expected
1.2, Montage Technology Co.Ltd(688008) (688008. SH): in the last 22 years, the CPU transaction volume reached 2.5 billion yuan, and the trend of server chip platform companies is gradually rising
The CPU of Tianjin capture platform starts quickly. In April 2021, LanChi's third-generation Jinchuan CPU was mass produced and put on the market. Jinchuan products received positive responses from many domestic server manufacturers, such as Xinhua III, Lenovo, Baode and great wall, which have launched server products supporting Jinchuan CPU. Jinchuan platform has been applied to government affairs, transportation, finance and other fields. According to the company's announcement, the company's connected transaction volume between Jinchuan server platform and Intel in 2021 will not exceed RMB 100 million, RMB 500 million and RMB 1.5 billion, up to RMB 1.584 billion. In addition, the company expects the transaction volume of RMB 2.5 billion in 2022, indicating the company's confidence in the future development of this business.
The server market has fully warmed up. Xinhua's revenue in October 21 was 356 million new Taiwan dollars, an increase of 89% year-on-year and 16% month on month; Rambus 21q3 memory interface chip revenue was US $37 million, with a year-on-year increase of 23% and a month on month increase of 18%; Rambus expects 21q4 to grow 34% - 54% year-on-year and 28% - 47% month on month.
The ddr5 curtain was opened, Montage Technology Co.Ltd(688008) ddr5 has been officially shipped, the server and PCNB markets have been fully opened, and the memory interface and supporting chips have been in full volume. Memory technology has been developed to ddr5 generation, and Intel's official guidelines will release the next generation of server CPU in 2022. Memory module manufacturers will enter the stage of mass production ramp up, goods preparation and procurement of CPU platform 1-2 quarters in advance. Therefore, as a leading memory interface chipset supplier in the industry and an active contributor to JEDEC memory standard, Montage Technology Co.Ltd(688008) ddr5 related chips began to scale in October 2021 and officially entered the ddr5 stage.
Four recent changes: 21q3 inflection point, large repurchase, increased holdings of senior executives and ddr5 mass production. (1) 21q3's revenue was 870 million yuan, a year-on-year increase of 129% and a month on month increase of 104%; deducting non net profit of 183 million yuan, a year-on-year increase of 13% and a month on month increase of 77%) (2) the increase in holdings at the bottom showed confidence: Montage Technology Co.Ltd(688008) it is planned to repurchase the company's shares with its own funds of 300-600 million yuan, and the repurchase price shall not exceed 86 yuan / share (20% premium over the current price of 73 yuan / share). (3) The increase of senior executives' holdings shows confidence: the chairman and CEO and the director and general manager jointly increased their holdings by about 20 million yuan. (4) on October 29, 2021, Montage Technology Co.Ltd(688008) announced that its ddr5 first generation memory interface and module supporting chips have been successfully mass produced.
Investment suggestion: actively grasp the bottom platform leading, and the short, medium and long-term product logic is clear. Montage Technology Co.Ltd(688008) is the first memory interface chip segment in the world and an enterprise with global competitiveness in China. It is an international leading data processing and interconnection chip design company. It is committed to becoming a platform enterprise in computing, storage and interconnection related fields in server and data center fields. In the future, the company's memory interface chip business is expected to deeply benefit from the large volume of ddr5 memory interface chips and supporting chips; At the same time, we are optimistic about the domestic alternative space of the company's Tianjin capture server platform and the large volume of PCIe retimer chips.
Risk tip: ddr5 progress is less than expected, and technology research and development is less than expected.
1.3, Pnc Process Systems Co.Ltd(603690) (603690. SH): the company's technical route is benchmarked with screen, an international large factory, and is expected to become a leader in high-end wet equipment
Monolithic cleaning will play an increasingly important role in semiconductor cleaning equipment in the future. Semiconductor cleaning equipment can be divided into dry cleaning equipment and wet cleaning equipment. At present, more than 90% of the cleaning steps are mainly wet process. Wet cleaning equipment is divided into tank cleaning and single-chip cleaning. Tank cleaning equipment generally cleans about 30-50 wafers at a time, which has a large amount of cleaning but is prone to cross contamination. With the continuous advancement of advanced processes, Its particle removal efficiency (pre) is low and is gradually replaced by single-chip cleaning equipment; single-chip cleaning equipment is mainly divided into single-chip cleaning machine, single-chip brushing machine and single-chip etching machine (pre) is high. The purpose of single-chip cleaning machine is to clean particles, organic matter, natural oxide layer, metal impurities and other pollutants. Single-chip brushing equipment is generally physical cleaning, which is mainly used to remove surface particles and is mainly used for post CMP cleaning. Single-chip etching equipment is mainly used for mild etching of film layer. With the continuous advancement of advanced processes, especially processes of 28nm and below, Single chip cleaning equipment will completely replace tank cleaning, equipped with 8-12-16 cavities, and its core position is becoming increasingly prominent.
Nano spray is the mainstream technical route of single-chip wet cleaning equipment in the world. At present, single chip wet cleaning technology is mainly divided into nano spray cleaning, megasonic cleaning and brush cleaning. The first two are based on rotary spray (spin spray) technology. In 2020, the global semiconductor cleaning equipment market was basically monopolized by Japanese screen, Japanese Tel, Korean semes and American Lam, with sales accounting for 45.1%, 25.3%, 14.8% and 12.5% respectively, accounting for 97.7% in total. Chinese manufacturers had a weak voice. Japanese screen, a leading manufacturer, was the first equipment manufacturer to develop and use nano spray technology, 2010 Years later, its updated and upgraded nano spray2 and nano spray3 technology further improved the yield of the chip and is the mainstream cleaning technology in the world. Pnc Process Systems Co.Ltd(603690) single chip cleaning technology is benchmarked to Japanese screen, and Nano Spray scheme is adopted. Pnc Process Systems Co.Ltd(603690) nano spray, the international mainstream cleaning technology, can provide all 28nm node wet equipment. Pnc Process Systems Co.Ltd(603690) with advanced nano spray technology, all semiconductor wet process equipment with 28nm nodes can be provided. In the second half of the year, 7 sets of 12 inch slot equipment and 8 sets of 12 inch single chip equipment will be delivered to mainstream customer production lines such as SMIC, Huahong group and Yandong technology, In addition, in the more advanced 14-7nm technology generation, we have received formal orders for four sets of machines and multiple processes, which will be delivered to the customer's production line for verification in 2022. We expect that the company's orders for semiconductor wet equipment will reach 1.2 billion yuan from 2021 to 2022, and the corresponding cleaning equipment revenue will be 768 million yuan and 1.390 billion yuan respectively. Among them, the revenue of single-chip cleaning equipment accounts for 40.10% / 50.36% of the total revenue of wet equipment, and the proportion is rapidly increasing. Risk tip: localization progress is less than expected, wafer factory expansion is less than expected, and technology R & D is less than expected.
2. Communication industry: new coverage Meig Smart Technology Co.Ltd(002881)
2.1, Meig Smart Technology Co.Ltd(002881) (002881. SZ): take the east wind of interconnection of all things and step into growth
Fast lane Meig Smart Technology Co.Ltd(002881) : the world's leading provider of wireless communication modules and solutions. During the start-up period (2007-2009), the company mainly engaged in the manufacturing of non smart phone keys and back cases. During the transformation and upgrading period (2010-2016), it transferred to the manufacturing of precision structural parts and started the R & D and design of 4G / LTE modules and applications. In the weak growth period of precision components, the company once again sought a new growth curve (2016-2020): smartphone penetration hit the ceiling, and the sales of precision components business reduced the revenue share of precision components from 75% to 0.11%, and the revenue share of communication modules and terminals increased from 6% to 93.8%. The company's overall operating revenue increased from 478 million yuan to 1.121 billion yuan, and CAGR reached 72%. 5g applications and the Internet of things entered a period of rapid growth, and the company became a global leader Wireless communication module and solution provider (since 2020): the first to launch 5g high computing power module. From 2021q1 to Q3, the revenue and net profit returned to the parent increased by 91.69% and 545.46% year-on-year. Both broke through history and developed into the fast lane. The global market share of cellular Internet of things module of 21q2 company rose to 5.3%, ranking among the top ten in the world.
Industry opportunities: the Internet of things industry is about to develop rapidly, and the communication module will take the lead in benefiting. (1) With the commercial application of 5g technology, the Internet of things industry has ushered in rapid development. The market scale of the Internet of things industry is expected to grow from 1.67 trillion yuan to 2.76 trillion yuan in 20-25 years. (2) Data transmission is the basis for the interconnection of all things. As a necessary component of data transmission, communication module will take the lead in benefiting from the expansion of the Internet of things industry. From 2020 to 2024, the market scale of communication module is expected to increase from 272.5 billion yuan to 414 billion yuan. (3) The company has been deeply engaged in the field of communication modules for many years, has a large number of technical reserves, has a comprehensive product line coverage, and has obtained large orders from many operators outside China.
The company's strategy: forward looking layout of three high growth tracks, i.e. intelligent Internet connected vehicle, FWA terminal and pan IOT represented by new retail, so as to realize the whole industrial chain layout of each track from module to solution. (1) Intelligent connected vehicle: the penetration rate is expected to increase from 52% to 95% from 2020 to 2030; the company has launched the industry's first 5g high computing power intelligent module, which has achieved mass commercial use, reached cooperation with mainstream vehicle manufacturers in China, and set up branches in Germany and Japan to vigorously explore the overseas vehicle market; (2) FWA: the rapid development of 5g brings high growth potential. The market scale CAGR of 5g CPE at home and abroad is expected to exceed 100% from 2020 to 2025; the company maintains close cooperation with China United Network Communications Limited(600050) , Huawei and other enterprises and has a stable position; (3) Pan IOT: the company makes full use of the product advantages of its high-performance communication module to successively develop pan IOT connection and effectively realize the extension within the industrial chain. Risk tip: the Internet of vehicles market is less than expected; there is a risk of decline in gross profit margin
2.2. The theme of meta universe drives the flow logic and continues to be optimistic about the rebound of the communication sector
1. At the industry level, 5g construction slowed down in the first half of the year, laying a low base. In the second half of the year, operator bidding was launched one after another, and the industry recovered significantly.
2. Market risk appetite is obviously upward. The market has paid more attention to the small market value target, the high-risk preference industry has strengthened significantly, and the market risk preference has increased significantly, laying the foundation for upward sentiment in the communication sector.
3. The 14th five year plan lays the policy foundation. The fourteenth five year plan for information and communication was issued to deploy 5g, Gigabit broadband, Internet of things, satellite communication, Beidou, data center, network security and other subdivided fields to lay the policy foundation for information infrastructure.
Continue to be optimistic about the rebound of the communication sector:
1. 5g Construction: traffic transmission expressway.
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