National Silicon Industry Group Co.Ltd(688126) production and sales volume increased continuously, and the revenue from January to February 2022 increased by about 51% year-on-year. The semiconductor market is in strong demand. At the same time, the company’s production capacity is rising, and the output and sales volume are rising sharply. According to the disclosure of the performance express, the company achieved an operating revenue of 2.467 billion yuan in 2021, with a year-on-year increase of 36.19%; The net profit attributable to the parent company was 145 million yuan, a year-on-year increase of 66.58%; The net profit attributable to the parent company after deducting non operating income was -131 million yuan, a decrease of 150 million yuan compared with -281 million yuan in the same period last year, mainly due to the increase of gross profit brought by the increase of operating income. From January to February 2022, the operating revenue was about 511 million yuan, an increase of about 51% year-on-year; The net profit attributable to the listed company after deducting non recurring profits and losses was about – 8.06 million yuan, a decrease of about 23.76 million yuan or 74% compared with the same period of last year.
Hangzhou Lion Electronics Co.Ltd(605358) three business segments are developing continuously, of which 6 / 8-inch silicon wafers are in full production and sales, and the volume of 12 inch silicon wafers is obvious Hangzhou Lion Electronics Co.Ltd(605358) the three business segments of silicon wafer, power devices and compound semiconductor RF chips support each other and develop together: ① the growth rate of silicon wafer business is significant. The 6 inch / 8 inch silicon wafer production line is in full load operation for a long time; The volume of 12 inch silicon wafers is obvious. By the end of 2021, it has reached the production capacity of 1.8 million wafers per year, realizing large-scale production and sales. ② Power device business segment. Rapidly increase the sales scale and proportion of grooved Schottky, planar Schottky fixed products, photovoltaic products, automotive chips, power chips and other products. ③ Compound semiconductor RF chip business. Developed 0.15 μ M e-modephemt and other processes and products with the characteristics of low cost, high performance, high uniformity and high reliability have successively entered the market, and are continuously carrying out customer sample delivery verification and production and sales climbing.
Hangzhou Lion Electronics Co.Ltd(605358) the latest monthly operating data reached a new high, and the net profit attributable to the parent company from January to February 2022 increased by about 253% year-on-year. The company achieved an operating revenue of 2.541 billion yuan in 2021, an increase of 69.17% over 2020; The operating profit was 684 million yuan, an increase of 185.98% over 2020; The net profit attributable to shareholders of listed companies was 600 million yuan, an increase of 197.24% over 2020; The net profit attributable to shareholders of listed companies after deducting non recurring profits and losses was 584 million yuan, an increase of 288.83% over 2020. From January to February 2022, the company achieved an operating revenue of about 458 million yuan, an increase of about 84% year-on-year; The net profit attributable to shareholders of listed companies after deducting non recurring profits and losses was about 131 million yuan, with a year-on-year increase of about 253%; This is mainly due to the continuous improvement of the scene of the industry and market, the strong market demand, the full sales orders of the company, the continuous release of production capacity, and the significant increase in the production and sales of main products.
The global semiconductor silicon wafer market reached US $12.6 billion in 2021. According to IC insights data, the global revenue scale of foundry in 2020 and 2021 was $87.4 billion and $110.1 billion respectively, with a year-on-year increase of 21% and 26%; It is estimated that the global foundry revenue of 2022e will reach US $132.1 billion, with a year-on-year increase of 20%.
Meanwhile, from 2016 to 2021, the compound growth rate of global foundry revenue reached 11%. According to semi data, the global silicon wafer shipment areas in 2020 and 2021 are 12.407 billion square inches and 14.165 billion square inches respectively; The market scale of silicon wafer is US $11.2 billion and US $12.6 billion respectively; The shipment area and silicon wafer market scale increased significantly.
Investment suggestion: we believe that TSMC, Samsung and Intel, the leading semiconductor manufacturers in this round, have announced the expansion of new 12 inch wafer production line in the second half of 2021, and China’s 12 inch wafer production line is also in the stage of high capital expenditure investment and construction; The silicon wafers produced by global leading silicon wafer manufacturers Xinyue and sumco can not fully meet the incremental demand of Chinese wafer factories for silicon wafers. China’s leading silicon wafer companies have ushered in a very critical period of rapid development. It is suggested to pay attention to Hangzhou Lion Electronics Co.Ltd(605358) , Phenix Optical Company Limited(600071) and other companies.
Risk tips: global macroeconomic fluctuations affect the cycle of the semiconductor industry, the production expansion progress of downstream wafer factories is less than expected, the risk of slowing down the process of technical iteration and unable to meet customer needs, and the product quality is less than expected
