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1. The top technology acquisition overseas layout IoT, large funds will be assigned to the board of directors;
Set micro-mesh news, the evening of February 4, fingerprint chip industry leader Huitian Technology announced the announcement of foreign investment, the company will be through the capital increase subsidiary of Top Technology (Hong Kong) Limited (hereinafter referred to as 'Top Hong Kong') acquisition of overseas targets , Enhance the company's industrial structure in the Internet of Things; the same time, Gao Songtao, vice president of investment in Huaixin will serve as non-independent directors.
Announcement disclosed that the top of science and technology to be used its own funds 15 million US dollars in cash contribution to the wholly-owned subsidiary of the referee Hong Kong, after the capital increase by Merger Purchase Hong Kong through the acquisition of German limited liability company 100% stake, Funding includes the transfer price of 9 million euros net of operating capital reduction (8,686,734.12 euros), as well as the reservation of 1.5 million U.S. dollars in equivalent parts of the euro.
After the increase in investment, the total investment of TopDict in Hong Kong was changed to 16,419,000 U.S. Dollars (including the previous investment of 1,419,000 U.S. Dollars). At present, the Board of Directors of Huntingtech has agreed to increase the capital increase.
It is understood that the acquisition of the German standard limited liability company (German name: CommsolidGmbH) is a cellular IP company, for the growing market for the Internet of things leading ultra-low power solutions.This market requires highly optimized and easy to integrate NB-IoT standard communications solution, CommsolidGmbH's highly integrated, low-power solution enables rapid implementation in the IoT market such as healthcare, smart home, transportation, logistics systems or industrial applications.
The top science and technology said that this foreign investment is mainly used to enhance the company's industrial structure in the Internet of Things, speed up the NB-IoT related product development process to further enhance the overall competitiveness of the company for its long-term and stable development of strong support, in line with the company Development plan, will not adversely affect the company's financial and operating conditions.
In addition, the exchange of technology issued a notice at the same time, said the board of directors on January 28 received the company shareholder Zhang Fan's nomination, the proposed nomination of Mr. Gao Songtao as a non-independent directors of the company; February 1 the second session of the Board considered and agreed to increase Mr. Gao Songtao is the non-independent director of the second board of directors of the Company.
It is reported that Gao Tao-tao was elected director of the National Fund for professional management companies - Huaxin Investment Management Co., Ltd. Vice President of November 22 last year, the exchange of science and technology disclosure, the company's shareholders, 'Huifa International' and 'Huixin Investment ', Will be the National Fund total transfer 3020 shares of the company shares, accounting for 6.65% of the company's total share capital, the transfer price of 93.69 yuan / share, a total of about 2.829 billion yuan after the completion of the transaction, the National Grand Fund will become the top technology Four major shareholders.
However, after Gao Songtao has been elected as the non-independent director of the second session of the board of directors of the summit, it will also mean that the National Foundation will formally settle the board of directors of the summit.
Attached to Mr. Gao Songtao Resume:
Gao Songtao, male, born in June 1970, a member of the Communist Party of China, graduated from the University of Electronic Science and Technology of Radio Technology, major in defense economics of Renmin University of China, dual master's degree in business administration of the University of Hong Kong, senior engineer. December 2009 to August 2011 Deputy Director and Assistant Director of Software and Integrated Circuit Promotion Center, Ministry of Industry and Information Technology; Deputy Director, China Electronics Industry Science and Technology Exchange Center (Software and Integrated Circuit Promotion Center, MIIT) from August 2011 to January 2014 He was Vice President of Huaxin Investment Management Co., Ltd. in December 2014 and a director of Beijing Beidou SingTel Navigation Technology Co., Ltd. in August 2016. He is currently a director of Beijing Beidou SingTel Navigation Technology Co., Ltd., and a director of Huaxin Investment Management Co., Ltd. Company vice president.
2. Hagrid signed an order contract of 300 million yuan, military orders in recent March surpassed 1.07 billion yuan;
Set micro-grid news, Hagen Telecom recently announced that the company recently received special institutional customers signed a contract, the total contract amount of about 300 million yuan, accounting for the company's most recent fiscal year total revenue of 7.28%.
According to the disclosure, the subject of the contract is mainly wireless communications, Beidou navigation and ancillary equipment, delivery time for the corresponding months of 2018 and 2019. Since the past three months, Hagrid has received a series of important contract orders for the military, with a total of more than 1.07 billion yuan .
Hagrid said that the signing of this major military contract further validated the full recovery of user procurement for the special agencies after the military reform took place, which once again reflected Hager's leading position in the industry and further verified the groundbreaking military reform The logic of post-war military orders showing full and restorable growth foreshadows significant opportunities for development for Hynix, which focuses on the military industry.
Prior to this acquisition of military business orders, Magenta Innovation, a subsidiary of HG Telecom, has successfully developed the first high-level flight simulator with independent intellectual property rights in China and obtained the first major military contract (amounting to approximately RMB 122 million, Number: 2017-103), armored simulator and helicopter simulator contract (amount 74,480,000 yuan, announcement number: 2017-107), winning project of armed police helicopter training simulator (amounting to 25,199,800 yuan, announcement number: 2017-108), Wireless communications and Beidou navigation and its ancillary equipment contract (amount 448 million yuan, notice number: 2018-001).
It is understood that Higer has many years of professional background in the field of wireless communications and navigation and has developed into a high-tech enterprise group integrating military and civilian industries that provide communications and navigation information equipment and services to national defense users and important areas of the national economy. Navigation and major equipment suppliers; and military communications and navigation areas, has formed a chip → module → antenna → 整机 → systems and operations services, comprehensive product development and service capabilities, industrial obvious advantages.
3. Semiconductor equipment industry is about to enter the high boom cycle
Event 1: Shin-Etsu Chemical Co., Ltd., the world's largest semiconductor silicon wafer fab, announced recently that due to strong demand for silicon wafers and higher prices, its fiscal 2017 (2017.4-2018.3) revenue is expected to be raised to 1.42 trillion yen from 1.35 trillion yen Profit is expected to rise from 190 billion yen to 227.0 billion yen, both operating revenue and net profit will hit a record high.
Event 2: Sumco, the world's second-largest silicon wafer factory, predicted at the end of 2017 that the price of 12-inch silicon wafers is expected to further increase by about 20% in 2018 (Q4 price will be over 40% higher than Q4 in 2016) and the forecast 2019 will also continue to rise.
Investment points
Silicon wafer supply in short supply to enter the price cycle, the industry into the volume and price rise of the high degree of prosperity With the rise of AI chips, 5G chips, automotive electronics, Internet of Things and other downstream, the global semiconductor industry back to the business climate. NAND expansion, the expansion of downstream applications, the global expansion of the wafer fab and other factors make the basic material silicon in dilemma, silicon prices continued to rise.According to Nikkei, due to tight supply and demand, in 2017 the silicon wafer prices Representing a 20% increase from the end of 2016. SUMCO estimates that the price of 12-inch silicon wafers will further rise by about 20% in 2018 (over 40% in 2018Q4) over 2016Q4 and will continue to pick up in 2019. In our opinion, With the expansion of chip applications, silicon wafer in short supply, the semiconductor industry into the high boom period to determine.
Silicon expansion cycle is long, the supply of flexible production capacity
Global oligopolies in the mainstream semiconductor silicon market are now formed, accounting for 92% of global sales of the top five semiconductor wafer makers in Japan, Taiwan, Germany and South Korea in 2016. However, the top five wafer fabs have now explicitly announced expansion 12 Inch silicon wafer silicon wafer plant only Japan SUMCO: SUMCO monthly output of 110,000 wafer production capacity to 2019 to be opened.
According to the latest expansion plan announced by SUMCO in August, the average investment for every 100,000 pieces of monthly production capacity will be about 2.4 billion yuan, from construction to production for 2-3 years, and the expansion cycle and the supply of production capacity will be weak. It is generally expected that the demand for 12-inch silicon wafers will continue to grow in 2018 and the slowdown in capacity growth will further widen the gap between supply and demand, and we expect wafer out-of-stock in the next few years will be the norm and will continue to widen as demand continues to grow .
Large domestic demand gap, the peak investment has not yet come.
In the global silicon supply and demand gap continues to expand circumstances, in order to ensure that the supply of silicon in 2018, Semiconductor Manufacturing Company to take pre-paid deposit to ensure the supply of next year, the price increases quarterly. SUMCO from May 2017 Has decided to cut off the mainland NOR Flash Factory Wuhan Xinxin silicon orders, giving priority to TSMC, Intel and other manufacturers to accelerate the continent to make the semiconductor shortage of silicon.However, the current domestic demand for mainstream 300mm wafer about 500,000 pieces / month, almost completely dependent on imports; demand will reach 2 million pieces / month by 2020, with a gap of about 1.7 million pieces / month. Such a supply-demand and oligopolistic silicon market will highlight the contradiction between supply and demand Forcing the localization of silicon.Construction of a large silicon project on China's IC industry is the upstream (raw material side) of the self-control.At present, at least nine silicon projects, with a total investment scale of over 52 billion yuan , Is planning 12-inch silicon wafer production capacity has reached 1.2 million in the long run to ease the silicon out of stock problems.According to the investment cycle and the herd effect principle, we expect The future of the large silicon industry in the next few years there will still be new players to join, the investment peak has not yet come, the semiconductor industry and equipment industry is about to enter the high boom cycle!
Demand for silicon equipment space, localization of the core areas have been a breakthrough
Crystal pulling, grinding, polishing and quality control are the key factors to ensure the quality of large silicon wafer products, among which the crystal growth equipment directly determines the production efficiency and quality of subsequent silicon wafer, which is the most important part in the production process of silicon wafer Than 25%.) With the state 02 special equipment manufacturers to support, Jingsheng M & E and other enterprises in the crystal furnace has been achieved.Although the domestic equipment in the world with the advanced technology there is still a gap, but its obvious price , Service and other advantages, the expansion of domestic silicon wafer fab will drive the demand for silicon devices to enhance our silicon demand gap from the perspective of estimates, 2017-2020 domestic silicon device total demand will reach 43.8 billion, CAGR 50 %.
Recommended target: Monocrystalline silicon growth equipment leader - Jing Sheng Electrical.
Jinsheng Electromechanical is the leading enterprise in domestic crystal silicon growth equipment and the downstream market includes photovoltaic and semiconductors, accounting for the first market share in China. Currently, import substitution has been realized in the field of 8-inch single crystal furnace at the semiconductor level, and small-batch production has also taken place at 12-inch. Semiconductor equipment orders up to 100 million, the future will benefit from the localization of semiconductor equipment, open a new level of performance growth; In addition it is also recommended that attention Tiantonggufen.
Risk Warning: The domestic semiconductor development is lower than expected, demand for silicon chips is lower than expected. Soochow Securities