1. The Sino-U.S. trade war continues to heat up, and the electronic industry chain is further targeted
According to the micro-network news, the trade war between China and the United States continues to heat up. The Trump administration intends to curb the suppression of the development of China's high-tech field represented by 'Made in China 2025' has been 'fast-growing'. On April 3rd, the United States The Ramp government announced that it intends to impose a tariff list on China. This list of tariffs published by the U.S. Trade Representative Office covers aviation, information and communication technology, machinery and other high-tech industries and contains approximately 1300 independent tariff items worth about 50 billion yuan. Dollars.
In the face of the U.S. unilateral trade strategy, China also quickly responded. On April 4, China decided to impose tariffs on 106 items originating in the United States. The State Council's Customs Tariff Commission decided that for soybeans originating in the United States, A tariff of 25% will be imposed on 14 categories of goods such as automobiles and chemicals etc. The implementation date will be determined by the U.S. government levying customs duties on my goods. It will be announced separately. The U.S. announced 50 billion U.S. tariff list is based on the U.S. Trade Representative's Office. In the '301 investigation' initiated by (USTR), the identified 'unreasonable behavior' in China was the amount of losses caused by the US economy. USTR proposed to impose an additional 25% tariff on Chinese products on the list of 1300 independent tariff items, saying that this The purpose is to make up for the United States’ losses in the field of science and technology. From the point of view of the U.S. Trade Representative's Office, the list will be published after 60 days of public comment period. Prior to March 22, U.S. President Trump signed the president’s memorandum. , According to the results of the '301 investigation', a large-scale tariff will be imposed on goods imported from China, and Chinese companies will be restricted from investing in U.S. mergers and acquisitions. With the publication of the list, additional Projects and companies have been affected, causing great concern to the industry. According to statistics of China Merchants Securities, in the list of tariffs, electronic objects are mainly collected: LED, PCB, laser equipment, semiconductor equipment, capacitor resistance, thyristor, diode, touch screen, Optical prism lenses, mobile phone terminals, security and panels are not included in the tax list. LED industry first spread With the outbreak of the trade war between China and the US, the LED industry was affected first. From the list of taxation products issued by the United States to China, there are several projects related to the LED industry: 85414020, 85419000, 90330020, etc. Previously on March 27th. , Ultravision Technologies of the U.S. proposed to the U.S. International Trade Commission that alleged export to the U.S., LED lamps driven in the U.S. or in the U.S. and its components infringed its patent rights, and requested U.S. International Trade Commission to issue general exclusion orders and prohibitions, 11 Chinese listed companies are listed companies, most of which are LED display companies, namely Alto Electronics, Abibson, Lehman Optoelectronics, Shanghai Sisi Electronics, Zhouming Technology, Yuanheng Optoelectronics, Liya De, and Lianchuangjian. He Optoelectronics. After the US issued a list of tariffs yesterday, from the secondary market point of view, listed companies in the LED industry were almost universally affected and the stock price fell. On April 4, Alto Electronics, Abbeson, Lehman Optoelectronics, Chau Ming Technology, Yuen Heng Optoelectronics, and Riyadh and other stocks have fallen; In addition, LED chip makers Sanan Optoelectronics, Huacan Optoelectronics and Aoyang Shunchang are also affected. However, LED chip manufacturers export to the United States Rarely, the output ratio of Sanan Optoelectronics to the United States is between 2-3%, and the proportion of Huacan Optronics and Australian Ocean Shunchang’s exports to the United States is even less. The research director of LEDinside China, Wang Fei, said that These projects accounted for a very low proportion of the total export value of China's LED industry, only within 5% of the industry's export value, and the proportion of direct exports to the United States is even lower. China's real export to the United States is a larger proportion of downstream applications. Products, such as lighting product items 94540090, 94051000, etc., are not within the scope of the list restriction. Therefore, this taxation list will have minimal impact on the LED industry in China. For LED downstream applications in the United States, it may be Increase direct procurement costs. The first among electronic component manufacturers Perhaps due to the price protection of consumer electronics products such as the iPhone, the current tariff list does not include mobile terminals, but components, panels, and semiconductor equipment are in the list of tariffs. Apple’s stocks are in the secondary market. In response to the decline.
On April 4, as of the close of the trading day, the share prices of listed companies of the Apple Concepts and listed on the list of tariffs fell drastically. Among them, Changying Precision lost 4%, O-Fitech dropped by 3.11%, and Han's laser decreased by 2.66%. What needs to be emphasized is that these stocks have continued to decline recently, and the risk aversion of the market has skyrocketed. Through the consolidation and discovery, in the list of tariffs levied, the category of products involved in the export business to the United States includes touch screen, Ophelia Technology, and laser equipment. Hanzu Laser et al. Product category items 84561170/84561170/84561190 are laser devices used for the production of printed circuit/processed metal, and the target is Han's laser; 85437095/90330030 are touch screens installed in display devices. The targets include Ophelia Technologies, etc. Specifically, in the component list, the list of tariffs to be collected includes discrete devices, capacitor resistance, PCB boards, optical components, etc., where the discrete devices include diodes, transistors, similar semiconductor devices, and photosensitive devices, Semiconductor devices, piezoelectric crystals, thyristors, etc., Jiejie Microelectronics, Silan Microelectronics, Yangjie Technology, etc. exist in the United States, but Jie Jie Microelectronics, Lan micro export is very low, export ratio is less than 1%. Capacitance resistance, tax items of the product category 85321000/85322100/85322200, etc.: Aluminum electrolytic capacitors, tantalum capacitors, ceramic capacitors; 85331000/85332100/85332900, etc.: Winding Resistors, thin film resistors, etc., among which Aihua Group, Farah Electronics, Jianghai Stock and other manufacturers export to the United States, but they do not have a large proportion. In terms of panel and touch screen, this list is mainly directed to the monitors and color TVs downstream of the panel. The purpose of the taxation is to protect the U.S. display and color TV brands. Since BOE’s customers in the United States include Dell and Hewlett-Packard, its export panel business may be affected; in addition, the touch screen is also one of the taxation list in the touch screen market. Due to the small number of touch screen manufacturers in the United States, and the rapid rise of manufacturers represented by Ophelia Technologies in mainland China, the industry’s suppression intentions are obvious. In the 301 survey, the United States also emphasized this point. In addition, tax collection products Item 85437020/85439012 and other PVD equipment, components and cleaning machines, currently in the semi-conductor equipment, the enterprises represented by the North Huachuang are accelerating half In terms of the localization of body equipment, the US exports accounted for a relatively small proportion. Overall, the scope of the tariff list announced by the United States was relatively concentrated. Targets were targeted at Chinese high-end manufacturing companies, Chinese semiconductor companies, and relatively weak US industries. , However, as the component manufacturers, less direct exports to US end customers, the overall impact is not great, and in the semi-conductive field Chinese manufacturers will inevitably rise, and will be further targeted by the United States.
2. Warming wireless charging demand, market size will reach 8 billion US dollars this year
The global smart phone makers released new flagships this year in the first quarter. Non-Apple camps Sony, Nokia, Samsung, LG and China Huawei, OPPO, VIVO, Xiaomi, etc. all support wireless charging. Wireless charging has become a standard for high-end smartphones. Matching, led the second quarter wireless charging ethnic group Sheng Qun, Ling Tong, Xun Jie, New Tang and other shipping multiple growth, operation peaked.
After the introduction of wireless charging in the Apple iPhone series, the non-Apple camp blew up a wave of follow-ups, especially with the most positive attitude of the Chinese mobile phone industry. In March, a number of new machines were released, most of which were equipped with wireless charging functions. Quarter into the peak period of new aircraft market, wireless charging IC demand rose.
According to IHS iSuppli, a market research agency, the market for wireless charging reached 8 billion U.S. dollars in 2018, showing a multiple growth rate. The global wireless charging receiver and transmitter market is expected to grow from 25 million in 2013 to 1.7 billion in 2023. .
Holtek originally estimated that there will be about 10 million wireless MCU shipments this year, but the strong demand in the Chinese market is higher than expected, and the planners and dealers have a strong momentum to pull goods. In the first half of the year, 10 million targets will be achieved, and the whole year will be revised. Target to 20 million.
Lingtong also benefited from the strong demand for wireless charging in the first half of the year. The camping movement was strong. The product line ranged from 5 watts to 15 watts and passed the WPC alliance certification. It can immediately respond to market demands. Nuvoton also developed a 15-watt wireless charging transmitter. The Tx board solution, in addition, develops a three-coil charging board solution and starts delivering samples to customers. It can use different wireless charging products to expand the application range. The 5W and 15W solutions can be used in both Apple and non-IT groups. After the 15 watt receiving terminal passes the certification, it will attack China's wireless charging business opportunities. Economic Daily
3. Welcome new iPhone Apple's supply chain expansion
Apple's new iPhone is expected to debut in the third quarter. Related supply chain TSMC, Da Liguang, Taichung County, Wenyu, Yu Sheng and other Taiwanese apple supply chains all have plans to expand production this year, adding momentum in the second half of the year.
TSMC continued to expand its production capacity in Zhongke after continuing to produce the A11 processor at Apple's exclusive OEM for 10 nanometers in Zhongke, and continued to adopt the latest process to continue to dominate the new generation of Apple processors. It is estimated that in the next five years, the annual capital expenditure will exceed 10 billion U.S. dollars. Apple is currently the largest customer of TSMC.
As for the production of Taichung’s new factory in Taiwan, which cost more than 20 billion yuan, after the company’s production of the Taichung’s new plant, which cost more than 20 billion yuan, was released in the fourth quarter of last year, the CEO of the company, Li Enguang, disclosed that he is still looking for a place to look for grounds for future expansion.
Last year, Darwin spent $1.036 billion to purchase the land in the industrial zone of Taichung Xitun District, covering an area of 4,195 tsubos. Lin Enping said that this land is only a five-minute drive from the Precision Park Headquarters. This year it will surely be groundbreaking and will still be built with lenses. Mainly.
PCB Dachangtai County achieved a record high profit in 2017. It is estimated that the capital expenditure budget target for the next two years will be 9.4 billion yuan. Continuous investment in advanced technology will drive the next big growth. In the Taichuan Capital Expenditure Plan, RMB 4.7 billion will be implemented in 2018. Significant growth compared with RMB2.4 billion in 2017, of which 60% purchased new equipment and the rest was land and buildings. The overall investment benefit will appear in 2019.
The cabinet manufacturer Yu Sheng won a capital expenditure of up to RMB 3,893 million (approximately NT$ 17.9 billion) this year, a 7.7-fold increase from last year’s 2.07 billion. Economic Daily
4. Samsung Motor MLCC price increase
Set micro-network news, April 3, 2018, Samsung Electronics Machinery Co., Ltd. issued a price increase announcement.
Samsung stated in the announcement that it is known that the current supply of MLCC products is worse than in the past year. Major manufacturers have reduced the supply of non-strategic products. We expect such supply shortages to permeate the entire year of 2018.
In response to this situation, our Samsung Motor is optimizing our production capacity to balance the challenges of long-term development and operating profitability, which also affects our future expansion of investment plans.
We sincerely hope that you can understand and support this price adjustment. The new price will be executed immediately from the beginning of the new order. The same new price will be applied to new deliveries starting from May 1, 2018.
We sincerely thank you for your unlimited support for our company's work. We will continue to cooperate with our respected partners for long-term cooperation with high quality services.
5. North China Development: The rise of the semiconductor industry led the company to enter the 'new stage'
Event: The company released the first quarterly performance forecast for 2018. In the first quarter, it is expected to achieve an operating income of 542 million yuan, an increase of 30.75% over the same period last year. The corresponding net profit attributable to shareholders of the listed company was 14.9172 million yuan -15.7192 million yuan, an increase of 830% over the same period - 880%.
The main points:
The first quarter results showed a large increase, and the follow-up will enter the 'new phase' of stable growth. As the current year is a major year for the construction of semiconductor fabs, the market demand is large, and the company’s sales volume has increased significantly, and at the same time in 2017 In the first quarter, the company’s net profit attributable to the shareholders of the listed company was 1.604 million yuan, and the earnings per share was 0.0035 yuan. The base figure was relatively small, resulting in a year-on-year increase in the first quarter of 2018. With the continuing operations of the company, it is expected that the follow-up business performance of the year will be the same as the previous year. The growth rate has stabilized.
Industry development equipment first, equipment endorsement or take the lead to benefit. In recent years, the integrated circuit industry in the country's great support and the global focus of the shift to China's major trend, will take the lead in driving the needs of the upstream equipment industry, and the company is the largest domestic semiconductor equipment leading enterprises. It is expected to enjoy investment promotion and domestic alternative dividends.
China will build more than one wafer production capacity in 2018. It will build a new year in 2018. The world will put into operation 62 semiconductor fabs from 2017 to 2020, of which 26 will be located in mainland China, accounting for 42% of the global total. 2018 It will be the most concentrated year for the construction of a mainland fab. According to SEMI's forecast, a total of 13 wafer fabs will be completed and put into operation in the mainland. According to the announced plans, the planned capacity investment for 2017-2020 is about 100 billion US dollars, of which about Accounted for 60-80% of the total investment, so the industry growth space is clear, the company's performance is expected to continue to grow.
Earnings forecast and rating: We expect the company's 2017-2019 EPS to be 0.32 yuan, 0.71 yuan and 1.12 yuan respectively, and the corresponding dynamic price-to-earnings ratios will be 130 times, 59 times and 37 times, respectively, giving 'recommended' investment rating.
Risk Warning: Technical Risk; Industry Cycle Risk. China Post Securities
6. Jingfang Technology's 2017 net profit increased by 81.39% year-on-year
According to the statistics of China Semiconductor Industry Association, sales of China's integrated circuit industry reached 541.13 billion yuan in 2017, an increase of 24.8% year-on-year. Among them, the packaging and testing industry continued to maintain rapid growth, with a growth rate of 20.8% and sales of 188.97 billion yuan. On the evening of the 3rd, Jingfang Technology (603005) disclosed its 2017 annual report. The annual report showed that the company achieved sales revenue of 62,878 million yuan, an increase of 22.71% year-on-year, slightly higher than the average level of the company's packaging and testing industry. At the same time, the company achieved a net profit of RMB 95.69 million for the year, an increase of 81.39% over the same period of last year.
Domestic and foreign sales growth rate returned to 40%
According to the data, the company's main business is the packaging and testing business of integrated circuits, mainly providing wafer-level chip-scale packaging (WLCSP) for image sensor chips, ambient light sensor chips, micro-electromechanical systems (MEMS), and light-emitting electronic devices (LEDs). ) And testing services.
The reporter learned that wafer-level chip size packaging technology is characterized by directly packaging the wafer after the wafer manufacturing process is completed, and then dicing the wafer into single chips. The size of the packaged chip is basically the same as that of the original bare chip. Meet the consumer electronics needs of short, small, light, thin development and trends. As a new advanced packaging technology with cost advantages and industrial chain advantages, At present, only a few companies worldwide have mastered the wafer-level chip size packaging technology. As a leader in wafer level chip size packaging technology, Jingfang Technology has the advantages of first-mover advantage and scale.
According to the data, in 2017, the chip packaging and testing products of the company achieved an operating income of 621.57 million yuan, and the product gross profit rate was 36.52%, an increase of 5.32 percentage points over the previous year. From the perspective of regional distribution, the sales revenue of the company is still in an absolute dominant position. , Operating income of 44,963.05 million yuan, gross profit margin reached 42.52%. Domestic sales revenue was 17,914.91 million yuan, gross profit margin was 23.84%. After experiencing overall weak demand in the industry, after destocking pressure, the company's gross profit margin for sales in 2017 was again Back to more than 40%.
Industry Fund Helps Tianfeng Securities Give Buy Rating
At the end of 2017, an announcement of Jing Fang Technology sparked market concern. According to the announcement, the actual controlling shareholder of Jing Fang Technology signed a “Share Transfer Agreement” with China National Integrated Circuit Industrial Investment Fund Company, and EIPAT transferred its holding company to a large fund for sale. Conditional tradable shares were 21.67 million shares, accounting for 9.32% of the total shares of the company.
In this regard, Tianfeng Securities analysts Pan Yi and Chen Junjie mentioned in the article “Integrated Circuit Industry Fund Assisting Companies to Reload,” IC Industrial Fund is an important driver behind the development of China’s integrated circuit industry. For Jing Fang Technology, In addition to the financial support, the involvement of the IC industry fund reshapes the synergy and linkage between participants in the entire semiconductor industry in China. In the opinion of Pan Ji and Chen Junjie, the major fund’s acquisition of Jingfang Technology is Milestone signal in the development process of the company. Securities Daily