How is the semiconductor boom? The big funds use “real money” to give the answer one after another.

According to statistics, since the second half of this year, the second phase of the National Integrated Circuit Industry Investment Fund (hereinafter referred to as the “Big Fund II”) has invested in 8 semiconductor projects, with a cumulative investment of more than 5.5 billion yuan.

Feedback from the industry has been more positive. Head fabs have raised prices for products in 2022, and production capacity is in short supply. Long-term optimistic about the high prosperity of semiconductors, global semiconductor companies have expanded production. Beijing Junzheng, Huatian Technology, North Huachuang, Leon Micro, Silan Micro, Zhichun Technology, Jiangfeng Electronics and many other A-share companies have also expanded their production.

Faster pace: 8 projects in 5 months

On November 5, Huatian Technology disclosed the results of the fixed increase. The company raised 5.1 billion yuan at the price of 10.98 yuan per share, and the second phase of the large fund was allocated 1.13 billion yuan. Huatian Technology said that this fixed increase is planned to be used for integrated circuit multi-chip packaging expansion projects, high-density system-level integrated circuit packaging and testing expansion projects, TSV and FC integrated circuit packaging and testing industrialization projects, storage and radio frequency projects. Integrated circuit packaging and testing industrialization projects and supplementary working capital.

On November 3, North Huachuang disclosed that it raised 8.5 billion yuan by fixed increase at the price of 304 yuan per share, and the second phase of the large fund was allocated 4.9342 million shares, with an allocation amount of about 1.5 billion yuan. The raised funds are mainly used for the expansion project of the semiconductor equipment industrialization base (phase four), the research and development project of high-end semiconductor equipment, and the expansion project of the industrialization base of high-precision Electronic components (phase three).

Since the second half of the year, the second phase of the large fund has accelerated the pace of investment. According to statistics from public information, since July, the second phase of the big fund has invested in 8 semiconductor projects, the companies involved are China Micro, Nanda Optoelectronics, BIWIN Storage, Zhichun Technology, Rising Software, North Huachuang, Huatian Technology, Geke Micro. In the first half of the year, the second phase of the big fund only made one investment, that is, it invested 1.65 billion yuan to establish a joint venture with a subsidiary of China Resources Micro to establish Runxi Microelectronics (Chongqing) Co., Ltd.

Except that the investment in Gekewei is participating in the strategic placement, the investment in the above-mentioned companies in the second phase of the big fund is carried out by participating in the fixed increase of the listed company or the capital increase of the subsidiary company.

China Micro Corporation disclosed on July 3 that the second phase of the large fund subscribed for 24.4403 million additional shares of China Micro Corporation at a price of 102.29 yuan per share, with a subscription amount of 2.5 billion yuan. Nanda Optoelectronics disclosed on July 27 that Ningbo Nanda Optoelectronics, a holding subsidiary, intends to attract investment through capital increase and share expansion. The second phase of the large fund plans to subscribe Ningbo Nanda Optoelectronics’ newly added registered capital of 67.3319 million yuan at a price of 183.3 million yuan. It has an 18.33% stake in Ningbo Nanda Optoelectronics. Zhichun Technology disclosed on October 19 that Zhiwei Technology, a holding subsidiary, plans to introduce strategic investors and transfer some equity through capital increase and share expansion. The second phase of the big fund invested 100 million yuan to obtain 3.42% of the equity.

Some people in the semiconductor industry said that investing in 8 projects within 5 months fully shows that the investment of large funds in the semiconductor industry is accelerating. Optimism and confidence in the long-term prosperity of the semiconductor industry.

Sustained prosperity: Listed companies are busy expanding production

The reporter’s recent survey found that in the fourth quarter, the production capacity of semiconductor packaging has been differentiated, and the order backlog of some products is no longer serious, but in the field of competitive products, the order is full and the production capacity is still tight. In particular, the upstream wafer manufacturing boom is booming, production capacity is in short supply, and product prices continue to rise.

The recent “statements” of major manufacturers also show that the global semiconductor industry will continue to operate in a high economic cycle for a period of time in the future, and the loosening of individual varieties of chips will not change the upward trend of the industry. Some head foundry fabs have raised foundry prices by 10% to 20% in 2022; Global Foundries said that foundry capacity is sold out by 2023, and most of the next 5 to 10 years , the industry may face a tight supply situation.

“After it has a certain supply capacity, in addition to benefiting from the high global industry boom, China’s semiconductor industry also has internal circulation opportunities brought about by its own development.” The above-mentioned industry insiders believe that China’s semiconductor industry not only follows the global industry boom ” As the tide rises, the boat has entered a window of opportunity brought about by its own growth: the large-scale expansion of domestic wafer factories represented by SMIC has brought a rare verification window to domestic semiconductor equipment and materials. Those products that have passed verification and have supply Capable companies are expected to achieve rapid performance growth in the next 3 to 5 years.

It is noted that domestic semiconductor equipment and materials are speeding up the verification of wafer fabs and quickly obtaining market orders. For example, after the ion implanter of Wanye Enterprise passed the verification of a domestic head wafer factory, it has obtained multiple orders and realized the delivery of some products. In the field of semiconductor materials, Red Avenue New Materials has obtained at least 16 photoresists including KrF (248nm) this year, which have been certified and imported by the head fab, and the shipment volume has increased rapidly; Jingrui Electric’s high-purity hydrogen peroxide, ammonia water, etc. In short supply.

Production and sales are booming, and many A-share semiconductor companies have increased their production capacity in various ways. According to the reporter’s incomplete statistics, in addition to the above-mentioned companies such as North Huachuang, Huatian Technology, Nanda Optoelectronics, etc., Leon Micro and Beijing Junzheng have also adopted fixed increase and raised funds to invest in their main business. Fullhan Microelectronics, Jiangfeng Electronics, etc. raised funds by issuing convertible corporate bonds.

For example, Jingrui Electric plans to raise no more than 277 million yuan, mainly for Yangheng Chemical’s annual production of 90,000 tons of VLSI semiconductor-grade high-purity sulfuric acid technical transformation project (Phase II). Through the issuance of convertible corporate bonds, Fullhan Micro raised 581 million yuan for projects such as high-performance artificial intelligence edge computing series chips and new-generation full-HD network camera SoC chips.

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