High barriers to entry
The clean room excludes particles, harmful gases, bacteria and other pollutants in the air within a certain space, and the indoor temperature, humidity, cleanliness, pressure, airflow velocity and airflow direction, noise vibration and illumination, static electricity control Within a certain range of requirements, the space given for special design is widely used in various fields such as photovoltaics, semiconductors, medicines and foods. The indicators such as the cleanliness and humidity of the air contacted by the products produced in the interior are in compliance with the standards. , to enable the production of products in an environment with good conditions and high stability, is considered an integral part of advanced processes.
Among them, the highest requirements for electronics and panel cleanrooms are also the main areas of Yaxiang integration. The 2017 annual report shows that the annual revenue was 1.78 billion yuan, and the electronics industry sales revenue accounted for 95.51% of the main business income.
At present, the company's main customers cover IC semiconductors, optoelectronics and other high-precision companies in the precision electronics industry. They have provided system integration engineering services for clean rooms such as Hejian Technology, Longteng Optoelectronics, AU Optronics, etc., and accumulated more than 2,259,700 square meters of cleanliness. Construction experience of the room project. As of the end of June 2017, the company completed 27 semiconductor industry projects, 43 panel enterprise projects, from clean room builders to a dust-free environment design and builder.
Obvious technical advantages, far ahead of peers
As we all know, the high-end electronics industry clean room industry has the characteristics of high barriers and high concentration. In the clean room construction, Yaxiang integration and the other four have occupied 90% of the domestic market share. The amount of semiconductor and panel investment is huge, and stability has become a priority. Considering factors, rich industry experience and outstanding technical strength can increase customer stickiness and increase the probability of obtaining orders.
It is worth mentioning that the 94% miracle yield created by the Xiamen Lianxin 28nm production line, which was invested by Yaxiang in the past year, is an insurmountable benchmark for domestic semiconductor engineering. It is far ahead of other rivals. Currently, Yaxiang The cleanroom processing capacity reaches CR4.0 level (less than 0.01 micron, nanometer level). It is the first clean room engineering company in Taiwan/China that introduces CFD technology and has chemical analysis and air sampling technology in China. Strong technical strength. Building a moat for the company, as the requirements for technology, project experience, capital and qualifications in the clean room engineering field continue to increase, the moat will become wider and wider.
Behind the high market share is bound to be supported by strong technology, and the research and development of core technology has always been the top priority of Yaxiang integration. The company applied for 46 patents, and also created production technology and products for IC semiconductor and optoelectronic industry. The yield database, which digitizes and scientificizes many years of engineering experience, provides data support for the company's subsequent contracting and implementation of engineering projects. In addition, the company not only has industry-leading 'computational fluid dynamics analysis application technology' and 'air sampling and analysis technology At the same time, the layout of energy-saving clean room and control of high-end clean technology such as air molecular pollutants, the country's leading clean room R & D base, also provide technical breakthroughs for the company. At the time of listing, the company raised 0.48 billion yuan to establish a research and development center, also for Take the lead in the next generation of clean technology.
The industry is coming, the industry is huge.
China is in the stage of industrial upgrading, global IC semiconductors, optoelectronics enterprises are moving to China, and the adjustment of industrial structure will greatly accelerate the pace of development of modern high-tech industries. The proportion of domestic semiconductor sales and growth rate is much higher than the global level, the industry maintains High prosperity. In addition, the semiconductor trade deficit has continued to maintain a high of US$160 billion. The 'import substitution' is the trend of the times. It is a foregone conclusion that China will undertake the third semiconductor industry transfer.
History tells us that state support is an important 'catalyst' in industrial transfer. Starting in 2016, under the dual drive of policy and capital, China's IC industry is welcoming an investment intensive period. According to the data compiled by Shen Wanhongyuan, it is currently under construction. The total amount of integrated circuit projects planned to be built will reach 1.2 trillion yuan, and most of them will be put into production by 2021. According to the report issued by the International Semiconductor Equipment and Materials Industry Association (SEMI), the world is in the planning or construction stage and is expected to be There are about 62 semiconductor fabs in operation between 2017 and 2020, 26 of which are located in China, accounting for 42% of the global total.
According to the statistics of Northeast Securities, it is estimated that the total investment of semiconductor + panel will reach 441 billion yuan in the next 3-4 years. According to the clean room EPC contracting project, 10-15% of the total investment is calculated. The corresponding clean room engineering market is 440- 660 billion yuan, a vast space. Public information shows that 2013-2015 major companies in the TFT-LCD panel factory's mainland market share can be seen, Yaxiang holds 26.67% share, it is foreseeable that the company will usher in explosive growth space .
According to public information, due to the completion of the clean room project to confirm the income, the 2017 annual report disclosed the unfinished orders of 3.198 billion yuan and March Foxconn 732 million orders, all completed in 2018, sitting in the IC and panel clean room Yaxiang integration with the highest yield, I believe this year will usher in a confirmed peak.