On March 28, Hangzhou Silan Microelectronics Co.Ltd(600460) ( Hangzhou Silan Microelectronics Co.Ltd(600460) ) issued the 2021 annual report. In 2021, China's semiconductor industry will enter a period of rapid development under the influence of various factors such as policy pull, consumption upgrading and import substitution. The company gives full play to the advantages of design and manufacturing integration, seizes the market opportunity of introducing domestic semiconductor products into Shanxi Guoxin Energy Corporation Limited(600617) automobile, communication, photovoltaic, industrial automation and other industries, and realizes rapid development.
During the reporting period, the company achieved an operating revenue of 7.194 billion yuan, a year-on-year increase of 68.07%; The net profit attributable to the parent company was 1.518 billion yuan, a year-on-year increase of 214525%. The company achieved a comprehensive gross profit margin of 33.64%, with a year-on-year increase of 12.81 percentage points. The company plans to distribute a cash dividend of 1 yuan (including tax) to all shareholders for every 10 shares, with a total dividend of 142 million yuan. The company expects to achieve a total operating revenue of about 10 billion yuan and a total operating cost of about 8.5 billion yuan in 2022.
Adhering to the IDM mode, the company has opened up the whole industrial chain of chip design, manufacturing and packaging, achieved a leap from 5 inches to 12 inches, and built its core competitiveness in the fields of power semiconductors, MEMS sensors, optoelectronic products and compounds. In 2021, the company continued to make breakthroughs in high threshold markets such as white power, communication, industry, photovoltaic and new energy vehicles. The revenue of PMIC, MEMS sensors, IPM, MOSFET, IGBT, SBD, TVs, FRD, led and other products increased significantly, and the comprehensive gross profit margin improved significantly.
In addition, the company's foreign investment has yielded a lot. During the reporting period, FPGA chip company Shanghai Anlogic Infotech Co.Ltd(688107) ( Shanghai Anlogic Infotech Co.Ltd(688107) ) made an IPO on the science and innovation board. After the share of net assets held by the company was adjusted according to the fair value at the end of the period, the net profit increased by 533 million yuan; It shows that the chip company visual core technology introduced external investment, and the company's net profit increased by 52.29 million yuan.
IC revenue increased significantly and discrete devices increased significantly
Under the framework of characteristic process platform and IDM, the company has formed semiconductor products of multiple technology categories. Products have cooperated with each other and combined with design + process R & D capability to create a perfect product matrix. In 2021, the company's integrated circuits, discrete devices and light-emitting diodes will achieve rapid growth simultaneously.
In 2021, the company's shipments of various new integrated circuit products significantly accelerated, and the annual operating revenue was 2.293 billion yuan, an increase of 61.50% over the previous year.
Among the main products, the operating revenue of the company's IPM module exceeded 860 million yuan, an increase of more than 100% over the previous year. In addition to being widely used in frequency converters, water pumps, elevators and other industrial fields, many mainstream white electric machine manufacturers have used more than 38 million Shilan IPM modules on frequency conversion air conditioners and other white electric machines, an increase of 110% over the previous year. During the reporting period, the company launched the second generation IPM module, which has lower loss and higher accuracy and reliability.
In the field of automotive and industrial power modules, the main motor drive module of electric vehicles based on v-generation IGBT and FRD chips independently developed by the company has passed the test in many customers in China and has been supplied in batches in some customers. The company is actively accelerating the construction of production capacity.
The operating revenue of MEMS sensor products exceeded 260 million yuan, with a year-on-year increase of more than 80%. Products such as acceleration sensors have achieved batch output on the 8-inch line, with a monthly shipment of nearly 30 million, and a large number of products have been supplied to most Chinese mobile phone brand manufacturers. In addition, great progress has been made in the market promotion and R & D of infrared light sensor, heart rate sensor, silicon microphone and six axis inertial sensor. The company will also accelerate its expansion to white electricity, industry, automobile and other fields.
Among other integrated circuit products, the company's electronic control MCU continues to be applied in many fields, such as industrial frequency converter, industrial UPS, photovoltaic inverter, textile machinery servo products, various frequency conversion fan applications, electric bicycle and so on. Smart phone fast charging chipset and multi protocol fast charging solution have been applied in Chinese mobile phone brands. A variety of Poe chips and DC-DC chips meet the application needs in the field of security.
In terms of discrete devices, the operating revenue was 3.813 billion yuan in 2021, with a year-on-year increase of 73.08%. The company's discrete devices not only expand in the white power and industrial control markets, but also accelerate the penetration in new energy vehicles, photovoltaic and other markets. The company's products such as MOSFET, IGBT, IGBT high power module (PIM), Schottky tube, voltage stabilizing tube, switching tube, TVs tube and fast recovery tube are growing rapidly, and the performance of superjunction MOSFET, IGBT, FRD, high-performance low-voltage separation gate MOSFET and other products is leading in the industry.
The company's LED operating revenue was 708 million yuan, an increase of 81.05% over the same period last year. Among them, the SLM LED chip production line achieved full production and high yield, and the comprehensive gross profit margin of the product was increased to 16.88%, realizing annual profit. The revenue of meikale optoelectronics increased by 80.28% year-on-year, achieving the best performance in history. Shiming gallium company has basically completed the production capacity of 700004-inch LED chips per month, and mini RGB chips and Ag mirror chips are introduced into mass production.
production lines of all sizes continue to improve their full capacity
Since the wave of "core shortage" swept the world in 2020, it has become the consensus of the semiconductor industry that production capacity is the king. During the reporting period, the production capacity of each production line of the company was in a tight state. In this regard, the company is accelerating the capacity construction of 8-inch line, 12 inch line and characteristic packaging production line to lay the foundation for subsequent capacity improvement. At the same time, the company is actively adjusting the product structure and accelerating the volume of products at large clients.
The operating profit of the company's production line of 6 inches and below increased significantly year-on-year. During the reporting period, Shilan integrated achieved a revenue of 1.66 billion yuan, which was basically in full production, with a total output of 2554400 chips of 5 or 6 inches, an increase of 7.54% over the previous year. According to the capacity ranking of chip manufacturing enterprises released by IC insights in February 2021, the company ranks second in the world among chip manufacturing enterprises with "≤ 150mm wafers" (6 inches and below).
The company's 8-inch line achieved annual profit. During the reporting period, Shilan Jixin produced 6573008-inch chips, an increase of 14.90% over the previous year, and achieved an operating revenue of 1.155 billion yuan, an increase of 39.32% over the previous year. High voltage superjunction MOS tubes with high added value, high-density low-voltage grooved gate MOS tubes, high-power IGBT, MEMS sensors, BCD circuits and other products have achieved mass production. The company will also continue to increase investment in the 8-inch line.
The company's 12 inch line has completed phase I capacity construction, and has achieved mass production of multiple products. By December 2021, Shilan Jike had produced more than 36000 films per month and more than 200000 films in the whole year. In order to seize the market opportunity, Shilan Jike has started to implement the "technology improvement and production expansion project of 240000 pieces of 12 inch high-voltage integrated circuits and power device chips per year" (phase II project of 12 inch line).
The company will continue to promote the quantity of power chips and circuits meeting the requirements of vehicle regulations on the 12 inch line.
In the field of compound semiconductor, the company has engineering samples of GaN compound power semiconductor devices on silicon for internal evaluation. The pilot line of SiC power devices has been connected in the first half of the year, and the vehicle specification SiC MOSFET will be sent to customers for evaluation and mass production. The 6-inch SiC power device chip production line under construction is expected to be connected in the third quarter of 2022.
In terms of epitaxial chip production capacity, Chengdu Shilan achieved a revenue of RMB 283 million. While maintaining the stable operation of 5, 6 and 8-inch epitaxial chip production lines, it increased the investment in 12 inch epitaxial chip production lines and realized the output smoothly. At present, Chengdu Shilan company has formed an annual production capacity of 700000 silicon epitaxial chips (covering the full size of 5, 6, 8 and 12 inches). In 2021, Chengdu Shilan company was selected by the Ministry of industry and information technology as the third batch of specialized and new "little giant" enterprises.
In terms of sealing and testing capacity, Chengdu Jijia's operating revenue was 653 million yuan, an increase of 68.63% over the previous year. It has formed an annual packaging capacity of 100 million intelligent power modules (IPM), 800000 industrial and automotive power modules (PIM), 1 billion power devices, 200 million MEMS sensors and 40 million optoelectronic devices. In 2021, Chengdu Jijia was also selected as the third batch of specialized and new "little giant" enterprises by the Ministry of industry and information technology.
keep up with the international IDM manufacturers and focus on three fields and five aspects
Led by the strong demand of the semiconductor market, the global semiconductor market will grow rapidly in 2021. According to the statistics of the world semiconductor trade statistics organization WSTS, China is still the largest semiconductor market in the world. In 2021, the total sales volume of the Chinese market was US $192.5 billion, an increase of 27.1% year-on-year.
In this context, the company will focus on the opportunity of the current development of automobile and new energy industries, seize the time window for China's high threshold industries and customers to actively introduce domestic chips, make use of the characteristics of multiple silicon wafer and compound production lines of different sizes, expand process technology and product platform, focus on three fields and five aspects, and improve product planning.
According to the company's annual report, the company's products and technical fields focus on vehicle specification and industrial power management products, power semiconductor devices and modules (including chip design, manufacturing and packaging of compound SiC and GaN), signal chain (interface, logic and switch, operational amplifier, analog-to-digital analog conversion, etc.) and mixed signal processing circuits; MEMS sensor products and process technology, chip design, process manufacturing and packaging of photoelectric series products.
In terms of process R & D and capacity expansion of manufacturing platform, in the chip manufacturing link, the company continues to accelerate the R & D of multiple advanced circuit process platforms and MEMS product process technology platforms on the 8-inch line, and actively expand production capacity; Promote the R & D of 12 inch line advanced power management chip technology platform and the overall increase and expansion of production line, especially the progress of silicon power devices to 12 inch line mass production; Promote the construction of 6-inch silicon carbide mass production line, as well as the research and development of advanced optoelectronic devices and the release of existing production capacity. In the sealing and testing link, continue to promote the expansion of power device and module packaging capacity to meet the market demand of new energy vehicles, photovoltaic, wind power, energy storage and large-scale white power applications.
In this regard, the company will continue to maintain a certain amount of capital expenditure and R & D investment. According to the annual report, the company's non-public offering and investment projects in 2018 and 2021, including "annual production capacity of 890 million MEMS sensors expansion project", "8-inch chip production line phase II project" and "characteristic power module and power device packaging and testing production line project", have been basically completed. In 2022, three non fund-raising projects will be promoted: "phase I construction project of automotive and industrial power module and power integrated device packaging production line", "phase II plant and supporting facilities construction project of Chengdu Shilan" and "12 inch silicon epitaxial wafer expansion project of Chengdu Shilan"; The investment amount of the three projects is 755 million yuan, 160 million yuan and 290 million yuan respectively. By the end of the reporting period, the completion progress is 27%, 10% and 22% respectively.
The analysis points out that Hangzhou Silan Microelectronics Co.Ltd(600460) relying on the comprehensive ability of combining design and manufacturing process formed by IDM mode, the company has created a high-speed growth path of product upgrading + capacity expansion, and various businesses have achieved a high degree of coordinated development. With the continuous improvement of electrification, intelligence and digitization in China, the effective supply and demand of characteristic process semiconductor products may remain tight in the medium and long term. Hangzhou Silan Microelectronics Co.Ltd(600460) with leading technology, high-quality products and capacity guarantee has been continuously recognized by customers at home and abroad, and the company's overall business has ushered in a golden period of development.
