On April 11, the gem index opened low and went low, falling by more than 4%. The semiconductor sector fell unilaterally, leading the industry sector. So far, the semiconductor index has erased all the gains since June 2021.
As of the closing, the share price of Semiconductor Manufacturing International Corporation(688981) ( Semiconductor Manufacturing International Corporation(688981) . SH), which has been listed for 21 months, fell to a record low, closing down 5.25% to 42.63 yuan, with a total market value of 337.1 billion yuan; The Kechuang 50 Index ( Guocheng Mining Co.Ltd(000688) ) fell below 1000 index basis points to 988.76 points, down 3.75%.
Since this year, the A-share Semiconductor Index and individual stock frequency have hit a new low. It is worth noting that the prosperity of the semiconductor industry is still high, and the global semiconductor sales maintained a strong growth trend in February, with an increase of more than 20.0% for 11 consecutive months. Previously, Semiconductor Manufacturing International Corporation(688981) , National Silicon Industry Group Co.Ltd(688126) and other leaders disclosed 1-2 business data, which achieved good year-on-year growth, but did not boost capital sentiment. Individual stocks continued to decline, and there was a strong wait-and-see mood for capital to wait for the performance of the first quarter report.
At present, the epidemic situation in many places in China is repeated, resulting in Limited logistics delivery in relevant regions. The industry is worried that the semiconductor supply chain with intensive manufacturing process will be impacted to a certain extent, and the impact may mainly focus on production links such as equipment, packaging and testing, wafer foundry and so on.
At the same time, the supply chain is blocked or the sub fields with tight production capacity such as automobile chips face greater challenges, which leads to the production reduction of automobile enterprises and triggers a chain reaction.
industry remained prosperous, but a semiconductor shares fell endlessly
On April 11, the decline of semiconductor sector ranked the forefront of the whole market.
Five stocks including Shenzhen Sunmoon Microelectronics Co.Ltd(688699) ( Shenzhen Sunmoon Microelectronics Co.Ltd(688699) . SH), Chipsea Technologies (Shenzhen) Corp.Ltd(688595) ( Chipsea Technologies (Shenzhen) Corp.Ltd(688595) . SH), Unigroup Guoxin Microelectronics Co.Ltd(002049) ( Unigroup Guoxin Microelectronics Co.Ltd(002049) . SZ) fell more than 8%. For a longer period of time, 45 stocks in the semiconductor sector have been almost wiped out this year, and only one stock recorded positive growth, with an average decline of 28.79% and a median decline of nearly 30%. Among them, 13 shares, including Espressif Systems (Shanghai) Co.Ltd(688018) Espressif Systems (Shanghai) Co.Ltd(688018) .sh and Verisilicon Microelectronics (Shanghai) Co.Ltd(688521) u ( Verisilicon Microelectronics (Shanghai) Co.Ltd(688521) .sh), fell by more than 40%.
It should be noted that the current global semiconductor boom is still at a high level and has not declined significantly. According to the report of SIA (Semiconductor Industry Association), the sales volume of the global semiconductor industry in February 2022 was US $52.5 billion, an increase of 32.4% year-on-year compared with February 2021, which is the first time since the imbalance between supply and demand in the industry has increased by more than 30.0%.
Among them, the Chinese market continued to lead the world with sales of US $16.6 billion, but the growth rate was lower than the global average, at 21.8%. Overall, global semiconductor sales maintained a strong growth trend in February, with an increase of more than 20.0% for 11 consecutive months.
The heads of a number of semiconductor listed companies interviewed by the first finance and economics reporter said that the downstream boom this year will not hinder, but there will be some internal differentiation in the industry. For example, the consumption of electronic products represented by mobile phones has fallen sharply, and the performance of electronic semiconductors in the middle of consumer category will be more or less affected in the first half of the year.
“High demand sectors such as automobiles and new energy, especially the supply of semiconductor parts in the automotive field, are still unable to meet the demand. Many auto manufacturers such as Volkswagen and general motors are facing the problem of insufficient supply of auto chips. The growth rate of low-end consumer products will decline to a certain extent, such as smart home products.” The person in charge of a scientific innovation board semiconductor enterprise said.
As of the closing on April 11, at least seven semiconductor companies have issued pre increase announcements of first quarter performance, and many of them are expected to double their net profit in a single quarter year-on-year. The SOC chip designer Amlogic (Shanghai) Co.Ltd(688099) ( Amlogic (Shanghai) Co.Ltd(688099) . SH), which is expected to have the highest growth rate, expects to realize a net profit attributable to the parent company of about 270 million yuan in the first quarter, with a year-on-year increase of about 201.80%. On April 11, Unigroup Guoxin Microelectronics Co.Ltd(002049) announced that it expected a profit of 510550 million yuan in the first quarter, with a year-on-year increase of 57% – 69%. The rapid growth of the company’s special integrated circuit business is the main reason for the profit growth.
In the view of a TMT analyst, the continuous decline of the semiconductor sector is due to the opaque and uncertain growth of the sector caused by a combination of many factors.
\u3000\u3000 “Last year, the supply and demand of chips were mismatched and the production capacity was tight. With the entry of incremental funds into the market, the volume and price of chip stocks with high performance increased at the same time, and the logic of” performance + price rise and shortage “was speculated. This year, when there is no incremental funds in the market, semiconductor stocks will not be preferred in the game stage of capital stock, and the sectors with stable growth and higher valuation and cost performance are more favored by funds. At the same time, the turmoil of overseas stock markets has also caused China’s bottom support The pressure of. ” He told reporters.
According to wind statistics, according to the establishment date, in the first quarter of this year, the issuance share and average raising share of the fund dropped sharply to 273829 billion and 709 million respectively, with a year-on-year decrease of 74.36% and 71.92% respectively.
Among them, the issuance scale of active equity funds decreased more significantly. In the first quarter, the number of active equity funds established was 91.84 billion, and the number of funds established was 153 (only considering the initial funds). The share and number decreased by 86.6% and 25.4% respectively compared with the same period last year, and decreased by 38% and 2% respectively compared with the previous quarter.
epidemic disturbance influence geometry
As the most important branch of electronic manufacturing industry, semiconductor chip is related to the construction progress of new energy fields such as new energy vehicles and photovoltaic. At the same time, building factories in multiple places is a common means of capacity layout for semiconductor manufacturers.
Since March, the epidemic has been repeated in many places across the country, resulting in poor logistics and blocked freight transportation. The impact on China’s semiconductor operation and production has attracted much market attention.
An executive of a domestic semiconductor listed enterprise told reporters: “Some of our production capacity is located in the Yangtze River Delta, such as Jiangsu. In the past, logistics was transported in through the port of Shanghai. Since the repeated epidemic in many places, the logistics has been blocked, resulting in some parts and samples still staying in the transfer center. The company is also discussing with customers and suppliers to solve problems with other logistics. It should be said that this is a short-term disturbance, which has no significant impact on the performance for the time being.”
It is worth noting that Shanghai is an important city of China’s integrated circuit industry. Its industrial scale accounts for 1 / 4 of the country. It has about 40% of China’s industrial talents and gathers more than 700 industry key enterprises. It is one of the regions with the most complete integrated circuit industry chain, the highest degree of enterprise agglomeration and the strongest comprehensive competitiveness in China.
Among them, Semiconductor Manufacturing International Corporation(688981) in Shanghai provides wafer foundry services for many domestic semiconductor manufacturers Espressif Systems (Shanghai) Co.Ltd(688018) , Shanghai Bright Power Semiconductor Co.Ltd(688368) , Advanced Micro-Fabrication Equipment Inc.China(688012) , Giantec Semiconductor Corporation(688123) and other technology innovation board semiconductor manufacturers are leading enterprises in their respective fields.
The reporter learned that many semiconductor listed enterprises in Shanghai have maintained closed management in accordance with the requirements of epidemic prevention to ensure that their production is not affected by the epidemic. However, according to the feedback of enterprises, the impact of closed management on enterprises is different. Some clearly indicate that there is no significant impact temporarily, but some face difficulties in delivery due to logistics outage.
The person in charge of an analog chip design manufacturer in Pudong, Shanghai, told reporters, “at present, except for some employees left behind in the company, most employees work at home. The epidemic has little impact on the company’s business temporarily. Our products can be shipped directly from the sealed and tested manufacturers. The subsequent impact is uncertain, mainly depending on the control of the epidemic”.
A number of listed semiconductor enterprises also replied to reporters that the closure and control of the epidemic did have an impact on operation and production, and the company is trying to overcome it.
“The company has factories in Hong Kong and the mainland, and there is still some inventory in the warehouse in Hong Kong to deliver goods, but the delivery of goods in the warehouse in Shanghai is basically at a standstill due to poor logistics. We understand that many semiconductor companies in epidemic areas have logistics delivery problems, and everyone is trying to solve them. At present, the employees stationed in the company can only live on convenience food.” A person in charge of a chip design manufacturer said.
In the view of the aforementioned analysts, the market is still waiting for the performance of the semiconductor sector in the first quarter. We have noticed that since the third quarter of last year, many semiconductor factories have experienced a decline in quarter on quarter growth. Therefore, when the internal differentiation of the industry accelerates, everyone is more cautious.
The above analysts also pointed out that although the valuation of the semiconductor sector has fallen by about 25% since the beginning of the year, the overall profit is actually continuously released, and the EPS of wafers, equipment, materials, power semiconductors and other sectors has not been revised. “This means that the entire semiconductor valuation has been compressed to a relatively low level for reference in 2018. The impact of the epidemic on business performance is still unclear and needs continuous attention.” He said.
