Recently, a number of Companies in the semiconductor industry have joined the ranks of voluntary disclosure in the "February report", including materials, equipment, design and OEM. According to the statistics of the science and Innovation Board daily, seven semiconductor companies in A-Shares have disclosed their performance from January to February, of which five companies have achieved double year-on-year growth in revenue and net profit, Hangzhou Lion Electronics Co.Ltd(605358) , Beijing Huafeng Test & Control Technology Co.Ltd(688200) , Montage Technology Co.Ltd(688008) .
National Silicon Industry Group Co.Ltd(688126) although it is not profitable for the time being, the net loss deducted from January to February was 8.06 million yuan, but the director reduced the loss by about 23.76 million yuan or 74% compared with the same period of the previous year.
In addition, TSMC and MediaTek both disclosed last month's results on the 10th, and the revenue of the two companies hit a new high in February over the same period of the previous year.
From the perspective of performance, the whole semiconductor industry chain shows an explosive trend. What are the similarities and differences in the Growth Logic of each link?
▍ material and equipment enterprises report strong demand and full orders
strong market demand and booming production and marketing are the main reasons for the outstanding performance of semiconductor companies in materials and equipment
While disclosing the monthly performance, National Silicon Industry Group Co.Ltd(688126) said that from January to February 2022, the market demand continued to be strong, the company's production capacity continued to release, and the output and sales volume of the company's products continued to increase;
Hangzhou Lion Electronics Co.Ltd(605358) said that the scene of the industry and city where it is located has been continuously improved, the market demand is strong, the company's sales orders are full, the production capacity is continuously released, and the production and sales of main products have increased significantly;
Naura Technology Group Co.Ltd(002371) also believes that the strong demand in the downstream market of its main business has led to the continuous growth of its semiconductor equipment and electronic components business. The company also revealed that the new orders from January to February exceeded 3 billion yuan, a year-on-year increase of more than 60%.
The semiconductor materials and equipment market is closely related to the prosperity of downstream application fields. Some local companies have completed the leap of 0-1, and will gradually enter the large-scale stage of 1-N in 2022 Everbright Securities Company Limited(601788) analyst Liu Kai recently released a research report that at present, the semi conducting equipment and materials sector is in the lower position of valuation.
▍ continuous optimization of product structure of power semiconductor company
Led by scenario application, power semiconductors are developing rapidly in new energy industries such as automotive electric intelligence and photovoltaic, which promotes the sustained and high boom growth on the demand side. although the vehicle specification power semiconductor industry on the supply side is still dominated by overseas IDM mode manufacturers, local IDM enterprises continue to make breakthroughs :
Hangzhou Silan Microelectronics Co.Ltd(600460) has shown the dual growth logic of "capacity release + product structure optimization" Hangzhou Silan Microelectronics Co.Ltd(600460) announced a few days ago that by the end of 2021, Shilan Jike had achieved the production capacity construction goal of 40000 chips per month in phase I project. The chip output reached 36000 in December and more than 200000 chips in 2021. In the future, it will continue to promote the production of power chips and circuits meeting the requirements of vehicle regulations on 12 inch lines;
After hours on March 9, Wingtech Technology Co.Ltd(600745) announced that the IGBT Series products independently designed and developed by the company have been successfully streamed , making phased significant progress, and all parameters meet the design requirements.
Everbright Securities Company Limited(601788) analyst Liu Kai believes that the prosperity of the power semiconductor sector will continue in 2022. Although the shortage of consumer MOSFETs has eased, the demand for high-end power devices such as high-voltage MOSFETs and IGBTs in the fields of industrial control, new energy vehicles and photovoltaic inverters is still strong, and the supply of related products is in short supply. China Shanxi Guoxin Energy Corporation Limited(600617) vehicle IGBT market and global photovoltaic IGBT market have huge growth space.
▍ sealing, testing and OEM also maintained a high boom
Tianshui Huatian Technology Co.Ltd(002185) said that due to the localization of integrated circuits, the acceleration of 5g construction, the growth of consumer electronics and automotive electronics demand and other factors, the demand of integrated circuit market continued to be strong, the company's orders were full and the business scale continued to expand.
Tongfu Microelectronics Co.Ltd(002156) also said that in 2021, due to the accelerated development of global intelligence, the growth of demand for electronic products and other factors, the market demand of the company's international and Chinese customers remained strong, and some projects and products crossed the breakeven point and began to enter the harvest period in 2021.
TSMC's February sales hit a new high over the same period over the years. Analysts said that in addition to benefiting from the strong demand for HPC with high-performance computing, the continued recovery of automobile market demand, and the mobile phone business with lower seasonal impact compared with the past, TSMC has comprehensively raised the foundry price of wafers since this year, which is the main reason for the surge in revenue and the non light off-season.
High growth pressure of the industry
As the main investment axis of the technology industry, the semiconductor industry has shown a high boom in the past year. According to the statistics of China Semiconductor Industry Association, in 2021, the annual sales of China's integrated circuits exceeded trillion yuan for the first time: the sales of that year was 104583 billion yuan, a year-on-year increase of 18.2%.
However, the high base of 2021 is that the pressure brought by the growth rate in 2022 will be obvious month by month. In the future, the prosperity of many subdivided industries of semiconductors may face differentiation, and OEM, equipment and power semiconductors are regarded as more potential sectors
According to Wang pan, an analyst at Xiangcai securities, the revenue growth of wafer foundry business lines has been differentiated. In 2021, the revenue growth of smart phone business was weak, and IOT, automotive electronics and other businesses performed well. He believes that in 2022, the downstream market demand of wafer foundry will be transformed into structural growth, and the growth differentiation of business performance will continue. suggests focusing on the leaders of subdivided industries such as wafer foundry, power semiconductor and IOT
According to Hu Jian, an analyst at the time of Guosen Securities Co.Ltd(002736) ? 35 Advanced Micro-Fabrication Equipment Inc.China(688012) Shanghai Wanye Enterprises Co.Ltd(600641) 。
Geng Chen, an analyst at Huachuang securities, believes that on the whole, the sub sectors with high correlation with the downstream of consumer products are less likely to see further upward prosperity due to the inventory adjustment in the downstream. Although relevant companies benefit from the domestic substitution trend, there is still clear incremental space in the next 3-5 years, but subject to the pressure of high gross profit margin, It is difficult to further expand the valuation month on month the subdivided industries whose prosperity is expected to further rise include: semiconductor equipment / automotive semiconductor / special semiconductor. Among them, the localization of semiconductor equipment has entered the deep-water area , which is expected to enter from 28nm to 14nm, and the potential market space has doubled. It is recommended to Naura Technology Group Co.Ltd(002371) , Shanghai Sheng Jian Environment Technology Co.Ltd(603324) .
