Division achieve board deficit the first year deficient technology of 2.6 billion core counts a pare

(original title: Division achieve board deficit the first year deficient 2.6 billion backside: Core technology depends on parent company and stage to accumulate report to differ 3 generation)

Chip industry is indigenous change extremely urgent!

2018, industry of our country integrated circuit achieves sales revenue two hundred and fifty-one billion nine hundred and thirty million, but among them self-sufficient rate is 15.35 % only. That is to say, 85 % -- more than 200 billion yuan chip should rely on an entrance.

In fact, our country gets the chip of region in core self-sufficient rate is lower. The chip that uses in the equipment such as equipment of system of all of computer science department, general electron, communication, memory for instance, homebred chip is had rate it is almost 0.

But integrated circuit is made is the industry that breaks money, want to develop energetically, besides national support, fewer not the help of capital market. Division achieve board birth original intention, support these industries to develop just about.

In 9 first businesses that announced yesterday, appeared of integrated circuit production domain with naval vessel chip. Book of raise capital by floating shares shows, its most advanced product is the brilliant circle of 28nm.

This also is 9 enterprises in exclusive the enterprise of a deficit. Mixed 2018 deficit of naval vessel chip 2.6 billion, considerably the main reason of deficit is asset depreciation. Do not have method, product line investment is large, but chip updates iteration fast, bring about product line allowance for depreciation tall, this is industry attribute decision. Once asset depreciation is finished, realize gain and blame a problem.

With naval vessel chip considerably another reason of deficit is intangible assets amortize. Book of raise capital by floating shares shows, the core technology of the company needs to obtain entirely control a partner accredit of couplet China electron. Zhang face primary value is as high as 2.387 billion yuan of intangible assets, basically be technical accredit cost. The amortize that technical accredit expends, increased the loss amount with naval vessel chip.

Differ with asset depreciation, report of intangible assets of a huge sum gives the core technology with naval vessel chip whether progress can depend on only report of parent company couplet. Will look at present, couplet report has abandoned the research and development of 7nm brilliant circle, the brilliant circle that adds Taiwan economy ministry to stipulate in mainland area investment builds a plant makes Cheng craft need backward company to make the generation above of Cheng craft in Taiwan. With naval vessel chip in very long period of time, can contend for in the market in 28nm brilliant circle only.

On one hand, this market competition is intense, as SamSung, stage on the other hand circle of brilliant of the 10nm that accumulate report has entered a quantity to produce level, in the 14nm brilliant circle of core international already also entered phase of client test and verify. How long can the heat of 28nm market still be a big question continuously.

To be about to land division achieve board with naval vessel chip for, the future still is full of a challenge.

With deficit of naval vessel chip 2.6 billion truth: Product line depreciation and intangible assets amortize

Integrated circuit is made perpendicular conformity is made (IDM) He Jingyuan generation is versed in (Foundry) two kinds of mode.

IDM shows company scope of business covers circle of integrated circuit design, brilliant to make, enclose the mode of entire industry catenary that reachs the link such as the test, on behalf of the enterprise Intel, SamSung waits; Brilliant circle acting class just continues among them a production link, international of the core in having on behalf of the enterprise, stage accumulates electron of report, couplet China to wait.

Land division achieve board with naval vessel chip the subsidiary that is couplet China electron, it is acting factory of circle of a brilliant likewise.

Couplet report held water 1980, it is Taiwan company of the first semiconductor. There is acting plant of 5 brilliants circle below group division, include couplet report, couplet sincere, couplet luck, couplet fine and semiconductor adding up to peaceful, it is the whole world business of acting plant of the 3rd big chip, the market is had rate in 9 % .

What brilliant circle points to is silicon chip, understandable be production chip " foundation " . "Inch " the diameter that represents silicon brilliant circle. Radius of brilliant round dimension is bigger, the chip amount that can make on every brilliant circle is more, mean what large quantities of quantities produce cost to reduce. Current, round acting factory is in mainstream brilliant from 8 inches to 12 inches of transition.

In the production of brilliant circle, fine is tasted rate is very important. Circle of 12 inches of brilliant produces instantly still undertaking fine tastes the technology of rate to climb slope, cost house does not fall high, and the special type technology that circle of 8 inches of brilliant already had maturity.

Basically be engaged in round research and development of 8 inches of brilliant making originally with naval vessel chip, fine is tasted rate basically can achieve 99 % ; 2016, establish core of couplet of company subsidiary Xiamen with naval vessel chip, begin to be engaged in circle of 12 inches of brilliant research and development makes professional work.

2018, realize 3.694 billion yuan of income with naval vessel chip, deficit 2.6 billion yuan. Actually, 2016, 2017, it is 1.149 billion yuan respectively with specified number of deficit of naval vessel chip, 1.266 billion yuan.

With one of reasons of deficit of a huge sum of naval vessel chip, it is the depreciation of fixed assets of a huge sum that transition causes.

For business of acting to each brilliant circle plant, competition ability makes the horizontal decision of Cheng craft by its. Up to 2018, the acting plant of circle of simple any crystalline substance that has 28nm to reach the following and advanced technology that make Cheng only remnant stage accumulates core of report, case, with parent company of naval vessel chip couplet China electron, medium core international, publisher, Hua Liwei 6, manufacturer remnant stage accumulates electron of core of report, case, couplet China under 14/16nm 3; The circle of simple any crystalline substance that can offer 7nm to make a service at present is acting plant business only remnant stage accumulates report.

Master the most advanced technology that make Cheng, want reach a standard besides the technology, should have extensive capital investment more. Normal circumstance, the investment of product line of integrated circuit of craft of a 28nm restrains 5 billion dollar, 20nm craft product line is as high as 10 billion dollar.

Last year, core of couplet China electron, case announces to stop investment of 10nm the following technology. This backside, with need investment of capital of a huge sum and whether the sexual price of generation is compared.

2016, 12 inches of any crystalline substance that create core of subsidiary Xiamen couplet to be used at producing 28nm, 40nm, 90nm to wait to make Cheng in Xiamen with choice of naval vessel chip are round, total investment is as high as 6.2 billion dollar. But chip is the product with a rapid change.

Intel author rub Er put forward 1965, it is at most inside 10 years of integrated circuit compositive spend meeting biennially to break up one time. Later, everybody shortens this cycle to 18 months, namely every 18 months, the function of integrated circuit can break up one time, show every acting craft that make Cheng wants to let the transistor amount on chip break up one time.

You are understandable also for, the chip with changeless function, price of every 18 months can fall half. This also is meant to the 5th year when, before the price of chip has 5 years only very one of, basically not costly, need replacement.

For round to brilliant manufactory, every time replacement needs to purchase new production facility. Theoretic, product line iteration is very fast, on accountant processing, need depreciation.

The product line asset of a huge sum adds large proportional depreciation, this produced huge depreciation amount. The accountant policy with naval vessel chip is 6 years of depreciation, namely annual depreciation 16.67 % .

2018, with amount of depreciation of naval vessel chip 2.8 billion. Up to 2018 the end of the year, with naval vessel chip manufacturing facilities net worth is 12.6 billion yuan.

Nevertheless product line term of service is in 5 years, just consist in is theoretic. Although chip iteration is very fast, but the chip in applying setting actually replaces rate and so won't fast, the life of a product line also not merely 5 years.

After depreciation deadline, gain can realize on these enterprise horses commonly. The loss that so product line depreciation causes, it is the deficit on the accountant only. Allegedly round without a brilliant factory can be in the head realizes gain 5 years on forms for reporting statistics, the stage accumulated report to spend 6 years for this, with parent company of naval vessel chip couplet report spent 9 years.

If spread the word in light of from cash, behave with naval vessel chip actually first-rate. 2016, 2018, with naval vessel chip management sex cash is flowed into completely it is 1.267 billion yuan respectively, 2.913 billion yuan and 3.206 billion yuan.

Besides depreciation of asset of a huge sum, still have intangible assets amortize with the reason of deficit of naval vessel chip, amount of intangible assets amortize was 477 million yuan about last year.

The reason of this backside, was worth investor to pay close attention to more.

Backside of amortize of intangible assets of a huge sum:

Core technology counts a parent company, with stage accumulating report differs 3 generation

With amortize of intangible assets of a huge sum of naval vessel chip, basically be to give what the parent company pays " duty " cost.

Show according to book of raise capital by floating shares, the core technology that manufactures brilliant circle needs to obtain entirely control a partner the technical accredit of couplet China electron. Zhang face primary value is as high as 2.387 billion yuan of intangible assets, basically be technical accredit cost. Component of this share charge is 5 years of share equally, because of such, need amortize every year probably 477 million yuan.

Division achieve board deficit the first year deficient technology of 2.6 billion core counts a parent companyDivision achieve board deficit the first year deficient technology of 2.6 billion core counts a parent company

Although with naval vessel chip the research and development that counts every year is thrown, the research and development that throws more at particular industry product applying with the research and development of naval vessel chip and itself workmanship are improved, the technology of materiality of and rather than is broken through.

Division achieve board deficit the first year deficient technology of 2.6 billion core counts a parent company

Actually, the investment of research and development that counts every year with naval vessel chip also is used at the technology to reform quite only. Go 3 years, the investment of research and development of the company is respectively 188 million, 291 million with 386 million. Turn over international of the core in view, 2016, investment of its research and development was as high as 318 million 2017 dollar and 427 million dollar, amount to RMB 2.13 billion with 2.8 billion.

Will look so, the core technology with naval vessel chip whether progress, can depend on only report of parent company couplet. But come round to look from eye, had gone further very hard with the core technology of naval vessel chip.

Narrate according to couplet report place, the 12nm crystal round technology that the company still can not invest circle of brilliant of 14nm of research and development and improved edition. On the craft such as the 5nm brilliant circle that reachs future in more advanced 7nm brilliant circle nevertheless, couplet report abandons already basically. The reason is very simple, couplet report cannot accumulate report to throw research and development large-scaly continuously in that way like the stage.

Plus the regulation of Taiwan economy ministry, the brilliant circle that builds a plant in mainland area investment makes Cheng craft need backward company to make the generation above of Cheng craft in Taiwan.

Division achieve board deficit the first year deficient technology of 2.6 billion core counts a parent company

This is meant, if couplet report abandons making the impact of Cheng to high end, chan Ping and naval vessel chip obtain bigger breakthrough very hard, its workmanship will be in quite long inside stay in 28nm.

Be opposite and for naval vessel chip, can compete only the market of 28nm.

Show round market of level 28nm brilliant to look prospect still pretty good. Increase with what produce working procedure as difficulty of research and development, the sexual price that IC makes Cheng gradual progress tends than promotion backwater, the cost that 20nm and 16/14nm control Cheng for a time prep above 28nm.

This is rub Er law moves 60 will be encountered first for years make Cheng narrow but the problem that cost does not fall to rise instead. Because,also be such, 28nm also has cycle of more immortal life as the technology making Cheng that provides sexual price to compare most.

Cheng is made in 28nm, with naval vessel chip main competitor has a stage to accumulate core of report, case, couplet report, SamSung and in core international, and the Hua Hong that just announces the quantity produces couplet to deliver division 28nm chip's subordinate Huali microelectronics.

Although the competitor is not much, but the competition of 28nm is unusually intense however. Because breakthrough of technology of stage accumulating cable is the earliest, hit low battle to acquire more market share by right of lesser depreciation pressure at present, add whole the enlarge that make Cheng is produced relatively radical, beg for be more than, to other a few manufacturers bring very great pressure.

The backside that the price competes is the precipitation problem of technical actual strength. Want to know, can do advanced make Cheng do not represent technical actual strength with respect to pass a barrier, still involve process cost, fine to taste a lot of problem such as rate among them.

With in core international is exemple, its make Cheng engineering technology breaks through 28nm early, but good without generation from beginning to end gains. Up to 2018 the 2nd quarter, 28nm income still is occupied only in in the 8.6 % in core international gross income.

Division achieve board deficit the first year deficient technology of 2.6 billion core counts a parent company

Look from circumstance of wool interest rate, do not think method breaks through the higher technology that make Cheng, achieve the gain level that exceeds trade of person of the same trade very hard.

But if keep 28nm all the time, be opposite and for naval vessel chip, how long can the heat of this market still be a big question continuously. At present SamSung, stage accumulates circle of electric 10nm brilliant to had entered a quantity to produce level, in the 14nm brilliant circle of core international already also entered phase of client test and verify. In other words, the difference that accumulates report with naval vessel and stage is 28nm apparently at least to 10nm, difference is 3 generation. The times always can progress.

According to IBS estimation, round demand of global 28nm brilliant was 2.91 million 2014, will add 2018 reach 4.3 million, predict to reduced delay 2024 reach 3.51 million.

Although appear on the market successfully with naval vessel chip, also cannot conceal couplet report progress is slow, increasingly downfallen big trend. Photograph comparing accumulates core of report, case at SamSung, Intel, stage, couplet report not only battalion accepts scale small, amplitude is slow, and advanced make Cheng had lagged behind far, short-term inside the plan that did not pursue.

And photograph of international of the core in mixing is compared, serve as backer without huge sth used to one's own advantage rear, in integrated circuit this should rely on the industry of defray of many research and development and capital expenditure inside, couplet report is in adverse position. 2017 the beginning of the year, couplet telex gives 28nm technology group to be dug by Shanghai Hua Liwei electron horny message is paradigmatic.

Between one's early years, still can rely on with naval vessel chip homebred change the bonus of rate to achieve impressive growth. But as home be born of more and more brilliant round factory, industry whole is produced can release speed to will exceed demand of downstream industry chain to raise rate far, produce can superfluous will inevitable.

According to the data statistic of SEMI, beforehand appraise came 2017 between 2020, the whole world will have 62 new brilliant round plants to invest battalion fortune, among them chinese mainland will have 26 new brilliant round plants to invest battalion fortune, the proportion that takes Xin Zengjing round plant is as high as 42 % .

Awfuller is, bearing of semiconductor industry situation also will face inflection point possibly.

Association of American semiconductor industry announces, the sale of global semiconductor market January 2019 reduces 5.7 % than January 2017, decrease to 35.5 billion dollar, achieved from July 2016 later of 30 months enjoy growth first. Core reason is, store the regression of chip price, the increment market such as AI has not form actual demand again.

Core technology backwater not before, market competition aggravate, the industry is faced with again produce can superfluous. Not the place crisis of chip of naval vessel of compose a quarrel 4 bend over, at least the day of in the future also won't too feel well.

Highest value of 27 billion appraise!

The market prise after issueing or international of the core in approaching, does the value not worth?

Manual of raise capital by floating shares shows, this second issue do not exceed 400 million, predicting collect capital is close 3 billion. After predicting to issue, 400 million are occupied than be in 11.1 % .

This is meant, can arrive high most with the appraise value of naval vessel chip 27 billion. Achieve from eye criminal record board in light of heat, 27 billion be not be impossible.

Everybody may not understand 27 billion what to mean. So say, up to this week 5, the market prise of core international is in in thirty-nine billion four hundred and seventy-two million Hongkong dollar, conversion becomes a RMB thirty-three billion seven hundred and eighty-eight million. Income of international of the core in 2017 3.101 billion dollar, conversion becomes a RMB twenty billion seven hundred and seventy-seven million. And the business income with naval vessel chip is only also 2018 3.694 billion

Do not give an accident, the income with naval vessel chip should be medium 1/6 of core international, and market prise arrived however 80 % . This still does not calculate after appearing on the market, share price rises brings market prise increases.

More important is, although be in US stock, with parent company of naval vessel chip the market prise of couplet report is only also 30.8 billion. Place is handed in to appear on the market in button from 2000, earlier share price is top amount to 11.73 dollars, to nowadays share price only 1.88 dollars. None exaggerated says, be in quite long, couplet report is a company that did not bring redound to investor.

2017, couplet report business income one hundred and forty-nine billion two hundred and eighty-five million money, net profit has 6.679 billion money only however, net is led only 4.5 % , behave complete also unlike company of a high-tech.

Core technology depends on badly will behave again with naval vessel chip how?

In last few years, as rub mensurable limit is in Er to be approached gradually, advanced the development career that makes Cheng is being decelerated, add Chinese native land chip to design an industry to develop flourishingly, brought content couplet net to wait tremendous inside need the market. Chip industry of China welcomes antecedents history opportunity.

As division achieve board roll out, the strength that the country cites the whole nation supports the key industry such as medical treatment of integrated circuit, biology, artificial intelligence, capital also need not be anxious.

So, understand gentleman to hope heartily, in this process, the resource of the majority can be used to the company that has core technology truly.

Of course, considering industry of Chinese integrated circuit opposite abroad developed country still has photograph v to be apart from, more high grade integrated circuit company is remained in home with naval vessel chip, the congener product of international of as good even as the 28nm brilliant circle of naval vessel chip Yu Zhongxin.

Expect to land division achieve board after with naval vessel chip, achieve better progress. In the future one day, expect a company not just round product of brilliant of 28nm of bureau be confined to, the brilliant that pounds more advanced course ceaselessly is round, make contribution for industry of Chinese integrated circuit.

Want to biting a tooth only, make the technology, not anxious does not have client and market, chinese integrated circuit makes an industry also can greet bright future.

The article is come from understand new 3 board

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