Zhitong Financial APP learned that GF Securities Co., LTD. released a research report saying that the semiconductor equipment market is vast, and there is a long way to go to replace domestic products. Driven by the market, national strategy, independent and controllable industry and other factors, the accelerated development of Chinese mainland wafer manufacturing and its supporting equipment is imperative. The continuous expansion of Chinese mainland wafer production capacity is expected to continue to drive the market demand for upstream supporting semiconductor equipment. There is still much room for improvement in the distance between domestic wafer production line production and planning, and there are broad prospects for order increment of domestic semiconductor equipment. It is recommended to pay attention to the companies with strong positions in the core process of semiconductors and the expansion of new categories this year.
Related subject matter:North Huachuang (002371.SZ), Huahai Qingke (688120.SH), Tuojing Technology (688072.SH), Changchuan Science and Technology (300604.SZ), China Micro Technology (688012.SH), Shengmei Shanghai (688082.SH), Core Source Micro (688037.SH), Wanye Enterprise (600641.SH), Zhichun Technology (603690.SH), Huafeng Measurement and Control (688200.SH), etc.
GF Securities Co., LTD. 's main points are as follows:
The equipment market is vast, and the domestic replacement has a long way to go.
The market space of semiconductor equipment is broad. In the future, the increment of semiconductor equipment companies will come more from the increase of market share. Driven by the market, national strategy, independent and controllable industry and other factors, the accelerated development of Chinese mainland wafer manufacturing and its supporting equipment is imperative. The continuous expansion of Chinese mainland wafer production capacity is expected to continue to drive the market demand for upstream supporting semiconductor equipment. There is still much room for improvement in the distance between domestic wafer production line production and planning, and there are broad prospects for order increment of domestic semiconductor equipment. At present, the localization rate of semiconductor equipment is still in a non-linear range, and the increase in the share of domestic alternative drivers will contribute considerable growth speed and space for the industry. With the increase of market share of subdivided categories and the diversified expansion of product categories, the growth boundary of domestic semiconductor equipment companies is expected to continue to broaden in the future.
The bidding volume in 2022 is significant, mainly in Jita, Huahong and Yandong.
In 2022, a total of 1060 bids were invited for wafer production lines in statistical samples, of which Jita, Huahong and Yandong ranked in the top three. On the whole, the bidding is mainly based on measuring equipment, deposition equipment and etching equipment. Among them, in 2022, there were 502 tenders for accumulative towers, mostly for measurement, deposition and etching equipment, 263 for Huahong, mostly for measurement, testing and heat treatment equipment, and 148 infrastructure projects for SMIC. Changxin invited a total of 12 infrastructure projects.
Domestic manufacturers card position probe table, measurement, furnace tube and other fields, 2022 domestic equipment won the bid proportion of 30%.
In terms of winning the bid, in 2022, a total of 1040 wafer production lines in the statistical samples won the bid, most of which were measurement, deposition and heat treatment equipment; the overall bid-winning proportion of domestic equipment was about 30%, among which the domestic bid-winning proportion of wafer regeneration, gas-liquid system, degumming, wet etching and PVD equipment was higher.
In 2022, North Huachuang and other companies took the lead in winning the bid, and the domestic equipment was outstanding in winning the bid in the field of technology.
In 2022, domestic semiconductor equipment manufacturers won a total of 231 devices, while North Huachuang, Chuang Micro Electronics, China Micro and Micro and Wanye took the lead in winning the bid, winning 64, 28, 22 and 21 devices respectively. In 2022, 26% of the domestic semiconductor equipment manufacturers won the bid for scalar in the corresponding process. Among them, Shengmei Shanghai silicon wafer regeneration equipment, North China Chuang PVD equipment and oxidation equipment, micro-electronic wet etching equipment in the corresponding process of winning the proportion of 67%, 50%, 50%, 47% respectively.
Risk Tips:Market demand is not as expected, research and development is not as expected, market development is not as expected, sample statistics may be incomplete.