The standard system involves five major tasks to help the development of multi category domestic chips: on March 18, the Ministry of industry and information technology released the key points of automobile standardization in 2022. The key points of work involve top-level standards, industrial transformation, dual carbon goals, basic vehicle standards, international exchanges and cooperation, etc. We believe that industrial development and standards should go first. The Ministry of industry and information technology, as the competent department for the development of intelligent network industry, the establishment of automotive chip standard system is conducive to the standardized and standardized development of the industry, and provides guidance for improving the comprehensive competitiveness of domestic automotive chips and accelerating the development of the industrial process. Domestic suppliers of MCU chips, sensing chips, communication chips, storage chips, security chips, computing chips and chips for new energy vehicles in China are expected to benefit.
The combination of multiple factors leads to the dilemma of core shortage, and the car core shortage continues: the inventory level of global automobile chip leaders NXP, Infineon, Renesas and so on continues to maintain a low level, and many leading automobile enterprises such as Ford and Toyota are troubled by the chip core shortage. The reasons for the global automobile core shortage are as follows: first, the automobile industry chain has been produced in JIT (just in time) mode for a long time, and the supply and demand have been in tight balance for a long time; Second, most of the auto chip production lines are 8-inch / 6-inch, and most of them adopt processes above 40nm. Most of the world’s production capacity has shifted to 12 inches. Due to the lack of kinetic energy for the expansion of 8-inch and mature processes, it takes time to shift to 12 inches; Third, automotive chips account for a relatively small proportion (mostly less than 5%) of the revenue of contract manufacturing leaders such as TSMC and TSMC, and consumer electronics demand is the core; Fourth, the impact of the epidemic. Vehicle manufacturers underestimated and misjudged the market demand, resulting in a significant reduction in chip orders, but the demand side has exceeded the pre epidemic level since 21 years; Fifthly, the process of automobile electrification and intellectualization has accelerated, and the demand for chips has increased significantly. According to icinsights data, the shipment of automobile chips reached 53.4 billion in 2021, with an annual growth rate of 30%, reaching a 10-year high.
The silicon carbide industry continues to benefit from the high boom in the downstream, and Chinese foreign manufacturers actively invest in expanding production: according to the wind direction of the third generation semiconductor, on March 11, Soitec’s official website announced that it would invest about 2.3 billion yuan to build a new plant at the headquarters in berning, France, to expand the silicon carbide wafer production capacity for the electric vehicle and industrial markets. Wolfspeed is purchasing silicon carbide epitaxial tools for manufacturing 8-inch silicon carbide MOSFET and Schottky diode power devices from elstrong. The company’s new plant in North Carolina is expected to turn to the production of 8-inch silicon carbide devices ahead of schedule. According to the information of Hebei Economic Daily, the silicon carbide epitaxial project with a total investment of 1.67 billion yuan of Hebei Puxing electronics is expected to be completed by the end of 2022. After the completion of the project, the annual production capacity of 3 Dongfeng Automobile Co.Ltd(600006) -inch silicon carbide epitaxial wafers will be added. According to the announcement of Wuxi Chipown Micro-Electronics Limited(688508) march 18, the company plans to raise no more than 10988388 million yuan (including this amount), after deducting the issuance expenses, about 380 million yuan will be used to build the R & D and industrialization project of high-voltage power supply and electric drive power chip of new energy vehicles, and develop a series of chips of high-voltage power conversion and distribution system and high-voltage drive system for 400V / 800V batteries, including 650V / 1200V intelligent silicon carbide devices.
A large number of new equipment bidding of China Wafer Factory: according to the data of electronic trading platform for bidding and tendering of mechanical and electrical products, Shanghai Jita added 7 bidding equipment this week, Shanghai hualiwei added 1 bidding equipment this week, Huahong Wuxi added 31 bidding equipment and 31 bid winning equipment this week, Fujian Jinhua added 6 bidding equipment and 1 bid winning equipment this week. In terms of domestic equipment, Naura Technology Group Co.Ltd(002371) won the bid for 6 alloy annealing furnaces.
Investment suggestion: recommend Starpower Semiconductor Ltd(603290) , Wingtech Technology Co.Ltd(600745) , in the field of power semiconductor; Automobile IC design focuses on Gigadevice Semiconductor (Beijing) Inc(603986) , Shanghai Belling Corp.Ltd(600171) , Sg Micro Corp(300661) , Chipsea Technologies (Shenzhen) Corp.Ltd(688595) , etc; SiC pays attention to Zhuzhou Crrc Times Electric Co.Ltd(688187) , Roshow Technoiogy Co.Ltd(002617) , Phenix Optical Company Limited(600071) , etc; Recommended parts of semiconductor equipment materials Shanghai Wanye Enterprises Co.Ltd(600641) , Naura Technology Group Co.Ltd(002371) , Hangzhou Lion Electronics Co.Ltd(605358) , Kunshan Kinglai Hygienic Materials Co.Ltd(300260) , Suzhou Uigreen Micro&Nano Technologies Co.Ltd(688661) , Pnc Process Systems Co.Ltd(603690) , Suzhou Hyc Technology Co.Ltd(688001) , etc.
Risk warning: downstream demand is less than expected; Domestic substitution is less than expected; Continuous risk of epidemic impact
