'WeChat Roadshow has not yet begun, the road show in less than an hour there are 150. The enthusiasm of the semiconductor expansion, the forthcoming explosion of equipment leading a' '' '' '' 's analyst described the semiconductor market so hot market.
Semiconductor sector is staged 'acceleration.' According to Wisdom data, since the third quarter of this year, A-share semiconductor sector rose nearly 30%, some stocks rose even more than 100%.
It is worth noting that there is a common 'big gold lord' behind the multiple faucets in the A-share semiconductor sector: the National IC Industry Investment Fund (hereinafter referred to as the 'Big Funds').
How large funds step by step to build a capital stock on the A shares? Leverage mobilized a large amount of money behind? Solve the Chinese semiconductor industry investment and financing bottlenecks?
Dismantling of A shares in the 'big fund' capital map
In September 2014, a large fund was set up. For the first time, the industry was promoted in the form of market-oriented investment, which changed the mode of preferential tax subsidies and research and development incentives for tax revenue in the past.
Large shareholders rich background, including the central government, CDB Finance, Yizhuang SDIC, China Investment, Wu Yuefeng and other employers, including China Mobile, Shanghai Guosheng, China Electronics, China Electronics Branch and other electronic information companies.
Among the investment targets, there are a number of leading A-shares and H-share semiconductor companies, with data showing that as of the end of November, the major fund has become the major shareholder of 38 companies covering 17 A-share companies and two Hong Kong-listed companies.
Large fund investment listed companies include: design areas (Top Technologies, Siu Yi innovation, Jing Jia Wei, National Micro, ZTE Microelectronics, Nasdaq, Beidouxingtong), the field of IC packaging and testing (Changjiang Electronics Technology, China Science and Technology , Through the rich Microelectronics), equipment materials (North China record, Changchuan Science and Technology, Jacques Technology), compound semiconductors and the characteristics of technology (Sam On Optoelectronics, Neville technology, Silan Wei, Wansheng shares).
As can be seen from the chart below, the large fund has entered the top ten shareholders of eight A-share listed companies in Hong Kong stocks, the largest fund holds 15.86% stake in SMIC, holds 9.82% of the state Micro Technology Holdings Limited, Of the shares.
For the big fund investment target selection preferences, GDB consulting firm Guo Gaochang on Wall Street knowledge shows that the big fund is not a preference for listed companies, in fact, the leading industrial chain is generally a listed company.
Effectiveness observation: breaking the bottleneck of industrial chain investment and financing?
'The semiconductor industry has the heavy capital and high technology threshold, requires long-term high capital investment, from research and development to production no back arrow, input-output cycle is very long.Therefore, after the accession of large funds, effectively solve the Chinese semiconductor industry Investment bottleneck. "Colgate Consulting analyst Guo Gaochang said on the Wall Street knowledgeable.
From the investment results, some companies leveraging large funds to successfully buy overseas targets.Changsheng Technology is a typical case, the company provided by the large fund 300 million US dollars, the successful acquisition of the world's fourth largest packaging and testing plant - Star Ke Jinpeng, among the first in the world semiconductor IC packaging and testing.In this case, the first large fund through the PE leveraged buyout until the completion of the tender offer is completed, through the debt to equity, subscribe to increase by way of injection of assets into a long electric technology Shareholders.
In addition, the large fund also supports Ziguang Zhanxun and Ruidedike merged, and the two companies merged into a new chip company to expand the scale of chip design.This means that in the field of low-end chips, purple and the international giants MediaTek counter to form a purple , MediaTek and Qualcomm dominate the global chip layout of the three.
In 2015, the large fund supported the acquisition of famous microprocessors and GPUs by Microfunds to design an 85% stake in AMD's two subsidiaries to enhance the packaging main business. After the completion of the M & A, the revenue doubled to 4.6 billion yuan in 2016. The revenue in the first three quarters of 2017 exceeded the full-year 2016 revenue by 4.85 billion yuan.
Comprehensive industry performance growth companies view, the big investment effect is also very obvious.Data show that this year's packaging and testing segment profit growth as high as 78.04%, equipment plate, raw material segment profit growth of 18.59%, respectively, 18.2%.
In addition, the average annual growth rate of domestic IC manufacturing revenue this year is expected to be close to 20%. The manufacturing and packaging test industry scale is expected to exceed 120 billion yuan and 190 billion yuan respectively.
Large fund also targeted the largest shareholder of the company cast by the end of September this year, the Yangtze Power Technology to issue more than 272 million shares to a number of institutions, raise funds not exceeding 4.55 billion yuan total, the proposed fund to be no more than 2.9 billion , The shareholding ratio rose to no more than 19% after the issuance is completed, which means the big fund will rise from the third largest shareholder to the largest shareholder.
Large fund leveraging one trillion chip designed to invest in new direction?
As of November 30, 2017, a total of 62 effective projects involving large-scale funds were involved in 46 projects involving a total effective commitment of 106.3 billion yuan and an actual contribution of 79.4 billion yuan, accounting for 77% and 57% of the total first phase respectively.
A survey by Wall Street found that large funds promoted industrial funds at the local government level, and nine funds were launched in eight provinces and municipalities such as Beijing and Shanghai in 2016 with a total funding of 218 billion yuan, of which Beijing focused on IC design, manufacturing, packaging, testing, Core equipment Shanghai and the surrounding areas are mainly focused on integrated circuit manufacturing, IC design and semiconductor materials.
It is reported that the second phase of the large fund is being raised in the scale or up to 1500-2000 billion yuan. If combined with the first phase of the 138.72 billion yuan raised, the total size is expected to reach 350 billion yuan.
The second phase of the acquisition of chip design ("IC Design") is expected to increase from the current 17% to 20-25%.
In this regard, Tianfeng Securities Chen Junjie explained that the chip design company is the most profitable part of the semiconductor industry chain, with the characteristics of light assets, flexible and more profitable than the foundry, equipment manufacturing and materials.
He further pointed out that the core of the end-of-design growth path for design terminals lies in the circuit logic of enterprises and the clear path of development that can be seen. High-growth growth in 2018 Marginal improvement is the internal driving force behind the company's share price increase. Integrated circuits Industrial Fund investment is the external cause.
Guo Airhang on Wall Street anecdote pointed out that large funds are leveraged by the semiconductor investment to a climax, large funds to increase investment in the design side does not mean the investment direction of change, the second phase will achieve a "point to point" breakthrough. 'More around the 5G , Internet of Things and other hot applications, the chip design side of the capital support will be more important.
It is understood that although the A-chip chip design plate is small, but the performance dazzling: since the first quarter of 2014, the net profit margin fluctuated around 22%, gross margin fluctuated around 45% .In 2016, the main business revenue of the plate 8.74 billion Yuan, an increase of 45.6%.