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聚合MDI价格上涨,国际油价、维生素价格下跌 | 投研报告
Zhong Guo Neng Yuan Wang· 2025-04-28 09:54
以下为研究报告摘要: 中银证券近日发布化工行业周报:本周(04.21-04.27)均价跟踪的100个化工品种中, 共有17个品种价格上涨,58个品种价格下跌,25个品种价格稳定。跟踪的产品中29%的产品 月均价环比上涨,64%的产品月均价环比下跌,另外7%产品价格持平。周均价涨幅居前的 品种分别是高效氯氟氰菊酯、聚合MDI(华东)、石脑油(新加坡)、R134a(巨化)、双 酚A(华东);而周均价跌幅居前的品种分别是NYMEX天然气、维生素A、DMF(华 东)、煤焦油(山西)、丙烯腈。 四月份,行业受关税相关政策、原油价格大幅波动等因素影响较大,建议关注年报季报 行情,自主可控日益关键的电子材料公司,以及分红派息政策稳健的能源企业等。 投资建议 截至4月27日,SW基础化工市盈率(TTM剔除负值)为21.45倍,处在历史(2002年至 今)的56.30%分位数;市净率为1.76倍,处在历史水平的8.83%分位数。SW石油石化市盈率 (TTM剔除负值)为10.41倍,处在历史(2002年至今)的9.89%分位数;市净率为1.16倍, 处在历史水平的0.93%分位数。四月份,行业受关税相关政策、原油价格大幅波动等因 ...
江苏华海诚科新材料股份有限公司2024年年度报告摘要
Shang Hai Zheng Quan Bao· 2025-04-22 19:48
Company Overview - The company is dedicated to the research, production, and sales of semiconductor packaging materials, specifically epoxy molding compounds and electronic adhesives, and is one of the few specialized factories in China for chip-level solid and liquid packaging materials [8][9] - The main products include epoxy molding compounds and electronic adhesives, which are widely used in semiconductor packaging and board-level assembly [9][12] Business Model - The company employs a research and development model focused on optimizing the formulation and production processes of semiconductor packaging materials [10] - The procurement model involves a dedicated procurement department that collaborates with various departments to select suppliers and manage material needs [10] - The production model combines sales-driven production with demand forecasting to ensure alignment between production plans and sales [11] - The sales model is customer-centric, primarily targeting direct customers while also engaging with trading partners, with a strong sales presence in East China, Southwest China, and South China [11] Industry Position - Since its establishment in 2010, the company has focused on the R&D and industrialization of semiconductor packaging materials, achieving significant technological advancements and market recognition [19] - The company is recognized as a national high-tech enterprise and has established stable partnerships with leading industry players, enhancing its market share and brand influence [19] Financial Performance - In the reporting period, the company achieved operating revenue of 331.63 million yuan, a year-on-year increase of 17.23%, and a net profit attributable to shareholders of 40.06 million yuan, up 26.63% year-on-year [24] Profit Distribution Plan - The company plans to distribute a cash dividend of 2.00 yuan per 10 shares (including tax) for the 2024 fiscal year, with a total proposed cash dividend amounting to approximately 24.13 million yuan, representing 60.23% of the net profit attributable to shareholders [55][54]
三星美国代工厂,巨亏!
半导体芯闻· 2025-04-22 10:39
如果您希望可以时常见面,欢迎标星收藏哦~ 据业内人士22日透露,三星电子位于美国德克萨斯州泰勒市的工厂建设进度已完成99.6%,基本完 工。通常情况下,此时设备就已经运进来了,但据说三星电子不愿下订单。三星对外的表态是,泰 勒工厂将按照原计划在2026年投入运营,但三星内部和外部的预期都是,根据市场情况和订单情 况,销售额将会较低。 预计进口半导体设备的过程也将十分困难。美国政府此前宣布对半导体征收至少25%的关税,由于 半导体是国家安全的重要物品,看来不会给其他国家留下谈判的空间。这增加了半导体设备被征收 25%甚至更高高额关税的可能性。 三星电子内部人士表示,"通常情况下,工厂建成后3至6个月内就会引进设备,但考虑到三星电子 一直拖延设备投资,因此在设备进口时需要缴纳高额关税的可能性很高。"他还补充道,"由于向美 国派遣有限的劳动力比较困难,因此雇佣人力资源的成本也会很高。"更糟糕的是,ASML的极紫 外(EUV)设备每台成本高达5000亿韩元,仅关税一项就可能达到数千亿韩元。 仅从其竞争对手台积电的情况来看,中长期来看其海外工厂的盈利能力可能会受到阻碍。台积电美 国工厂已开始满负荷运转,但盈利能力却持续 ...
破产的晶圆厂,活过来了
半导体芯闻· 2025-04-03 10:12
Core Viewpoint - The production facility in Oudenaarde, Belgium, previously operated by the bankrupt BelGaN, has been acquired for €20.35 million, with plans to invest €200 to €250 million to restart chip production, creating up to 500 new jobs. The new owner intends to shift from GaN technology to photonic chip production, targeting applications in AI, data centers, and the automotive industry [1]. Summary by Sections Acquisition Details - The Oudenaarde facility has been sold for €20.35 million, excluding any machinery [1]. - The identity of the new investor remains undisclosed [1]. Investment Plans - European investors plan to inject €200 to €250 million into the facility to restart chip production [1]. - This investment is expected to create up to 500 new jobs [1]. Technology Shift - The new owner will not continue with GaN technology but will focus on photonic chip production, which differs significantly from BelGaN's previous operations [1]. - The new technology is aimed at applications in artificial intelligence, data centers, and the automotive sector [1]. Competitive Landscape - Besides the European investor, two other companies from China and India submitted bids, but details of their proposals remain confidential [1].
华为麒麟芯片,全球第六
半导体芯闻· 2025-03-28 10:01
Group 1 - The core viewpoint of the article highlights that MediaTek is expected to maintain its leadership in the global smartphone processor market with a 34% market share in Q4 2024, followed by Apple at 23% and Qualcomm at 21% [1] - Samsung's market share has declined to 4% in Q4 2024, down from 5% in Q3 2024, indicating a significant downturn [1] - Samsung's Galaxy S25 series will exclusively use Qualcomm's Snapdragon 8 Elite chip due to poor yield rates of its second-generation 3nm process, which hindered the supply of its Exynos processors [1] Group 2 - There are rumors that Samsung is attempting to reduce its reliance on Qualcomm's Snapdragon processors, with the Galaxy Z Flip FE potentially being the first foldable device to use an Exynos processor if yield rates meet expectations [1] - Huawei's Kirin chip ranks sixth globally, despite facing various restrictions [2]
博通和英伟达,两种打法
半导体芯闻· 2025-03-10 10:23
Core Viewpoint - The surge in global artificial intelligence (AI) is significantly transforming the chip market, with Broadcom and Nvidia leading the charge, showcasing two distinct strategies: Broadcom's custom ASIC chips and Nvidia's multifunctional GPU solutions [1][2]. Group 1: Nvidia's Performance - Nvidia reported a 78% increase in total revenue for Q4 of fiscal year 2025, reaching $39.3 billion, with data center revenue growing approximately 90% to $35 billion [1]. - Nvidia's challenges include high energy consumption and memory bandwidth limitations, particularly with its H100 chip [1]. Group 2: Broadcom's Strategy - Broadcom's AI-related revenue reached $4.1 billion in Q1, accounting for 28% of its total revenue of $14.6 billion [1]. - The company claims its ASICs improve efficiency in matrix operations by over 50% and reduce power consumption by about 30% compared to general accelerators [1]. Group 3: Market Segmentation - The AI chip market is increasingly divided into two segments: training and inference, with Nvidia holding an 80% market share in the training sector [2]. - Broadcom is positioning itself to capture the growing inference market, projected to reach $90 billion by 2027, leveraging its 30 years of ASIC design experience and partnerships with major tech companies like Google and Meta [2]. Group 4: Competitive Landscape - Nvidia's strong CUDA developer ecosystem and strategic acquisitions, such as Mellanox, reinforce its market position [2]. - Nvidia's substantial R&D investments and $14.9 billion in free cash flow enable ongoing innovation [2].
NAND,大降20%
半导体芯闻· 2025-03-05 10:25
Core Viewpoint - The NAND flash memory market is experiencing a revenue decline of 6.2% in Q4 2023, primarily due to weak consumer demand, with expectations of a further 20% drop in industry revenue in Q1 2024 [1][2]. Group 1: Market Trends - The average selling price (ASP) of NAND flash memory has decreased by 4% quarter-over-quarter, while overall shipment volume has declined by 2% [1]. - By the end of 2024, global NAND flash revenue is projected to be $16.52 billion, reflecting a 6.2% decrease from the previous quarter [2]. - Manufacturers are expected to clear excess inventory, which will contribute to further price declines in NAND flash memory [1]. Group 2: Manufacturer Performance - Major NAND flash manufacturers are facing revenue declines, with Samsung's market share at 35.2% despite a nearly 10% revenue drop compared to Q3 2023 [3]. - SK Hynix experienced a 6.6% revenue decline, while Micron faced a 9.3% drop, and Kioxia and Western Digital saw declines of 0.2% and 0.4%, respectively [4]. - Many manufacturers are shifting focus towards enterprise SSDs to mitigate losses, with Samsung and SK Hynix addressing production imbalances relative to market demand [4]. Group 3: Future Outlook - The industry anticipates improvements in the second quarter of 2024 as production aligns more closely with demand [2]. - Kioxia is adopting a more technical approach by enhancing data transfer speeds and increasing the number of 3D NAND layers, as seen in their latest 10th generation 332-layer V-NAND flash [4]. - Micron plans to cut costs in its NAND flash business while continuing to offer high-capacity enterprise SSDs to boost profitability [4].
台积电CoWoS扩产计划,不变
半导体芯闻· 2025-03-03 10:17
Core Viewpoint - The article discusses the potential adjustments in NVIDIA's CoWoS packaging orders with TSMC, highlighting the cautious approach of TSMC regarding capacity expansion and the market's optimistic expectations for NVIDIA's chip production plans [1][2]. Group 1: TSMC's Capacity Expansion - TSMC's CoWoS expansion plan remains unchanged, with a gradual increase to approximately 70,000 wafers per month by December 2025 [1]. - TSMC's 5/4nm process is currently fully loaded, and NVIDIA's chip production volume has increased compared to earlier this year [1]. Group 2: NVIDIA's Production Plans - There are rumors that NVIDIA's CoWoS wafer allocation for 2025 has been revised down from over 400,000 to around 380,000, which may stem from overly optimistic expectations from market participants [2]. - The transition period between NVIDIA's B200 and B300 series products has been significantly accelerated, leading to changes in production plans that may be misinterpreted as order cuts [2]. Group 3: Market Sentiment and Expectations - TSMC has been cautious about capacity expansion, and significant order cuts are not expected unless there is a drastic shift in industry trends [2]. - Historical context shows that during peak market sentiment, NVIDIA had requested TSMC to increase CoWoS capacity to 100,000 wafers per month, which was declined by TSMC [2].
化工行业周报:国际油价小幅下跌,磷酸一铵、氯化钾价格上涨
中银证券· 2025-03-03 05:08
基础化工 | 证券研究报告 — 行业周报 2025 年 3 月 3 日 化工行业周报 20250302 国际油价小幅下跌,磷酸一铵、氯化钾价格上涨 3 月份建议关注:1、三四月份旺季可能涨价的品种,如农化、纺织化学用品、制冷剂等;2、年 报季报行情,如大型能源央企、轻烃裂解子行业龙头公司等;3、下游行业快速发展,建议关注 部分电子材料、新能源材料公司;4、宏观经济整体预期改善,行业龙头价值公司进入长期可配 置区间。 行业动态 投资建议 截至 3 月 2 日,SW 基础化工市盈率(TTM 剔除负值)为 21.50 倍,处在历史(2002 年至今) 的 56.77%分位数;市净率(MRQ)为 1.81 倍,处在历史水平的 11.96%分位数。SW 石油石 化市盈率(TTM 剔除负值)为 10.29 倍,处在历史(2002 年至今)的 9.28%分位数;市净率 (MRQ)为 1.21 倍,处在历史水平的 2.77%分位数。3 月份建议关注:1、三四月份旺季可 能涨价的品种,如农化、纺织化学用品、制冷剂等;2、年报季报行情,如大型能源央企、 轻烃裂解子行业龙头公司等;3、下游行业快速发展,建议关注部分电子材料、新能源 ...
黄仁勋:中国市场竞争非常激烈
半导体芯闻· 2025-02-28 10:03
Core Viewpoint - Despite being placed on a trade blacklist by the U.S. for national security reasons, Huawei's competition is intensifying, as highlighted by Nvidia's recent acknowledgment of Huawei as a competitor in its annual report for the second consecutive year [1]. Group 1: Nvidia's Position and Huawei's Growth - Nvidia has identified Huawei as a competitor in four of its five product categories, including chips, cloud services, computing, and networking products [1]. - Huawei's revenue for 2024 is projected to exceed 860 billion RMB (approximately 118.27 billion USD), marking a 22% year-over-year growth, the fastest since 2016 [1]. - Huawei's consumer division has faced significant challenges, with 2023 revenue increasing by 17% to 251.5 billion RMB, which is only half of its peak in 2020 [1]. Group 2: Huawei's AI Chip Production - Huawei has reportedly increased the yield of its latest Ascend series AI chips from 20% to nearly 40%, indicating a turnaround from losses to profitability [2]. - The company aims to further enhance the yield to 60% to meet industry standards for similar chips [2]. - For 2025, Huawei plans to produce 100,000 Ascend 910C and 300,000 Ascend 910B processors, compared to 200,000 Ascend 910B produced last year [2].