Core point:
In February, there were a total of 28 tenders, mainly Yandong Technology, Wuhan Xinxin, Huahong Semiconductor and Jita Semiconductor. The bidding equipment mainly included detection, coating development, thinning, lithography PVD equipment and other categories. According to the data of Caidian. com, in February 2024, 28 tenders were generated for the wafer production lines in the statistical sample. We mainly invite bids for Yandong Technology, Wuhan Xinxin, Huahong Semiconductor, Jita Semiconductor and other production lines. The bidding equipment mainly includes detection, gluing development, thinning, lithography PVD equipment and other categories. From January to February 2024, a total of 39 wafer production lines were tendered in the statistical sample, of which Yandong Technology, Jita Semiconductor, Huahong Semiconductor, and SMIC ranked the top three. On the whole, equipment bidding mainly focuses on detection, gluing development and thinning equipment.
In February, a total of 267 projects won the bid, most of which were diffusion, gas-liquid system and probe platform equipment. The overall winning rate of domestic equipment was about 16%, and the domestic winning rate of gas-liquid system equipment was significant. In terms of winning the bid, according to the data of Caizhao. com, in February 2024, a total of 267 devices were won on the wafer production line in the statistical sample, most of which were diffusion, gas-liquid system, and probe platform devices; The overall winning rate of domestic equipment is about 16%, among which, the domestic winning rate of gas-liquid system equipment is significant. From January to February 2024, a total of 434 wafer production lines in the statistical sample won the bid, mainly including diffusion, gas-liquid system and probe table equipment; The overall bid winning proportion of domestic equipment is about 22%, among which, the domestic bid winning proportion of gas-liquid system and detection equipment is relatively high.
Investment suggestion: under the trend of continuous expansion of local wafer capacity, iterative upgrading of semiconductor manufacturing technology and accelerated breakthrough of domestic substitution, the domestic semiconductor equipment market continues to expand. Domestic semiconductor equipment manufacturers, relying on their own product competitiveness, continuously expanding service market space and category expansion ability, are expected to continue to benefit from the expansion of equipment market scale and the deepening of domestic substitution process, with significant growth speed and space. It is suggested to focus on the strong position in the semiconductor core process and the companies with new category expansion this year: North Huachuang, Zhongwei Company *, Tuojing Technology, Shengmei Shanghai *, Huahai Qingke, Zhongke Flight Test, Xinyuan Micro, Huafeng Measurement and Control *, Changchuan Technology *, Micro Conductive Nano, Zhichun Science and Technology *, Wanye Enterprise and other targets. (Those marked with * are jointly covered with Guangfa Machinery)
Risk tip: market demand is less than expected, R&D is less than expected, and market development is less than expected.
