TSMC’s 2022q1 revenue reached an all-time high. TSMC announced its revenue report for March 2022. The consolidated revenue of TSMC in March was NT $171967 billion, an increase of 33.18% year-on-year and 17.04% month on month. Since January 2022, the highest revenue in the same month in history, the highest revenue in the same period in history was again recorded in March. According to the statistics disclosed by the company, TSMC 2022q1 achieved a revenue of NT $471076 billion, a year-on-year increase of 35.50%, becoming the highest quarterly revenue in history. The company gives the capex guideline of US $40-44 billion in 2022 (US $30 billion in 2021), of which 70-80% is used for advanced processes, including 2 / 3 / 5 / 7Nm; 10% for advanced packaging and mask manufacturing; 10-20% for special processes.
Liandian & world advanced: monthly and quarterly revenue hit a record high. Liandian announced its financial report for March. In March, it achieved a revenue of NT $22.14 billion, a year-on-year increase of 33.22% and a month on month increase of 6.40%. In 2022q1, liandian’s cumulative revenue was NT $63.423 billion, a year-on-year increase of 34.66%. World advanced announced that the company achieved a revenue of NT $5.068 billion in March 2022, a year-on-year increase of 41.42% and a month on month increase of 19.40%. In 2022q1, the world’s advanced achieved a revenue of NT $13.492 billion, a year-on-year increase of 46.97%. Liandian and world advanced achieved the highest monthly and quarterly revenue in March and 2022q1.
Firmly optimistic about the development of 12 inch silicon wafer. The development of semiconductor silicon wafer is highly consistent with the prosperity of the semiconductor industry. Since 2017, thanks to the strong demand of the semiconductor terminal market, the scale of the semiconductor market has been growing, breaking the $10 billion mark in 2018. By 2020, the global revenue of semiconductor silicon wafers has reached US $11.2 billion, and the shipment volume is expected to reach 14.3 billion square inches by 2021. In the future, with the continuous expansion of global wafer factories and the main direction will focus on 12 inch wafers, we think the main development direction of the silicon wafer industry will focus on 12 inch wafers.
2022q1 wafer factory has a good commercial performance and a steady pace of production expansion.
Global wafer: in 22q1, the accumulated revenue reached NT $16.307 billion, a year-on-year increase of 10.14%, which was the highest revenue in history. The company said that at present, the wafer production capacity is still tight, and the production capacity from 2022 to 2024 has been sold out. Meanwhile, MEMC spa, an Italian subsidiary, will build a new production line of 12 inch wafers and is expected to start production in the second half of 2023.
Hangzhou Lion Electronics Co.Ltd(605358) : it was announced that the company realized a net profit attributable to the parent company of 215 ~ 245 million in the first quarter of 2022, with a year-on-year increase of 183.66% ~ 223.24%. Meanwhile, in February Hangzhou Lion Electronics Co.Ltd(605358) announced the acquisition of 58.69% equity of Guojing semiconductor to further expand the production capacity of 12 inch silicon wafers.
National Silicon Industry Group Co.Ltd(688126) : from January to February 2022, the company achieved a revenue of 511 million, with a year-on-year increase of about 51%; The net profit deducted from non parent company was -8.06 million, and the loss decreased by about 23.76 million, about 74%. The company plans to increase the total investment of 4.6 billion yuan for R & D and production expansion of 12 inch silicon wafers for advanced processes. After putting into operation, Xinsheng phase II will increase the production capacity by 300000 pieces / month. In addition, the company will also invest 2.144 billion yuan for 12 inch SOI silicon wafers, and Xinao will complete the construction of SOI production capacity of 400000 pieces / year.
Attach great importance to the unprecedented reconstruction and change of China’s semiconductor and automobile industry pattern, as well as the leader of consumer electronics segment:
1) semiconductor core design: industrial opportunities such as optical chip, storage, simulation, RF, power, FPGA, processor and IP; 2) Semiconductor OEM, packaging and testing and supporting service industry chain; 3) Core target of intelligent vehicle; 4) VR, miniled, panel, optics, battery and other sub tracks; 5) Apple industrial chain core leading company.
See investment suggestions on the last page for relevant core targets
Risk warning: downstream demand is less than expected; Sino US trade friction.
