Who is the chip king?The growth rate of net profit hit a seven -year high, the research and development intensity has a history, and the semiconductor welcomes the highlight moment.

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Who is the chip king?The growth rate of net profit hit a seven -year high, the research and development intensity has a history, and the semiconductor welcomes the highlight moment.

2022-05-15 00:07:26 10 ℃

The global semiconductor industry is highly prosperous, and the performance of listed companies in domestic industry chain has exploded. China has become the world's largest semiconductor market. Data Bao launched the semiconductor of the "Bottom Seedo" series, gathered in the industry's development potential.

At highlights, the net profit of the semiconductor industry has increased at a new high for nearly seven years

Since 2020, it has entered the development of fast lanes, and the global semiconductor industry has ushered in a high time. Securities Times · Data Bao statistics, the total revenue of 122 A -share semiconductor companies in 2021 was nearly 480 billion yuan, a year -on -year increase of nearly 40%(comparable data), an increase of nearly five years. Seven -year high. In the first quarter of this year, the net profit of semiconductor listed companies increased by nearly 36%in the same period, a decline in growth.

Hong Kong stock semiconductor listed companies increased by more than 150%year -on -year net profit. U.S. -US semiconductor listed companies increased by more than 20%last year. The growth rate has continued to lag behind A -share companies since 2019.

Specific to individual stocks, SMIC's net profit ranks first, exceeding 10 billion yuan in 2021; the net profit of more than 10 companies including Seilan Weisada and Nasda exceeds 1 billion yuan for the first time. From the perspective of the increase, Silan micro -reaching the summit for the first time. Last year, the net profit increased by more than 2100%. The company continued to grow high in the first quarter of this year, and the net profit increased by more than 50%. The net profit of national technology and Dongxin's 2021 increased by more than 10 times. In the first quarter of this year, the net profit growth of the two companies exceeded 200%.

In contrast, TSMC, Intel, and Seminar Semiconductor in the world in the world were 15.98%, -4.93%, and 80.83%in 2021, respectively.

With full stamina, the R & D intensity of A -share semiconductor companies broke 10% for the first time

Semiconductor is a high -tech industry, and the investment in scientific research is closely related to the development of the industry. From the perspective of R & D expenditure, 122 A shares of A -share semiconductor companies in 2021 total R & D expenditure of 45.404 billion yuan, an increase of 25.25%year -on -year, an increase of five years high. Note.

In the past five years, the intensity of research and development of semiconductor industry (R & D expenditure/operating income, calculated in median) has been maintained at more than 8%, and the investment intensity is more than twice that of all A -share companies. In 2021, the research and development intensity of the semiconductor industry was on the new level, with more than 10%for the first time. The intensity of R & D investment in 21 companies exceeded 20%. Ding Technology, Northern Huachuang, and National Technology exceeded 25%.

The upstream production capacity is tight, and the price of semiconductor materials continues to increase prices

From the perspective of the industrial chain, the performance of the semiconductor material industry (upstream) in 2021 broke out. The net profit of 20 companies increased by more than 300%year -on -year. The increase in semiconductor equipment (midstream) and chip manufacturing (downstream) of the same period was 114.49%and 31.5%, respectively. The growth rate of semiconductor materials in the first quarter of this year still exceeded 40%.

Semiconductor materials can be called the "cornerstone" of the industry. Core materials include silicon wafers and lithography glue. Driven by the strong demand for downstream, the scale of the semiconductor material market has increased significantly. According to data from the International Semiconductor Industry Association (SEMI), the size of the global semiconductor material market in 2021 reached US $ 64.3 billion, an increase of 15.9%year -on -year. Essence

The "Japan Integrated Circuit Production Index" representing the prosperity of the semiconductor industry has continued to rise this year, showing that under the shortage of production capacity, the industry's prosperity has continued to rise. Driven by the strong demand, the global wafer fab has accelerated the expansion of production, but the new production capacity of silicon wafers is insufficient, and the imbalance of supply and demand has led to the ex -delivery cycle of manufacturers at home and abroad. While the price of silicon wafers has continued to rise continuously, the price of downstream foundry has also increased. Some media reports that the global foundry leader Taitou Power plans to increase the price next year.

Great Wall Securities believes that the production capacity of the semiconductor industry chain is full, and the current international trade relations are complicated. Semiconductor materials and equipment are supported by the industry. The supply has become the core constraint, the price of materials increases, and some key equipment is extended, and the supply and demand structure is further tense.

During the rise of domestic domesticization, semiconductor equipment accelerates to sea

Semiconductor equipment is the key core of chip manufacturing. Optical machines, etching machines, and film machines are necessary tools for chip manufacturing. In 2021, global semiconductor equipment sales surged, reaching 102.6 billion yuan (SEMI report). Mainland China fab has actively expanded production. Global sales of semiconductor equipment in the Mainland have grown worldwide for four consecutive years. Sales are the first in the world for two consecutive years. In 2021, it reached 29.6 billion yuan, a year -on -year increase of nearly 60 %, and its global contribution was nearly 30 %.

In recent years, the domestic semiconductor equipment industry has risen. For example, the CCP etching machine of China Micro Corporation is close to the world's first -class level and has now entered TSMC's latest process production line; Northern Huachuang's ICP etching machine is technology leading in mainland China.

Under the improvement of the technical level, the process of domestic semiconductor equipment is upgraded. According to the statistics of data, the overseas income (median) of A -share semiconductor equipment companies in 2021 was 23.71%, and the circuit of Jianlun Electronics and Shennan exceeded 30%. The proportion of overseas revenue of semiconductor equipment companies continues to exceed the upstream materials and downstream chip manufacturing. The proportion of upstream and downstream overseas revenue is about 18%. However, looking at the world, the proportion of domestic equipment procurement is still significantly behind the United States and Japan, and the domestic alternative market space is broad.

CICC believes that under the trend of wafer foundry and memory, domestic wafer manufacturers are expected to maintain high capital expenditures in the next few years, driving the domestic semiconductor equipment market size to maintain growth. The demand for downstream chips is still strong, and the problem of core lack of cores continues

Chip manufacturing is a key link in the semiconductor industry, and the market space occupies half of the semiconductor industry. Among the top ten semiconductor sales companies in the world in 2021, TSMC and MediaTek in China were on the list. In the A -share market, the market value of the semiconductor manufacturing industry accounts for over 60 % of the industrial chain. Among the main business composition, the number of chip business revenue accounted for the number one inclusion of micro -electricity, Changdian Technology, and Zhaoyi Innovation.

Since 2020, the global semiconductor industry has continued to face the problem of stress capacity and insufficient supply. A variety of factors have led to the continuous rise in chip prices, which in turn has helped the chip industry rapidly appreciate. According to SIA data, the size of the global chip market in 2021 exceeded 550 billion US dollars, an increase of greatly year -on -year. Samsung Electronics, TSMC, Intel, etc. are full of horsepower and new chip factories.

However, since the first quarter of 2022, consumer electronics demand has been weak, and the significant decline in sales of mobile phones has caused chip demand to be soft. The net profit growth rate of A -share semiconductor companies in the first quarter of this year is less than half of the same period last year. However, well -known agencies Gartner believes that due to production capacity, the shortcomings are concerned about the 2022 electronic equipment supply chain. The CEO and other peers of the largest chip foundry in the United States believe that a large number of new application scenarios and uses will emerge in the semiconductor industry.

The valuation of the semiconductor sector is reduced to low, and the institution predicts that 26 high growth will grow

The semiconductor research institution IC INSIGHTS predicts that the total sales of the semiconductor market in 2022 will increase by more than 10 %. This year is the critical period of China's smart electric vehicle development. Uncertain factors such as epidemic and Russia and Ukraine conflicts have not showed signs of improvement in the short period of time. At the same time, the United States has repeatedly threatened restrictions on China's semiconductor industry, superimposed on the release of new domestic wafer fab has been released one after another, and the alternative replacement of the semiconductor industry has accelerated.

In the A -share market, after the semiconductor sector rose by nearly 80%from May 2020 to the end of November 2021, it has fallen to two years ago in the past six years. From the perspective of valuation, the current price -earnings ratio of the semiconductor industry index is less than 37 times, approaching the minimum value of the past ten years. CICC and other institutions believe that valuation repair is expected, and semiconductor investment opportunities are worthy of attention.

According to statistics from data treasure, from 2021, 2022 to 2024 (unanimous forecast of institutions), the net profit increase of more than 30%of the semiconductor industry chain companies with a total of 26 companies, which are mainly concentrated in the middle and lower reaches. These companies have excellent profitability, and 7 shares such as NACD micro -micro and Shengbang shares in 2021 have exceeded 20%of net assets.

Eight of these 26 shares have been held by the National Integrated Circuit Industry Fund, including Changchuan Technology, Jingjiawei, and Beidou Star. Ju Chan Optoelectronics, Hengxuan Technology, Lichen Micro and other stocks are closest to the current industry valuation level.

Disclaimer: All information content of data treasure does not constitute investment suggestions, the stock market has risks, and investment needs to be cautious.

Responsible editor: Yang Yucheng