Single tide lower semiconductor semi -annual report "Binghuo Two Sky": The performance of the equipment links has risen, and there are chip companies to lose money

21st Century Business Herald reporter Zhang Sainan intern Huang Xiaoying Shanghai report

Under the single tide of the semiconductor industry, the industrial chain has significantly differentiated performance.

On July 11, the automobile electronics manufacturer Judo Electronics (600699.SH) issued the first half of the performance forecast, and it is expected to lose about 110 million yuan. In addition, semiconductor silicon material manufacturers Zhongjing Technology (003026.SZ) and Dagang Co., Ltd. (002077.SZ), which are mainly integrated circuit testing, have declined in the first half of the year.

For the reason, the company with a decline in performance mentioned the negative impact of epidemic, chip shortage, and rising raw material prices.

However, the semiconductor material supplier Lijiangwei (605358.SH) and the equipment supplier North Huachuang (002371.SZ) who released performance in the same period have grown against the trend. It is expected that the net profit in the first half of the year will increase by 132.09%-146.44%, 130%, respectively. -160%.

Although the semiconductor sector is shrouded in the haze of cutting single tide, the performance of some upstream links has boosted market confidence.

Plates have obvious performance differentiation

Recently, many companies have released semi -annual reports in the semiconductor sector, and many companies have continued their performance.

Lion Mira estimates that the net profit in the first half of the year would be 485 million yuan to 515 million yuan, a year-on-year increase of 132.09%-146.44%. Realizing non-net profit was 435 million to 475 million yuan, an increase of 136.59%-158.35%year-on-year.

Regarding the reasons for changes in performance, Li Angwei stated that the downstream demand driven by national policies, accelerated semiconductor replacement, and the rapid development of clean energy and new energy vehicles continued to increase. The demand is strong, the company's sales order is full, and the production and sales of major products have increased significantly.

Lion Wei is one of the most important local silicon wafers, and silicon wafers are the basic raw materials of wafer manufacturing. Its application fields are very wide, including communication, automobiles, consumer electronics, and photovoltaic industries.

The person in charge of the company's leading enterprise told reporters, "Compared to the adjustment of the needs of consumer electronics and cars, the demand for silicon wafers is closely related to the expansion of the wafer plant. With the continuous expansion of the upstream wafer fab Growth motivation still does not decrease. "

Another closely related link with wafer production is semiconductor equipment. Semiconductor equipment companies that have recently announced performance have shown the same growth momentum.

Northern Huacchuang expects that in the first half of the year, operating income achieved operating income of 5.052 billion yuan to 5.773 billion yuan, an increase of 40%-60%year-on-year; net profit attributable to 714 million yuan-807 million yuan, an increase of 130%-160%year-on-year; 596 million to 686 million yuan, an increase of 165%-205%year-on-year.

It said that in the first half of the year, due to the demand for downstream markets, the business of Electronic process equipment and electronic components in the northern Huacchuang technology was progressing well.

Our reporter previously reported that the erosion equipment leading China Micro Corporation (688012.SH) and semiconductor equipment parts manufacturer Xinlai Ying Materials (300260.SZ) in the first half of the year also achieved double growth and order growth was good. Relevant persons in Xinlai said to the 21st Century Economic Herald reporter that "the main driving force for performance growth is local alternatives. The company's full order is expected to last 4-6 months.

While the performance of upstream materials and equipment suppliers has bullish, the performance of the downstream automotive electronics manufacturers is unsatisfactory. Following the loss of 3.753 billion in 2021, the first half of the year will still be a loss. It is expected that the net profit is about -110 million yuan.

Junsheng Electronics said that since the second half of 2021, it has been affected by the global new crown epidemic, chip shortage, raw material prices and rising transportation costs, and the company's performance has suffered a lot.

Coincidentally, Dagang Co., Ltd. is expected to decline by 50.09%-58.41%, and Zhongjing Technology is expected to decline by 58.83%-65.69%. Among them, the main business of Dagang Co., Ltd. is the testing business of the integrated circuit packaging industry. It claims that due to the impact of the epidemic situation where the customer and the supply chain are located and the impact of the epidemic on the consumer market, the production and sales of related chips and packaging are not as expected. Zhongjing Technology mentioned the impact of rising procurement costs and decline in terminal demand.

Looking for a certain growth link

The lack of cores and price increases that lasted more than two years have made A shares a lot of semiconductor companies make a lot of money. Why does it have obvious performance differentiation at the moment?

It is not difficult to see from the performance of the above companies that the performance is not as good as expected to the terminal demand, and the materials and equipment links that are partially reaches have maintained a relatively stable growth.

For the reasons for the company's performance, on July 12, the 21st Century Economic Herald reporters called Judong Electronics as investors. Relevant personnel said, "From the third quarter of last year, the price of raw materials has increased, but this year The price of some raw materials upstream has fallen and is expected to return to the normal price, but we are still cautious about this aspect. Last year, the upstream price increases we did not transmit the affected customers who affect the downstream. Good feedback, some customers have agreed to compensate our situation (loss) last year through price increases or other forms. "

In other words, the chip companies with partial lower reaches are affected by the price increase of upstream materials, and on the other hand, they are affected by the current demand, which can be described as "two sides." For future performance expectations, Junsheng Electronics relevant personnel said that "currently affected by the international situation, the supply price is changing, and there are all kinds of news on the market, which is difficult to predict."

Judging from the current market supply and demand changes, the supply of chips for consumer electronics has been loose, and the prices of some products have fallen sharply, but the demand in the field of automobiles and industrial control is very strong. As a car electronics provider, in the case of the current car chip, the performance of Jun Sheng Electronics is indeed not enough to satisfy the market.

However, it is worth mentioning that although Jun Sheng Electronics's total performance in the first half of the year is still losing money, there are signs of heating in the second quarter, and the loss of 160 million yuan in the first quarter to the second quarter profit of 50 million yuan. In the first half of this year, nine institutions have evaluated its performance in 2022, predicting that the average net profit in 2022 was 824 million yuan.

Further study other industrial chain links, upstream materials and equipment are still considered to have growth opportunities.

In terms of material enterprises, in addition to Li Angwei, Dinglong (300054.SZ) and Anji Technology (688019.SH) also showed rapid growth. Dinglong shares reported that the preview of Dinglong Co., Ltd. showed that the net profit achieved net profit of 187 million yuan to 1.198 million yuan in the first half of the year, an increase of 93%-116%year-on-year, close to the net profit of last year (214 million yuan).

As of now, Northern Huaduang, Zhichun Technology (603690.SH), Xinlai Ying Materials, and Sino -Micro Corporation have increased significantly in the first half of this year. Combined with the research and judgment of multiple institutions, the equipment links in the second half of the year are expected to welcome the welcoming Come to the peak of order.

Taking Huacchuang north as an example, according to the statistics of Tianfeng Securities' latest bidding for domestic equipment manufacturers in May, in 2021, there are 161 equipment in the northern China Chuang. Most of the year of 2021 is more than half of the year, and the number of domestic equipment winning this year is expected to be further increased.

Some institutions believe that equipment is one of the best semiconductor semiconductor industry logic in the current semiconductor industry. The performance of local semiconductor equipment performance is more from the increase in market share, especially external sanctions. The performance of the equipment links is greater than the industry.

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