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未来半导体行业存在哪些投资机会?
作者:admin 发布于:2018-10-29 15:36

7月31日,半导体行业的韦尔股份发布2018年中报,上半年净利润同比增1.6倍。此前也有多家半导体行业上市公司预告今年上半年业绩向好。
 
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.
 
 
 
文治芯成半导体基金负责人傅城告诉记者,目前A股市场上的半导体企业产品绝大部分是应用于消费类电子领域,不涉及国内紧缺的技术,受境外环境的影响较小,而涉及被国外巨头们垄断技术的公司,多停留在早期孕育和成长的阶段。
 
Fu Cheng, director of Wenzhi Xincheng Semiconductor Fund, told reporters that most of the semiconductor products in the A-share market are used in consumer electronics, not related to the domestic technology shortage, less affected by the foreign environment, while companies involved in technology monopoly by foreign giants, mostly stay in the early incubation and growth. The stage.
 
 
 
 
 
放眼到中国的整个半导体行业,供需错配、依赖进口无疑是一大隐忧。在此背景下,半导体产业受到政府多项支持政策以及国家级和地方基金的资本支持。这也让多数企业和资本“闻风而动”,扎堆半导体行业。
 
Looking at the entire semiconductor industry in China, the mismatch between supply and demand and dependence on imports are undoubtedly a big worry. In this context, the semiconductor industry has received a number of government support policies and capital support from national and local funds. This also lets the majority of enterprises and capital "get wind of" and get together with the semiconductor industry.
 
 
 
如何甄别真成长的项目以及准确把握投资机会,则考验半导体投资界的投资能力。江苏民营投资控股有限公司(下称“苏民投”)总裁胡颖以及傅城在接受第一财经记者采访时均提到,目前半导体产业发展进口替代技术成为趋势,这其中不管是上游原材料还是应用于下游的产品若能有实质性发展,满足国内所需,均存在投资机会。
 
How to distinguish the real growth projects and accurately grasp the investment opportunities will test the investment ability of the semiconductor investment community. Hu Ying, president of Jiangsu Private Investment Holding Co., Ltd. (hereinafter referred to as "Sumin Investment") and Fu Cheng, both in interviews with the First Financial Reporter, mentioned that the development of imported alternative technologies in the semiconductor industry has become a trend, and that whether the upstream raw materials or products used in the downstream can be substantially developed to meet domestic needs. There are investment opportunities.
 
 
 
痛点即是蓝海
 
The pain point is blue ocean.
 
 
 
目前A股市场上,申万一级行业中电子行业下细分的半导体板块共有上市公司33家,主要涉及集成电路、分立器件、半导体材料三大细分领域。这其中有26家披露了2018年中报预告,18家公司业绩预喜。
 
At present, in the A-share market, there are 33 listed companies in the sub-sector of the electronic industry in Shenwan first-class industry, mainly involving integrated circuits, discrete devices and semiconductor materials. 26 of them disclosed the 2018 notice, and 18 companies were pleased with the results.
 
 
 
这33家公司中,韦尔股份首个披露2018年中报,该公司今年上半年实现净利润1.56亿元,超过去年全年的净利润数额。该公司主要从事半导体产品设计、销售和分销业务,产品应用于移动通信、车载电子、安防、网络通信、家用电器等领域。
 
Among the 33 companies, Weir's shares were the first to disclose a net profit of $156 million in the first half of this year, exceeding the full-year net profit of last year. The company mainly engaged in semiconductor product design, sales and distribution business, products used in mobile communications, car electronics, security, network communications, home appliances and other fields.
 
 
 
傅城对此分析称,A股市场上绝大多数覆盖消费电子领域的芯片企业,一方面不涉及现在国内紧缺的技术;另一方面,这些企业的下游产业链基本都在国内,且国内的电子制造业又较为发达,所以受到境外贸易环境的影响不大。
 
Fu Cheng said that the majority of chip companies covering consumer electronics in the A-share market, on the one hand, do not involve the technology that is now scarce in China; on the other hand, the downstream industrial chains of these enterprises are basically in China, and the domestic electronics manufacturing industry is relatively developed, so the impact of foreign trade environment is not great.
 
 
 
不过,这并非中国半导体行业的全貌。上海伟测半导体科技有限公司董事长兼总经理骈文胜从半导体设备角度分析称,晶圆制造设备基本上95%靠进口,封装设备90%靠进口,测试设备则是80%;这其中,测试设备国内的20%也主要为中低端设备,高端设备则是100%进口。据了解,半导体设备链主要集中在硅片制备、晶圆加工、封装测试环节。
 
However, this is not the overall picture of China's semiconductor industry. Li Wensheng, chairman and general manager of Shanghai Weitest Semiconductor Technology Co., Ltd, said from the perspective of semiconductor equipment that 95% of the wafer manufacturing equipment is imported, 90% of the packaging equipment is imported, and 80% of the testing equipment is imported. Of these, 20% of the testing equipment in China is mainly low-end equipment, and 100% of the high-end equipment is imported. It is understood that the semiconductor equipment chain mainly focuses on wafer fabrication, wafer processing and packaging testing.
 
 
 
而据申万宏源机械组分析师称,由于集成电路产业制造过程需要多种设备协同工作,而如光刻机等高精度设备造价极高,因而使得半导体设备成为产业链最大投资项,占产业总支出接近80%。
 
According to Wanhongyuan Mechanical Group Analyst, semiconductor equipment has become the largest investment in the industry chain, accounting for nearly 80% of the industry's total expenditure, because the manufacturing process of the integrated circuit industry requires a variety of equipment to work together, and high-precision equipment such as lithography costs extremely high.
 
 
 
“如果从市场份额来说,在集成电路的制造过程中,国内在封装方面的市场份额应该占到全球的20%~30%左右,晶圆制造的市场份额在全球占到10%左右。”骈文胜介绍,中国封装这块在产能和技术上跟国际相对更接轨,半导体产业链上,国内封装方面的企业集中度相对高一点。
 
"If from the market share, in the process of IC manufacturing, the domestic market share in packaging should account for about 20% to 30% of the global market share, wafer manufacturing market share in the global market share of about 10%. Parallel Wensheng introduced that China's packaging in the production capacity and technology with the international relative more in line with the semiconductor industry chain, the domestic packaging enterprise concentration is relatively high.
 
 
 
申万宏源机械组分析师在近期的报告中指出,中国半导体市场需求占全球30%,2017年集成电路进口额超2600亿美元,进口数量4000亿件,是中国最大的进口单品,然而供需严重错配,目前高端技术仍被国外龙头企业垄断,进口替代势在必行。
 
In a recent report, Shen Wanhongyuan Mechanical Group analyst pointed out that China's semiconductor market demand accounts for 30% of the world's total. In 2017, the import of integrated circuits exceeded 260 billion US dollars and the import volume of 400 billion pieces is China's largest imported single product. However, the supply and demand are seriously mismatched. At present, high-end technology is still monopolized by foreign leading enterprises, and imports replace it. Be imperative.

 


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