20180802-广发证券_香港_-A-Share_Semiconductor_Sector_Domestic_semiconductor_equipment_names_to_see_a_breakthrough_5页_675kb

报告摘要

A-Share Semiconductor Sector Summary

Core Content

The document provides an analysis of the A-Share semiconductor equipment sector, highlighting the progress of new production sites in China and the opportunities for domestic equipment manufacturers. It outlines key investment highlights, sector ratings, and the performance of specific companies within the semiconductor equipment industry.

Main Points

New Production Sites in China: As of end-June 2018, 19 wafer factories (both 8-inch and 12-inch) are under construction in China, with a total investment of Rmb871.6bn. These include projects by major companies such as Semiconductor Manufacturing International (SMIC), Huali Semiconductor, Yangtze Memory Technology, Jinhua IC, and Hefei Changxin.
Progress of Projects: Most of the new production sites are on track for completion, and are expected to drive demand for semiconductor equipment. Notable projects include SMIC's Beijing and Shanghai factories, Unisplendour's Nanjing and Chengdu IC International Town, and Samsung's Xi'an factory.
Domestic Equipment Breakthroughs: Domestic equipment manufacturers are gaining traction in the semiconductor industry, particularly in core equipment segments such as deposition, etching, cleaning, and process control. They are also seeing growth in the ATE (Automatic Test Equipment) sector.
Market Share Growth: Domestic companies have increased their market share in several subsectors of the semiconductor equipment industry.
Investment Recommendations: The report recommends closely watching high-end IC manufacturing equipment leader NAURA (002371 CH), detection equipment leader Chang Chuan Technology (300604 CH), and cleaning equipment companies ACM Research (ACMR US) and PNC Process Systems (603690 CH).
Sector Performance Outlook: The semiconductor equipment sector is expected to outperform the benchmark (Hong Kong Hang Seng Index) over the next 12 months, with a positive rating.

Key Information

Investment Highlights: The construction of wafer factories in China has reached a peak, and domestic companies are experiencing breakthroughs as the sector matures.
Risks: Potential risks include lower-than-expected investment in wafer production, changes in the sector's cyclical pattern, and sales not meeting expectations.
Figure 1: Illustrates the wafer plant construction process.
Figure 2: Shows the 2011 global semiconductor equipment share by segment.
Figure 3: Lists projects under construction as of end-June 2018, including details on production lines, wafer size, technology, investment, and production capacity.
Figure 4: Provides a ranking of the top 10 IC equipment manufacturers in 2017, including their revenue, growth, and key sectors.

Analyst Certification

The research analyst(s) certifies that the views expressed in the report accurately reflect their personal views on the companies or securities covered.
No part of their remuneration was directly or indirectly linked to specific recommendations or views in the report.

Disclosure of Interests

GF Securities (Hong Kong) and its affiliated companies do not hold shares in the securities mentioned.
There are no investment banking relationships with the companies in the past 12 months.
Analysts and their associates do not serve as officers of the companies and have no financial interests in the securities mentioned.

Disclaimer

This report is for informational purposes only and does not constitute an offer to buy or sell securities.
It is intended solely for use by clients of GF Securities (Hong Kong).
The report may not be allowed to be sold in certain jurisdictions.
GF Securities (Hong Kong) accepts no liability for losses arising from the use of the report.
Investments involve risks, and the price of securities may fluctuate, leading to varied returns.
The report does not consider the specific investment objectives, financial situation, or needs of any individual.

Copyright

The document is copyrighted by GF Securities (Hong Kong) Brokerage Limited.
No part of the materials may be copied, reproduced, or re-disseminated without prior written consent.

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