Semiconductor industry Observation Report-新闻资讯-Besem Semiconductor (H.K) Limited
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Semiconductor industry Observation Report

Time:2018.04.28    Browse 146 Second
Semiconductor is known as the "engine" of the information age, and is the embodiment of the comprehensive strength of a country's high-end manufacturing. With the eruption of ZTE, a semiconductor industry overnight, the chip industry almost took the whole nation's expectations of technological innovation (ten thousand words omitted here), and completely forgot that China still has a unicorn such as BAT, drop, new beauty, and two bicycles.

Today, we have a few small points of view, from the perspective of market and technology to explain the status of semiconductors, let the cloud in the fog of the people have a systematic understanding of the industry.

As we all know, the share of domestic core IC chips is not optimistic. The MPU in the computer system, the FPGA/EPLD and DSP in the general electronic system, the Embedded MPU and DSP in the communication equipment, the DRAM and Nand Flash in the storage equipment, the Display Driver in the display and video systems. The equipment is also dependent on beautiful little sister in Europe and America.

Looking at the history of semiconductor development in the world, the semiconductor industry is accompanied by the continuous division and deepening of the division of labor in the global industry. Semiconductor companies in the 50s of the last century were integrated integration models, and then tool services such as EDA gradually became independent. By 80s, they began to have a Foundry model that was designed independently of IC. In 90s, there was an independent third party IP service provider. .

After nearly 70 years of development, the semiconductor industry has become a global and efficient mode of division of labor and the ecological chain of EDA tools, IP suppliers, IC designs, Foundry plants, packaging plants and testing plants.

It is impossible for us to leave the United States, Japan and Germany to develop semiconductor industry. However, we also need to have independent intellectual property rights in the key links, such as chip design, IP core and wafer fabrication, to protect the trade surplus.

In essence, this ZTE event is actually a trade protection event. We all know that the chip has surpassed the oil, the agricultural product becomes the first big import product, the chip is only a carrier, and the essential logic behind is the trade war between the two countries.

In the traditional semiconductor field, we have a big gap with the big enterprises in Europe and the United States, especially in the aspect of high-end chips. The United States has the majority of IC design companies and Fab plants in the world. These two accounts for 80% of the semiconductor market. In the field of integrated circuits, the United States has an incomparable advantage in logic and simulation.

In particular, the United States has a global lead in the high-end microprocessors and communications chips used for smartphones and devices, and the United States is a well deserved one in the network of routers, the Internet, and fixed phone switching. The world's largest IDM (Intel), the top three fabless companies and the top three largest EDA design companies in the world are in the United States; in addition, from the revenue, the two of the top three equipment companies are also in the United States.

However, Pu continued capital believes that Chinese semiconductor companies will achieve overturn in the AI chip design.

First, the AI chip is different from the traditional chip. The AI chip is driven by the application scene, a large number of data and the perceptual algorithms. It needs both the algorithm and the chip to optimize the chip. Both China and the United States have just started, and we have the opportunity.

At present, the needs of artificial intelligence chips can be summed up in three categories: the first is the training link market for the major artificial intelligence enterprises and the laboratory research and development stage; the second is the data center inference (inference on cloud). The service is provided, that is, the inference link is placed on the cloud rather than the user equipment; the third is the equipment end of the smart phone, the intelligent security camera, the robot / UAV, the autopilot, the VR and so on. It is on the new artificial intelligence.

With the strong support of the motherland, the domestic semiconductor industry chain is constantly improving. At the same time, because Moore's law is slowing down, China's semiconductor enterprises will continue to catch up and will gradually reduce the technical gap.

Second, China is the world's largest electronic consumer goods assembly market, and is also the fastest growing market for the semiconductor industry. Emerging markets such as 5G, IoT, auto electronics, AR/VR, AI and other emerging markets have spawned potential emerging semiconductor needs, such as FPGA.

Let's talk about this thing called FPGA. Don't look down on people. Although the sparrows are small but are all five dirty, the doorsill is very high, including chip hardware, and the whole ecology of EDA software. But unfortunately, the localization of this industry is also almost blank. Is there any opportunity for the gold owners to see their eyes out? Excited!

We look at the big situation: Xilinx is the industry leader, always looking down on Altera, Lattice, these little brothers, the stock code is NASDAQ; XLNX, the latest stock price 64, PE33.7, EPS1.9; Altera in the history of Intel in 2016, the maximum of 43 times a billion dollar purchase; Lattice was to be the Chinese background Canyon bridge to use 1 billion 300 million beauty. The yuan acquisition was eventually terminated by Trump, but Microsemi has recently been acquired, which is almost monopolized by the global market.

Under the will of the state, after the Beijing Beijing Accord made the first FPGA chip in China, there have been several outstanding and senior group venture enterprises in China. FPGA mainly serves military industry, AI, cloud server, security and LED.