A shares 69 chip stocks: the total market value is only 0.4 Tencent.

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 A shares 69 chip stocks: the total market value is only 0.4 Tencent.


A sanctions order issued by the US Department of Commerce has prompted Chinas no core anxiety to be recalled. The acceleration of localization of chips has been revival, which is the rise of chip stocks in the A share market. In the afternoon of April 18th, the domestic chip concept stock went up against the trend, and the 19 chip concept stocks of the chip were up and down, such as Ying Fang micro, Wen Yi science and technology, Tian Yi shares, deep science and technology, purple light national core, Datang Telecom, must create technology and Northern Huacheng. According to the data of Choice financial terminal, there are 69 Chinese chip concept shares in A shares, with a total market value of about 11265 billion yuan (data as of April 21, 2018), which is only the equivalent of 0.4 Tencent. By April 21st, the market value of the high Qualcomm in the United States reached 76 billion 151 million US dollars, the contract was 479 billion 300 million yuan, the market value reached $99 billion 755 million, the contract was 627 billion 900 million yuan, and the Intel city was worth 241 billion 160 million US dollars and the contract 15179 billion yuan, and the total of these three households were about 26251 billion yuan. This means that the total market capitalization of A share chips is less than half of the top three giants in the US. According to the press statistics, compared with the United States, China and the chip related enterprise scale is generally small; in addition, compared with the international giant billions of dollars of research and development investment, one of the domestic chip representative of the core international enterprise R & D expenditure is less, in 2017 is 427 million US dollars, and the A share enterprise R & D investment is only $more than 100 million. . In addition, the gap between R & D expenditure and sales volume of international sales is not small. The three largest chip giants in the United States frequently account for 20%, while SMIC is also 13.77%. More than half of the leading enterprises, half of the gross margin decline In the domestic chip industry, who are the leaders in every field? According to the Sino Thai Securities Research Report combing, the domestic storage chip design faucet is a megabyte innovation, the domestic GPU leading is Jing Jia micro, the semiconductor discrete device is Yanjie technology, the LED chip faucet is the three an optoelectronic, the domestic IDM high quality enterprise is the schland micro, the domestic semiconductor equipment head is the North China creation, the current domestic leading integrated electric The road chip design and system integration solution supplier are the purple state core, the domestic high performance computing leading enterprise is the middle branch dawning, the embedded processor chip leading enterprise is Beijing Jun Zheng, the domestic high quality IC design company is the Zhongying electronics, the global biometric identification chip leading enterprise is the sink top technology, the home-made semiconductor seal The faucet is long power science and Technology... Reporter statistics, A shares chip concept stocks, gross margin of less than 30% accounted for 57%. This means that the technical content of enterprise products is not high and can be replaced by strong products. Even if the countrys leading integrated circuit chip design and system integration solutions supplier, the violet state core, its gross interest rate is only 33.14%, and one of the representatives of domestic chip companys core international gross interest rate is only 23.9%. The gross margin of some international chip giants is generally over 50%. The reporter noted that the gross profit margin of the purple light Guoxing group and SMIC were all down compared with the same period in 2016. More than half of the A shares of the ten leading companies in the subdivision of Sino Thai securities declined. The proportion of R & D investment on behalf of the company is still different from that of the giant. As far as the current situation is concerned, Chinas chip concept shares continue to increase in R & D personnel and capital investment, but the total amount is still far behind the outstanding enterprises of the same industry in the world. According to ICInsights, in 2015, the worlds top 10 chip manufacturers had a total R & D cost of $30 billion 700 million, of which Intel was the first to invest $12 billion 100 million in R & D. ICinsightss research and development expenditure survey report also showed that global semiconductor research and development funds increased by 1% in 2016 to $56 billion 500 million, a record high. In Hong Kong, the net profit in Hong Kong is $3 billion 100 million in 2017. The companys owner should make up 179 million 700 thousand US dollars. The net expenditure for research and development is $427 million, and the R & D expenditure is 13.77%. From the institutional statistics, 13.77% of the data has surpassed the average of the industry, but there are still many gaps in data with Intel, Qualcomm and Broadcom 20%. According to ICInsights statistics, in 2017, Intels R & D expenditure accounted for 21.2% of sales, 20.2% of Qualcomm and 19.2% of Broadcom. A listed company is exempt from loss by government subsidy All along, chips are high and new technologies, and the chip industry is also the key support area of the government. On the other hand, the reporter found that some individual listed companies avoided losses by virtue of government subsidies. In 2017, the revenue of Changdian technology was about 23 billion 855 million yuan, and the net profit attributable to shareholders of listed companies was about 343 million yuan. According to the financial report, the government subsidy granted by Changdian technology in 2017 was about 350 million yuan. In other words, if there is no government subsidy, the net profit attributable to shareholders of Listed Companies in 2017 will be negative. According to Oriental Wealth data, its net profit is -2.63 billion yuan. Whats more, three consecutive years of profit depend on government subsidies. In 2015, 2016 and 2017, the operating income of Beijing Jun was about 70 million 105 thousand yuan, 112 million yuan and 184 million yuan respectively. The net profit belonging to the shareholders of the listed company was about 32 million 49 thousand yuan, 7 million 52 thousand and 100 yuan, and 6 million 500 thousand yuan. According to the financial report, the amount of government subsidy granted by Beijing Jun in 2015, 2016 and 2017 is about 48 million 713 thousand and 800 yuan, 14 million 115 thousand and 900 yuan and 10 million 358 thousand and 600 yuan respectively. According to orient wealth data, its net profit in 2014 has been negative. New Beijing News reporter Yan Xia Industry short board Small scale and insufficient design ability Generally, in the semiconductor chip industry, the enterprise model is divided into three main types, like Intel, from design, to manufacturing, packaging and testing, and to a whole package to the consumer market, called IDM (IntegratedDesignandManufacture); second, some companies only do the design, no FAB (factory). Its usually called Fabless. For example, ARM company, AMD, high pass Bo Tong and so on; the third, the company, only do agent, only fab, do not do design, called Foundry (generation factory), common platform, and so on. As the leading enterprises of the domestic chip concept stock, these stocks are running hard in their respective subdivision fields, but there is still a problem that the design ability and the layout of the manufacturing capacity are not matched. According to the official earnings report of Shi Lan Wei, its operating income in 2015, 2016 and 2017 were about 1 billion 926 million yuan, 2 billion 375 million yuan and 2 billion 742 million yuan respectively. As an international leader in IDM mode, Intels revenue in 2017 was about $62 billion 800 million. The scale of Chinas chip enterprises is not at the same level as that of the leading international companies. In a paper published by Wei Shaojun, director of the Tsinghua University and the director of the Institute of microelectronics, analysis of the current status of Chinas integrated circuit industry in 2017, Wei Shaojun concluded: although the chip manufacturing industry is developing rapidly, it is mainly for overseas customers to process; although the chip design industry is increasing at a high speed, it mainly uses overseas resources. Wei Shaojun also pointed out that the specific performance of the design industrys insufficient capacity is: the lack of IP nuclear supply in the domestic generation factory; the design industry lacking the design ability of the key IP core; the SoC design relies heavily on the third party IP kernel; it relies heavily on the technological resources with mature IP core; it lacks the ability to define the design flow independently; and it does not have the ability to design COT; It mainly depends on the progress of technology and the progress of EDA tools. A case The first chip of the chip purple state: Increasing income is not increasing and capital operation has been repeatedly frustrated Among the many chip stocks, purple core, known as the first chip of the chip, has recently opened up its rising mode. From April 16th to April 20th, purple core rose from 47.94 yuan to 58.15 yuan, or 21%. The latest market value is 35 billion 286 million yuan, and the P / E ratio (static) / (TTM) is 126.07/128.86 times. However, behind the high valuation is the increase in profits of ZWG and the continuous capital operation. According to official website, the purple light core Limited by Share Ltd is a listed company in the semiconductor industry of purple light group, focusing on the field of IC chip design and development. From the business point of view, it is mainly involved in the design and sale of IC chip, including the special integrated circuit products and memory chip products of smart security chip products, respectively, three cores from Beijing Tongfang Microelectronics Co., Shenzhen national Microelectronics Co., Ltd. and Xian violet state core semiconductor Co., Ltd. The company undertakes. No increase in profit and decline in profitability In April 21st, the first quarter of the purple light was published in the first quarter, and its operating income was 516 million yuan in 1-3 months, up 28.28% from the same period, but the net profit attributable to the shareholders of listed companies was 47 million 391 thousand and 400 yuan, down by 11.31% from the same period. According to the annual report of 2017, its operating income is 1 billion 829 million yuan, up 28.94% from the same period, and the net profit attributable to the shareholders of listed companies is 280 million yuan, down 16.73% from the same year. Accordingly, the revenue of Zi Guang core has continued to grow since last year, but net profit has continued to decline. Eastern wealth network shows that in recent years, the revenue of purple national core has risen all the way. In 2013, it was 920 million yuan, and nearly doubled to 1 billion 830 million in 2017. However, the gross profit margin of purple light Guoxing has declined for three consecutive years, 41% in 2015 and 38% in 2016, 33% last year. Its net interest rate went down for five consecutive years, down from 29.74% in 2013 to 15% last year. The latest market value of purple national core is 35 billion 286 million yuan, and the P / E ratio (static) / (TTM) is 126.07/128.86 times. However, the decline in the performance of the company is able to enjoy the overvalued value of the market, which is closely related to its frequent capital operation. In November 4, 2015, the shares of the shares announced that the company, in coordination with the overall deployment of Tsinghuas industrial adjustment and reform, was to sell the shares of 36.39% of the same country core to the banner of the purple light group with a total price of 7 billion 12 million yuan. Since then, the purple light Guoxing has been classified as the purple light department from Qinghuas holding side, and later renamed the purple light country core. In second days, the same country core announced a non public issue of 27.04 yuan / shares in the open issue of 2 billion 959 million shares, and the total fund raising was not more than 80 billion yuan, creating the largest non public financing record in the history of A shares. Among them, it is intended to invest 60 billion yuan in the construction of storage chip factory, 3 billion 790 million yuan for the acquisition of Taiwan force into 25% shares, 16 billion 210 million yuan for the acquisition of the downstream companies in the chip industry chain. After the issuance of the non-public offering, the controlling shareholder of the company was changed to Tibet purple light country core. Capital operation has been repeatedly frustrated In January 2016 and February, the purple GuiGui signed the subscription agreement with Taiwan Li Cheng technology and Nan Mao technology. It is intended to buy the stock of technology and South Mao technology 25% respectively by about 6 billion 150 million yuan, and become the largest shareholder in science and technology and the second largest shareholder of South Mao technology. However, the two acquisitions began to fail at the end of 2016. In December 2016, purple Guoxing announced the termination of the subscription agreement with Nam Mao technology. In January 24, 2017, the acquisition of Li Cheng core technology for Li Cheng technology was also terminated. Purple Guoxing said the reorganization failed because it failed to obtain approval from the relevant departments within the agreed period. The public information shows that the storage of the Yangtze River is the main body of the national memory base project, and the national storage base project is called to fill the blank of the mainstream memory field in our country and to get rid of the chips from the people. The content of the project includes chip manufacturing, industrial chain supporting and so on. The project is planned to invest about 160 billion yuan in 5 years. By 2020, 300 thousand pieces of monthly capacity will be realized and 1 million pieces of monthly capacity are realized in 2030. However, by July, the major asset restructuring of the Changjiang River has also failed. Purple light group emerged behind a number of capital operations For example, there are 8 subscriptions in the 80 billion set up case, and 5 of them belong to the purple light group, including the purple light Dongyue, the purple light West Yue, the purple light tree, the purple light Bo Yi and the purple light, which subscribe to 15 billion yuan, 15 billion yuan, 4 billion 700 million yuan, 4 billion 700 million yuan, 10 billion yuan, and 49 billion 400 million yuan. In the acquisition of the Yangtze Rivers store, the purple light group is not only a major shareholder of the buyer, but also a controller of the Yangtze Rivers storage. According to the official website, purple light group is a high-tech enterprise under the banner of Tsinghua University. It is the largest integrated integrated circuit enterprise in China, and the third largest mobile chip enterprise in the world. Since 2016, purple light group has started construction of storage chip and memory manufacturing factory with total investment of nearly US $100 billion in Wuhan, Nanjing and Chengdu. Prior to that, it has acquired large sums of money through news communications, Rudi Ke and Xinhua three, triggering outside concerns. Beijing News reporter Zhao Yibo source: Beijing News Editor: Wang Fengzhi _NT2541 For example, there are 8 subscriptions in the 80 billion set up case, and 5 of them belong to the purple light group, including the purple light Dongyue, the purple light West Yue, the purple light tree, the purple light Bo Yi and the purple light, which subscribe to 15 billion yuan, 15 billion yuan, 4 billion 700 million yuan, 4 billion 700 million yuan, 10 billion yuan, and 49 billion 400 million yuan. In the acquisition of the Yangtze Rivers store, the purple light group is not only a major shareholder of the buyer, but also a controller of the Yangtze Rivers storage. According to the official website, purple light group is a high-tech enterprise under the banner of Tsinghua University. It is the largest integrated integrated circuit enterprise in China, and the third largest mobile chip enterprise in the world. Since 2016, purple light group has started construction of storage chip and memory manufacturing factory with total investment of nearly US $100 billion in Wuhan, Nanjing and Chengdu. Prior to that, it has acquired large sums of money through news communications, Rudi Ke and Xinhua three, triggering outside concerns. New Beijing News reporter Zhao Yibo