Ziguang Guowei Industry Analysis, 002049 Industry Analysis

Main listed companies in the memory chip industry: SMIC (68898 1), Zhao Yi Innovation (603986), Ziguang Guowei (002049), Puran (688766), Chen Ju (688 123), Lan Qi Science and Technology (688008), etc.

The core point of this paper: Ziguang Group has invested heavily in the field of memory chips, and its Yangtze River Storage has taken the lead in completing 3D NAND in China.

Flash memory chip manufacturers are expected to lead China's memory chip industry to accelerate the domestic substitution process.

1, all-round comparison of leading enterprises in China memory chip industry.

China's memory chip industry started late and lacked technical experience, and the industry was monopolized by international giants. In recent years, Changjiang Storage, Wuhan Xinxin under China Ziguang Group, Zhao Yi Innovation and its partner Hefu Changxin have gradually broken through technical barriers in the fields of DRAM and flash memory. Among them, Changjiang Storage is the first company in China that can complete 3D.

Zhao Yi Innovation, a manufacturer of NAND flash memory chips, will occupy 15.6% in the global NOR flash memory market in 2020, ranking third, second only to Winbond and Wang Hong.

Note: 1) As Ziguang Group is not listed, the revenue and gross profit rate data of storage chip business above Ziguang Group are the financial data of Ziguang Guowei, a listed company of Ziguang Group. In 2020, Ziguang Guowei completed the transfer of 76% equity of Xi An Ziguang Guo Xin. Since 2020, the memory chip business will no longer be included in the company's consolidated statements. 2) Ziguang Group NAND

The performance of flash memory market is its Yangtze River storage data, and NOR flash memory is Wuhan new core data. 3) The relevant data of Zhao Yi Innovation DRAM is Hefu Changxin data.

2. Ziguang Group: Layout history of memory chip business

Ziguang Group Co., Ltd. is a high-tech enterprise under Tsinghua University. In 20 16, we began to build memory chips and memory manufacturing factories in Wuhan, Nanjing and Chengdu with a total investment of nearly10 billion US dollars, and began to invest in memory chip business. In the same year, its Changjiang Storage Technology Co., Ltd. was established. Ziguang Nanjing Semiconductor Base started construction on 20 17; Ziguang Chengdu Semiconductor Base started in June 20 18, and the main body was completed by the end of 2020.

3. Ziguang Group: business layout and operation status of memory chips.

—— Overall layout of memory chip business: Changjiang Storage+Ziguang Nanjing+Ziguang Chengdu

The memory chip business of Ziguang Group is mainly carried out by Changjiang Storage, which was established in cooperation with Wuhan Xinxin, and two wholly-owned subsidiaries, Ziguang Nanjing and Ziguang Chengdu. Among them, the DRAM chip design was completed by Xi An Ziguang Guo Xin, and Changjiang Storage focused on 3D.

NAND flash memory chip, subsidiary Wuhan Xinxin focuses on NOR flash memory business; Ziguang Nanjing Semiconductor Base mainly produces 3D NAND.

Flash memory and DRAM memory chips; Ziguang Chengdu Semiconductor Base mainly produces 3D NAND flash memory chips. The sealing and testing business of memory chips is mainly completed by Silicon Products Technology and Ziguang Hongmao Microelectronics.

-Development status of memory chip business: domestic substitution acceleration of 3D NAND and NOR Flash.

Changjiang Storage, a subsidiary of Ziguang Group, successfully mass-produced 32-layer 3D NAND products on 20 18Q3, becoming the first 3D NAND product in Chinese mainland.

Domestic manufacturers with NAND production capacity. 2065438+September 2009 The company is based on Xtacking? The architecture successfully mass-produced 64-layer TLC 3D.

NAND flash memory. In 2020, the company announced the successful development of 128 TLC /QLC products. Changjiang Storage is shortening the distance from the world's leading level and is expected to lead the rise of domestic NAND industry.

By the end of 2020, Changjiang Storage has achieved a global market share of nearly 65,438+0%, becoming the original NAND wafer factory with the largest market share outside the six international original factories. DRAMeXchange of Jibang Technology predicts that by 2023, the share of Changjiang Storage in the global memory chip market will exceed 10%, becoming one of the forces that cannot be ignored in the memory chip market. From NOR

In terms of flash memory, in 2020, Wuhan Xinxin, a subsidiary of the company, has a market share of 2.2% in the global NOR flash memory market, and the domestic substitution of NOR flash memory chips has steadily accelerated.

4. Ziguang Group: Operating performance of memory chip business

Judging from the operation of Ziguang Guowei memory chip business, a listed company of Ziguang Group, the revenue of Ziguang Guowei memory chip business in 20 18 and 20 19 was 645 million yuan and 843 million yuan respectively, accounting for 26.24% and 24.57% of the total revenue respectively. In 2020, Ziguang Guowei completed 76% equity transfer of Xi An Ziguang Guo Xin, and gradually divested the memory chip business. After the transfer, Xi An Ziguang Guo Xin still belongs to Ziguang Group.

Note: As Ziguang Group is not listed, the above data are the financial data of Ziguang Guowei, a listed company of Ziguang Group, the same below.

In terms of gross profit margin, the gross profit margins of Ziguang Guowei's micro memory chip business in 20 18 and 20 19 years were 7.62% and 1 1.27% respectively. After the transfer of Xi An Ziguang Guo Xin in 2020, the gross profit margin of the company's memory chips was negative.

Judging from the operation of Xi An Ziguang Guo Xin, the company's operating income has increased rapidly in recent years, from 342,807,700 yuan in 2065,438+07 to 2065,438+004,050,800 yuan, and in the first half of 2020 it was 858,095,800 yuan. Because the company belongs to the fabless mode, in recent years, due to the lack of DRAM OEM capacity, the company's product cost remains high, and the company's R&D investment has led to lower profits in previous years. In 20 19, the company's net profit returned to its mother turned from negative to positive, reaching 17 108700 yuan in the first half of 2020, indicating that the company's memory chip performance has developed well and its net profit has been relatively large.

Note: Xi An Ziguang Guo Xin's financial data are disclosed until the first half of 2020.

5. Ziguang Group: development plan of memory chip business

Judging from the DRAM layout of the Group, Ziguang Nanjing plans to invest 30 billion US dollars with a planned production capacity of 300,000 chips/month. NAND from group

In terms of flash memory layout, Changjiang Storage is an IDM manufacturer of memory chips under Ziguang Group, which was established in July 2065438+2006. It is jointly invested by Ziguang Group, National IC Industry Investment Fund, Hubei Local IC Fund and Hubei Ketou, with a total investment of 24 billion US dollars. At present, the planned production capacity reaches 300,000 tablets/month. After the completion of the first phase project of Ziguang Chengdu Semiconductor Base, the production capacity can reach 654.38+10,000 pieces per month, and after the completion of the third phase project, it is planned to complete 300,000 pieces per month. Nor from the group.

In terms of flash memory layout, Wuhan Xinxin has two 12 inch fabs, each with a capacity of 30,000 chips+/month.

The above data refer to the market demand and investment prospect forecast of China memory chip industry by Forward-looking Industry Research Institute.