Just now, SMIC has landed on the Science and Technology Innovation Board!

On the 29th, the Shanghai Stock Exchange disclosed the list of newly accepted companies for listing on the Science and Technology Innovation Board, including China Micro Semiconductor Equipment (Shanghai) Co., Ltd. The following is Founder Electronics' analysis report on China Micro Semiconductor Equipment (Shanghai) Co., Ltd., Chief Analyst Lan Fei, Analyst He Maofei, thank you for sharing!

1. Company Introduction

The company's products are mainly divided into two categories: etching equipment and MOCVD equipment. Etching equipment is used in integrated circuits, LED chips, MEMS, etc. Plasma etching equipment includes capacitive plasma etching equipment (CCP, Capacitively Coupled Plasma) and inductive plasma etching equipment (ICP, Inductively Coupled Plasma). Capacitive plasma etching equipment is mainly used to etch dielectric materials such as oxides and nitrides that have high hardness and require high-energy ion reaction etching. Inductive plasma etching equipment is mainly used to etch materials such as single crystal silicon and polycrystalline silicon.

Etching equipment has gone through three generations of product iterations. Since its establishment in 2004, AMEC has first started to develop the CCP etching equipment Primo D-RIE for VHF decoupling. So far, it has successfully developed three generations of etching products, including dual-reactor Primo D-RIE, dual-reactor Primo AD-RIE and single-reactor Primo AD-RIE, covering many etching applications with key dimensions of 65 nanometers, 45 nanometers, 32 nanometers, 28 nanometers, 22 nanometers, 14 nanometers, 7 nanometers to 5 nanometers. AMEC began to develop ICP etching equipment in 2012. So far, it has successfully developed the single-reactor Primo nanova etching equipment and started to develop dual-reactor ICP etching equipment. The company's ICP etching equipment mainly covers etching applications with key dimensions of 14 nanometers, 7 nanometers to 5 nanometers. AMEC has also successfully developed inductive deep silicon etching equipment in response to the needs of the development of integrated circuit advanced packaging and MEMS sensor industries.

The company has developed three generations of MOCVD equipment. In terms of thin film deposition equipment, the company has been developing MOCVD equipment, the most critical equipment for LED epitaxial wafer processing, since 2010. The company has developed three generations of MOCVD equipment, which can be used for processing blue-green LEDs, power devices, etc., including: the first-generation equipment Prismo D-Blue, the second-generation equipment Prismo A7, and the third-generation 30-inch large-size equipment under development.

In the logic IC process, the company's etching equipment has been used in TSMC's production line and is used for the processing of several key steps in 7-nanometer devices. At the same time, the company develops 5-nanometer and more advanced etching equipment and processes based on the needs of advanced integrated circuit manufacturers. In the 3D NAND chip manufacturing process, the company's capacitive plasma etching equipment technology can be applied to 64-layer mass production. At the same time, the company is developing 96-layer and more advanced etching equipment and processes based on the needs of memory manufacturers.

The company's MOCVD equipment Prismo D-Blue and Prismo A7 can achieve the processing capacity of 14 4-inch epitaxial wafers per chamber and 34 4-inch epitaxial wafers per chamber respectively. The company's Prismo A7 equipment has outstanding technical strength and has dominated the global GaN-based LED MOCVD market. The manufacture of red and yellow LEDs, ultraviolet LEDs, power devices, etc. requires MOCVD equipment, which needs further development. The display device revolution that Mini LED and Micro LED may bring about is pregnant with greater market opportunities.

The company's product development history:

The company's revenue structure:

The sales revenue of special equipment is as follows:

From 2016 to 2018, the company's main business gross profit margin was 42.52%, 38.59% and 35.50% respectively. The gross profit margins of the company's various product series are as follows:

Sales volume of AMEC:

major client:

公司每年前五名客户包括台积电、中芯国际、海力士、华力微电子、联华电子、长江存储、三安光电、华灿光电、乾照光电、璨扬光电等，以及前述客户同一控制下的关联企业。 2016 年、2017 年和 2018 年，公司向前五名客户合计销售额占当期销售总额的比例分别为 85.74%、74.52%和 60.55%。

The company's main customer groups:

Average sales price of the company's products:

The company has outstanding market competitiveness in the domestic etching equipment market. The recent order shares of etching equipment purchased by two well-known domestic memory chip manufacturers are as follows:

2017 年以前 MOCVD 设备主要由维易科和爱思强两家国际厂商垄断。2017年以来公司的MOCVD设备逐步打破上述企业的垄断。根据IHS Markit的统计，2018 年公司在全球氮化镓基 LED MOCVD 设备市场占据主导地位。 公司自主研发的 MOCVD 设备已被三安光电、华灿光电、乾照光电等多家一流 LED 制造厂商大批量采购。

Main suppliers:

The company's top five suppliers each year include Supercolin Microelectronics Equipment (Shanghai) Co., Ltd., ADMAP INC., Wanji Instrument (Shanghai) Co., Ltd., Jingjiang Pioneer Semiconductor Technology Co., Ltd., Angkun Vision (Beijing) Technology Co., Ltd., Antai Technology Co., Ltd., Shinko Electric Industries, Pearl Kogyo, Rorze Corporation, etc. In 2016, 2017 and 2018, the total purchase amount of the company's top five suppliers accounted for 31.29%, 35.07% and 34.63% of the total purchase amount in the current period, respectively.

The company insists on high R&D investment:

Investment of raised funds:

2. Industry Competition Landscape

The main competitors of etching equipment are Applied Materials, Lam Research, and Tokyo Electron. The main competitors of MOCVD equipment are VEECO and Aixtron.

The company's main competitors:

In 2017, the global semiconductor equipment market size was US$56.6 billion, of which etching equipment accounted for approximately 24%, and the etching equipment market size was approximately US$13.58 billion.

In the etching field, Lam Research occupies half of the etching equipment market share. Lam Research's market share in the etching equipment industry increased from about 45% in 2012 to about 55% in 2017, mainly replacing Tokyo Electron's market share. Tokyo Electron, which ranked second, saw its market share drop from 30% in 2012 to 20% in 2017. Applied Materials ranked third, accounting for about 19% of the market share in 2017. The top three companies accounted for 94% of the total etching equipment market share in 2017, with a high degree of industry concentration and obvious technical barriers.

According to data from Gaogong LED, the number of MOCVD equipment in China increased from 1,222 to 1,718 from 2015 to 2017, with an average annual compound growth rate of 18%. According to statistics from LED inside, China has become the world's largest demand market for MOCVD equipment, with MOCVD equipment accounting for more than 40% of the world's total.

3. Company Financial Data

Balance Sheet:

Today's Core News Robot Civilization