pacmantablegame| De-stocking of the industrial chain continues and semiconductor wafer production capacity expands against the trend

Ruan Runsheng, a reporter from the Securities Times

As a key material in the semiconductor industry chainPacmantablegameThe price of silicon wafers fell due to the downward impact of the industry cycle. Last year, the performance of domestic semiconductor wafer listed companies was dragged down, consumer electronics and other markets showed some signs of recovery, and breakthroughs were made in the field of radio frequency chips. In addition, relevant listed companies generally increase investment in research and development, expand production capacity against the trend, and are optimistic about the opportunities brought by the rapid development of new energy vehicles, big data and artificial intelligence industries.

Falling silicon prices are a drag on performance

As a representative of large semiconductor wafers made in China, Shanghai Silicon Industry had an operating income of 31% last year.Pacmantablegame90 million yuan, down about 11% from the same period last year, while the net profit returned to the mother was 187 million yuan, down about 40% from the same period last year. In the first quarter of this year, the net profit of the company returned to its mother was-198 million yuan, from profit to loss.

At the performance presentation meeting of the silicon industry in Shanghai a few days ago, Qiu Ciyun, director and president of the company, said that the decline in gross profit of the company was mainly due to the pressure of price reduction caused by the increase in depreciation and insufficient market demand. The decrease in the company's semiconductor wafer revenue last year was mainly due to a decrease of 200 million yuan in revenue from semiconductor wafers of 200mm and below, and a decrease of about 100 million yuan each in revenue from fiduciary processing services and 300mm semiconductor wafers.

According to a recent institutional survey by senior executives of the Shanghai silicon industry, the Shanghai silicon industry has taken the initiative to strengthen the supply of storage customers, sales continue to increase, price adjustment will also match the quantity adjustment, and there is more demand in the field of logic chips; in addition, SOI wafers (silicon on insulated bottom) are directly related to the mobile phone consumer market, and there will be a replenishment process after inventory consumption, but the overall market situation remains to be seen.

In addition, Lion Micro, a domestic semiconductor wafer peer, made a net profit of 65.7525 million yuan last year, down about 90% from the same period last year. In the first quarter of this year, the company's operating income increased by about 7% compared with the same period last year, but its net profit lost 63.1514 million yuan. According to reports, the market of the semiconductor industry began to recover in the first quarter, with an increase in sales orders and a substantial increase in sales of main products, but because the unit price of sales is still low, and the corresponding fixed cost of the new production line last year increased more than the same period last year, resulting in a larger decline in comprehensive gross profit margin and an increase in inventory impairment, which is a drag on performance.

Under the influence of the slowdown in terminal demand such as consumer electronics, as well as inventory adjustment and other factors, global silicon wafer shipments and revenue decreased in 2023. Global wafer shipments fell to 12.602 billion square inches last year, down 14.3 per cent from a year earlier, according to the International Semiconductor Industry Association (SEMI). Global wafer revenue fell as shipments fell, reaching $12.3 billion, down 10.9 per cent from a year earlier.

RF chip breakthroughs

In general, the larger the size of the wafer, the more chips are made on a single wafer, and the cost per chip is reduced. Judging from the performance of listed companies, the demand for large-size silicon wafers is relatively stable and is the first to show signs of recovery.

"at present, the market situation has been observed to be stable, especially in 12-inch (300mm semiconductor silicon wafer) products, there are signs of recovery; 8-inch (300mm semiconductor silicon wafer) products need to be further observed. Generally speaking, customers are still in the stage of digesting inventory. " Qiu Ciyun pointed out.

According to the annual report, the production and sales of 200mm and below semiconductor wafers (including SOI wafers) in the Shanghai silicon industry fell by more than 20% last year, while the sales of 300mm semiconductor wafers were less affected by the market, falling by only about 3.48%. Due to the company's increased production inventory strategy, the related inventory increased more than three times last year compared with the same period last year.

In the first quarter of this year, Lion microwafer business is gradually recovering, and the recovery in large-size wafer sales is more significant. Among them, the company sold 3.1118 million 6-inch wafers, up 45.47% and 71.62% from the same period last year, up 45.47% and 71.62%. At present, Lion's 12-inch products have covered more than 14nm technology node logic circuits and storage circuits.

In addition, RF chips have become an important focus of listed companies.

According to reports, Shanghai Silicon Industry's Xinao Technology continues to promote 300mm high-end silicon-based materials research and development pilot project, in order to better meet the radio frequency and other application areas of the market and customer demand, has built about 60, 000 pieces / year of 300mm high-end silicon-based materials test line.

Sales of Lion Micro compound RF chips increased significantly. Last year, the business's operating revenue increased nearly 1.71 times year-on-year to 137 million yuan, with sales of 17900 pieces, a 1.41-fold increase over the same period last year, reaching a record high. Sales reached 9000 in the first quarter of this year, a year-on-year increase of nearly four times.

Lion micro executives told the Securities Times that the company's compound RF chip products benefited from a complete breakthrough in product technology, customer verification was smooth, and the progress of RF chip verification basically covered domestic mainstream mobile phone chip design customers. domestic replacement acceleration; multi-specification, small batch, multi-purpose, high value-added special-purpose products continue to release, low-orbit satellite customers have passed the verification and began to ship in large quantities.

Reverse trend expansion of silicon wafer production capacity

Despite the decline in the price of silicon wafers, the relevant listed companies have increased their R & D investment and maintained the pace of capacity expansion. Last year, the R & D expenditure of the Shanghai silicon industry was 222 million yuan, accounting for 6.96% of the operating income, and the R & D investment was further increased in the first quarter of this year.

Qiu Ciyun said that as of the end of last year, 300mm, Shanghai Silicon Industry subsidiary Shanghai New.

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