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The semiconductor industry chain combed

by:Xavier      2020-11-06
1, the semiconductor industry classification can be divided into four types of products, semiconductor integrated circuits, optoelectronic devices, discrete devices and sensors. The largest of which is the integrated circuit, the size of the market reached $275. 3 billion, accounting for 81% of the semiconductor market. Because most of semiconductor products are integrated circuit, the two are often confused, in this particular explain the similarities and differences between the two, so as to avoid confusion. Figure 1 semiconductor industry classification 2, industrial chain link, after 50 years of development, now of the semiconductor industry has been highly specialized. In integrated circuits ( IC) Industry as an example to illustrate the industry division of labor. Integrated circuit industry after decades of development and evolution, until the 1970 s, by system manufacturers ( 系统) Dominant and IDM manufacturers, after the evolution for IC design, wafer foundry and encapsulation testing as the leading pattern of vertical division. With the growth of the IC industry scale, industry competition intensifies, the mode of division of labor further refinement, from packaging test in the test link, from IC design link identified the dedicated IP vendors ( Such as the ARM) 。 Figure 2 semiconductor industry chain link semiconductor equipment and materials in the upstream of IC industry, for the production of IC products provides the necessary tools and materials. The current business model can be simply described as of IC industry, IC design companies, according to the downstream customers ( System vendors) The demand of chip design, and then to the foundries to manufacture, then by the test plant for packaging test, end the sale of the good performance IC products to system manufacturers. IC design, wafer fabrication, packaging testing is the key link in IC industry, in addition, the IC design company needs to purchase the corresponding IP from IP/EDA company and EDA tools, and IC manufacturing and packaging test company need to purchase equipment and materials from suppliers corresponding semiconductor equipment and materials. Therefore, outside the core link to IP/EDA IC industrial chain, semiconductor equipment, materials, chemicals and other upstream suppliers. Figure 3 semiconductor industry chain manufacturing process figure 4 semiconductor industry main link sales account for more than 3, the downstream demand semiconductor industry downstream demand mainly include mobile communications, computer, memory, wireless network, automotive electronics, TV and monitoring equipment, etc. Computer and mobile communication can be seen from the picture below is still the main demand of downstream, PC semiconductor sales accounted for 26%, accounted for 14%, mobile communication together accounted for 40%. In VR, artificial intelligence, automotive electronics, industrial electronics, and other areas of the new semiconductor sales combined accounted for 25%. Figure 5 4, sentiment indicators of a semiconductor industry downstream demand. B/B value book-to-bill ratio ( 书- - - - - - - Bill Ratio) Order amount in future equipment, now divided by the actual purchase amount. This ratio is often used in semiconductor equipment industry, the reason lies in the semiconductor equipment procurement to order processing for a long time, BB is greater than 1, on behalf of the manufacturer's order is good, the future prosperity optimistic; BB is below 1, reflecting the vendor order awake in deterioration. FIG. 6 BOOK - B Bill thewire source: haitong securities. Monthly sales and inventory turnover days figure 7 semiconductor sales and inventory turnover days source: a 5, haitong securities industry characteristics. Semiconductor belong to high-end manufacturing, easy short-term supply and demand imbalances attribute b. On high technical barriers, the industrial chain of ease is oligopoly situation c. Technology intensive, capital intensive and knowledge intensive d. E high risk high reward. Economies of scale due to the integrated circuit the main links of the high-end technology and the majority of market share in the hands of foreign bibcock, local company as a chaser endogenous development difficult corner alone overtaking, so the denotation of mergers and acquisitions become important means to promote the development of China's integrated circuit industry. Figure 8 in 2015 China's semiconductor major merger cases source: large securities 6, each link table 1 target companies in the semiconductor industry investment target combing 7, industry competition pattern a. Semiconductor devices globally, the United States, Japan, the Netherlands is the world's three big powers of semiconductor equipment manufacturing, the world famous semiconductor equipment manufacturers mainly concentrated in the country. , according to SEMI global semiconductor equipment market size for $37. 5 billion in 2014, the top ten semiconductor equipment manufacturer sales of $35. 1 billion, the market share as high as 93. 6%, the industry is oligopoly situation. Table 2 the world top ten semiconductor equipment maker ranking b and the relevant income. Semiconductor materials and semiconductor equipment market, semiconductor materials market segmentation, a single product market space is very small, so less pure semiconductor materials co. , LTD. Semiconductor material often only some large manufacturers of a piece of business. However, because of the strict requirements for materials, semiconductor technology in terms of a single semiconductor chemicals, only a few suppliers can provide products. In semiconductor wafer market, for example, 2013 years ago, four major silicon vendors respectively with global market share of 36%, 29%, 12% and 8%, total occupy 85% of the market, also in the situation of oligopoly. In semiconductor photoresist market, it is a similar story.
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