\u3000\u30 Beijing Jingyeda Technology Co.Ltd(003005) 67 Wuhan Jingce Electronic Group Co.Ltd(300567) )
Event: according to official account of Wuhan Jingce Electronic Group Co.Ltd(300567) , sun Shanghai made a micro site inspection of BFI100 equipment in March 11th, and has already seized 2 orders for this type of equipment. This type of equipment is mainly used for process monitoring of 65nm-180nm semiconductor production line. The first equipment will be launched in October this year.
In just three months, it made another major breakthrough and filled the gap in China. The prototype of bfi100 open field testing equipment has passed two rounds of customer sample testing. The defects detected have been rechecked and verified one by one by using the viewtm1000 review SEM equipment independently developed by Shanghai precision testing semiconductor. The detection accuracy has been highly recognized by the customer. In December last year, the company made progress in the field of semiconductor detection such as film thickness detection, electron beam detection and OCD. This time, it made another breakthrough in the field of bright field detection and filled the gap in China, indicating that the company has entered the period of achievement transformation after several years of high-intensity investment.
Mingchang testing equipment “small lithography machine” to break the foreign monopoly. Bright field detection equipment belongs to defect detection equipment, which is generally used for defect detection of graphic wafers. Through high-quality optical imaging, defects whose size is far less than the optical diffraction limit are detected. It has high requirements for optical lens processing and installation accuracy, motion control accuracy, lighting source brightness, image acquisition noise suppression, data processing ability, etc, It is often close to the harsh technical requirements of the lithography machine of the same process node. As the necessary main equipment for semiconductor front detection, the core technology of open field detection has been monopolized by several foreign companies. This bfi100 is the first mass-produced open field detection equipment in China, which will help customers obtain higher cost-effective equipment selection and application services in this field.
Wafer testing equipment is the fourth largest category of semiconductor equipment, and domestic replacement is imperative. According to the year-end report data released by semi on December 14, 2021, the total sales of semiconductor equipment will reach US $103 billion in 2021, of which the market scale of semiconductor test equipment will increase by 29.6% to US $7.8 billion. In 2020, China’s semiconductor equipment market accounts for 26.3% of the global market. Assuming that this proportion remains unchanged in 2021, it is estimated that the market scale of China’s semiconductor test equipment in that year will be US $2.05 billion, about 13.05 billion yuan, second only to etching, lithography and CVD equipment. It is the fourth largest semiconductor equipment in value. Wafer testing equipment is a competitive pattern of “one super and many strong”. KLA Tencor of the United States occupies more than 52% of the global market share, which is an unavoidable obstacle to the domestic substitution of semiconductor equipment. The company has continuously broken through key equipment and is expected to shoulder the important task of domestic substitution.
Investment suggestion: as a rare testing equipment enterprise in China, the company is the main force in the localization of semiconductor equipment and is expected to take the lead in benefiting from the wave of wafer line construction in China. In addition, the company’s display panel testing equipment and lithium battery equipment are also growing at a high speed. It is estimated that the net profit of the company in the year of 21 / 22 / 23 is 219 million, 372 million and 573 million, and the corresponding P / E is 60x, 35x and 23x. Considering the scarcity of the company in the field of semiconductor testing, the “recommended” rating is maintained.
Risk warning: R & D is less than expected risk, downstream demand is less than expected risk, and macroeconomic fluctuation risk
