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Speaking of a new series of topics, National IC Fund Fund Phase II Investment Trend .
Today is the first episode. Recently, it was reported that the large fund will increase its investment in Ziguang Zhanrui , then it is planned to invest about 2.25 billion yuan, and it has already won the investment Committee’s adoption. Ziguang Zhanrui is the core company of Ziguang Group, and it is also the third largest mobile phone chip design company facing the public market in the world.
It faces the public market. It has one of the biggest differences from Huawei. Huawei ’s chips are at least the majority of Huawei ’s own homes. Just as Ziguang Zhanrui’s chips are released for the whole society, so you can buy as long as you have relevant product needs . This is conducive to promoting the overall level of China’s domestic semiconductor industry. As of March 24, 2020, the second phase of the National Fund has not yet launched investment projects, but the second phase of the large fund will invest, and important investment areas of chips, and then include semiconductor equipment and Semiconductor materials and equipment, including lithography machines, lithographs, materials, large silicon wafers, photoresists, etc.
So what we are going to discuss with you today is domestic substitution of semiconductor equipment, in the next 3 ~ 5 years, China In the wafer fab, its expansion will enter an acceleration, and the overall production capacity will increase by more than 100%. The planned 12-inch wafer capacity growth can reach 200%. So the domestic semiconductor equipment field is expected to have a demand of 100 billion. For many core domestically-made alternative equipment companies, this is the best outlet. At present, the average localization rate of semiconductor equipment in our country is only 5% ~ 10%. Semiconductor materials are slightly better. The localization rate is 15 ~ 20%, so the space for domestic substitution is huge.
In addition, semiconductor-related equipment companies include companies similar to Zhongwei, like our episode, , and 北 华Chong , their operating income may be about 50 times the difference with international leading companies. For example, like Zhongwei Company , its revenue is about 200 million US dollars, and the international giants may be as high as 10 billion US dollars. Therefore, there is not only a vast space for domestic substitution, but also a huge space for international growth.
This is the core logic that we can focus on in the big fund second phase investment . Among the semiconductor equipment, China Micro’s main products are in CVD, stone carving machine, cleaning machine, vertical furnace , etc. These are all closely related to the IC design of integrated circuits Core equipment related to chip manufacturing and testing.
In the entire semiconductor industry chain, chip design and the entire market capacity, at least according to the first half of 2018, is about 470 billion US dollars of track, of which Chip, manufacturing, packaging and testing equipment has a market capacity of nearly 56 billion U.S. dollars. And we will talk about materials like this later. This is a market capacity of more than 41 billion US dollars. So the specific capacity of each track is different. China Micro’s core product, which comes from his prospectus, contains capacitive plasma etching equipment and MOCVD including its inductive plasma etching equipment.
In short, China Micro is currently the industry’s leading 5nm and 7nm etching machine leader. His customers include domestic and international first-tier semiconductor chip factories, such as China’s TSMC, Hynix, and Yangtze River Storage, etc. are the industry leaders. China Micro has accumulated 1,200 overseas patents, of which 1,000 have been authorized. Invention patents account for 80% of them. Therefore, it is a company that has developed a very moat through research and development. For its MOCVD products, this is mainly used for the processing of blue-green LED power devices . His second-generation MOCVD equipment technology capabilities are very breakthrough, so in terms of domestic substitution, 2 the second half of 018 has occupied more than 60% of the global market share 3 generations of 30-inch MOCVD equipment.
Here is a table, which is also taken from Zhongwei ’s IPO prospectus . His current MOCVD customers include Sanan Optoelectronics, China Can Optoelectronics, Qianzhao Optoelectronics, Canyang Optoelectronics, etc. etc. The largest domestic LED leading company , this group of companies currently basically occupy at least more than 60% of global LED chips The total market share, and the core of the third-generation MOCVD equipment, are provided by China Micro. The core etching machine of China Micro is mainly used in the production and processing of semiconductors. Semiconductors first have a specific thin film to be etched on the large silicon wafer. This is called thin film deposition.
Then coat the thin film with photoresist , and then engraving and copying the pattern from photolithography, and finally develop and expose , Hollow out, wipe out the unexposed film, and then remove the excess photoresist. After all is completed, such a 3D era is currently the most advanced 96 and 128 layers in the world, including the most advanced 64 layers in China. 3D molded pieces, so the current chips are all three-dimensional production, just like building blocks. You can have an intuitive understanding of these two pictures.
The second company we want to focus on is North China Chuang . North China Chuang currently includes these four major areas, semiconductor equipment , Vacuum equipment, new energy, lithium batteries and precision components, and some are military components. Among them, semiconductor equipment covers etching , PVD and CVD. The full Chinese name of PVD equipment is called physical vapor deposition coating equipment and CVD chemical vapor deposition equipment. This is a professional equipment. In other respects, in terms of oxidation diffusion cleaning equipment, North Huachuang is also a core product provider , and its industries include integrated circuits, advanced packaging, photovoltaic panels, LEDs, and many others. Industry.
So his customers include SMIC, Changjiang Storage, and Longji are all domestic leading companies . Especially in October 2019, then he obtained the approval from the CSRC for a fixed increase of 2 billion yuan, mainly because of technology innovation to promote the industrialization of integrated circuit equipment below 28 nanometers, Building an advanced process platform of 5 ~ 7 nanometers , Northern Huachuang has a very good knowledge science column , where you can see a lot about integrated circuits and semiconductors For popular science articles, I often get a lot of knowledge from this, so if you have time, you can pay more attention.
This picture is also more important for Northern Huachuang. It has a more detailed and detailed classification of his four major categories of equipment. We will tell you some of the in the next episode. Among semiconductor devices, the manufacturer of a specialized device in a relatively more segmented industry , for example, similar to Jinsheng Electromechanical , it is crystal growth Major suppliers of equipment, etc.
In short, this chart can make everyone have a more intuitive sense. This chart is also given by Guangfa Securities Research Institute. He introduced in detail the purification from silicon smelting, the single-crystal furnace ribs, and then cutting to cleaning. Then enter the photolithography of the lithography machine we just talked about, plasma injection plating, and finally the packaging and testing package, and finally into the testing field, such as probe station, testing machine , Slicer, packaging equipment, sorting equipment, etc. Each subdivision track has some important leading enterprise hidden champions.
We have also made introductions to you in different short videos, and you can also go back and watch them.
This is the content of today’s research!
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