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North Huachuang related reading:
North huachuang technology, the leader of semiconductor equipment
Today, let's take a look at Beihuachuang. The company is mainly engaged in research and development, production, sales and technical services of basic electronic products. The main products are electronic processing equipment and electronic components. China is the mainstream supplier of high-end electronic technology and equipment, and also an important production base of high-precision electronic components.
The company's electronic process equipment mainly includes semiconductor equipment, vacuum equipment and lithium battery equipment, which are widely used in integrated circuits, semiconductor lighting, power devices, MEMS, advanced packaging, new energy photovoltaic, new display, vacuum electronics, new materials, lithium-ion batteries and other fields. Electronic components mainly include resistors, capacitors, crystal devices, microwave components, modular power supplies, etc. , widely used in precision instruments, automatic control and other high precision, precision and special industries.
The semiconductor manufacturing process is divided into three steps: silicon wafer manufacturing, wafer processing and packaging testing. The semiconductor manufacturing process needs to go through hundreds of complicated technological processes, but it can be roughly divided into three major links: silicon wafer manufacturing, wafer processing and packaging testing. Silicon wafer manufacturing is the first step of semiconductor manufacturing, which mainly involves refining natural silicon dioxide to obtain silicon wafers needed for wafer processing. The main equipment involved includes single crystal furnace and cutting and polishing equipment. Wafer manufacturing is a process of processing silicon wafers into semiconductors through hundreds of complicated processes, and the main equipment involved includes heat treatment, lithography, etching, ion implantation, film deposition, polishing and cleaning. Packaging test is the process of processing the finished wafer into independent chips according to the product model and functional requirements, and the main equipment involved is sorter and tester.
Wafer processing equipment accounts for 80% of the investment in semiconductor equipment. Semiconductor equipment accounts for 80% of the capital expenditure of newly-built fabs, while wafer processing equipment accounts for 80% of semiconductor equipment, which is the most important capital expenditure item. Packaging test equipment accounts for 65,438+05%, and other equipment accounts for 5%. According to the data of Prospective Industry Research Institute, etching machine accounts for as much as 30% of wafer processing equipment, followed by thin film deposition equipment 25%, mask aligner 23% and other equipment 22%. In each sub-field, the competitive equipment of semiconductor equipment enterprises in China mainly includes etching equipment, thin film deposition equipment and cleaning equipment.
In 20 19, the scale of global etching equipment was about11500 million USD, and the market concentration was high, with CR3 reaching 9 1%. The global etching equipment is mainly monopolized by Pan Lin Semiconductor (LAM), Tokyo Electronics (TEL) and Applied Materials (AMAT), with market shares of 52%, 20% and 19% respectively. Domestic etching equipment enterprises mainly include CLP, Zhongwei Company, North Huachuang, Tang Yi Semiconductor, etc. Among them, the etching products of Zhongwei Company are mainly capacitive coupling etching (CCP), and the etching products of North Huachuang Company are mainly inductive coupling etching (ICP).
Chemical vapor deposition (CVD) accounts for 53%, and physical vapor deposition (PVD) accounts for 25%. Semiconductor thin film deposition equipment can be mainly divided into CVD, PVD and other deposition equipment including atomic layer deposition (ALD). According to the data of Prospective Industry Research Institute, the market shares of the three companies are 53%, 25% and 18% respectively. In the CVD market. Applied Materials Company, Pan Lin Semiconductor Company and Tokyo Electronics Company account for 70% of the market. In PVD market, the market share of applied materials is as high as 85%, which is in an absolute monopoly position. The domestic film deposition equipment leaders are North Huachuang and Shenyang Tuojing. Among them, North Huachuang product line covers CVD, PVD and ALD, while Shenyang Tuojing mainly covers CVD and ALD.
In semiconductor cleaning equipment, wet cleaning accounts for 90% and dry cleaning accounts for 10%. With the progress of semiconductor manufacturing technology, the requirements for process level are getting higher and higher, and the cleaning process is becoming more and more important. According to the cleaning principle, cleaning equipment can be divided into dry cleaning equipment and wet cleaning equipment, of which wet cleaning equipment accounts for 90% of the market and is the main cleaning equipment. The market concentration of cleaning equipment is relatively high, with CR4 reaching 94%, of which Screen has a market share of 54% and is the main manufacturer of cleaning equipment. Domestic cleaning equipment manufacturers mainly include Zhichun Technology, Beifang Huachuang and Mei Sheng Semiconductor. At present, Mei Sheng Semiconductor's main product is single-chip cleaning equipment, while North Huachuang and Zhichun Technology still focus on tank cleaning. Their core products are different and there is less direct competition.
In recent years, the semiconductor equipment market in China is in a stage of rapid growth. In 20 15, the market size of semiconductor equipment in China was USD 4.9 billion. 20 19 with the global market declining, the market size of semiconductor equipment in China reached13.45 billion USD, up by 2.6% year-on-year, and 20 15-20 19. With the increase of capital expenditure of domestic fabs this year, semiconductor equipment will fully benefit. According to the latest forecast of SEMI, the market size of semiconductor equipment in Chinese mainland will reach $654.38+073 billion in 2020, a year-on-year increase of 28.6%. However, after the intensive capital expenditure of domestic fabs in 2020, the market size of semiconductor equipment in Chinese mainland will drop slightly in 20021year, with the market size of 166 billion USD, down 4% year-on-year, and it remains the largest semiconductor equipment market in the world.
In 20 19, the domestic sales of semiconductor equipment1665438+82 million yuan, up 30% year-on-year. Among them, the sales of integrated circuit equipment was 710.29 billion yuan, up 55.5% year-on-year. In Chinese mainland, however, the market size of semiconductor equipment is 213.45 billion US dollars, and the localization rate is about 17%, which has a large domestic substitution space.
Semiconductor equipment is the most important business of the company and the most important development direction in the future. As the main force in the localization of semiconductor equipment under the background of state-owned assets, North Huachuang has undertaken a number of public relations research and development projects of semiconductor equipment, including the research and development and industrialization of etching equipment, PVD and CVD equipment, and the projects undertaken by the company have been partially accepted and industrialized.
In terms of integrated circuit etching equipment, the company mainly covers ICP etching equipment, and the micro-company mainly covers CCP etching equipment. There is no direct competition between them in the short term. The company's ICP etching equipment is mainly used for silicon etching and metal material etching. Etching equipment above 28nm process has been industrialized. In terms of advanced technology, the company's silicon etching equipment broke through the 14nm technology and entered the Shanghai IC R&D Center to carry out research and development with customers.
PVD is the company's most competitive semiconductor equipment product. Magnetron sputtering technology belongs to PVD technology and is one of the important methods to prepare thin film materials. North Huachuang has broken through many key technologies, such as sputtering source design technology, plasma generation and control technology, particle control technology, cavity design and simulation technology, software control technology and so on. , achieving a zero breakthrough in high-end thin film preparation equipment in the field of domestic integrated circuits, covering processes above 90- 14nm. According to the company's official website news, the company's PVD equipment has been designated as a 28nm process baseline machine by domestic advanced integrated circuit chip manufacturers, and has successfully entered the international supply chain system.
The company's oxidation diffusion equipment technology is mature and its domestic market share is high. Oxidation refers to the high-temperature heat treatment of silicon wafer in the atmosphere of oxidant such as oxygen or water vapor, and annealing refers to all processes of heat treatment in inert atmosphere such as nitrogen in integrated circuit technology. The above processes are widely used in the manufacture of semiconductor integrated circuits. North Huachuang's vertical furnace and horizontal furnace equipment have reached the leading level of domestic semiconductor equipment, and become the first choice of diffusion oxidation furnace equipment for mainstream manufacturers, achieving a high localization rate of equipment.
Relying on regional advantages, the company provides high-quality local services and enhances the competitiveness of products. With the increase of capital expenditure of domestic fabs and the acceleration of the localization of semiconductor equipment, the company has obtained orders for many projects such as Changjiang Storage, Wuxi, Hua Hong, Huali Integration, Shanghai Guitar and Yandong Microelectronics in recent years. The company's 5/7nm advanced technology and equipment research and development projects were promoted in an orderly manner, laying the foundation for the company's long-term competitiveness.
I. Leading enterprises of semiconductor equipment
North Huachuang was founded in 200 1, and its predecessor can be traced back to the key military projects built during the First Five-Year Plan period. 20 10 listed on Shenzhen Stock Exchange; 20 15 Qixing Electronics and Northern Microelectronics were strategically reorganized into Northern Huachuang; 20 16 completed the reorganization and introduced strategic investors such as large funds to realize the integration of industry and capital; 20 17 changed its name to north huachuang; 20 18 Established North Huachuang Silicon Valley Research Institute to develop advanced semiconductor equipment technology; 20 19 raised 2 billion yuan for semiconductor equipment research and development and industrialization projects and the expansion of high-precision electronic components.
Second, business analysis.
From 20 15 to 2020, the operating income will increase from 854 million yuan to 6.056 billion yuan, with a compound growth rate of 47.96% and a year-on-year increase of 49.23%. 202 1Q 1, revenue increased by 5 1.76% to 14. The net profit of returning to the mother increased from 39 million yuan to 537 million yuan, with a compound growth rate of 0.73%, 73.75% in 20 years, and the net profit of returning to the mother increased by 17527% to 73 million yuan 202 1Q 1. The net profit deducted from non-return to the mother was-005 million yuan,-2610000000 yuan,-208 million yuan, 76 million yuan, 70 million yuan and197 million yuan, respectively, up by 6.5438+0805438+0% year-on-year.
In terms of products, in 2020, the revenue of electronic process equipment increased by 52.58% year-on-year to 4.869 billion yuan, accounting for 80.40%, and the gross profit margin decreased by 5.79pp to 29.44%. The revenue of electronic components increased by 37.46% to165438+65 million yuan, accounting for 19.24%, and the gross profit margin increased by 6.26pp to 66 15%. Other realized income increased by 65,438+02.29% year-on-year to 265,438+092.83 million yuan, accounting for 0.36%.
In 2020, the top five customers realized revenue of 2.644 billion yuan, accounting for 43.66%, of which the first customer realized revenue of165438+77 million yuan, accounting for 19.43%.
Third, the core indicators
From 20 15 to 2020, the gross profit rate decreased from 40.62% to the low point of 36.59% in 17, and then increased to 40.53% in 19 year by year, and decreased to 36.69% in 20 years. During the period, the expense ratio rose to a high of 64. 1 1% in 16, and then decreased to 19. 19% year by year, among which the sales expense ratio rose to a high of 6.70% in 16, and then increased year by year. The management fee rate rose to a high of 55.72% in 16, then fell to a low of 13.75% in 2009 and rose to 14.06% in 20 years. The financial expense ratio decreased from 1.96% to the low point of 17. The profit rate dropped from 8.79% to the low point of 17 of 7.53%, and then increased to 14.06% year by year, and the weighted return on equity increased from 2.09% to 8.5 1%.
Fourthly, DuPont analysis.
Return on net assets = profit rate * asset turnover rate * equity multiplier
As can be seen from the figures and data, the increase of 15- 17 ROE is due to the increase of asset turnover rate and equity multiplier, the increase of 18 ROE is due to the increase of profit rate, asset turnover rate and equity multiplier, the decrease of 19 ROE is due to the decrease of equity multiplier, and the increase of ROE in 20 years is due to the increase of profit rate and asset turnover rate.
Verb (abbreviation for verb) R&D expenditure
In the past 20 years, the company's R&D investment increased by 46,543.8+0.39% year-on-year to 6,543.8+60.8 million yuan, accounting for 26.56%, with a capitalization rate of 6,543.8+52 million yuan. By the end of 2020, the company had 14 15 R&D personnel, accounting for 23.67%.
Evaluation index of intransitive verbs
PE-TTM 150. 18, located near the 50th percentile in recent 3 years.
According to the institutional consistency forecast, the performance growth rate of North Huachuang in 2023 is about 33.45%, EPS is 2.84 yuan, and the five-year compound growth rate of 18-23 is 43.33%. At present, the stock price is 176.46 yuan, which is about 0.97 times of the corresponding PE 6 1.97 in 2023.
Appearance:
As a leading semiconductor equipment enterprise in China, the company has deep layout in the fields of semiconductor equipment, vacuum equipment, new energy lithium battery equipment and precision components, and its product system is highly competitive. At the same time, it has obvious advantages in technology research and development and customer slots. The expansion tide of overlapping fabs has risen again, and the domestic substitution process can be accelerated. The company's core competitive advantage is outstanding, and it is expected to lead the rise of domestic semiconductor equipment replacement wave.