Semiconductor equipment leaders in the hottest mac

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Machinery industry: semiconductor equipment leaders actively improve the layout of the industrial chain, accelerate import substitution

key points of investment

the decline in China's semiconductor sales has expanded, and the semiconductor equipment enterprises on the science and technology innovation board reported bright results

in June, the global semiconductor sales were 32.72 billion US dollars, a year-on-year -16.76%, and the decline continued to expand, of which China's semiconductor sales were 11.7 billion US dollars, a year-on-year -13.91%. In terms of: the import amount of integrated circuits in July was 26.431 billion US dollars, up -7.17% year-on-year; The cumulative import amount was US $164.020 billion, a year-on-year increase of -6.90%. The export value of integrated circuits was US $9.238 billion, a year-on-year increase of +31.72%; The cumulative export amount was US $54.993 billion, a year-on-year increase of +19.10%. In terms of equipment manufacturers, the revenue of leading equipment manufacturers fell to varying degrees in 2012: the revenue of, Lam and ASML were -23%/-24%/-6% year-on-year respectively, and the cumulative revenue in 2019 was -17%/-13%/-5% year-on-year respectively

2019h1 revenue 801 million, year-on-year +72.03%; The net profit attributable to the parent was 30.37 million, and the net profit not attributable to the parent was 22.09 million, both turning losses into profits year on year. We believe that with the continuous deepening of the localization of the semiconductor industry chain, domestic equipment manufacturers will improve their independent and controllable level in the fields of etching, film deposition and so on. In the next five years, with the entry of equipment from domestic wafer factories, the market share of domestic equipment manufacturers will continue to increase

2019q1 global silicon wafer shipments fell, and the pace of procurement accelerated

2019 Q2 global silicon wafer area shipments totaled 2.983 billion square inches, a quarter on quarter -2.23%, a year-on-year -5.72%. Although the shipments of silicon wafers fluctuated in the short term, with the rise of AI chips, 5g chips and IOT in recent years, the demand for chips increased significantly, but the new capacity of silicon wafers has been put into production for a certain period of time. Therefore, in the long run, supply still exceeds demand, the gap between supply and demand will continue to expand, and the price of silicon wafer will continue to rise. At present, the top three silicon chip manufacturers in the world account for more than 70% in total. Shin Yueh chemical of Japan, sumco of Japan and universal wafer of Taiwan account for 27%, 26% and 17% respectively. They provide high-quality and high-value-added solutions and services for new and old customers, including a capacitive keyboard and an LCD screen that can display graphics

since June 2019, the pace of equipment procurement by Zhonghuan Co., Ltd. has significantly accelerated, and the procurement scale has also increased at the same time. The procurement equipment is concentrated in cleaning equipment, grinding equipment and testing equipment. The company's Tianjin base has achieved the design capacity of 8-inch silicon wafers, and the 12 inch test line project was output in February. Yixing phase I is expected to put into operation an 8-inch production line in the second half of the year. The 12 inch project is expected to move in equipment in the fourth quarter of 2019 and start production in the first quarter of 2020

Ziguang group's overweight storage chip field is expected to be put into production in 2021.

on August 26, Ziguang exhibition pendulum movement range should not have obstacles, showing the Yangtze River storage 64 layer nandflashwafer. This is the second generation 64 layer 3dnand of Changjiang storage, and also the 64 layer 3dnand with the highest storage density. Each wafer can be cut into more than 1000 bare chips

on August 27, Ziguang signed a storage chip project cooperation agreement with Chongqing municipal government. Ziguang will build the headquarters of DRAM business group and memory chip factory in Chongqing. It is expected to start construction at the end of 2019 and officially produce in mass in 2021

in the whole market of memory chips, DRAM products account for about 53%, nandflash products account for about 42%, and norflash accounts for only about 3%. The DRAM market is mainly occupied by Samsung, Hynix and micron, with Samsung accounting for about 48%, and Samsung + Hynix + micron accounting for more than 90%. According to dramex's performance and price change data in recent years, players in the nandflash market include Samsung, Toshiba, SanDisk, micron, Hynix and, of which Samsung accounts for about 36%

domestic semiconductor equipment leaders continue to improve the layout of the industrial chain, which will benefit from the localization of the semiconductor industry

is a leading domestic etching + film deposition equipment company. On July 6, North China Huachuang plans to revise the fixed increase plan, and the total amount of funds raised by non-public offering is expected to be no more than 2billion yuan, of which the large subscription amount is 910million yuan. The project is mainly used for the production and manufacturing of core components such as plasma etching (etch), physical vapor deposition (PVD), chemical vapor deposition (CVD), oxidation/diffusion, cleaning, annealing, etc., and will realize the industrialization of 14nm equipment and carry out 5/7nm technology research and development

on August 21, Zhongwei announced that it plans to invest 13.75 million yuan in Shanghai Ruili and obtain about 10.41% equity. Ruili is a leading semiconductor testing equipment manufacturer in China. Its products include optical testing equipment, silicon wafer testing equipment and macro defect testing equipment. This investment will enable Zhongwei to successfully enter the field of integrated circuit process testing equipment, which not only supports the localization of Ruili's process testing equipment, but also helps to promote the R & D of etching equipment and thin film equipment by using Ruili's existing technology

investment suggestions: [Zhongwei semiconductor] domestic etching machine leader; [] domestic leading enterprises of crystalline silicon growth equipment have made achievements in long crystal furnace; [North Huachuang] semiconductor equipment company with the most complete product line (etching machine, film deposition equipment, etc.); [] the testing equipment cuts into the wafer manufacturing link from the sealing test link; [] acquire 25.2% equity of Korean it&t company, and enter the field of semiconductor testing from panel testing; Others focus on [] domestic semiconductor test equipment leaders); [] (domestic high-purity process faucet, cleaning equipment can be expected)

risk tip: the growth of downstream semiconductor chips is less than expected


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