Index
On April 19, 2022, the Shanghai Composite Index closed at 319403 points, down 0.05%; The Shenzhen composite index closed at 1163332 points, down 0.5%. The semiconductor equipment index closed at 2109243 points, up 4.39%; The integrated circuit index closed at 149489 points, down 2.74%; The automotive electronics index closed at 235693 points, down 0.79%. The companies with the top three gains in component stocks of semiconductor equipment index are: Hangzhou Chang Chuan Technology Co.Ltd(300604) ( Hangzhou Chang Chuan Technology Co.Ltd(300604) , 4.61%), Naura Technology Group Co.Ltd(002371) ( Naura Technology Group Co.Ltd(002371) , 4.45%), Suzhou Huaya Intelligence Technology Co.Ltd(003043) ( Suzhou Huaya Intelligence Technology Co.Ltd(003043) , 4.29%); The companies with the top three gains in IC index components are: Shanghai Fudan Microelectronics Group Co.Ltd(688385) ( Shanghai Fudan Microelectronics Group Co.Ltd(688385) , 10.81%), Shanghai Belling Corp.Ltd(600171) ( Shanghai Belling Corp.Ltd(600171) , 10.01%), Bestechnic (Shanghai) Co.Ltd(688608) ( Bestechnic (Shanghai) Co.Ltd(688608) , 8.24%).
Comments
According to the public bidding information on Chinabidding website, in March 2022, the wafer factory began the first centralized procurement tide since the beginning of the year, and completed the bidding of 289 sets of equipment in a single month, exceeding the sum of the procurement volume in January and February. Among them, domestic equipment accounts for about 12%, and the localization rate of etching, CMP, gluing and developing equipment is relatively high. The semiconductor equipment industry shoulders the arduous mission of the rise and fall of China’s chip industry, downstream emerging technology industries and even the national fortune. At present, although the overall technical level of China’s equipment still lags behind that of the international leader to a certain extent, more prominent representative manufacturers have emerged in many sub fields, including Naura Technology Group Co.Ltd(002371) , Advanced Micro-Fabrication Equipment Inc.China(688012) , shengmei Shanghai, tuojing technology, Huahai Qingke, Kingsemi Co.Ltd(688037) Pnc Process Systems Co.Ltd(603690) etc. Such enterprises defend the security of national scientific and technological development with technological breakthroughs, and are expected to enjoy the performance dividends brought by the active expansion of wafer factories.
Industry dynamics
According to the data released by the National Bureau of statistics on April 18, in March, China’s output of integrated circuits was 28.5 billion, a year-on-year decrease of 5.1%; The total output in the first quarter was 80.7 billion yuan, a year-on-year decrease of 4.2%. The main reason for the increase in the decline in output in March is still the weak demand for smart phones, coupled with more chip stocks in the market, and the impact of the sealing policy on the production of integrated circuits and complete machines has not been clearly reflected. The closure and control of the epidemic in the Yangtze River Delta centered on Shanghai mainly began at the end of March, so the impact on enterprise production can be reflected in the data of the second quarter. Since April, the number of covid-19 positive cases in Shanghai has remained high, which has a great impact on the production capacity arrangement, production efficiency and logistics transportation of enterprises. It is expected that the IC industry data in the second quarter may continue to decline further and enter the historical low range of output growth. (National Bureau of Statistics)
Risk tip: the technological breakthrough is less than expected, the expansion progress of the wafer factory is less than expected, and the downstream terminal demand is less than expected.
