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The growth potential of my country's semiconductor companies is prominent.

Science and Technology Innovation Board Semiconductor Industry

New investment targets

On July 14, the Shanghai Stock Exchange’s official website released an announcement stating thatThe Shanghai Stock Exchange and China Securities Index Co., Ltd. will officially release the SSE STAR Market Chip Design Theme Index and the SSE STAR Market Semiconductor Materials and Equipment Theme Index on July 26., providing the market with more investment targets in the semiconductor industry of the Science and Technology Innovation Board.

It is reported that the Shanghai Stock Exchange Science and Technology Innovation Board Chip Design Theme Index selects 50 listed company securities on the Science and Technology Innovation Board whose businesses involve the chip design field as index samples to reflect the overall performance of listed company securities in the chip design field on the Science and Technology Innovation Board.

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The Shanghai Stock Exchange Science and Technology Innovation Board Semiconductor Materials and Equipment Thematic Index selects 30 listed companies on the Science and Technology Innovation Board whose businesses involve semiconductor materials and semiconductor equipment as index samples to reflect the overall performance of listed companies in semiconductor materials and equipment on the Science and Technology Innovation Board.

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Since its opening in July 2019, the Science and Technology Innovation Board has continuously cultivated and expanded a number of national strategic and leading integrated circuit industry enterprises, and has become a gathering place for my country's "hard technology" enterprises. The Science and Technology Innovation Board has formed a clustering effect, with related companies covering major links in the industry chain such as chip design, wafer manufacturing, packaging and testing, while also having supporting links such as semiconductor high-end equipment manufacturing and new materials.

As of July 12, 2024, 102 semiconductor industry-related companies have been listed on the Science and Technology Innovation Board, with a total market value of nearly 1.7 trillion yuan, accounting for 32.97% of the total market value of the Science and Technology Innovation Board.

Several semiconductor companies have expected good performance

As the semi-annual report window opens, many semiconductor listed companies have recently announced their semi-annual performance forecasts for this year.

According to statistics from Securities Times Databao, as of July 14, 34 listed companies in the semiconductor sector of the Shenwan Industry Secondary Industry have released performance forecasts. Based on the lower limit of net profit, 15 of them expected an increase, 2 expected a slight increase, and 8 turned losses into profits, with the positive forecast rate exceeding 70%.

Will Semiconductor, Montage Technology, Rockchip, Hengxuan Technology, BIWIN StorageThe performance of many chip design companies doubled.Weil sharesNet profit in the first half of the year is expected to be 1.308 billion yuan to 1.408 billion yuan, a year-on-year increase of 754.11% to 819.42%;Montage TechnologyThe net profit for the first half of the year is expected to be 583 million yuan to 623 million yuan, a year-on-year increase of 612.73% to 661.59%.

Two analog chip design companiesShanghai Belling, Goodix TechnologyAll of them turned losses into profits.Shanghai BellingThe net profit attributable to shareholders of the parent company in the first half of the year is expected to be between 120 million yuan and 140 million yuan. During the reporting period, demand in some markets in the company's integrated circuit industry recovered, business climate improved, and demand from downstream customers increased.

Five factors help the industry recover

Databao found that the main reasons for the high growth in performance of listed companies in the semiconductor sector in the first half of the year are as follows:

First, market demand is strong.Zhongyuan Securities Research Report pointed out that the global monthly semiconductor sales have continued to grow year-on-year, consumer demand is gradually recovering, and the semiconductor industry has entered a new round of upward cycle. Will Semiconductor pointed out that market demand will continue to recover in the first half of 2024, and the company will continue to introduce products in the high-end smartphone market and the application of autonomous driving in the automotive market.

The second is the promotion of AI technology.The global AI boom has boosted demand for high-performance logic chips and memory chips, thereby increasing demand for semiconductor products. Lanqi Technology said that some new AI "capacity" chip products have begun to be shipped on a large scale this year, contributing new growth points to the company's performance.

The third is cyclical changes in the industry.Minmetals Securities believes that the semiconductor cycle usually lasts for 3-5 years and is currently in the upswing of the fifth cycle. Based on a comparative analysis of the economic cycle and the inventory cycle, the current global and Chinese semiconductor cycles are in a transition period from passive destocking to active restocking.

Fourth, technological innovation and product upgrading.Semiconductor companies have successfully introduced high-end smartphone and automotive markets through technological innovation and product upgrades, improving the market competitiveness of their products. BIWIN Storage said that the company has continuously increased its R&D investment in storage solution development, chip design, advanced packaging and testing equipment, and other fields to continuously enhance its core competitiveness.

Fifth, policy support.The country's emphasis on and policy support for the semiconductor industry has provided favorable conditions for the research and development and market expansion of semiconductor companies. On May 24 this year, the third phase of the National Integrated Circuit Fund was established, and integrated circuit companies received a new round of long-term funding support.

Looking ahead to the semiconductor industry, most industry insiders are optimistic. Tianfeng Securities pointed out that as the semiconductor industry enters its traditional peak season in the second half of the year, it is expected that the research and development breakthroughs of AI mobile phones, AI computers and domestic servers will bring important highlights to the market, and the growth potential of my country's semiconductor companies will be highlighted.

Funds are increasing their holdings in these blue chip stocks

July is the month when the market gradually enters the verification period of the fundamentals of listed companies. It is one of the months that the stock market pays the most attention to performance growth. The semi-annual report performance has become the main theme of A-shares recently.VeriSilicon, ST Huawei, Changchuan Technology, Fuman Micro, Jingchen TechnologyMore than 10 stocks rose by more than 10%, includingVeriSiliconThe increase exceeded 33%.

Among the stocks with the highest increase,Montage Technology, Rockchip, ST HuaweiThe lower limits of the year-on-year growth rates of the semi-annual performance forecasts were 612.73%, 543.15% and 488.4% respectively;Jingchen Co., Ltd., Yak TechnologyDouble-digit earnings growth is also expected.Shanghai BellingTurn losses into profits.

Funds favor stocks with positive semi-annual report performance. Since July, northbound funds have net boughtMontage Technology, GigaDevice, Huatian Technology, RockchipOver 100 million yuan, of which net purchaseMontage Technology702 million yuan; financing funds were net purchasesWeil shares201 million yuan, net purchaseLanQi Technology, Goodix TechnologyBoth exceed 60 million yuan.

With the recovery of the semiconductor industry, institutional research on individual stocks has increased significantly. There are 52 semiconductor stocks that have been researched by more than 100 institutions this year.Montage Technology, Doxin Technology, Focuslight TechnologyThe top three companies were 772, 634 and 450 respectively. Morgan Fund, Goldman Sachs, Temasek, Sequoia and CICC all appeared.Montage Technologyis included in the list of institutions for research.

The future performance of some semiconductor stocks is also worth looking forward to. According to Databao statistics, among the semiconductor stocks whose stock prices have fallen by more than 25% this year, 21 stocks have been rated by more than five institutions and are unanimously predicted to have a net profit growth rate of more than 30% in both this year and next year.

Statement: All information content of Databao does not constitute investment advice. The stock market is risky and investment should be cautious.

Editor: He Yu

Proofreading: Yang Lilin

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