ASML orders maintained strong growth, and the production capacity of lithography machines was in short supply: ASML released the latest financial report. In the first quarter of 2022, the company achieved net sales of 3.5 billion euros, yoy-19.01% and qoq-29.11%, which was 3.3 ~ 3.5 billion euros, which was at the upper limit of the previous guidelines. In terms of orders, the amount of new orders in 22q1 was 7 billion euros, yoy + 47.19% and qoq-10.35%. In the first quarter, 2.5 billion euros of new orders came from 0.33 Na and 0.55 Na EUV system orders and a large number of DUV orders, reflecting the market’s strong demand for the sustainability of advanced and mature nodes. ASML expects net sales in the second quarter of 2022 to be about 5.1-5.3 billion euros, yoy + 28% ~ + 33%. Due to the strategy of fast delivery, 800million yuan of expected revenue in the second quarter will be deferred to subsequent quarters. Looking forward to 2022, ASML expects revenue to grow by 20% year-on-year, with the target unchanged. In addition, ASML plans to ship 55 extreme ultraviolet (EUV) lithographies and 240 deep ultraviolet (DUV) lithographies this year. At present, the backlog of lithography orders exceeds, and the delivery time is about two years. The company expects that only 60% of the orders of deep ultraviolet (DUV) lithography machines will be completed in 2022.
Semiconductor equipment / materials / parts continue to be in short supply, and domestic substitution is expected to accelerate: ASML said that the tightening supply of upstream parts of the equipment may limit the implementation degree of wafer manufacturing equipment investment in 2022, and the production speed of lithography machine is difficult to catch up with the order scale. It is expected that the backlog of orders will be digested in 2024. According to Asahi Shimbun, affected by the insufficient supply of semiconductor parts and the spread of the epidemic, Toyota announced on April 18 that it expects to produce 750000 vehicles worldwide in May this year, about 100000 fewer than planned at the beginning of the year. Techset analysis pointed out that the supply of silicon wafers continues to be tight, and the main suppliers have stated that they will build new production capacity, but the completion of plant construction and commissioning is expected to be around 2024. Previously, the tension between supply and demand was difficult to ease, and the price has a further upward trend. We believe that the supply of semiconductor equipment / materials / parts is tightening, the delivery time of large international manufacturers is continuously extended, and the new production capacity cannot be released in the short term, which brings historic opportunities for Chinese high-quality enterprises, and the domestic substitution of the industrial chain is expected to accelerate.
Mini led blossoms in many places, and the on-board display advances rapidly: the penetration rate of mini led in terminal applications continues to increase, and it has gradually become a high-end status symbol of electronic products. New products using mini LED will continue to be launched in many fields such as TV, smart phone and VR head display. The development trend of intelligent and electric vehicles continues to promote the development of on-board display to large screen, multi screen and high-definition. As one of the most potential technologies at present, mini led continues to make breakthroughs. With the pull of various links of the industrial chain and terminal manufacturers, mini LED backlight may gradually drive into the fast lane in the vehicle market. According to experts, research predicts that according to the cycle of vehicle regulation verification, the delivery time of mini LED backlight vehicle screen will be from the end of 2022 to the beginning of 2023. Due to the long time of vehicle regulation verification, the supply chain has begun to actively layout before the mini LED backlight products are shipped. As an important link for mini LED products to enter the vehicle market, major panel manufacturers have been actively promoting the layout of vehicle panels.
Naura Technology Group Co.Ltd(002371) , shengmei won multiple bidding equipment: according to the data of electronic trading platform for bidding and tendering of mechanical and electrical products, this week (202204.18202204.22), Shanghai Jita added 3 bidding equipment and 64 bidding equipment, Shanghai Huali microelectronics added 1 bidding equipment this week, Huahong Wuxi added 1 bidding equipment this week, and Fujian Jinhua added 4 bidding equipment this week, China Resources Microelectronics Limited(688396) electronics added 10 bidding equipment this week. In terms of domestic equipment, Beijing Naura Technology Group Co.Ltd(002371) microelectronics equipment Co., Ltd. won the bid for 7 metal plasma etchers, 5 polysilicon etchers, 1 high-temperature propulsion oxide film vertical furnace tube, 11 field oxidation vertical furnace tubes, 3 annealing process vertical furnace tubes, 4 alloy process atmospheric pressure vertical furnace tubes, 2 polyimide curing process vertical atmospheric pressure furnace tubes, GMCs won the bid for 1 shallow channel insulating layer silicon oxide chemical deposition machine, Shengmei semiconductor equipment (Shanghai) Co., Ltd. won the bid for a 12 inch wafer factory metal crystal edge wet etching process machine, and Shanghai Precision Measurement Semiconductor Technology Co., Ltd. won the bid for a 12 inch scanning electron microscope.
Investment suggestions: recommendations for parts and components of semiconductor equipment: recommended recommendations for parts and materials for semiconductor devices and materials for semiconductor devices and materials: recommendations for parts and components of semiconductor devices and materials for parts and components of semiconductor devices and parts for parts and components of materials and parts of materials for semiconductor devices. Investment suggestions: recommendations for parts and components of semiconductor devices and materials for semiconductor devices and parts of semiconductor devices and materials for parts and materials for parts and components of semiconductor devices: recommendations for parts and materials for semiconductor devices and parts of semiconductor devices and materials for parts and parts of semiconductor equipment: the 605605353535 . IC design recommendations: Gigadevice Semiconductor (Beijing) Inc(603986) , Unigroup Guoxin Microelectronics Co.Ltd(002049) , Maxscend Microelectronics Company Limited(300782) , pay attention to Sg Micro Corp(300661) , 3Peak Incorporated(688536) , Will Semiconductor Co.Ltd.Shanghai(603501) , Bestechnic (Shanghai) Co.Ltd(688608) , etc; SiC pays attention to Sanan Optoelectronics Co.Ltd(600703) , Tianyue advanced, Phenix Optical Company Limited(600071) , etc.
Risk warning: downstream demand is less than expected; Domestic substitution is less than expected; Continuous risk of epidemic impact
