How to nugget in the investment boom of semiconductor industry

How to nugget in the investment boom of semiconductor industry

Huang Siyu

In July 31st, the semiconductor industry's Weil shares issued the 2018 China Daily, the net profit in the first half increased 1.6 times compared with the same period last year. There were also a number of Listed Companies in the semiconductor industry predicting good results in the first half of this year.

Wen Zhi core, the director of the semiconductor fund, told reporters that at present, most of the semiconductor enterprise products in the A stock market are used in the field of consumer electronics, not related to domestic shortage technology, less affected by the overseas environment, and the companies that have been monopolized by foreign giants are mostly in the early pregnancy and The stage of growth.

Looking at the entire semiconductor industry in China, the mismatch between supply and demand and dependence on imports are undoubtedly a big worry. Against this background, the semiconductor industry is supported by a number of government support policies and national and local funds. This also lets the majority of enterprises and capital "get wind of" and get together with the semiconductor industry.

How to identify real growth projects and accurately grasp investment opportunities will test the investment ability of semiconductor investment circles. Hu Ying and Fu Cheng, President of Jiangsu's private Klc Holdings Ltd (hereinafter referred to as "Su min investment") and Fu Cheng in an interview with the first financial reporters, mentioned that the development of import substitution technology in the semiconductor industry is becoming a trend, in which both the upstream raw materials and the downstream products can have substantial development and meet the domestic requirements. Investment opportunities are required.

The pain point is the blue sea

At present, in the A stock market, there are 33 listed companies in the semiconductor sector subdivided by the electronic industry in the Shin - level industry, mainly involving the three subdivisions of integrated circuits, discrete devices and semiconductor materials. 26 of them disclosed the 2018 notice, and 18 companies were pleased with the results.

Of the 33 companies, Weil shares first disclosed in 2018, the company achieved a net profit of 156 million yuan in the first half of this year, more than the net profit of last year. The company is mainly engaged in the design, sales and distribution of semiconductor products. The products are used in mobile communications, vehicle electronics, security, network communications, household appliances and other fields.

According to Fu Cheng, most of the chip enterprises in the A share market cover consumer electronics. On the one hand, it does not involve the technology that is scarce in China. On the other hand, the downstream industrial chain of these enterprises is basically in the country, and the domestic electronic manufacturing industry is more developed, which is not affected by the foreign trade environment. Big.

However, this is not the overall picture of China's semiconductor industry. Shanghai Wei test semiconductor technology Co., Ltd., chairman and general manager of the general manager of Pian Wen Sheng from the perspective of semiconductor equipment, said that the wafer manufacturing equipment is basically 95% imported, packaging equipment 90% by import, test equipment is 80%, which, test equipment at home 20% is also mainly middle and low end equipment, high-end equipment is 100% imports. It is understood that the semiconductor equipment chain mainly focuses on wafer fabrication, wafer processing and packaging testing.

According to shin Wan Hongyuan Machinery Group analysts, because the manufacturing process of the integrated circuit industry needs a variety of equipment to work together, such as high precision equipment such as lithography machine is very high, thus making semiconductor equipment become the largest investment in the industry chain, accounting for nearly 80% of the total industry expenditure.

"If the market share, in the manufacturing process of integrated circuits, the domestic market share of packaging should account for around 20%~30% in the world, and the market share of wafer manufacturing is about 10% in the world." Pian Wensheng introduced that China's packaging in the production capacity and technology is relative to the international line, the semiconductor industry chain, the domestic packaging of enterprises in a relatively high degree of concentration.

China's semiconductor market demand accounts for 30% of the world's semiconductor market, the import volume of integrated circuits is over 260 billion US dollars in 2017, and the number of imports is 400 billion, which is China's largest import single product. However, the supply and demand is badly mismatched. At present, the high-end technology is still monopolized by foreign leading enterprises. It is imperative to replace it.

"The vast majority of domestic enterprise entrepreneurship teams want to do import substitution technology, and those technologies are still monopolized by foreign giants, which is an opportunity for them, but these companies are still far from the stage of the listed companies, and are still in the early stage of birth and growth." In the view of Fu Cheng, there is a great opportunity for these enterprises in this process, but it is also a challenge, depending on whether the domestic team can make the similar products similar to foreign products in the field of higher industry barriers, and can meet the domestic demand, because the domestic manufacturers are original. They are all imported chips.

Pulse investment opportunity

Facing the urgent demand of "integrated circuit localization", the Chinese semiconductor industry at the present stage is driven by many government support policies, the national "large fund" (national integrated circuit industry investment fund) and the local industrial fund. By training a batch of outstanding local enterprises, a relatively complete set up is initially established. Semiconductor industry chain.

In this process, the semiconductor industry is also attracting investment fever. Hu Ying said in an interview with the first financial reporter that the investment environment of the semiconductor industry has changed more than before, but the investment environment in different provinces and cities is different, on the one hand, the preferential policies given by the government and the support fund, on the other hand, the investment ability should match the local industrial resources.

In response to changes in the investment environment, Hu Ying said that, for a mature investment team, the investment concept will generally persist for a long time and will not change in the short term, but the investment strategy may have some changes in different circumstances.

It is understood that Su Mintou officially listed in June 2016, in intelligent manufacturing, new materials, semiconductors and other strategic emerging industries for industrial layout. In the field of semiconductors, in February 2017, we invested in Jiangsu lien Hua microelectronic technology development Co., Ltd. in February, and invested in the Shanghai Wei test semiconductor technology Co., Ltd. in July of this year. After that, it will cooperate with Fu Cheng's core equity investment team to launch the establishment of the wicheng core semi conductor Industrial Fund. The fund will be located Investment in light assets projects in the semiconductor industry.

"Now we all feel that the State supports the semiconductor industry, and many industrial projects and capital are piled into it. Some companies are clearly not semiconductors, also known as semiconductors, but this is a two-way choice." Fu Cheng said that people who really do investment will choose high quality projects, and those who really do business will also choose high quality investors. "This is a process of marriage and marriage, and it can't be simply imagined that everyone will mess up the market. People who do industry and investment will choose their advantages and advantages." "."

What investment opportunities for the future semiconductor industry, Fu Cheng analysis said, on the one hand, on the one hand, from the application of 5G communications, Internet, artificial intelligence and large data applications, the support of the chip is essential, the related products have investment opportunities, but there are also many companies. On the other hand, upstream manufacturing, technology, equipment, services, software technology, including raw materials, special gases, special liquids, bulk gases, and other related sides, in the field of semiconductors, are also in fact in the field of semiconductors. A lot of opportunities.

In the process of semiconductor manufacturing and packaging testing, Fu Cheng said that in the process of semiconductor manufacturing and packaging testing, the chemicals needed to be used together are about 150 kinds of ~200 species, of which 99% of the chemicals are imported. And the chemicals have been restricted in China for the last three to five years. "The investment opportunities we have seen are the introduction of new teams in the traditional chemical plants to transform into chemical and semiconductor chemical factories, and the manufacturing field of semiconductors has a large number of opportunities for import substitution."

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