公司/行业动态 TMT行业动态 – 中国半导体行业全景图 分析员: 布家杰, CFA; 电话: (852) 3698 6318; [email protected]; 蒋骥昊 电话:(852)3698 6321; [email protected]

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公司/行业动态 TMT行业动态 – 中国半导体行业全景图 分析员: 布家杰, CFA; 电话: (852) 3698 6318; Markpo@Chinastock.Com.Hk; 蒋骥昊 电话:(852)3698 6321; Markjiang@Chinastock.Com.Hk 2018年2月9日 公司/行业动态 TMT行业动态 – 中国半导体行业全景图 分析员: 布家杰, CFA; 电话: (852) 3698 6318; [email protected]; 蒋骥昊 电话:(852)3698 6321; [email protected] 虽然中国半导体公司需要时间来收窄与国际大型厂商的差距,但一些本土公司继续以惊人的速度增长,2016年整体市场规模同比增长9.2%至1,659亿美 元。半导体产业的增长主要是受到5G、智能手机、物联网、AR/VR、汽车电子和高性能个人电脑的发展所推动。总的来说,中国的半导体行业可分为三 个分部:a)上游,主要从事半导体设计;b)中游,主要从事半导体生产;c)下游公司,主要从事包装和测试。由于香港大部分上市公司都以半导体 生产为重点,而投资者对其他半导体相关市场(如无晶圆厂、测试和封装)越来越感兴趣,因此我们总结了中国的半导体产业链和主要参与者。我们也 探讨了一些政府的支持政策、国家集成电路产业投资基金作出的投资,以及其目标地区和公司。 投资亮点 由于半导体产品需求增加,加上自给率低,中国政府正在积极推动本土半导体产业价值链的发展,以减少对海外公司的依赖。 国家集成电路产业投资基金已投资超过653亿元人民币在本土半导体公司,并有可能以更大的资金规模筹备第二期投资,重点是集成电路设计公 司。 半导体产业概述:中国在全球半导体产业中的份额不断增长,并且变得越来越重要。在无晶圆厂市场,企业数目从2011年的534家增加到2016年的1362 家,五年的年均复合增长率为20%。集成电路设计市场的销售额由2004年的82亿元人民币增加至2016年的1,644亿元人民币,年均复合增长率达 28.5%。在集成电路生产方面,中国集成电路生产企业的总销售额由2004年的181亿元人民币增加至2016年的1,127亿元人民币,复合年增长率为 16.5%。在OSAT市场,2016年的总销售额为1,564亿元人民币,高于2014年的1,286亿元人民币,复合年增长率为15.3%。比较这三大市场,我们发现自 2011年以来,无晶圆厂市场的增长最快,集成电路生产的增速排名第二,而OSAT市场的增长则最慢。在2017年第三季,中国半导体产业的IC设计、生产 和封装测试市场的份额分别为37.7%、26%和35.5%,反映集成电路生产的占比远远低于世界平均水平(3:4:3)。中国半导体消费增速连续第六年 超过全球半导体市场的增速,而集成电路在2016年的贸易逆差为1,657亿美元。总体而言,集成电路市场是最主要的产品领域,在2016年占整个半导体 产业链的81%。完整的半导体产业链涉及几十个工艺过程,可以大致分为三类:a)设计;b)生产;c)封装和测试,以及IC设备制造、生产关键材料 等相关配套产业。 上游 - 无晶圆厂公司:近年来,在智能手机应用处理器市场以及一些独特的芯片市场(如CMOS图像传感器(CIS)和指纹集成电路),中国的无晶圆 厂厂商的市场份额不断增加。中国的IC设计市场自2016年以来经历了快速增长。预计2017年中国IC设计市场的总销售额将达到2006亿元人民币,同比增 长约22.0%,主要受到以下因素推动:a)许多领域对半导体产品需求增加,像智能手机、5G和NB-IoT;b)政府增加资金投入;c)正面的政府政策鼓 励IC设计本土化。在开发更先进的产品方面,中国的IC设计行业不断取得进展。例如,海思在其高端手机型号中采用了10nm技术。但由于技术壁垒较 高,初期投资较大,本土IC设计公司与海外厂商之间仍存在差距,高端IC设计的产能尚未能满足国内需求,主要产品都主要集中在中端和低端市场。 中国主要的无晶圆厂公司 海思是一家位于深圳的中国无晶圆半导体厂商,由华为全资拥有。该公司主要开发和生产基于ARM处理器的片上系统(SoC)。目前,海思是中国最 大的IC设计公司之一。2016年,其总收入为260亿元人民币,其总收入约90%来自华为。 比特大陆是一家私营公司,主要使用其ASIC芯片技术开发和销售比特币矿机。该公司还经营Antpool,其是世界上最大的比特币矿业集团之一。 展讯锐迪科公司是紫光集团旗下的移动设计子公司,今年将推出5G智能手机芯片。2016年公司总收入为125亿元人民币,2016年在中国十大IC设计公 司之中排名第二。 中兴微电子是中兴通讯(763.HK)的子公司,主要从事通信芯片组的IC设计和验证技术。目前,它正在聚焦于NB-IoT和5G网络的芯片组市场。 紫光国芯[002049.CH]是国内半导体行业最大的上市集成电路设计公司之一。公司主要集中于开发智能卡芯片、特种工业集成电路、现场可编程门阵列 (FPGA)和存储器芯片。2016年,公司总销售额为14亿元人民币,同比增长13.5%,主要由IC需求增长所驱动。 汇顶科技[603160.CH]是中国市场规模最大的集成电路设计公司。该公司主要开发、生产和销售电容式触摸控制器芯片。2017年第三季,公司实现营业 收入9.103亿元人民币,同比增长263.1%。 中科曙光[603019.CH]主要提供信息技术服务。公司主要业务是研发和生产高性能计算机、存储及相关产品。在2017年第三季,公司实现营业收入38 亿元人民币,同比增长43.2%。 1 2018年2月9日 公司/行业动态 北京君正[300223.CH]是一家无晶圆厂技术公司,主要为中国的移动和片上系统应用设计嵌入式CPU产品。该公司提供智能物联网、智能视频、智能可 穿戴设备、应用处理器和CPU技术产品。公司2017年第三季营收为4,610万元人民币,同比上涨95.9%。 网宿科技[300077.CH]是一家中国公司,主要设计IC和芯片。该公司的主要产品包括安全存储芯片、可信计算芯片、移动支付芯片、通信接口芯片和射 频通信芯片。2017年第三季,公司实现收入1.811亿元人民币,同比增长49.4%。 盈方微[000670.CH]是一家IC设计公司,主要从事移动互联网终端应用处理器芯片的研发。2017年第三季,公司总收入为4,330万元人民币,同比下降 37.9%。 兆易创新[603986.CH]主要在全球范围内设计、制造和销售NOR、NAND等闪存芯片和其他IC产品。2017年第三季,公司收入5.784亿元人民币,同比增 长47.0%。 中颖电子[300327.CH]主要设计和销售集成电路产品,并提供售后和技术服务。该公司的主要产品是微控制单元,可用于各种终端产品,如家用电器和 汽车电子。2017年第三季,公司实现总营业收入1.809亿元人民币,同比增长47.7%。 富瀚微[300613.CH]主要从事数字信号处理(DSP)芯片的研发和销售。公司的主要产品包括安防视频监控多媒体处理芯片和数字接口模块。在2017年 第三季,公司收入同比增长26.7%至1.259亿元人民币。 上海贝岭[600171.CH]从事电信和多媒体系统IC相关产品的设计、开发、生产和销售。该公司还生产硅芯片和其他电子组件。在2017年第三季,公司总 收入达到1.476亿元人民币,同比增长19.9%。 全志科技[300458.CH]是一家无晶圆厂设计公司,主要从事智能应用处理器片上系统和智能模拟IC产品。2017年第三季,公司总收入为3.148亿元人民 币,同比下降21.7%。 中电华大科技[00085.HK]主要从事电子产品和组件的设计、开发、生产和销售。该公司提供计算机和核心计算机部件、软件和系统集成、电信和消费 电子产品和服务。2017年上半年,公司实现收入6.881亿港元,同比增长5.5%。 晶门科技[2878.HK]主要从事IC产品和系统解决方案的设计、开发和销售。其产品包括消费电子产品,可穿戴设备、便携式设备和工业设备。 上海复旦[1385.HK]主要从事与IC有关的业务。该公司经营两项业务:a)IC产品的设计、开发和销售; b)IC产品的测试服务。 中游 – 代工厂。根据IC Insights的数据,预计今年中国纯晶圆代工厂的销售额将同比增长16%,达到约69.5亿美元,是整个纯晶圆代工市场同比增速 (7.5%)的两倍多。另外,中国的晶圆代工市场在2015年占全球纯晶圆代工市场的11%,2016年占12%,预计2017年占比达到13%。大多数纯晶圆代工 厂已计划在未来几年于中国设置或扩大集成电路生产线。例如,台积电、格罗方德和联电已宣布计划在中国增加晶圆产量。但由于技术壁垒高,加上初 期投资大,本土代工厂要赶上海外企业还需要时间。另外,中国晶圆生产业的自给率较低。2016年中国硅片产能仅占全球硅片产能的10.8%,而中国消 费量占全球消费量的33%左右。 中国的主要代工厂 中芯国际[981.HK]是中国业内拥有先进工艺技术的主要企业,也是中国国内晶圆消费量和采购上升的主要受益者之一。目前,该公司提供不同的代工 服务,范围从0.35微米到28纳米。我们相信中芯国际将成为中国代工厂本土化的主要受益者,因为它拥有中国所有代工厂中最先进的工艺技术。 华虹[1347.HK]主要从事半导体产品的生产和销售。公司的主要产品包括用于特殊应用、电子非易失性存储器(eNVM)和分立式电源的8英寸晶圆半导 体。 先进半导体[3355.HK]是主要制造和销售5英寸、6英寸和8英寸半导体晶圆的IC芯片制造商。 下游 - OSAT。中国的OSAT公司一直通过收购和合作伙伴关系来巩固产能并扩大其技术组合。此外,越来越多的海外无晶圆厂公司已经把订单从本土 OSAT提供商转移到中国公司,因为价格较佳。2016年,中国OSAT市场销售额为1,564亿元人民币,同比增长13%,主要是由于:a)中国对IC的需求增 加;b)长电科技[600584.CH]和华天科技等领先企业在过去几年里经历了快速的发展; c)市场正使用更多先进的封装和测试技术。根据 Yole Development的数据,自2015年以来,中国先进封装测试产能已经增长了30%以上,预计2019年12寸晶圆产能将达到3,600万片,同比增长38%;倒装芯 片和WL-CSP将是主要的增长动力。 2 2018年2月9日 公司/行业动态 主要的中国 OSAT 公司 长电科技[600584.CH]是一家专门从事半导体封装组装和测试的中国公司。公司提供各种解决方案,包括晶圆探针、封装设计、封装组装和测试分包。2017 年第三季,公司总收入达 65 亿元人民币,同比增长 12.1%。 华天科技[002185.CH]主要从事封装测试 IC 产品;该公司还提供 LED 产品。公司的封装测试产品包括双列直插式封装(DIP)系列、小外包封装(SOP)系 列、收缩型小外包封装(SSOP)系列、四方扁平封装(QFP)系列和小型封装离线晶体管(SOT)系列产品。2017 年第三季,公司实现营业收入 53 亿元人 民币,同比增长 33.5%。 通富微电[002156.CH]是一家专注于封装测试 IC 产品的中国公司。该公司提供各种解决方案,包括晶圆级、倒装芯片和球栅阵列。2017 年第三季,公司总 收入同比增长 28.1%至约 19 亿元人民币。 晶方科技[603005.CH]是一家主要从事有关传感器行业的封装和测试服务的中国公司。该公司的主要产品包括图像传感器芯片、环境光传感器芯片和 MEMS。 2017 年第三季,公司总收入为 1.443 亿元人民币,同比增长 28.8%,主要是由于国内对传感器需求增加所致。 其他支持行业 - 设备和原材料。半导体设备市场可以通过技术工艺分为四类: a)晶圆制造设备; b)包装设备; c)检测设备; d)其他设备。尽管中国 设备生产商仍需要时间来缩短与国际同业之间的技术差距,但整体设备行业在过去几年中经历了显着的增长。2017 年上半年,中国半导体设备销售额约为 37 亿元人民币,同比增长 27.6%,预计到 2017 年底将达到 77 亿元人民币。我们预计中国设备生产商将继续维持不俗的增长,因为 a)政策支持; b)本 土化趋势; c)政府资金支持。对于原材料生产商来说,主要材料包括硅、光刻胶等。硅片是生产半导体的关键材料。2016 年,硅片成本约占中国半导体 材料总成本的 39%。 主要设备供应商: ASM PACIFIC[522.HK]是全球半导体装配和 SMT 设备的领先供应商。公司的核心业务包括三大部分: a)后端设备; b)SMT 解决方案; c)材料。2017 年 第三季,公司营收达到 17 亿美元,同比增长 23.9%。 北方华创[002371.CH]主要从事电子工艺设备及精密电子组件的研发、制造及分销,并提供相关技术服务。该公司的主要产品包括蚀刻设备、PVD 和 CVD 设 备以及清洁设备。2017 年第三季,公司实现营业收入 5.044 亿元人民币,同比增长约 50.0%。 槟杰科达[1665.HK]是位于马来西亚的公司,也是 Pentamaster Corporation Berhad(PENT.MK)分拆而来的公司。槟杰科达主要从事半导体、电信、汽车和 消费电子领域的自动化技术和解决方案。 精测电子[300567.CH]主要制造显示器测试设备。2017 年第三季,公司实现收入 2.093 亿元人民币,同比增长 74.1%。 大族激光[002008.CH]主要从事激光加工设备的研发、生产和销售。公司提供激光雕刻/打标/蚀刻、激光焊接,激光切割、次表面雕刻、激光显示产品以及 其他机型。2017 年第三季,公司实现收入 33.785 亿元人民币,同比增长 81.0%。 ACM Research [ACMR.US]是一家美国公司,主要从事湿式加工技术和半导体产品的开发。该公司专门从事 IC 制造和晶圆级封装的一系列应用设备,同时专 注于半导体器件的清洁技术。 主要材料供应商 晶盛机电[300316.CH]主要从事晶体硅生长设备的研发、制造和销售。该公司的主要产品包括自动单晶生长炉、多晶硅铸锭炉和蓝宝石晶体炉。2017 年第三 季,公司总收入为 4.486 亿元人民币,同比增长 80.1%。 上海新阳[300236.CH]主要从事半导体行业的晶圆加工、封装和后包装处理。其主要产品包括传统半导体封装、半导体制造和先进封装,以及航天飞机电子 组件化学材料。2017 年第三季,公司总收入为 1.319 亿元人民币,同比增长 9.0%。 有研新材[600206.CH]主要从事稀土产品、高和超纯金属以及光电子材料的设计、生产和销售。公司还从事光电材料、红外光学/光纤材料和医疗器械材料 的研发、生产和销售。2017 年第三季,公司实现营业总收入 10.246 亿元人民币,同比下降 25%。 上海新阳[300236.CH]为半导体行业用的电子化学材料提供服务。该公司还提供电子清洁和电子电镀核心技术。2017 年第三季,公司实现营业总收入 1.319 亿元人民币,同比增长 9.0%。 深南电路[002916.CH]从事高端印制电路板(PCB)、高密度多层封装基板的研发和生产,另从事电子组装。 江丰电子[300666.CH]主要从事超高纯度金属材料及超大规模集成电路芯片生产行业用的溅射靶材的制造及销售。2017 年第三季,公司总收入达到 1.388 亿 元人民币,同比增长 23.2%。 3 2018年2月9日 公司/行业动态 其他相关公司 欧比特[300053.CH]主要生产航空航天芯片、嵌入式总线控制器芯片、嵌入式模块、集成电路、嵌入式智能平台等产品。2017年第三季,公司实现营业收 入1.546亿元人民币,同比增长19.9%。 圣邦股份[300661.CH]主要在中国生产和销售半导体产品。该公司专门从事模拟和混合信号IC设计、LED闪光灯、多彩呼吸灯、高速低功率比较器、电源 管理IC等产品。2017年第三季,公司实现营业收入1.445亿元人民币,同比增长20.7%。 国科微[300672.CH]是中国的芯片制造商。该公司生产解码、高清晰度、高端音频、固态存储控制和安全监控相关的芯片。2017年第三季,公司实现总收 入5,840万元人民币,同比增长147.7%。 润欣科技团[300493.CH]从事通信行业半导体芯片的研发和生产。它为消费电子、工业、医疗、移动通信和汽车应用提供传感器、传感器接口、电源管理 和无线IC产品。2017年第三季,公司收入同比增长18.3%至5.119亿元人民币。 国家集成电路产业投资基金持续投资:半导体产业是资金密集型产业,需要大量的资金支持,特别是在行业发展初期,企业难以承担初期投资费用。例 如,建设12英寸晶圆生产线的成本约为50亿美元。截至2017年9月底,国家集成电路产业投资基金在投资的第一阶段已投入653亿元人民币于本土半导体 行业,重点多放在半导体生产行业,占总投资的65.0%。集成电路设计占总投资的7.0%左右,成为第二大板块。目前,国家集成电路产业投资基金已投 资了许多公司,包括UNIS集团、中兴微电子、深圳市汇顶科技股份有限公司和珠海艾帕克微电子等集成电路设计公司;中芯国际、长江存储科技、上海 华力微电子等生产企业;以及长电科技、华天科技等封装测试公司。据业内消息,国家集成电路产业投资基金正在筹备第二轮投资,金额可能会更大, 而且组合会有所不同。预计二期投资规模将在1,500亿元至2000亿元人民币之间,集成电路设计的投资比例将上升至20%至25%。 图1: IC设计行业销售收入 图2: IC生产行业销售收入 来源: Wind, 中国银河国际证券研究部 来源: Wind, 中国银河国际证券研究部 图3: IC OSAT行业销售收入 图4: 中国IC市场 vs 中国IC生产 US$b China IC Market China IC production 160 140 120 100 80 60 40 20 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2020F 来源: Wind, 中国银河国际证券研究部 来源: SEMI, 中国银河国际证券研究部 4 Feb, 09, 2018 COMPANY / INDUSTRY NEWS TMT INDUSTRY UPDATE – Summary of China’s Semiconductor Industry Analyst: Mark Po, CFA; Tel: (852) 3698 6318; [email protected]; Mark JiangTel:(852)3698 6321; [email protected] Although it will still take time for China’s semiconductor companies to close the gap with global major players, some local companies continue to grow at a stag- gering speed, and the overall industry increased 9.2% YoY in 2016 to US$165.9bn. The growth of the semiconductor industry has been driven mainly by the devel- opment of 5G, smartphones, the IoT, AR/VR, automobile electronics, and high performance PCs. In general, China’s semiconductor industry can be grouped into three categories: a) upstream, which includes mainly design companies; b) midstream, which is manufacturing companies; and c) downstream companies, which focus mainly on packaging and testing. Since most listed companies in Hong Kong focus on manufacturing, and investors are becoming increasingly interested in other semiconductor-related markets, like fabless, and testing and packaging, we summarize the industry value chain and major players in China; we also highlight some government-supporting policies, the China IC Fund’s investments, and its target areas and companies. Investment Highlights Given increasing demand for semiconductor products and the low self-sufficiency rate, the Chinese government is actively promoting the local semiconduc- tor industry value chain to reduce dependence on overseas companies. The China IC Fund has invested over RMB65.3b in local semiconductor companies and is likely preparing the second phase of its investment with an even bigger fund size, focusing on IC design companies. Semiconductor industry overview: China’s share of the worldwide semiconductor industry is continuing to grow and is becoming significant. In the fabless mar- ket, the number of players increased from 534 in 2011 to 1362 in 2016, with a five year CARG of 20.6%. Sales in the IC design market increased from RMB8.2bn in 2004 to RMB164.4bn in
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