Review of the past decade, the semiconductor industry R & D investment continued to grow, R & D expenses accounted for the proportion of revenue and the United States gradually narrow the gap between the average annual R & D expenses of A-share semiconductor companies increased from 15.7 million yuan in 2007 to 159 million yuan in 2016, The share of revenue increased from 2.8% to 8.17%, higher than the share of R & D revenue of 5% of international technology companies, which is gradually narrowing compared with the proportion of the United States of more than 10% in the global market. Revenue volume, such as Intel R & D annual investment of 100 billion US dollars, from the absolute value of R & D investment in the country still need continued large-scale investment.
With the rise of the domestic smart phone industry and global electronics manufacturing industry to the mainland, the domestic semiconductor industry entered a golden stage of development.Accumulated by the macroeconomic recovery and the low base in 2009, the average revenue and the average net return of individual stocks in the semiconductor sector in 2010 increased year-on-year Speed peak, and then drop back to bottom in 2011, and opened up a new round of upward growth in 2011-2016 A-share semiconductor stocks average revenue continued to grow, year-on-year growth accelerated upward trend in the A-share semiconductor segment, the stock The average closing price increased from RMB 562 million in 2007 to RMB 1,951 million in 2016 with a CAGR of 14.84%. The median revenue of individual stocks increased from RMB 469 million in 2007 to RMB 1,005 million in 2016, with a CAGR of 9.78% .
From 2011 to 2016, the average net return of individual stocks of A-shares continued to expand, showing an upward trend year-on-year growth rate. In the A-share semiconductor segment, the average net return of individual stocks increased from RMB49.2999 million in 2007 to 1.38 100 million yuan, CAGR was 12.10%, net profit attributable to shareholders of the net increase from 32.5637 million yuan in 2007 to 98.5494 million yuan in 2016, CAGR was 13.09%.
From the perspective of gross profit margin and net profit margin, the gross profit margin of A-share semiconductor segments remained above 20% and the net profit margin was 6.5% ~ 11.6% from 2007 to 2016. IC products are being reduced every year due to the influence of Moore's Law, Continuous introduction of new products, research and development of new technologies, new processes, in order to maintain a more stable gross margin.
According to the incomplete statistics of the micro-grid, there are over 20 IC design companies listed in the market, 70 A-share listed companies in semiconductor and component industry, semiconductor and mobile phone industry chain companies ushered in an unprecedented active.With SMIC, IC concept stocks represented by Violet Guoxin, Siu Yi Innovation, Vail, Silan Micro, Jing Jiawei, Guoke Micro, Beijing Junzheng, Weiteng Technology, Changdian Technology and Tongfu Microelectronics have been formed, The reason why IC stocks are stronger, is the result of many factors resonance.China IC concept stocks have been formed and will gradually grow, if the past five years is the growth of China's mobile phone concept stocks five years, I believe the next five to ten years IC concept stocks will usher in a huge outbreak cycle.
According to the "Outline of National IC Industry Development," the industry growth rate of more than 20% of the request, Huatai Securities, China's semiconductor industry is expected to scale by 2020 will reach 143 billion US dollars, 2015-2020 compound growth rate over 20%, far higher than the global An average of 3% -5% growth.From the A-share development potential of various industries horizontal comparison, A-share technology star of the future will be born in the electronics field.
Huatai Securities believes that the IC concept stocks will nurture the next "Samsung" rather than "FAAMG" (Facebook, Apple, Amazon, Microsoft and Google) .This is due to three reasons: First, the existing market capital markets in China System and distribution system more consider the characteristics of traditional enterprises, the domestic blue-chip Internet technology mostly in overseas markets, China's FAAMG shares in the stock rather than A shares.Secondly, China stocks BAT has formed a barrier advantage, A shares of the Internet Finally, draw on successful cases of countries like Japan and South Korea relying on government support to complete high-tech industry relocation, the domestic semiconductor industry is vigorously developed.With the development of Internet of Things and automotive electronics will bring huge emerging market demand, domestic The world's largest downstream demand and processing market, relying on government policy support, mainland China will be the fastest growing semiconductor industry in the next 10 years.