The most important sub-sector of the semiconductor industry is integrated circuit (IC), which accounts for over 80% of the revenues of the semiconductor industry. In 2016, the sales of China's IC industry reached CNY 433.55 billion, increasing by 20.1% YOY. Within the industry, the design sector kept with fast growth, achieving sales of CNY 164.43 billion, a 24.1% increase YOY; driven by the chip production at full capacity or expanded capacity, the manufacturing sector continued to grow rapidly by 25.1% to CNY 112.69 billion; the sales of the encapsulation and testing sector was CNY 156.43 billion, increasing by 13% YOY. Although China has become one of the major markets of semiconductor in the world, China's semiconductor industry is still underdeveloped and needs to import more than USD 100 billion IC per year.
In 2016, global sales value of semiconductor manufacturing equipment was over USD 40 billion, a 10% increase over 2015. Semiconductor manufacturing equipment mainly refers to equipment used in wafer processing, encapsulation, testing and others. Demand for semiconductor equipment from mainland China, Taiwan, Europe and South Korea has been rising while that from North America and Japan is shrinking. In 2016, the size of the equipment market in China exceeded USD 5 billion, accounting for 10% of the global market. China's semiconductor manufacturing equipment is quite underdeveloped. Mid to high-end markets are almost entirely monopolized by imported products. Chinese manufacturers are in large numbers with low concentration rate.
The author expects that in the next few years, China's electronics manufacturing industry will keep growing, the demand from which will benefit the semiconductor industry.
This report analyzes 39 semiconductor product and equipment manufacturers listed in A-share market in China.
The report is composed of two parts: the first part is enterprise profiles and the second part is the operation status of these enterprises in the recent decade (presently 2006 to 2016, we will update it to the latest as time goes by).
The operation status is demonstrated from the following perspectives: (1) Financial Indexes, such as earnings per share, book value per share (BPS), sales per share, net cash flow per share, return on net worth and debt to asset ratio; (2) indexes on the income statement, such as revenue, operating profit, net profit and EBIT; (3) indexes on the income statement, such as revenue, operating profit, net profit and EBIT; (4) indexes on the balance sheet, such as liquid asset, fixed asset, current liability, non-current liability, capital reserve and shareholders' equity.
- Earnings per Share
- Book Value per Share (BPS)
- Sales per Share (SPS)
- Net Cash Flow per Share from Operations
- Net Cash Flow per Share (CNY)
- Return on Net Worth
- Net Profit Margin on Total Assets
- Return on Invested Capital (ROIC) (%)
- Gross Profit Margin on Sales (%)
- Net Profit Margin on Sales (%)
- EBIT Margin (%)
- EBITDA Margin (%)
- Debt to Asset Ratio (%)
- Total Asset Turnover (times)
- Cash/Operating Income Received from Sales of Goods or Services
- YOY Growth Rate of Operating Revenue (%)
- YOY Growth Rate of Operating Profit (%)
- YOY Growth Rate of Net Profit Attributable to Shareholders of Parent Company (%)
- Gross Revenue (CNY, million)
- Total Operating Costs (CNY, million)
- Revenue (CNY, million)
- Operating Profit (CNY, million)
- Total Profit (CNY, million)
- Net Profit (CNY, million)
- Net Profit Attributable to Shareholders of Parent Company (CNY, million)
- Non-recurring Items (CNY, million)
- Net Profit Deducting Non-recurring Items (CNY, million)
- R&D Costs (CNY, million)
- Earnings Before Interest and Tax (EBIT) (CNY, million)
- Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) (CNY, million)
- Liquid Asset (CNY, million)
- Fixed Asset (CNY, million)
- Long-term Equity Investment
- Total Assets (CNY, million)
- Liquid Liability (CNY, million)
- Non-current Liability (CNY, million)
- Total Liability (CNY, million)
- Capital Reserve (CNY, million)
- Surplus Reserve (CNY, million)
- Undistributed Profit (CNY, million)
- Shareholders' Equity (CNY, million)
- Equity Attributable to Shareholders of Parent Company (CNY, million)
- Cash Received from Sales of Goods and Services (CNY, million)
- Cash Flow from Operations (CNY, million)
- Cash Paid to Purchase Fixed Assets, Intangible Assets and Other Long-term Assets (CNY, million)
- Cash Paid for Investments (CNY, million)
- Cash Flow from Investments (CNY, million)
- Cash Received from Investors (CNY, million)
- Cash Received from Borrowings (CNY, million)
- Cash Flow from Financing (CNY, million)
- Net Increase of Cash and Cash Equivalents (CNY, million)
- Cash and Cash Equivalents, End of Period (CNY, million)
- Depreciation and Amortization (CNY, million)
- Suzhou Good-Ark Electronics Co., Ltd. (002079.SZ)
- Tianjin Zhonghuan Semiconductor Co., Ltd. (002129.SZ)
- Tongfu Microelectronics Co., Ltd. (002156.SZ)
- Tianshui Huatian Technology Co., Ltd. (002185.SZ)
- NAURA Technology Group Co., Ltd. (002371.SZ)
- Kingsun Optoelectronic Co., Ltd. (002638.SZ)
- Valiant Co., Ltd. (002643.SZ)
- Shenzhen Mason Technologies Co., Ltd. (002654.SZ)
- Ocean'S King Lighting Science & Technology Co., Ltd. (002724.SZ)
- Shenzhen Center Power Tech Co., Ltd. (002733.SZ)
- MLS Co., Ltd. (002745.SZ)
- Jiangsu Huasheng Tianlong Photoeletric Co., Ltd. (300029.SZ)
- Tech Semiconductors Co., Ltd. (300046.SZ)
- Zhuhai Orbita Control Engineering Co., Ltd. (300053.SZ)
- Nationz Technologies Inc. (300077.SZ)
- Xiamen Changelight Co., Ltd. (300102.SZ)
- Zhejiang Sunflower Light Energy Science & Technology Co., Ltd. (300111.SZ)
- Ledman Optoelectronic Co., Ltd. (300162.SZ)
- Hongli Zhihui Group Co., Ltd. (300219.SZ)
- Ingenic Semiconductor Inc. (300223.SZ)
- Leyard Optoelectronic Co., Ltd. (300296.SZ)
- Shenzhen Changfang Group Co., Ltd. (300301.SZ)
- Shenzhen Jufei Optoelectronics Co., Ltd. (300303.SZ)
- Zhejiang Jingsheng Mechanical & Electrical Co., Ltd. (300316.SZ)
- Shenzhen Microgate Technology Co., Ltd. (300319.SZ)
- Jiangmen Kanhoo Industry Co., Ltd. (300340.SZ)
- Jiangsu Nata Opto-electronic Material Co., Ltd. (300346.SZ)
- Hubei Feilihua Quartz Glass Co., Ltd. (300395.SZ)
- Ningbo Exciton Technology Co., Ltd. (300566.SZ)
- Jiangsu Jiejie Microelectronics Co., Ltd. (300623.SZ)
- Guangdong PAK Corporation Co., Ltd. (300625.SZ)
- Shanghai Aerospace Automobile Electromechanical Co., Ltd. (600151.SH)
- Shanghai Belling Corp., Ltd. (600171.SH)
- Grinm Advanced Materials Co., Ltd. (600206.SH)
- Jilin Sino-Microelectronics Co., Ltd. (600360.SH)
- Hangzhou Silan Microelectronics Co., Ltd. (600460.SH)
- Jiangsu Changjiang Electronics Technology Co., Ltd. (600584.SH)
- China Wafer Level CSP Co., Ltd. (603005.SH)
- Gigadevice Semiconductor (Beijing) Inc. (603986.SH)
Background research defines the range of products and industries, which proposes the key points of the research. Proper classification will help clients understand the industry and products in the report.
Secondhand material research is a necessary way to push the project into fast progress. The analyst always chooses the data source carefully. Most secondhand data they quote is sourced from an authority in a specific industry or public data source from governments, industrial associations, etc. For some new or niche fields, they also "double-check" data sources and logics before they show them to clients.
Primary research is the key to solve questions, which largely influence the research outputs. The analyst may use methods like mathematics, logical reasoning, scenario thinking, to confirm key data and make the data credible.
The data model is an important analysis method. Calculating through data models with different factors weights can guarantee the outputs objective.
The analyst optimizes the following methods and steps in executing research projects and also forms many special information gathering and processing methods.
1. Analyze the life cycle of the industry to understand the development phase and space.
2. Grasp the key indexes evaluating the market to position clients in the market and formulate development plans
3. Economic, political, social and cultural factors
4. Competitors like a mirror that reflects the overall market and also market differences.
5. Inside and outside the industry, upstream and downstream of the industry chain, show inner competitions
6. Proper estimation of the future is good guidance for strategic planning.