After the “semiconductor brother” Semiconductor Manufacturing International Corporation(688981) released the excellent report card of the first two months of this year, recently, a number of leading enterprises in the semiconductor field disclosed brilliant achievements.
Qin Ruohan, general manager of Jinhua fund, said in an interview with the reporter of Securities Daily: “on the supply side, semiconductor production capacity still needs two to three years to climb; on the demand side, emerging industries such as new energy vehicles, Internet of things and 5g communication will continue to expand market demand. It is expected that the long boom cycle of semiconductor track related enterprises will continue in the next three years.”
the overall prosperity of the industry continues to improve
As the semiconductor application scene is very broad, its industrial chain also presents the characteristics of long upstream and downstream chains and many subdivided fields. The semiconductor industry chain can be divided into two supporting industries: upstream semiconductor equipment and materials, midstream chip design, wafer manufacturing, packaging and testing, and downstream 5g communication, big data, automotive electronics, consumer electronics, Internet of things and other product terminal applications.
Recently, a number of semiconductor industry chain enterprises successively released the operation data of the first two months, with brilliant performance.
Semiconductor Manufacturing International Corporation(688981) , as the leader of semiconductor midstream wafer foundry, achieved good results in the first two months of this year. From January to February, the company realized an operating revenue of about US $1.223 billion, a year-on-year increase of 59.1%; The net profit attributable to the shareholders of the listed company was about US $309 million, a year-on-year increase of 94.9%.
China Resources Microelectronics Limited(688396) said that from January to February, the company achieved a revenue of about 1.64 billion yuan, an increase of 25% year-on-year; The net profit attributable to the shareholders of the listed company was about 360 million yuan, a year-on-year increase of 75%.
In terms of chip design in the middle reaches of the industrial chain, the leader of semiconductor memory interface chip Montage Technology Co.Ltd(688008) said that the company continued to ship new products such as ddr5’s first generation memory interface chip, memory module supporting chip and third-generation Tianjin CPU. From January to February, the company realized a revenue of about 620 million yuan, an increase of 211% year-on-year; The net profit attributable to the parent company was about 220 million yuan, a year-on-year increase of 157%.
Overall, in the semiconductor industry chain, the performance of upstream semiconductor equipment and material enterprises was particularly outstanding in the first two months of this year.
In terms of semiconductor equipment, the leader of semiconductor equipment Naura Technology Group Co.Ltd(002371) said that due to the strong demand in the downstream market of its main business, the company’s semiconductor equipment and electronic components business continued to grow. From January to February, the company achieved a revenue of about 1.366 billion yuan, a year-on-year increase of about 135%; New orders exceeded 3 billion yuan, a year-on-year increase of more than 60%. In addition, the leader of semiconductor testing equipment Beijing Huafeng Test & Control Technology Co.Ltd(688200) said that from January to February, the company achieved a revenue of 199 million yuan, a year-on-year increase of 171.97%; The net profit attributable to the parent company was 105 million yuan, a year-on-year increase of 241.35%.
Hangzhou Lion Electronics Co.Ltd(605358) said that the overall prosperity of the industry continued to improve, the company’s sales orders were full, and the production capacity was continuously released. From January to February 2022, the company achieved a revenue of about 458.36 million yuan, a year-on-year increase of 84%; The non net profit deducted was about 131 million yuan, a year-on-year increase of 253%.
semiconductor equipment and material enterprises attract attention
In the view of the industry, the performance of leading semiconductor equipment enterprises in the first two months exceeded expectations. According to the latest data from icinsights, the global semiconductor capital expenditure will increase by 23.7% in 2022, and the global semiconductor equipment industry will maintain a high boom.
“At present, the penetration rate of domestic semiconductor equipment is low, and the domestic substitution space is huge.” Zhou Jia, a researcher of Yihu investment electronics, told reporters that with the continuous acceleration of domestic substitution to medium and high-end fields and the maintenance of high prosperity in the semiconductor equipment sector, Chinese semiconductor equipment stocks still have good investment value.
In terms of semiconductor materials, due to the complex manufacturing process and many subdivided fields, the semiconductor material industry has extremely high technical and capital barriers.
Among them, silicon wafer enterprises have attracted a lot of attention from the market Hangzhou Lion Electronics Co.Ltd(605358) relevant people said that benefiting from the development of clean energy such as photovoltaic and wind energy, as well as the strong demand for terminals such as new energy vehicles and industrial automation control, it is expected that there will be strong demand for semiconductor silicon wafers in the next three to five years.
Thinkon Semiconductor Jinzhou Corp(688233) , as the leading supplier of monocrystalline silicon materials in China, has also been investigated by many institutions in recent two months. The company said that at present, China’s 8-inch light doped low defect silicon wafers mainly rely on overseas imports. With the growth of localization demand, the company will usher in more development opportunities.
Guotai Junan Securities Co.Ltd(601211) research report said that the capacity expansion plans of leading overseas material enterprises such as Japan and South Korea were conservative, and the supply of bulk semiconductor materials such as silicon wafers remained tight. This round of semiconductor wafer manufacturing capacity has expanded significantly. The capital expenditure of leading enterprises such as TSMC and Semiconductor Manufacturing International Corporation(688981) has reached a record high, while the capital expenditure plans of overseas semiconductor material leading enterprises such as Xinyue, sumco and Dow are relatively conservative.
In the case of substantial expansion of manufacturing capacity and relatively conservative material manufacturers, the supply of semiconductor materials continues to be tight due to factors such as epidemic situation and friction in international relations. Taking the semiconductor silicon wafer with the largest proportion as an example, the price of silicon wafer has ushered in a sharp rise, and the tension is expected to continue until the second half of 2023.
“Today, the market segments of semiconductor materials are highly concentrated, among which the market share of the world’s top five companies in the silicon wafer market is as high as 87%. At present, the willingness of enterprises to localize is comprehensively strengthened, and the process of product introduction and capacity release of domestic semiconductor materials is expected to be significantly accelerated.” A semiconductor industry analyst told reporters that with the completion of the first round of semiconductor equipment import in 2021, the new capacity will be released successively in the second half of 2022, and the materials will follow the equipment and become the focus of demand in the next stage.
