The leading operating data of semiconductor equipment exceeded expectations, and semiconductor equipment maintained a high boom Naura Technology Group Co.Ltd(002371) released the operating data from January to February, realizing a revenue of nearly 1.4 billion yuan, a year-on-year increase of about 135%; New orders exceeded 3 billion yuan, with a year-on-year increase of more than 60%. The performance growth rate exceeded market expectations and there were sufficient orders on hand. In addition, Kingsemi Co.Ltd(688037) previously released the 21st Annual Report, and the annual revenue increased sharply by 152%. The high outlook of the semiconductor equipment industry continued to be verified. According to the latest data of icinsights, the global semiconductor capital expenditure will increase by 23.7% in 2022, up 19.2pct from the predicted growth rate in the middle of last year, and the global semiconductor equipment industry will maintain a high boom. Considering the maintenance of the high prosperity of the equipment sector, the acceleration of domestic substitution and the significant decline in the valuation of the sector, we believe that China’s semiconductor equipment has excellent investment value.
The penetration rate of domestic semiconductor equipment is very low, and there is huge room for domestic substitution. Using the latest revenue and forecast estimates of China’s major listed semiconductor equipment enterprises 1, the domestic semiconductor manufacturers are expected to have a revenue of about US $4.1 billion in 2021, and the penetration rate of China’s semiconductor equipment is only 13.9% in 2021. There is still a huge space for domestic substitution of China’s semiconductor equipment. In terms of equipment categories, the localization rate of dry degumming, gluing development, heat treatment, etching, cleaning, CMP, PVD and other fields can reach 20%, while the localization rate of ion implantation, ALD, CVD, lithography, film thickness and CD measurement, defect detection and other fields is low.
Domestic substitutes continue to accelerate to the medium and high-end fields, and are firmly optimistic about the semiconductor equipment sector. China’s semiconductor equipment enterprises, represented by Naura Technology Group Co.Ltd(002371) , Advanced Micro-Fabrication Equipment Inc.China(688012) , Kingsemi Co.Ltd(688037) , Hangzhou Chang Chuan Technology Co.Ltd(300604) and others, continue to increase R & D investment, rapidly promote product performance upgrading and downstream customer import verification, and domestic substitution continues to break the monopoly of foreign manufacturers and accelerate to the medium and high-end field. CITIC semiconductor equipment index has dropped nearly 34% compared with the high point in July last year. With the continuous prosperity of the semiconductor equipment industry and the acceleration of domestic substitution, we continue to be optimistic about the follow-up market of the semiconductor equipment sector.
It is suggested to pay attention to: [ Naura Technology Group Co.Ltd(002371) ] China’s leading semiconductor equipment, multi business layout, ICP etching, PVD, heat treatment and cleaning equipment; [ Advanced Micro-Fabrication Equipment Inc.China(688012) ] domestic etching equipment leader, CCP etching, CVD and measuring equipment; [ Pnc Process Systems Co.Ltd(603690) ] cleaning equipment faucet, cleaning machine and high-purity process system; [shengmei Shanghai] China’s leading cleaning equipment, cleaning machine, electroplating / wet packaging equipment, furnace tube equipment; [ Hangzhou Chang Chuan Technology Co.Ltd(300604) ] test equipment platform layout, digital testing machine is expected to bring a new round of high growth, sorting machine, AOI, analog testing machine and digital testing machine; [ Beijing Huafeng Test & Control Technology Co.Ltd(688200) ] analog tester faucet, analog tester and digital tester; [ Kingsemi Co.Ltd(688037) ] China’s leader in gluing and developing equipment, gluing / developing machine, degumming machine and cleaning machine; [ Shanghai Wanye Enterprises Co.Ltd(600641) ] China’s leading ion implanter, ion implanter.
Risk tip: the prosperity of semiconductor downstream is lower than expected; Affected by the policy, the development of Chinese wafer factories and packaging and testing factories is less than expected; Sino US trade friction affects the import of some core parts; The R & D Progress of Chinese equipment manufacturers is less than expected.
