Restructure Competitiveness: Can Xin Xin In 2020 Stimulate The "Waves" Of Semiconductors?

On the evening of February 25th, Luo Xin, chairman of the integrated Polytron Technologies Inc (hereinafter referred to as 002506.SZ), appeared in a signing ceremony in Hefei, Anhui. The signing ceremony of this major industrial project gathered 8 projects from Huarun group, Wei Lai automobile and other companies, with a total investment of 102 billion yuan.

"This year, the company will focus on semiconductor business," he said in an interview with the economic news reporters in twenty-first Century. "Recycled wafer manufacturing project is expected to start construction in the first half of this year when it is located in Hefei. It will account for about 15% of the world's renewable wafer production capacity."

In 2020, pressing the semiconductor project launch key, for the construction of "photovoltaic + semiconductor" double main industry's integration, it is expected to usher in the first year of the second main industry development. At this point, the semiconductor industry, which has been well established by the group, will also realize the series of electronic grade polysilicon + large silicon + regenerated wafer at the material end.

Build a new moat

As a comprehensive energy leading enterprise, which is mainly based on new energy and clean energy and diversified development of related industries, Xinxin group has a photovoltaic vertical integration industrial chain which covers silicon materials, silicon wafers, batteries, components, system integration and photovoltaic power station development. It is a business card of China's photovoltaic industry. However, with the intensification of competition in the photovoltaic industry, the group is facing the pressure of industrial transformation and upgrading in recent years. Rebuilding new competitiveness is related to whether the 500 top Chinese private enterprises can shine the "second spring".

Relying on the advantages of silicon materials, Xinxin group aims at semiconductor industry. An analyst who asked not to be named told the twenty-first Century economic report that "the semiconductor industry and the photovoltaic industry belong to the two main directions of the silicon industry. This has the first mover advantage in the field of silicon materials, but because the semiconductor industry is more technology oriented, it will test the development capability of the company."

However, the pursuit of technology is inseparable from the support of funds, especially in the semiconductor industry with capital intensive characteristics.

In June 2014, China issued the outline for the development and promotion of the National IC industry, pointing out that the establishment of a national industrial investment fund should focus on supporting the development of integrated circuits and other industries, and promoting industrial transformation and upgrading. In September 2014 and October 2019, the national integrated circuit industry investment fund Limited by Share Ltd (hereinafter referred to as the first phase Fund) and the national integrated circuit industry investment fund two phase Limited by Share Ltd (hereinafter referred to as the two phase of funds) were set up to set up the "national team" in the semiconductor field investment, and the cumulative size of the two funds exceeded 300 billion yuan.

The semiconductor products of Xinxin group were favored by the "national team" fund.

The electronic grade polysilicon of the group has been supported by a phase of funds. In December 2015, the first phase of the fund was set up by 03800.HK, Jiangsu's Xinhua semiconductor Mstar Technology Ltd (hereinafter referred to as Xinhua semiconductor), to build the first domestic 5000 tons of electronic grade polysilicon special line, and realize mass production and export in 2018.

The group's large silicon project is expected to get help from the two phase of funding. It is reported that in December 2019, the group's Xuzhou Xinjing Semiconductor Technology Co., Ltd. (hereinafter referred to as Xin Jing semiconductor) 12 inch large silicon wafer production line was successfully launched on the 9 th of the month, and gradually sent test samples to many domestic and German customers. Informed sources revealed that the two phase of the fund has conducted a due diligence investigation of the project and is expected to support the project.

As the co integration of listed companies, the fixed increase method has been used to solve the capital problem of the regenerated wafer project.

In the evening of February 25th, Xin Xin issued a revised plan to increase the number of shares. It will issue no more than 1 billion 525 million shares, and the total amount of funds raised will not exceed 5 billion yuan. It will be used in the large scale regenerated wafer semiconductor project, the Funing Xin Xin integrated 2.5GW imbricate component project and the supplementary working capital. It is worth mentioning that this is in the "old version" plan to get the approval of the SFC, the application of the new integration of the joint Xin added.

In this regard, Ma Junjian, Secretary of the integrated board of directors, told the twenty-first Century economic news reporter, "the new regulation on refinancing issued recently by the SFC" supports the introduction of strategic investors by listed companies, and appropriately relaxes the scale of refinancing. The company has discussed with the locked strategic investors and market investors, redeclared according to the new regulations, and effectively applies the main layout of the refinancing new regulation investment layout. Business. "

In twenty-first Century, compared with the "old and new" plan, the economic report reporters found that the joint venture integrated in the new version of the plan increased the investment in the "large scale recycled wafer semiconductor project". Luo Xin told reporters, "the new semiconductor large scale renewable wafer fabrication project, relying on the overall semiconductor technology research team of the group, can fill the gap of the necessary industry chain in China, and effectively reduce the operation cost of downstream integrated circuit manufacturers."

Race Against Time

"Electronic grade polysilicon + large silicon + regenerated wafer", the industrial layout of the semiconductor material terminal has been formed. But compared to the mass production of electronic grade polysilicon and R & D breakthroughs of large silicon, the rebuilt wafer project which has not yet started construction seems to be "one step behind".

In the project feasibility analysis report, the company points out that the company is providing talents and technical support for the smooth development of the project to raise funds through the introduction of overseas mature manufacturing, production technology and professional personnel team, combined with the relevant technology in the semiconductor field that has been reserved. Luo Xin told the twenty-first Century economic report that the recycled wafer fabrication project is expected to start construction in the first half of this year, and it will produce 8 inches per year, 600 thousand pieces of regenerated wafer and 3 million pieces of 12 inch recycled wafer.

After calling for the slogan of "semiconductor second main industry" in 2018, there were not many substantive actions in the semiconductor business in recent years. In addition to issuing fixed increase messages, the publicly available information is that the company intends to invest as a limited partner in Xuzhou's Rui core electronic industry fund (limited partnership) with its own capital of 561 million yuan in July 2018, which is an indirect shareholder of Xin Jing semiconductor.

For this reason, the start and construction of the recycled wafer project is the first substantive step in the integration of semiconductor industry. Some analysts told reporters on twenty-first Century economic report that although the future semiconductor industry of Xiexin group has the possibility of injecting Xin Xin integration, at this stage, the regenerated wafer project will bring substantial income to the listed companies, which will directly affect the profitability of the joint venture in the future.

In the first three quarters of 2019, the total loss of Xin Xin integrated group was about 36 million yuan, and new profit points were badly needed.

Public information shows that in the manufacturing process of semiconductor chips, due to the high price of the new control and block, the wafer fabrication plant (FAB factory) will recycle the used control film and stop piece for the test piece and control block needed for wafer fabrication. The reusing process of the test piece is the regenerative wafer link, that is, the regeneration wafer is the intermediate process between the large silicon wafer and the wafer fabrication. The characteristics of this link mean that the scale of regenerated wafer is directly related to the scale of wafer production.

According to statistics, in 2019, a total of 12 wafers were put into operation, planning capacity of 492 thousand pieces per month, 14 built wafer fabs, and planning capacity of over 1 million pieces. In addition, RS Technologies reported that the global regenerated wafer Market in 2021 will be more than 2 million pieces per month. It is worth mentioning that, as of now, the global recycled wafer production capacity is mainly controlled by enterprises in Japan and Taiwan. Only 4 RS Technologies, Zhong Sha, Xin Yun and Shengyang half have controlled over 80% of the world's capacity share.

There is no independent mass production capacity in China, which makes recycled wafer become a scarce part of China's semiconductor industry chain. Demand stimulation, the integration of Xin Xin is not the only listed company in the field of regenerative wafer. In May 2019, 603690.SH announced that it planned to invest 320 million yuan to build a wafer recycling base project. In addition, domestic and foreign manufacturers such as Gao Xin Zhong Ke and LVG group also referred to the domestic regenerated wafer market. According to the twenty-first Century economic report reporter statistics, if the above enterprise regenerated wafer projects are all up to date, the demand for recycled wafer market will be saturated.

So it will become a race against time. According to the integrated project plan, the construction cycle of the company's renewable wafer project is 12 months.

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