Hua Runwei of Zhuo Shengwei VS after all who is stronger?
Hua Runwei (688396) handed over a few days ago land division achieve board first annals after, turned round battalion closed 2019, net profit compared to the same period double falling situation, regain rises situation. Precede as Chinese mainland with IDM mode (IDM mode is to point to include circle of chip design, brilliant to make, enclose a test inside all or the management mode of major servicing link) give priority to management semiconductor company, photograph of ROE of yield of Hua Runwei net assets is otherer the semiconductor bibcock company of mode appears on the low side, so, IDM mode after all sweet?
Trade situation bearing is taller, outstanding achievement regain grows
Announced a few days ago according to Hua Runwei 2020 annals, the company realizes business income 6.977 billion yuan, relatively go up growth of year of the corresponding period 21.50% , main department because career of power parts of an apparatus group with course of study of acting defence works group business income increases; The net gain with possessory parent company of implementation vest in 964 million yuan, relatively go up growth of year of the corresponding period 140.46% ; Unless,vest in parent company is buckled possessorily regular the net profit of increase and decrease 853 million yuan, grow 313.52% compared to the same period, main department grows 21.50% compared to the same period because of company business income, make at the same time with the service business board piece produce can utilization rate promotes bigger, gross profit to lead promotion 4.63 percent.
(data origin: Wind)
In addition, hua Runwei manages a state to keep stable first quarter, integral outstanding achievement is good last year the corresponding period, business income grows 47.92% compared to the same period, vest in appears on the market the net gain of company shareholder grows 251.85% compared to the same period, because trade situation bearing is taller,basically fasten, company whole is produced can utilization rate is higher, promotion of wool interest rate, product gains profit ability is good last year the corresponding period.
Hua Runwei is business of state-owned key mainstay the high-tech enterprise that microelectronics business investment, development and management are in charge of below division of China profit group, it is in order to revitalize ethical microelectronics industry from beginning to end oneself, brilliant of electron of Hua Ke of the conformity after Ceng Xian, China China, go up the Chinese semiconductor such as Hua Ke ability is precursory, reach a series of conformity through old development, the company already became Chinese mainland to have the omnibus semiconductor company of main force.
Hua Runwei advocate business Wu can be divided for product and plan, make with the service Wu of two great undertaking board piece, it is Chinese mainland is banner give priority to management semiconductor company with IDM mode, also be one of companies of China’s biggest power parts of an apparatus at the same time. Hua Runwei says in annals, drive net, automatically as couplet of 5G, AI, content, VR/AR new round of science and technology moves toward industrialization gradually, 10 years hopeful of Chinese semiconductor industry greets future the entrance is replaced with the gold period that grow, adjust in the structural sex of global semiconductor market stage by stage in hold decisive position, the company also expands trade of integrated circuit of sufficient benefit from benefit from, entrance of benefit from benefit from is replaced, semiconductor industry can accuse to wait for historic opportunity independently.
The day fastens net assets yield poorly
Hua Runwei product and just business of chopping board piece basically uses IDM to manage mode at present, make at the same time with the service board piece business is offerred to industry of domestic and international semiconductor specialization service.
Regard China as one of companies of the biggest power parts of an apparatus, hua Runwei thinks, wait for a product to power semiconductor, its research and development is an omnibus technical activity, involve products plan end and make upright research and development the integrated research and development of link of many industries chain, the company that IDM mode runs is in research and development is accumulated with what produce each segment the meeting is more deep, more benefit at the technology accumulate and product group form with upgrade. As the company that has IDM business ability, the research and development of the products plan of the company and workmanship can be allocated through interior have more close together and efficient connection. The business ability of catenary of entire industry of company of benefit from benefit from, compare the competitor that Fabless mode manages, the company can have rapidder product iteration rate and stronger yield the line cooperates ability. Be based on IDM to manage mode, the company can be better the in-house and integrated dominant position that develops resource, improve operation management efficiency, can shorten products plan produces place to need time to the quantity, have more efficient, flexible characteristic technology according to client demand custom-built.
“Have capacity of operation of unifinication of entire industry catenary ” be regarded as one of core competition ability by Hua Runwei, but the world thing is advantageous have disadvantage surely, IDM mode is not exceptional also.
What differ with Hua Runwei is, jiangsu enterprise of another integrated circuit — Zhuo Shengwei of radio frequency bibcock (300782) , dedicated design at integrated circuit, use Fabless to manage mode. Fabless shows without brilliant round factory integrated circuit designs a company, pursue integrated circuit research and development and sale only, and make brilliant circle, enclose and check link to entrust professional firm to finish respectively, acting also point to pattern of this kind of trade. Produce a field, zhuo Shengwei pursues the research and development of integrated circuit, design and sale only, the others link entrusts brilliant circle respectively manufacturer and enclose test factory to finish, the company chooses eligible vendor through strict assessment and assessment program.
From the point of ROE of net assets yield, ROE was as high as the Zhuo Shengwei of mode of operation of small capital fund 2020 49.4% , it is 5 times of Hua Runwei almost, specific if pursue:
(data origin: Wind)
Farther contrast is knowable, 2.8 billion yuan of battalion receive Zhuo Shengwei the profit of net putting in a mother ‘s charge that created 1.073 billion yuan, the benefit of net putting in a mother ‘s charge that than Hua Runwei 7 billion yuan of battalion receive innovation is much still.
Eminent gets the better of small VS Hua Runwei
Eminent gets the better of Hua Runwei of small ROE outclass, do not depend on financial lever scale tall, and depend on selling turnover rate of net interest rate, total assets tall.
The yield of two companies net assets, vast difference that rises speed to wait, also reflect go up in market prise, up to on May 7 closing quotation, hua Runwei total market prise 78.5 billion yuan, zhuo Shengwei is 123.8 billion yuan.
IDM mode after all sweet?
Narrated the respect such as rate of net assets yield, growth to look once upon a time, the Hua Runwei that uses IDM pattern and the Zhuo Shengwei that use Fabless to manage mode exist huge gap. is IDM mode not sweet?
Hua Runwei also says in manual of raise capital by floating shares, the management mode need that uses IDM is ongoing hair, make wait for each link to go up continual undertake capital is thrown, existence future lasts the risk that capital of a huge sum throws, in addition, what still need to all keep certain in each link is emulative gift of as advanced as the technology sex is nicer the dominant position that develops IDM pattern.
Nevertheless, fabless manages mode to also have its limitation. Zhuo Shengwei expresses, future basically develops direction be product of form of radio frequency model, and high-end filter is the crucial parts of an apparatus in group of radio frequency model, it is those who realize company business domain to extend, avoid follow-up business development to suffer be restricted, promote chip of high-end radio frequency workmanship and technology at the same time, company (Zhuo Shengwei) will from the transition that at present mode of operation of small capital fund has fixed rate.
China to offerred one side mirror.
Hua Weihai thinks of semiconductor ever industry of row China native land semiconductor the first, it is home’s most powerful chip design firm (chip basically is made by stage accumulating report) , endure after offerring blow, at present chip unmanned generation is versed in.
Intel can become the one elder brother of semiconductor domain before this, partial reason is attributed to the IDM mode of oneself, but IDM mode also is existing not quite high cost, agile wait for a problem, the difficulty that IDM manages appears to be being increased. Current, the market prise of Intel is surmounted by stage accumulating report already.
But, this year in March, pat Kissinger announces Intel CEO ” IDM2.0 ” the strategy, it is in American Arizona city investment restrains 20 billion dollar above all, build two plants (brilliant round factory) . He still announces Intel plans to become acting labour to produce can main provider, result United States and Europe, face global client to provide a service. Kissinger says: “IDM2.0 strategy has Intel ability to be accomplished quite only, it sends those who become us get the better of a magic weapon. In each domain that we compete, we will use IDM2.0 to design best product, undertake manufacturing production with best means at the same time. Undertake manufacturing production with best means at the same time..
Hua Runwei of center look forward to, it is in order to revitalize ethical microelectronics industry oneself. At present the actual strength of research and development in market of partial high end, craft accumulates Hua Runwei, products plan and engineering capability and trademark are well-known degree wait for the international such as each respect and Ying Feiling, Ansenmei to precede manufacturer photograph compares existence technology gap. The body is the semiconductor branch of Xi Menzi group before Ying Feiling, ansenmei comes out at was being torn apart from Motolora 1999. Ying Feiling, Ansenmei is managed with IDM mode, also offerred development to draw lessons from for Hua Runwei probably.