The overall market fell, with the semiconductor index down 1.00%.
Last week (2022 / 03 / 072022 / 03 / 11), the overall market fell, and the semiconductor index fell 1.00%. Among them: semiconductor design – 3.2%, semiconductor manufacturing – 2.1%, semiconductor packaging – 5.0%, semiconductor materials – 1.4%, semiconductor equipment + 1.2%, power semiconductor + 1.6%. Last week, the Philadelphia Semiconductor Index fell by 3.52%, and the Taiwan Semiconductor Index fell by 3.55%. As of last week (March 11, 2022), the total market value of A-share semiconductor companies had reached 3676.8 billion yuan, with a month on month ratio of – 0.87%, corresponding to 62 times of the overall PE in 2022 (Note: PE is the statistical data according to Zhongtai Securities Co.Ltd(600918) Figure 5).
Industry news
1) TSMC Q3 will increase the OEM quotation of 8-inch process. In March 9th, according to the China Electronics times of Taiwan, IC designers said that the TSMC plan will be further raised by 8 inches in the third quarter, and 10% to 20% of the mature process OEM, 12 inch mature and advanced process are still being evaluated. In September 2021, TSMC raised the OEM price, in which the quotation of 7Nm process technology increased by 3% – 10% and that of processes above 12NM increased by 20%. Due to the influence of supply chain and other problems, the world has been in short of cores, and OEM chip manufacturers have announced to increase the OEM fee. Although the industrial chain did not mention the news of the increase in the price of 12 inch wafer OEM service, the subsequent increase of TSMC will not be ruled out in the case of strong demand and tight production capacity.
2) sec listed the “delisting risks” of five Chinese stocks, with shengmei semiconductor listed. On the 11th, shengmei semiconductor issued a Clarification Announcement. The US SEC recently included five Chinese companies in the provisional list of the foreign company Accountability Act (hfcaa), including shengmei semiconductor. On the morning of November 11, shengmei Shanghai announced that ACMR, the controlling shareholder, is actively looking for solutions and communicating, and is committed to meeting the requirements of the US SEC by the deadline of 2024. This matter will not affect ACMR’s control over shengmei Shanghai and the stability of equity structure. There is no direct impact on the production and operation of shengmei Shanghai.
Plate tracking:
1) design:
(1) Gigadevice Semiconductor (Beijing) Inc(603986) : both revenue and profit increased, with a deduction of 300%. 2021: the revenue was 8.51 billion yuan, a year-on-year increase of + 89%, and the net profit attributable to the parent company was 2.33 billion yuan, which was near the median value of the previous forecast, a year-on-year increase of + 165%, with a deduction of 2.22 billion yuan, a year-on-year increase of 300%. 21q4: the revenue was 2.18 billion yuan, a year-on-year increase of + 165%, the net profit attributable to the parent company was 690 million yuan, a year-on-year increase of + 230%, and the non deduction was 580 million yuan, a year-on-year increase of + 178%. Highlight the leading advantages, grasp the domestic opportunities, and continuously improve the product array. Nor business: the third in the world and the leader in the mainland. The distribution of storage capacity, application fields and processes continues to optimize the company’s product structure. MCU business: the 32-bit leader in mainland China continues to benefit from the local low self-sufficiency rate, and the upgrading of products to industry and automobile continues to bring structural optimization. DRAM business: the self-sufficiency rate in mainland China is very low, and self-research is developing rapidly. The revenue of self-research in 22 years is expected to exceed 1.6 billion yuan, an increase of 700%. The market expansion of vehicle regulations is smooth. NAND has passed the certification, adding another one. Nor is fully paved, and MCU is expected to be mass produced in the middle of the year. (2) Montage Technology Co.Ltd(688008) : performance from January to February 2022, with revenue + 211% and net profit + 157% year-on-year, which has entered the next growth cycle from the bottom of the cycle. In October 2021, Intel launched the alderlake 12th generation core server supporting ddr5 memory. As a leading manufacturer of memory interface chips, the company expects that with the increase of ddr5, the first generation of ddr5 memory interface chips and memory module supporting chips will enter a growth cycle. The company released the third generation of Jinchuan in April 2021 ® CPU is mainly used in data centers, servers and other scenarios with high performance requirements. At present, the business is promoted to sort out and continue to ship.
2) materials:
Performance from January to February 2022: the production capacity climbs, the yield increases, and the high price of silicon wafers drives the mainland semiconductor silicon materials company into the golden development period. The materials sector announced that the performance from January to February 2022 was Hangzhou Lion Electronics Co.Ltd(605358) , National Silicon Industry Group Co.Ltd(688126) . Stimulated by the global core shortage tide, the upward capital expenditure of wafer factory expansion drives the prosperity of upstream equipment and material companies. Silicon wafer, as a sub industry with the largest proportion in the material sector, has a low localization rate in the mainland for many years, and the five overseas companies account for more than 90% of the global share. After several rounds of cycles, large international manufacturers expanded the production line of 12 inch silicon wafers in 2006. After decades of supply exceeding demand, the price of silicon wafers was low, so it was relatively cautious to expand production in the future. In the second half of 2020, when the semiconductor boom rose and the silicon wafer industry was extremely in short supply, most of the large overseas manufacturers announced the expansion of production only after 21h2. Therefore, there is no new production capacity release in the short term. It is expected that the global silicon wafer market will maintain a high price for a long time. At the same time, the supply of overseas silicon wafer factories exceeds the demand, and the localization rate of domestic silicon wafer manufacturers accelerates. We expect that in 2022, domestic silicon wafer companies will enter the golden growth period with substantial growth in performance driven by factors such as capacity climbing, yield improvement and high product prices.
3) equipment:
(1) Advanced Micro-Fabrication Equipment Inc.China(688012) plans to grant 4 million restricted shares to 1104 incentive objects, accounting for about 0.649% of the total share capital of the company, and the grant price is 50 yuan / share. At the same time, it is planned to increase the capital of Shanghai Ruili with RMB 108 million in cash. After the capital increase, the shareholding ratio of the company will increase from 204467% to 293562%. Shanghai Ruili is mainly engaged in optical film thickness measurement equipment and optical defect detection equipment.
(2) Kingsemi Co.Ltd(688037) released the 2021 annual report. The annual revenue was 829 million yuan, a year-on-year increase of + 152%, the net profit attributable to the parent company was 77 million yuan, a year-on-year increase of + 58%, and the net profit not attributable to the parent company was 64 million yuan, a year-on-year increase of + 391%. According to the announcement, the company’s advanced packaging equipment has realized the expansion of overseas customers, and the front channel equipment has obtained orders and applications from many major customers.
(3) Naura Technology Group Co.Ltd(002371) and Beijing Huafeng Test & Control Technology Co.Ltd(688200) announce the results from January to February Naura Technology Group Co.Ltd(002371) 1-february achieved a revenue of 1.366 billion yuan, a year-on-year increase of + 135% Beijing Huafeng Test & Control Technology Co.Ltd(688200) achieved a revenue of 199 million yuan in the same period, a year-on-year increase of + 192%, and a net profit attributable to the parent company of 105 million yuan, a year-on-year increase of – 241%. As the leaders of domestic equipment, the high growth of their performance shows the high prosperity of the equipment sector.
4) manufacturing:
(1) the meeting of Jinghe technology innovation board was held, and it is proposed to raise 9.5 billion yuan. Wafer integration is mainly engaged in 12 inch wafer foundry business. It is committed to R & D and application of advanced processes in the industry, and provides customers with wafer foundry services of various process nodes and different process platforms. At present, the company has achieved mass production of 12 inch wafer foundry platform with 150nm to 90nm process nodes, and is in the process of customer product verification of 12 inch wafer foundry platform with 55nm process nodes.
(2) Semiconductor Manufacturing International Corporation(688981) : from January to February, the company achieved a revenue of 7.733 billion yuan, a year-on-year increase of + 59%, a net profit attributable to the parent company of 1.95 billion yuan, a year-on-year increase of + 95%, and a corresponding net interest rate of 25%, the highest value of Q1 in recent three years, showing the improvement of the company’s profitability under the high prosperity of the industry.
5) power:
1) Starpower Semiconductor Ltd(603290) released the performance express for 2021. The annual revenue was 1.7 billion yuan, yoy + 77%, the net profit attributable to the parent company was 398 million yuan, yoy + 121%, and the net profit not attributable to the parent company was 378 million yuan, yoy + 143%. According to the announcement, the company’s products continued to grow rapidly in downstream industries, especially in the field of new energy (new energy vehicles, photovoltaic and wind power), and its operating revenue achieved rapid growth.
2) China Resources Microelectronics Limited(688396) announced the results from January to February 2022, with a year-on-year increase of 75% in profit, higher than the year-on-year increase of 25% in revenue, and the profitability improved significantly.
Investment suggestions: suggestions and investment suggestions: suggestions and suggestions: focus on the attention of the ”’ 35.
Risk tips: the demand is less than expected, the constraints of capacity bottlenecks, the technological progress of mainland manufacturers is less than expected, the Sino US trade friction is intensified, and the information used in the research report is not updated in time.
