The second phase of the hottest machinery industry

2022-08-05
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Machinery industry: big fund phase II is poised to accelerate the domestic substitution of semiconductor equipment

source: Research Institute

Machinery Industry: big fund phase II is poised to accelerate the domestic substitution of semiconductor equipment (nizhengyang s)

event: according to the China Securities News, with the gradual completion of capital subscription and the improvement of domestic epidemic trend, It is expected that the second phase of the national integrated circuit industry fund (hereinafter referred to as "the second phase of the national large fund") will start substantial investment at the end of March

the capital scale of the second phase of large funds has increased significantly, and the sources of funds are more diverse. According to the industrial and commercial information, the second phase of the national integrated circuit industry investment fund Co., Ltd. was registered and established on October 22, 2019. Compared with the first phase of the large fund, the second phase has significantly improved in terms of capital scale and source channels. The registered capital of the first phase of the large fund was 98.72 billion yuan, the total investment scale reached 138.7 billion yuan, and the registered capital of the second phase reached 204.15 billion yuan, significantly higher than that of the first phase; With reference to the 514.5 billion yuan of social financing leveraged by the large fund phase I, a total of about 650billion yuan has been brought into the integrated circuit industry. We expect that the large fund phase II will also have a significant leveraging effect to further improve the financing and development efficiency of the integrated circuit industry; According to Tianyan survey, there are 27 shareholders in the second phase of the national big fund, all of which are corporate legal persons, including Chinatelecom, Unicom capital, China electronic information industry group, Ziguang communication, Fujian San'an and other institutions. The sources of funds are more diverse than those in the first phase

strengthen the domestic substitution logic of semiconductor equipment, and it is expected to increase the investment in semiconductor equipment, materials and IC Design in phase II. The investment scope of the first phase of the large fund covers the upstream and downstream links of the integrated circuit industry, focusing on the IC manufacturing link, in which IC manufacturing accounts for 67%, design accounts for 17%, packaging and testing accounts for 10%, and equipment materials accounts for 6%. At present, the 14nm advanced process products of SMIC international and the 64 layer 3D NAND of Changjiang storage have achieved mass production, and the IC manufacturing investment has achieved remarkable results. According to the bidding data of Changjiang storage, the mobile equipment of companies such as,,, etc., which strictly regulate the advertising subjects, has been replaced by domestic products in the fields of etching, film deposition, cleaning, detection, etc., accounting for about 46% of the investment in semiconductor equipment. Huaxin investment, a large fund management institution, said that the second phase of the large fund will make up for the blank in the first phase on the basis of stabilizing the investment enterprises in the first phase, strengthen the domestic replacement progress of film deposition, etching, testing and cleaning equipment, speed up the layout of core equipment such as lithography machines, and strengthen the investment in semiconductor materials, IC design and other high value-added links

domestic equipment strengthens the strength of "China core", and it is suggested to pay attention to semiconductor etching, film deposition, testing and cleaning equipment companies. According to the investment direction of large fund phase II, we expect that semiconductor equipment companies will further accelerate the pace of domestic substitution in the fields of film deposition, etching, detection and cleaning. Photolithography, film deposition, etching and ion implantation are the key links of advanced manufacturing processes, accounting for about 24%, 18%, 10% and 2.5% of the investment in semiconductor equipment respectively. Northern Huachuang, Zhongwei company and Shenyang tuojing gradually increased their share in the bidding for storage equipment in the Yangtze River. The equipment investment in cleaning, testing and packaging non advanced process fields accounts for about 8%, 18% and 10% respectively. Compared with key fields such as lithography, etching and ion implantation, the gap between domestic and foreign companies is smaller. Domestic companies have realized the domestic replacement of relevant equipment. In addition, the second phase of the large fund will also increase its support for the integrated circuit design industry and semiconductor materials. It is suggested to pay attention to the domestic IC design sector and semiconductor materials sector

investment advice. With the official establishment of the second phase of the national integrated circuit industry investment fund, the domestic semiconductor industry chain is expected to usher in a new round of industrial support. It is suggested to pay attention to North Huachuang for film deposition equipment: the company has realized domestic substitution in the Yangtze River storage bidding; It is suggested to pay attention to northern Huachuang and Zhongwei: they have the world's leading etching technology and are the backbone of semiconductor equipment localization; It is recommended to pay attention to the ion implantation equipment: the product has reached the advanced process standard within 28nm; It is recommended to pay attention to the precise measurement of electronics, and; It is recommended to pay attention to the cleaning equipment

risk tip: the investment progress of the second phase of the large fund is less than expected, and the R & D of domestic integrated circuit enterprises is less than expected

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