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1. Morgan Stanley: Seven positive blessing, next year, SMIC performed better;
Set micro-grid news, Morgan Stanley (Morgan Stanley) recently released a research report on SMIC, and SMIC stock rating as optimistic, until the price revised to 13.5 Hong Kong dollars is expected to focus on the layout of SMIC will include : Continued to catch up with advanced technology, the implementation of differentiation strategy, start the expansion of production capacity, cross-border integration of the post-test closure, etc. Morgan Stanley optimistic about the development of the next year based on the following seven factors:
1. Future growth is based on current capital / R & D expenditures: SMIC said its future strategy is to strike a balance between investment and profitability, which Morgan Stanley thinks may be a challenging task, but if SMIC slows down R & D speed, the future may miss the opportunity to become a leading foundry.So, although this year, SMIC's low capacity utilization, but it did not cut R & D funding in terms of capital expenditures, SMIC may slow down the use of advanced technology Joint venture business model, which will help reduce the capital expenditure burden, while ensuring that the technology migration route.The company aims to mass production of 14nm process by 2020.
Among the chip manufacturing capacity of SMIC, 44.795 million in the third quarter of 2017, an increase of 2.2% from the previous quarter. Capacity utilization was 84% in the third quarter of 2017, up from 97.2% in the same period of last year. This may be due to the rapid expansion of production capacity Of the factors in the expansion of production capacity, in addition to the inherent power, such as the strength of their own enterprises, capacity utilization rose, the proportion of customers in China has reached 50% of sales, the external pressure does make SMIC face continuous The need to expand production capacity, especially the need to shorten the gap with the capacity of international manufacturers, taking into account the upward trend of China's semiconductor industry sprint, SMIC must play a leading manufacturer of integrated circuits in China.
2. Through the temporary downturn: the decline in fingerprint business is one of the major reasons for lower capacity utilization this year, but orders are now back to SMIC one after another, is expected to a key fingerprint customers until the next quarter, the continuous growth of Core revenue is helping. NOR Flash is another area of rapid growth this year.
3. Strengthen the 28nm process: SMIC is expected to decline in the fourth quarter, while revenue contribution of 28nm ratio will increase.According to SMIC, its fourth quarter 28nm revenue ratio will exceed 10%, mainly from PolySION. The company acknowledges that it may be necessary to focus on the 28nm yield upgrade in 2018, though the technology is already meeting the production and performance needs of key customers and SMIC expects to accelerate HKMG production in the second half of 2018.
28nm and 40nm are SMIC's key products, but the company's 28nm HKMG process yield is less than expected, currently around 40%, but market analysts generally believe that the addition of Liang Mengsong will rapidly improve the 28nm process technology, and the company also In developing its own 14nm process technology, Leong Meng-song had a similar history at Samsung or could reverse SMIC's competitiveness.
4. Raise Funds for Mid-Term Growth and Investor Cooperation: On November 29, SMIC announced plans to issue equity and convertible bonds. If Datang and Grand Funds exercise their preemptive rights respectively, the total funds raised will reach 969 million U.S. dollars. The plan is to capitalize on these benefits for its mid-term business growth and to build a closer partnership with strategic investors such as Siu Yi Innovation, which currently has cash of about $ 1 billion and annual operating cash flow of $ 2 billion. Easy to innovate, large funds and Datang will subscribe together more than 70% of the funds.
At present, the completion of the situation, Siu Yi innovation invested 70 million US dollars to subscribe for shares, the Fund intends to subscribe for a total principal amount of 300 million US dollars of shares; and Datang subscribed the total principal of 200 million US dollars.
5. Dr. Leung Mengsong brought beyond the benefits of technology development: Liang Mengsong brought its expertise in the development of advanced technology, SMIC said it will help the smooth development of the company 14nm At the same time, Leung Meng-song in advanced Foundry experience will also strengthen the operation and management of the fab, improve the overall efficiency of the company.
6. Substitute industry consolidation: SMIC said it may take some time to see the integration of China's foundry industry, before the back-end technology oversupply However, SMIC believes its technology products and customer portfolio better than their Chinese counterparts. Mount's view is consistent, that from now to 2019, 28nm will not be oversupplied situation.
At present, there are 22 12-inch wafer fabs in China, of which 11 are under construction, 18 are fabs with 8-inch fabs and 5 are under construction. Some of these new fabs will enter mass production in 2018, in particular 2018 will be Therefore, it is estimated that the annual growth rate of China's OEM industry output will reach 19% in 2018, and the growth rate will still be maintained at a high growth rate.
7. About NOR Flash Market: SMIC is optimistic about the NOR Flash market next year as it has secured good pricing and irrevocable orders worth more than US $ 100 million. The profit margin is at the corporate average, better than the current 28nm margin.Mama view is NOR Flash prices will remain stable in the first half of next year.
In September, Siu Yi Innovation and SMIC signed about 1.2 billion yuan purchase strategic cooperation agreement.Background is based on the supply of silicon wafers this year is very tight, but the demand for NOR Flash chips continued to fall short of demand and toward innovation SMIC and the contract will be able to obtain a stable capacity guarantee, this time the subscription of SMIC shares placed in shares of SMIC, a symbol of cooperation between the two sides further, you can develop multi-level strategic cooperation and become more determined partners.
In addition, cross-border integration in the latter part of the IC packaging and testing, the current foundry manufacturers are required to cross-border to the packaging capabilities to 2.5D-3D integration, and this part of TSMC has been at the forefront, SMIC is even more unwilling to fall behind, has established a long-term science and technology joint venture in Jiangyin SMIC long.
Based on this, Morgan Stanley SMIC gave 13.5 Hong Kong dollars target price, of course, also faces several risks, including China's slowdown in demand; stock correction; serious price competition.
2. SMIC: National Grand Fund subscription of convertible securities up to 300 million US dollars;
集 微 网 訊息, December 15, SMIC Announces that in connection with the issue of the Placing Shares and the placing of the Perpetual Subordinated Convertible Securities, the subscription of the National Integrated Circuit Fund as a priority and the additional subscription of the National Integrated Circuit Fund, and Pursuant to the Datang Purchase Agreement, Datang has given notice to the Company informing it that it will exercise the relevant general mandate of the Company in connection with the issue of the Placing Shares, the placing of the Perpetual Subordinated Convertible Securities, the Subscription of the National Integrated Circuit Fund and the Additional Subscription of the National Integrated Circuit Fund The maximum entitlement is the quota to be derived under the Datang Purchase Agreement, of which the National IC Fund and Datang Subscription Convertible Securities together amount to a maximum of US $ 500 million.
It was disclosed that Datang has informed SMIC that it intends to subscribe for Datang Extra Perpetual Subordinated Convertible Securities and that the aggregate principal amount (in respect of the Datang Extra Perpetual Subordinated Convertible Securities and Datang Preferred Persistent Sub-Convertible Securities For securities) was $ 200 million.
National Integrated Circuit Fund has also notified SMIC of its intention to subscribe for additional Subordinated Subordinated Convertible Securities of the National Integrated Circuit Fund with a total principal amount of the aggregate principal amount of the principal of the National Integrated Circuit Fund Extraordinary Subordinated Convertible Securities and National Integrated Circuit Fund Perpetual subordinated convertible securities) up to 300 million US dollars.
Earlier, on November 28, SMIC successfully completed the IPO of new shares at a yield of 10.65 Hong Kong dollars per share (a discount rate of 4.9%), raising US $ 491 million (including preemptive shareholder subscription and open market issuance). At the same time, Converted share premium rate of 20%, the annual coupon rate of 2% The successful completion of subordinated perpetual convertible bond pricing issue, the company has 3 years after the share price of more than 130% of the mandatory repurchase rights to raise funds of 481 million US dollars Shareholder Preference, Over-subscription and Open Market Offering).
SMIC said the financing has been enthusiastic in the global capital markets and many well-known international investment institutions have actively participated in the subscription of shares and perpetual convertible bonds. The equity financing transaction set a number of firsts in overseas capital markets : This is the largest market in Hong Kong so far the simultaneous issuance of shares and stock related products, of which the issuance of shares is part of the Hong Kong Stock Exchange so far the largest technology stocks in the primary market, 4.9% of the additional discount is also the beginning of 2017 so far, the Hong Kong market At the same time, SMIC is also the only company in the past five years to issue non-negotiable bonds in the Asia-Pacific region with no coupon to reset the structured convertible bonds. The convertible bond coupon rate is by far the lowest in the entire Asia Pacific region.
The financing has been the main shareholder of SMIC's strong support, Datang Holdings, the National Integrated Circuit Industry Fund are actively involved in this round of financing, in the exercise of its preemptive basis, will be oversubscribed this issue Perpetual convertible bonds, fully reflects the major shareholder of SMIC strategic development support.
In addition, in connection with the issue of the Placing Shares and the placing of the Perpetual Subordinated Convertible Securities, the Datang Subscription, the Datang Subscription, the National IC Fund Subscription and the National IC Fund Subscription, as at the Announcement Date , Country Hill has not responded to the notice and Country Hill is deemed not to exercise its pre-emptive right to Country Hill Preferred Securities under the Country Hill Subscription Agreement.
3. North China received a subsidy of 10.16 million yuan from Zhongguancun Science Park;
Set micro-grid news, the North China Morning Post on December 15 notice, according to the relevant provisions of the company in line with Zhongguancun Science Park Electronic City Science Park Management Committee's support policy, December 13, 2017 received Zhongguancun Science Park Management Committee Into the '300mm alloy furnace applied in the field of integrated circuit equipment R & D projects' grant funds 10,160,000 yuan.
The company said the government subsidy received this time is expected to increase the company's total profit in 2017 by 10.16 million yuan.
On December 5, the first 12-inch Atomic Layer Deposition (ALD) equipment researched and developed independently by North China CRE Microelectronics, a subsidiary of North China CRE, entered the Shanghai IC R & D Center.
November 30, North China Huachuang subsidiary North China CRE Microelectronics independent research and development of 12-inch vertical oxidation furnace THEORISO302 into the Yangtze River storage production line, used in 3D NAND Flash process;
In an interview with more than 20 institutional investors, Northern China Research said that the investment in the IC manufacturing line is mainly determined by the scale of expansion. Taking the 12-inch IC manufacturing line as an example, Among them, 70% are equipment investment and 30% are capital investment. According to statistics, equipment accounted for 21% of the total investment in the machine, CVD equipment 15%, cleaning equipment 8%, PVD 5% and heat treatment equipment 3%.
North China record said that at present there are a number of integrated circuit manufacturers announced expansion plans, such as SMIC has announced the Shanghai monthly production of 70,000, Shenzhen, 40,000 per month, Tianjin, 100,000 per month expansion Plans, the Yangtze River Storage announced a total of 300,000 expansion plans, Huali Microelectronics also announced a monthly expansion of 40,000 expansion plans, the future the company will be based on the actual progress of construction, and actively fight for equipment orders.
As a major scientific and technological undertaking unit of China 02, North China Huacun has filled a number of gaps in the field of semiconductor equipment with profound technical accumulation and development. At present, North China Huasuang's 12-inch 28nm process etching machine, PVD, vertical oxidation furnace , Washing machine, LPCVD and other equipment have been in the initial stage of industrialization, related products have been delivered to customers, while 6 12-inch 14nm process equipment has been developed into the client process, its major customers for SMIC, Wuhan Xinxin, An Optoelectronics, Huacan Optoelectronics, BOE, Le Ye photovoltaic, solar and other solar Australia.
4. Hua Hong Semiconductor introduced 12-bit SAR ADC IP power ultra-low-power MCU platform
(BUSINESS WIRE) - Hua Hong Semiconductor Co., Ltd., the world's leading 200-mm pure foundry, today announced the release of its 0.11-micron Ultra-Low-Leakage (ULL) Embedded Flash (eFlash) State-of-the-art, ultra-low power, 12-bit SAR analog-to-digital converter (ADC) with its own design, the ADC IP is silicon proven and has up to 2MSPS Sampling rate and combines the excellent features of multi-channel, high precision, low power consumption and is ideally suited for high-performance microcontroller (MCU) products as well as various multivariate including IoT Application.
Relying on its outstanding R & D team and rich experience in IP design, Hua Hong Semiconductor is targeting the growing MCU market. In addition to embedded memory IP, Hua Hong Semiconductor has introduced RTC, BGR, LDO, PORI, PORE, RC OSC, LCD driver, And other series of analog IP. Among them, the ADC IP is a 12-bit resolution SAR ADC, monotonous transmission characteristics, no missing codes; IP area of only 0.2mm2, reducing the cost of the chip; available in the supply voltage of 1.8V to 5.5V, Temperature -40 ℃ to +125 ℃ in a wide range of stable work.
The 12-Bit SAR ADC IP features ultralow power consumption: 3.3V supply voltage and 3.5mW power consumption at 2MSPS sample rate; 1.8mW power consumption at 2MSPS at 2.0V supply voltage.
The 12-Bit SAR ADC IP has excellent dynamic performance with a signal-to-noise distortion ratio of 70dB over SNDR at a 3.3V sample rate at 2MSPS and a sample rate of up to 1.5MSPS at supply voltages as low as 1.8V. The signal noise is less distorted than the SNDR Is 69dB.
The 12-Bit SAR ADC IP has ten external input signal channels (eight of which are flexibly configurable for differential mode operation or single-ended operation and the other two for external voltage reference measurement) and an internal input signal path Measurement of supply voltage), built-in digital calibration circuit, which can correct the offset of the internal comparator and the linearity error of the internal digital-to-analog converter, and the positive and negative reference voltages and the length of the sampling period can be selected and configured.
HONG KONG Semiconductor Executive Vice President Dr. Kong Weirran said: '12 -Bit SAR ADC IP launch reflects the company's independent research and development capabilities as an important component of Hua Hong Semiconductor MCU series solutions, the ADC IP in 0.11 micron ultra-low power The successful ULL eFlash technology platform enables customers to effectively reduce chip power consumption and cost, simplify and speed up system design, and enhance their competitiveness in the Internet of Things, industrial and automotive markets. "