As the cornerstone of semiconductor equipment and even the semiconductor industry chain, although its market size is estimated to be 20-30 billion US dollars, the market concentration is high, and it is mainly monopolized by international brands such as the United States, Japan and Europe. According to the announcement information of listed companies, local semiconductor parts suppliers are also developing rapidly, which is expected to take advantage of the high prosperity of the whole semiconductor industry, Accelerate the pace of growth.
Key points supporting rating
Semiconductor components include equipment core components and factory auxiliary equipment. The key subsystems of semiconductor equipment are mainly divided into 8 categories: gas-liquid flow control system, vacuum system, process diagnosis system, optical system, power supply and gas reaction system, thermal management system, wafer transfer system, other integrated systems and key components. Semiconductor parts products include process chamber, transmission chamber, electrostatic chuck, valve, gauge, vacuum pump, worktable, objective lens system, laser source, etc. auxiliary equipment includes temperature control device, dry pump, tail gas treatment device and vacuum isolation valve.
The market scale of semiconductor parts is estimated to be 20-30 billion US dollars, and with the long-term high growth of capital expenditure of wafer factories. According to the statistics of the business scale of major global semiconductor equipment parts suppliers, it is estimated that the market scale of non lithographic equipment parts is about US $10-20 billion, while the market scale of lithographic machine parts is more than US $5 billion, and the market scale of factory auxiliary equipment is about US $2 billion. The annual purchase of spare parts by wafer factories also has a certain market scale. In terms of specific classification, the market size of RF power supply, MFC, vacuum pump and other segments is estimated to be around us $2 billion.
Competition pattern of semiconductor parts: highly concentrated in American and Japanese enterprises. According to our statistics on the semiconductor revenue of major global semiconductor parts enterprises, the total revenue of American semiconductor parts enterprises accounts for 44%, that of Japanese semiconductor parts enterprises accounts for 33% and that of Europe accounts for 21%. American semiconductor parts enterprises mainly include MKS, AE, uct, ichor, Brooks, etc. Japanese semiconductor parts enterprises include Kyocera, Ebara, Horiba, fujikin, Xinguang electric, etc., while Europe includes Edward, INFICON and other semiconductor parts enterprises.
Localization of semiconductor parts: at present, semiconductor core parts are highly dependent on imports, but the localization trend has initially formed. According to our statistics, among the top five suppliers of semiconductor equipment enterprises, semiconductor vacuum equipment parts are largely dependent on MKS and uct in the United States and foreign brands such as rorze Corporation and Ferrotec in Japan. As for the parts and components, most of the sealing rings, electrostatic suction cups, valves, ceramic vacuum pressure gauges and other parts need to be imported. At present, a number of semiconductor parts enterprises have emerged in China, such as Shanghai Wanye Enterprises Co.Ltd(600641) through participating in the acquisition of compart layout parts business, Kunshan Kinglai Hygienic Materials Co.Ltd(300260) long-term cooperation with applied materials and lamresearch in the field of vacuum system, as well as Konfoong Materials International Co.Ltd(300666) , Thinkon Semiconductor Jinzhou Corp(688233) .
Key recommendation
The first year of investment: as a key technical link of the neck, semiconductor parts have been highly valued by the government and the semiconductor industry. Local semiconductor parts will benefit from the improvement of the localization rate of parts and the high growth of semiconductor equipment outside China.
Recommended combinations of semiconductor parts: Shanghai Wanye Enterprises Co.Ltd(600641) , Kunshan Kinglai Hygienic Materials Co.Ltd(300260) , Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) , Konfoong Materials International Co.Ltd(300666) , Thinkon Semiconductor Jinzhou Corp(688233) , focus on Sichuan Injet Electric Co.Ltd(300820) , Kunshan Guoli Electronic Technology Co.Ltd(688103) , Suzhou Huaya Intelligence Technology Co.Ltd(003043)
Main risks of rating
Valuation fluctuation risk of semiconductor sector; The downstream demand of parts is affected by non market factors; The risk of R & D progress falling short of expectations or being exceeded.
