#春日生活打卡季#
In addition, it should be noted that in 2018, its net cash flow from operating activities was much higher than its net profit, mainly due to the significant increase in pre-receivables, from 2016 to 680 million yuan, which was 7 times the net profit of the current period.
From the perspective of asset structure - in 2018, its total assets were 3.533 billion yuan, of which the highest proportion was inventory (35.31%), followed by monetary funds (18.97%), followed by accounts receivable and notes receivable (14.57%).
Note that its development expenditure has a relatively high percentage of total assets at 9.18%.
Its main business is: etching equipment, MOCVD equipment and related.
Among them, MOCVD equipment grew rapidly, which was the main source of revenue (50.76%), while the main source of gross profit was etching equipment (46.18%).
For these two devices, let's look at them separately:
Etching, one of the most critical steps in chip manufacturing, is based on the principle of using physical and chemical methods to remove the surface of a silicon wafer without the need for material. It is usually divided into wet and dry engraving, the former uses chemical reagents to remove the surface material of the silicon wafer, and the latter uses plasma bombing the silicon wafer to remove the surface material
Among them, the dry engraving method is more controllable and accurate.
1) Plasma etching machine is a processing equipment that uses dry etching method. According to the different materials to be etched, plasma etching machines can be divided into: capacitive plasma etching machine, inductive plasma etching machine.
Capacitive Plasma Etching Machine (CCP) – Mainly used to generate high-energy ions and etch high-depth structures on harder dielectric materials (silicon oxide, silicon nitride, hafnium dioxide).
Inductive Plasma Etching Machine (ICP) – Mainly used to produce lower energy and uniform ions, softer and thinner materials (monocrystalline silicon, polycrystalline silicon)
2) MOCVD equipment - Metal-organic Chemical Vapor Deposition equipment, which forms an ultra-thin epitaxial coating layer on semiconductor wafers after interacting with high-purity metals or organic compounds, which is mainly used in LED chip manufacturing.
Since the epitaxial coating determines the performance and quality of the LED light source, MOCVD equipment is the most expensive equipment in the LED chip manufacturing process, accounting for almost half of the cost of LED epitaxial chips.
The downstream of etching equipment is mainly integrated circuit manufacturers and semiconductor packaging and testing manufacturers, with a high degree of equipment customization, so the gross profit margin is the highest, with gross profit margins of 43.13%, 38.37% and 47.52% respectively from 2016 to 2018;
The downstream of MOCVD equipment is mainly LED chip manufacturers, with a relatively high degree of standardization and relatively low comprehensive gross profit margin, with gross profit margins of 33.82%, 38.13% and 26.33% from 2016 to 2018, respectively.
To understand the semiconductor equipment track, we need to start with the analysis of the entire semiconductor industry chain
Predict the follow-up and listen to the next breakdown
It does not constitute any investment advice, the stock market is risky, and you need to be cautious when entering the market