Japan fights back! Which companies related to lithography equipment for semiconductor circuits will counter ASML with new technologies for cutting-edge fields such as AI and counter-trend strategies?
Forming electronic circuit patterns at the nano (1 billionth) meter level on semiconductor wafers.Lithography equipment" is "It is considered the most precise machinery in human historyand is also the heart of the manufacturing process.Originally, Japanese companies dominated the global market share,but they fell behind in developing advanced semiconductor equipment with high profitabilityand currently, the Netherlandsin the Netherlands $ASML Holding (ASML.US)$ofWon aloneIt is in a state of monopoly. ASML'sCutting-edge equipment using extreme ultraviolet (EUV)is one unitfrom 20 billion yen to 50 billion yenwhile the Japanese market is the main marketNon-cutting-edge equipmentis several hundred million yen to several billion yen. However, latelyTo make a comeback with revolutionary new technologies and contrarian strategies.Signs are also starting to emerge.
Currently, the world market share of lithography equipment is almost dominated by three companies: ASML, Canon and Nikon from Japan. According to Mitsubishi UFJ Morgan Stanley Securities, in terms of lithography equipment sales in 2022, ASML ranks first with a world market share of62%, Canon is in second place with31%, and Nikon is in third place with7%It is stated in the November 7, 23 issue of the Nihon Keizai Shimbun.
Canon and ... $Dai Nippon Printing (7912.JP)$Kioxia Holdings (formerly Toshiba Memory Holdings) have been jointly developing for about 10 years.New technologies for advanced semiconductors such as AI, 'nanoimprint lithography'Canon finally released a device based on this technology in October 23.A simple contact method of transferring fine circuits by pressing a stamp on a wafer, compared to conventional techniques using strong light, multiple lenses, and mirrors.... compared to conventional techniques using strong light, multiple lenses, and mirrors.The power consumption is 1/10.becomes.
◆ $Canon (7751.JP)$
Based on camera technology, the company deals with industrial equipment, office equipment, semiconductor lithography equipment, medical imaging devices, etc. The number of semiconductor lithography equipment sold was 140 units in 2021, but it is expected to grow to 247 units in 2024, an increase of approximately1.8 times increase.In 2025, a new factory for semiconductor lithography equipment will start operating in Utsunomiya City, Tochigi Prefecture.The estimated revenue for the fiscal year ending in December 2024 compared to the previous fiscal year is24-year sales forecast4% increase.Net profit is expected to increase by 15.3% to 4.35 trillion yen.The closing price on the 19th, 4,351 yen, is higher than the average target price of 4,227.27 yen by analysts, but there is still about a 17.2% upside potential until the highest target price of 5,100 yen.The stock price trend since the beginning of 2023.The operating margin in the industrial sector, including Canon's exposure equipment, is at a high level (shown in green).There is still upside potential of 17.2%.
Based on camera technology, the company deals with industrial equipment, office equipment, semiconductor lithography equipment, medical imaging devices, etc. The number of semiconductor lithography equipment sold was 140 units in 2021, but it is expected to grow to 247 units in 2024, an increase of approximately1.8 times increase.In 2025, a new factory for semiconductor lithography equipment will start operating in Utsunomiya City, Tochigi Prefecture.The estimated revenue for the fiscal year ending in December 2024 compared to the previous fiscal year is24-year sales forecast4% increase.Net profit is expected to increase by 15.3% to 4.35 trillion yen.The closing price on the 19th, 4,351 yen, is higher than the average target price of 4,227.27 yen by analysts, but there is still about a 17.2% upside potential until the highest target price of 5,100 yen.The stock price trend since the beginning of 2023.The operating margin in the industrial sector, including Canon's exposure equipment, is at a high level (shown in green).There is still upside potential of 17.2%.
◆ $Dai Nippon Printing (7912.JP)$
Print is the main business, expanding into areas such as industrial materials and electronics. It also handles semiconductor manufacturing photomasks and lead frames for packaging. It deals with semiconductor-related and display-related products.Sales revenue in the electronics segment accounts for approximately 15% of the total.(Fiscal year 2022). The projected sales revenue for the fiscal year ending in March 2024 is 1,410 billion yen, an increase of 2.7% compared to the previous period.There is a potential for an increase from the closing price of 4,414 yen on the 19th to the average target stock price of 5,116.67 yen by analysts.There is a potential for an increase from the closing price of 4,414 yen on the 19th to the average target stock price of 5,116.67 yen by analysts.There is a potential for an increase from the closing price of 4,414 yen on the 19th to the average target stock price of 5,116.67 yen by analysts.There is a potential for an increase from the closing price of 4,414 yen on the 19th to the average target stock price of 5,116.67 yen by analysts.15.9%。
Print is the main business, expanding into areas such as industrial materials and electronics. It also handles semiconductor manufacturing photomasks and lead frames for packaging. It deals with semiconductor-related and display-related products.Sales revenue in the electronics segment accounts for approximately 15% of the total.(Fiscal year 2022). The projected sales revenue for the fiscal year ending in March 2024 is 1,410 billion yen, an increase of 2.7% compared to the previous period.There is a potential for an increase from the closing price of 4,414 yen on the 19th to the average target stock price of 5,116.67 yen by analysts.There is a potential for an increase from the closing price of 4,414 yen on the 19th to the average target stock price of 5,116.67 yen by analysts.There is a potential for an increase from the closing price of 4,414 yen on the 19th to the average target stock price of 5,116.67 yen by analysts.There is a potential for an increase from the closing price of 4,414 yen on the 19th to the average target stock price of 5,116.67 yen by analysts.15.9%。
Nikon,Contrarian strategyCompeting with ASML's monopoly of advanced product market, focusing on the outdated light source technology for non-advanced products such as power semiconductors, and exploring the Chinese marketsuch as power semiconductors, and exploring the Chinese market by focusing on the outdated light source technology for non-advanced products.Policy. Following the US regulations on China, the Japanese government added semiconductor manufacturing equipment to the list of export restrictions to China in July 2023. As a result of the regulations, Chinese companies are finding it difficult to procure cutting-edge equipment and are forced to switch their production lines to non-cutting-edge equipment. We sell exposure devices that suppress performance and are excluded from export management for such companies. For the cumulative total up to Q3 of the fiscal year ending March 2024, the number of exposure device sales has increased compared to the previous year.
◆ $Nikon (7731.JP)$
Precision and optical equipment manufacturer. In January of this year, we introduced a new model of exposure device, which is the top model. The wafer throughput for exposure increased by 10-15% compared to the previous model. The forecasted revenue for the fiscal year ending March 2024 is 705 billion yen, which is a 12.2% increase compared to the previous year. The forecasted net profit is 27 billion yen, which is a 39.9% decrease compared to the previous year. The average target stock price of analysts is about 11.8% higher than the closing price of 1521 yen on the 19th, at 1701.11 yen.12.2% increase705 billion yenDecreased by 39.9%.27 billion yenabout 11.8%。
Precision and optical equipment manufacturer. In January of this year, we introduced a new model of exposure device, which is the top model. The wafer throughput for exposure increased by 10-15% compared to the previous model. The forecasted revenue for the fiscal year ending March 2024 is 705 billion yen, which is a 12.2% increase compared to the previous year. The forecasted net profit is 27 billion yen, which is a 39.9% decrease compared to the previous year. The average target stock price of analysts is about 11.8% higher than the closing price of 1521 yen on the 19th, at 1701.11 yen.12.2% increase705 billion yenDecreased by 39.9%.27 billion yenabout 11.8%。
The largest construction machinery company in Japan $Komatsu (6301.JP)$While working on the sale of businesses within the group, the subsidiary that handles high-profit semiconductor lithography light sourcesis continuing to hold onto 'Gigaphoton' (Oyama City, Tochigi Prefecture). According to Nikkei, Gigaphoton surpasses its parent company Komatsu in operating margin, and its estimated corporate value is300 billion yen300 billion yenIt is said to amount to.Light source of Deep Ultraviolet (DUV) exposure systemSell to exposure system manufacturers such as ASML, Nikon corp spons, Canon Inc-Spons ADR. These exposure system manufacturers become customers of $Intel (INTC.US)$companies like Samsung, $Taiwan Semiconductor (TSM.US)$Toshiba, and other semiconductor manufacturers for parts sales and maintenance. The competitors of Gigafoton include the US company SAIMER, a subsidiary of ASML, and they share the market equally.
◆ $Komatsu (6301.JP)$
Second in the world for construction machinery. Competing with the top-ranked Caterpillar in the US. Also in the mining sector with large dump trucks, industrial machinery, etc. The estimated revenue for the fiscal year ending March 2024 is expected to increase by 3.3% compared to the previous period.3.3% increaseThe estimated net profit is 3.66 trillion yen.An increase of 4.2%.The potential for growth is about 11.4%, from the closing price of 4353 yen on the 19th to the average target price of 4850 yen by analysts.An increase of 11.4%.According to Bloomberg data, the EPS annual growth rate is 45.1% and the revenue annual growth rate is 26.4%.An EPS annual growth rate of 45.1%.A revenue annual growth rate of 26.4%.26.4％and high.
Second in the world for construction machinery. Competing with the top-ranked Caterpillar in the US. Also in the mining sector with large dump trucks, industrial machinery, etc. The estimated revenue for the fiscal year ending March 2024 is expected to increase by 3.3% compared to the previous period.3.3% increaseThe estimated net profit is 3.66 trillion yen.An increase of 4.2%.The potential for growth is about 11.4%, from the closing price of 4353 yen on the 19th to the average target price of 4850 yen by analysts.An increase of 11.4%.According to Bloomberg data, the EPS annual growth rate is 45.1% and the revenue annual growth rate is 26.4%.An EPS annual growth rate of 45.1%.A revenue annual growth rate of 26.4%.26.4％and high.
* Growth rate figures are from Bloomberg data
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Source: Nihon Keizai Shimbun, Nikkei Crosstech, respective company websites, Bloomberg, Semiconductor Portal, moomoo
Source: Nihon Keizai Shimbun, Nikkei Crosstech, respective company websites, Bloomberg, Semiconductor Portal, moomoo
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183067032 : nice
Kimihiko : The beam mask drawing device has a 100% share between Japan Electronics and NuFlare Technology.