share_log

全球缺芯,半导体设备公司赚大发了

Semiconductor equipment companies are making a lot of money because of a global lack of cores.

虎嗅APP ·  Aug 20, 2021 08:06

Original title: global Core shortage, Semiconductor equipment companies make a lot of money Source: semiconductor Industry observation

This article comes from the official account of Wechat:Semiconductor Industry Watch (ID:icbank), author: du Qin DQ, inscription from:Visual China

Driven by a variety of factors, there is no doubt that semiconductor equipment manufacturers are also full of wallets this year.

2021 is a year when chips are out of stock, and contract factories expand production and build factories on a large scale. Under this background, the demand for semiconductor equipment surges sharply, and equipment factories are out of stock and orders are overstocked.

Ajit Manocha, president and CEO of SEMI, said the semiconductor equipment market showed extraordinary growth in the first half of 2021. Subscribe according to the equipment market data published by SEMI(EMDS)The bill reported a significant increase in each month in the first half of the year, with the June bill 58.4% higher than the $2.32 billion in June 2020.

数据来源:SemiJuly2021

Semiconductor equipment manufacturers hand over their first-half transcripts

The winners of the top 10 semiconductor equipment in the world are as follows: Applied Materials Inc(Applied Materials)、 ASML Holding NV(ASML), pan-forest(LAM Research), Tokyo Electronics(Tokyo Electron Limited), Corey Semiconductor(KLA-Tencor), Edwin(Advantest), Cisco Semiconductor(SCREEN), Terrida(Teradyne)Hitachi Hi-Tech(Hitachi High-Tech)Advanced PacificScience and technology(ASM Pacific Technology)Wait. Without exception, all equipment enterprises achieved varying degrees of growth in the first half of the year compared with the same period last year, and an increase of 40% to 50% is common.

图源:VLSI research

Applied Materials Inc

Applied Materials Inc in the second quarter of fiscal year 2021(as of May 2, 2021)Revenue was $5.58 billion, compared with $5.16 billion in the first quarter, or $10.74 billion in the first two quarters of fiscal 2021, up 32 per cent from $8.11 billion in the first two quarters of fiscal 2020. "Applied Materials's record performance is due to the extensive strength of our semiconductor business," said Gary Dickerson, president and CEO of Applied Materials Inc.

应用材料2021财年前两季度的财报情况(图源:应用材料)

Yesterday, Applied Materials Inc also released his third quarter of fiscal year 2021.(as of August 1, 2021)Revenue in the third quarter was $6.2 billion, up 41 per cent from a year earlier. The record quarterly operating margin of GAAP was 32.5%, while that of non-GAAP was 32.7%, up 7.3% and 6.3% respectively from a year earlier. "Applied Materials Inc has achieved record performance as the long-term trend driven by the digital transformation of the economy has driven strong long-term demand for semiconductors," said Gary Dickerson, president and chief executive of the company.

应用材料2021财年Q3的财报情况(图源:应用材料)

ASML

ASML's total net sales in the first half of 2021 was 8.4 billion euros, an increase of 45.4% from 5.8 billion euros in the first half of 2020. Profit accounted for 49.8% of total net sales in the first half of 2021, up from 43.3% in the first half of 2020, as shown in the figure below.(a)As shown.

ASML sold 126 DUV and 16 EUV devices in the first half of 2021, compared with 97 DUV and 9 EUV systems in the first half of 2020. However, revenue from two EUV systems and one DUV system will be confirmed in the second half of 2021, as shown in the figure below.(b)

Sell 162 devices in the field of logic(124 in the first half of 2020)Net sales were 4.55 billion euros; a total of 79 devices were sold in the memory area(63 in the first half of 2020)Net sales were 1.52 billion euros, as shown in the following figure(c)

图(a):ASML 2021年上半年的运营业绩(图源:ASML财报)图(b):ASML 2021年上半年各项设备的净销售额(图源:ASML财报)图(c):ASML 2021年上半年的最终用途的系统销售净额(图源:ASML财报)

ASML's R & D investment was 1.2572 billion euros in the first half of 2021 and 1.1109 billion euros in 2020. In the first half of 2021, R & D investment focused on projects supporting the company's overall lithography solutions in EUV, DUV and applications. The first is EUV, where ASML continued to invest in mass manufacturing of EUV in the first half of 2021, completing the development of NXE:3600D and further improving the availability and productivity of its installed infrastructure systems.

In addition, their roadmap includes High-NA, a next-generation 0.55NA system to support customer 2nm logic and above, as well as similar densities of memory nodes. In the field of DUV, ASML upgraded the latest generation of immersion system NXT:2050i and developed enhanced dry system XT:860N, and continued to develop next-generation scanners, of which NXT:2100i is used in most high-end applications and NXT:870 is used for breakthrough productivity in the KrF drying market; in application exploration, ASML continues to invest in single beam detection, electron beam metrology and optical metrology.(Yieldstar ADI and IDM solutions). In addition, we need to ensure its multi-beam detection roadmap and continue to expand the company's investment in overall software applications.

For the second half of 2021, ASML reported that net sales in 2021 are expected to increase by about 35 per cent compared with last year. It is expected that the demand for logic will continue to grow healthily and will continue to drive demand for EUV systems and our other products. Logically, customers continue to use 7/5nm 's advanced technology nodes to support the construction of digital infrastructure and drive end-market applications such as 5G, artificial intelligence and high-performance computing that require leading devices with longer lead times and certification schedules. In the memory sector, ASML customers say they are seeing signs of recovery, and more and more memory manufacturers are embracing lithography technology, so ASML says demand will increase in the second half of this year.

LAM Research

LAM Research also reported its quarterly results for the quarter ended June 27, 2021. As of June 27, the company had revenue of $4.15 billion and non-GAAP diluted earnings of $8.09 per share. Revenue in March 2021 was $3.848 billion and non-GAAP diluted earnings per share was $749 million. LAM Research's total revenue in the first half of 2021 was $7.99 billion, compared with $5.29 billion in the first half of 2020, up 51 per cent from a year earlier.

LAM Research6月季度主要财务数据(以千计)(图源:LAM Research)LAM Research预计9月季度的营收将有43亿美元(图源:LAM Research)

TEL Tokyo Electronics

TEL first quarter of FY2022(1 April 2021-30 June 2021)The financial announcement pointed out that due to the continued strong equipment investment in logical / fabs, the continued strong equipment investment in DRAM plants and the continued high level of equipment investment in NAND Flash plants led to a 43.6% to 452.049 billion yen increase in consolidated revenue over the same period last year, a 92.0% increase in consolidated profit to 141.791 billion yen, and a 77.8% increase in consolidated net profit to 100.363 billion yen, a quarterly record. Sales of electronic semiconductor manufacturing equipment in Tokyo surged 44.2 per cent to 437.924 billion yen in the first quarter compared with the same period last year, while sales of FPD manufacturing equipment rose 27.9 per cent to 14.09 billion yen.

东京电子FY2022 Q1(2021年4月1日- 2021年6月30日)财报一览(图源:东京电子)

Tokyo Electronics recently announced that this year(April 2021-March 2022)The consolidated revenue target was revised up to 1.85 trillion yen from the original estimate of 1.7 trillion yen.(an annual increase of 32.2%)Annual revenue will hit an all-time high; the consolidated profit target will be revised up from 442 billion yen to 508 billion yen(will increase by 58.4% per year)The consolidated net profit target was revised up from 330 billion yen to 370 billion yen(an annual increase of 52.3%)Net profit will hit an all-time high.

KLA-Tencor

As of March 31, 2021(FY2021 Q3)KLA-Tencor 's total revenue was $1.8 billion.($1.42 billion in the same period last year)Non-GAAP diluted earnings per share attributable to KLA were $3.85. Total revenue for the quarter ended June 2021 (FY2021 Q4) was $1.93 billion($1.46 billion for the same period in fiscal year 2020)Non-GAAP diluted earnings per share attributable to KLA were $4.43. So overall, KLA's total revenue in the first half of 2021 was $3.73 billion, up 29.5% from $2.88 billion in the first half of 2020.

KLA-Tencor 2021年上半年的财报一览(图源:KLA-Tencor)

KLA points out that EUV lithography systems will grow by about 30 per cent this year. Optical pattern wafer testing is expected to be one of the fastest growing sectors of WFE products in 2021. Revenue from these segments exceeds $1 billion. In addition, KLA's flagship marking detection business is expected to hit an all-time high in 2021. KLA also estimates that almost all 5nm masks today are checked by the KLA system. Its 8XX mask inspection platform based on next-generation electron beam was shipped last quarter and has begun to provide customer qualification for applications up to 3 nanometers.

About the next quarter(September quarter)The guidance is as follows: total revenue is expected to be between $2.02 billion and $100 million. Wafer foundry / logic is expected to account for about 59% of semiconductor customer revenue, and memory is expected to account for about 41% of semiconductor process control system revenue. In memory, DRAM is expected to account for about 60 per cent of the market segment. We forecast a non-GAAP gross margin of between 61.5% and 63.5%.

Advantest

Automatic test equipment manufacturer Edwin tested the first quarter of fiscal year 2021(quarter ended June 30)Sales were 97.12 billion yen, compared with the same period last year.(66.73 billion yen)An increase of 45.5%. Operating profit for the quarter rose 94.1 per cent to 26.13 billion yen from 13.46 billion yen a year earlier. Net profit attributable to the parent company rose 83.4 per cent to 19.34 billion yen in the first quarter, compared with 10.55 billion yen in the same period last year. Earnings per share were 97.87 yen, up from 52.89 yen a year earlier.

爱德万测试2021财年第一季度(截止6月30日)财报(图源:爱德万测试)

Looking ahead to fiscal year 2021, Advantest currently expects net profit of 75 billion yen, operating income of 100 billion yen and net sales of 385 billion yen. The company had expected attributable net profit of 64 billion yen, operating profit of 85 billion yen and net sales of 350 billion yen.

Screen Holdings

Screen Holdings's consolidated net sales for the quarter ended June 30, 2021 were 82.856 billion yen, an increase of 15.976 billion yen over the previous fiscal year.(23.9%). Operating income totaled 8.693 billion yuan, an increase of 6.833 billion yen over the previous fiscal year(367.5%). The general income was 8.668 billion yen, an increase of 6.68 billion yen in the previous fiscal year.(335.9%)The quarterly profit of the owner of the parent company totaled 608.1 billion yen, an increase of 4.082 billion yen over the previous fiscal year(204.3%)

Screen Holdings 2022财年(截止2021年6月30日)第一季度的财报(图源:Screen Holdings )

Among them, semiconductor production equipment(SPE)Net sales of the business reached 59.753 billion yen, up 13.4 per cent from a year earlier. The sector made a profit of 88.888 billion yuan, an increase of 107.8% over the same period last year.(GA)The net sales of the business reached 9.645 billion yuan, an increase of 21.7% over the same period last year, with a profit of 262 million yen.(the previous operating loss was 396 million yen)In the FT business, sales and net sales of small and medium-sized OLED production equipment increased, totaling 10.29 billion yen, an increase of 180.5 per cent over the same period last year. The profit is 230 million yen(compared with an operating loss of 1.519 billion yen in the previous fiscal year)In the PE business, net sales in this area remained at 2.346 billion yuan, down 0.7% from the same period last year, due to stable sales of direct imaging equipment. The profit was 211 million yuan, an increase of 70.9% over the same period last year.

Screen Holdings不同设备的营收情况(图源:Screen Holdings )

Screen Holdings announced on July 28th that it is expected that chip factories will continue to invest actively, so this year(April 2021-March 2022)The consolidated revenue target has been revised up from 372.5 billion yen to 391.5 billion yen.(an annual increase of 22.2%)The combined net profit was revised up from 24 billion yen to 28 billion yen(will increase by 84.6% a year)As shown in the rightmost column of the following figure

Screen Holdings全年财务预测(图源:Screen Holdings )

Terrida (Teradyne)

Terrida's revenue in the second quarter of 2021 was $1.086 billion, compared with $782 million in the first quarter, and overall revenue in the first half was $1.868 billion, up 21% from $1.543 billion in the same period in 2020. Of the first half's revenue, $1.362 billion came from semiconductor testing, $238 million from system testing, $96 million from wireless testing and $172 million from industrial automation.(IA)

泰瑞达2021年第一、二季度的财务数据(图源:泰瑞达)

Terrida expects revenue of $880 million to $960 million for the third quarter of 2021, net income of $1.17 to $1.41 per diluted share of GAAP and $1.29 to $1.55 per diluted share of non-GAAP.

Hitachi Hi-Tech (Hitachi High-Tech)

Compared with fiscal year 2020, Hitachi Hi-Tech's revenue and earnings increased in the first quarter of fiscal 2021. Operating income was 2.3 trillion yen, up 48.5% from 1.59 trillion yen in the same period last year. And it has achieved a profit of 130.4 billion yen, an increase of 124% over the same period last year. Meanwhile, net profit for the quarter rose 60 per cent year-on-year to 226.4 billion yen. Hitachi Hi-Tech predicts that the company's revenue will reach 740 billion yen for the whole of 2021.

日立高新2021财年第一季度的财报情况(图源:日立高新)

Advanced Pacific Technology (ASM Pacific Technology)

ASM recorded record revenue and bookings in the first half of 2021, with a substantial increase in gross profit margin and a record backlog of orders. Realized income of HK $9.51 billion in the six months ended June 30, 2021($1.23 billion)Compared with HK $6.73 billion in the first six months of 2020($865.9 million)An increase of 41.5%. Net profit was HK $1.26 billion. As of June 30, 2021, the backlog of orders amounted to HK $11.54 billion.($1.49 billion)

ASM第二季度和半年报(图源:ASM)

ASM has been systematically building the most comprehensive advanced package in the industry.(AP)Solution portfolio to support the entire range of customer requirements, including 2.5D, 3D-IC, fan-in and fan-out wafer-level packages and system packages("SiP")Tools. Its advanced package(AP)The solution covers SEMI and SMT tools to provide industry-leading "holistic interconnect solutions" for customers in high-end end-user markets such as CPU, GPU, XPU and SiP applications. ASM's AP bookings in the first half of the year accounted for more than 80% of the total bookings in FY2020.

ASM expects revenue for the third quarter of 2021 to be between $730 million and $780 million, and reiterated that revenue will remain strong in the second half of 2021.

The demand for equipment continues unabated.

Last year, the fab's equipment delivery time was between three and six months, and in the first quarter of this year, it was extended to an average of 10 months. As of July this year, this time has been further extended, an average of 14 months. For some fab equipment, delivery time is more than two years, according to people familiar with the matter.

Let's take a look at the delivery of different semiconductor equipment manufacturers. According to Korean fab equipment manufacturers and TheElec reports, as of July, the delivery time of ASML ArF equipment is 24 months; i-line equipment is 18 months; and EUV equipment delivery time is 18 months. The current lead time for KLA coverage equipment is 14 months. Applied Materials Inc's delivery time is 14 months and 13 months respectively. The delivery time for equipment manufactured by Tokyo Electron, Hitachi High-Tech, Kokusai Electric, Advantest, Screen Semiconductor Solutions and Kulicke & Soffa is all about 12 months. Some fab equipment makers are finding it difficult to procure the FPGA needed to make equipment, according to people familiar with the matter.

The delay in delivery time has also led to an increase in demand for second-hand fab equipment because of their relatively short delivery times. The price of second-hand equipment rose by an average of 20 per cent in the first half of 2021 compared with the previous year, according to market research firm VLSI Research. Lam Research said in a conference call in the second quarter that its refurbished equipment business(called customer support Business Group)Sales also hit an all-time high of $1.4 billion in the second quarter.

However, the high demand and insufficient supply of fab equipment is expected to continue for some time. The demand is obvious. After all, from the fabs that are announcing expansion plans, Taiwan Semiconductor Manufacturing Co Ltd announced earlier this year that he would invest 100 billion US dollars over the next three years to increase production capacity. South Korean giant Samsung also plans to spend $151 billion on non-memory chips by 2030. But think about the demand for semiconductor equipment.

According to a recent report released by SEMI, sales of semiconductor manufacturing equipment by global original equipment manufacturers are expected to exceed $100 billion next year, rising 34 per cent to $95.3 billion in 2021 and $71.1 billion in 2020. It is estimated that in 2021, fab equipment expenditure will increase by 15.5% over the previous year, reaching 70 billion US dollars. This will increase by another 12 per cent year-on-year to more than $80 billion in 2022, the group said. In its latest update in June, VLSI Research also predicts that the internal capacity of semiconductors will increase from 945 billion in 2020 to 1.43 trillion in 2025.

From the market forecast of large equipment manufacturers in the second half of the year and even the whole year, the equipment factory is still full in the second half of the year.

This article comes from the official account of Wechat:Semiconductor Industry Watch (ID:icbank), author: du Qin DQ

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more
Comment Comment · Views 341

Recommended

Write a comment

Statement

This page is machine-translated. Moomoo tries to improve but does not guarantee the accuracy and reliability of the translation, and will not be liable for any loss or damage caused by any inaccuracy or omission of the translation.