obtains the "Semiconductor Equipment Industry March Data Comment: Industry chain data is not significantly affected by the epidemic, and the localization of fab equipment bidding accelerates ", please pay attention to the green letter official account: vrsina, backstage reply "comprehensive report", this The report number is 20bg0086.
[Summary of the research report] The data of the
industry chain is not significantly affected by the epidemic, and the demand for equipment orders remains strong. Global semiconductor sales are picking up. In February, global semiconductor sales were 34.5 billion US dollars, +4.99% year-on-year (11/12/ In January, they were -11.4%/-5.5%/-0.23% year-on-year), of which sales in China were +5.41%, and the growth rate continued to be higher than that of the world. In terms of import and export of integrated circuits: the import value of integrated circuits in March was US$29.1 billion, +19.54% year-on-year; the export value was US$8.8 billion, +10.2% year-on-year. The revenue of the
wafer foundry has increased significantly, and orders have not decreased significantly, and the capital expenditure plan is continued:
Radio Semiconductor’s March revenue increased by 42.4% year-on-year. The impact of the epidemic was not obvious. The total revenue in Q1 was about 10.35 billion US dollars. +42% year-on-year (exceeding the previous expectations of 10.0-10.3 billion US dollars); there was no significant reduction in orders, and the 2020 target capital expenditure of 15-16 billion US dollars was maintained.
SMIC raised its Q1 revenue guidance from 0-2% quarter-on-quarter to 6-8%, and its gross margin guidance from 21%-23% to 25%-27%; capital expenditures in 2020 will increase from US$2.2 billion in 2019 Significantly increased to 3.1 billion US dollars. The demand for
semiconductor equipment is still strong: In February, the sales of North American semiconductor equipment manufacturers were 2.37 billion US dollars, +26.8% year-on-year, and the growth rate was the highest in two years. ASML Q1 shipments are delayed, and order demand is still strong: Q1 net profit is 391 million euros, +10% year-on-year, and 66% month-on-month decrease is lower than expected, mainly due to the epidemic. Delivery delays; Q1 system bookings reached 3.1 billion euros, month-on-month +28%, including 1.5 billion euros for 11 EUV systems.
Domestic mainstream fab bidding is proceeding normally. Domestic equipment vendors have received multiple orders. Huali Integration, Huahong (Wuxi), and Hefei Jinghe have started bidding since March. The intensive bidding of Yangtze River Storage since the beginning of the year is still continuing. China Micro Corporation, Northern Huachuang, and Huahai Zero2IPO won multiple equipment orders to seize opportunities for localization.
1) Huali Integration: Since the beginning of the year, Huali Phase II has released a total of 58 process equipment, including 13 domestically-made equipment, with a localization rate of 22%. Among domestic equipment vendors, Jimsey Semiconductor and Shanghai Tianjun each won the bid for 5 grinding equipment, accounting for 38% of the field; China Micro Semiconductor won the bid for 2 etching equipment, and is the only manufacturer that has won the bid for etching equipment since the beginning of the year.
2)) Huahong Wuxi: Since the beginning of the year, Huahong Wuxi has released a total of 129 process equipment, of which 17 are domestically produced, with a localization rate of 13%. Among the domestic equipment manufacturers, North Huachuang won the bid for 2 etching equipment, 1 PVD equipment and 2 annealing equipment, which accounted for 10%, 12%, and 16% of the corresponding fields respectively; Zhongwei Semiconductor won the bid for 3 etching equipment, The field accounted for 15%; in addition, Jimsey Semiconductor won the bid for 2 polishing equipment and 2 testing equipment, the corresponding fields accounted for 40% and 10% respectively;
Huahai Qingke won the bid for 3 polishing equipment, accounting for 60%.
3) Yangtze River Storage: Since the beginning of the year, Yangtze River Storage has released a total of 376 process equipment, of which 38 are domestically produced, with a localization rate of 10%. Among the domestic equipment vendors, North Huachuang won the bid for 3 etching equipment, 3 thin film deposition equipment and 4 annealing equipment, accounting for 6%, 5% and 17% of the corresponding fields respectively; China Micro Semiconductor won the bid for 9 etching equipment , Accounting for 19%; Huahai Zero2IPO won the bid for 6 CMP equipment, accounting for 18%.
4) Shanghai Jita: The 8-inch line was put into production on March 30, and the 12-inch line with a monthly capacity of 50,000 pieces will also be started soon. Since March, Shanghai Jita has tendered a total of 7 process equipments, including 1 domestic equipment (Xinyuan Micro's rubber coating and developing machine), with a localization rate of 13%.
castInvestment advice: It is recommended to focus on [Jingsheng Electromechanical], a leading domestic crystalline silicon growth equipment company, with more than 80% of the production capacity of the whole line, and batch orders; [North China] has the most complete product line (etching machine, film deposition) Equipment, etc.) semiconductor equipment company; [China Micro Company] the leading domestic etching equipment into the global supply chain. The rest are concerned about [Changchuan Technology] [Jingce Electronics] [Huaxing Yuanchuang] [Zhichun Technology] [Huafeng Measurement and Control].
