In recent years, China has become the largest electronic product manufacturing country in the world. The development of electronic manufacturing has promoted the demand for semiconductor products and the development of the semiconductor industry.
The most important sub-sector of the semiconductor industry is integrated circuit (IC), which accounts for over 80% of the revenues of the semiconductor industry. In 2016, the sales of China’s IC industry reached CNY 433.55 billion, increasing by 20.1% YOY. Within the industry, the design sector kept with fast growth, achieving sales of CNY 164.43 billion, a 24.1% increase YOY; driven by the chip production at full capacity or expanded capacity, the manufacturing sector continued to grow rapidly by 25.1% to CNY 112.69 billion; the sales of the encapsulation and testing sector was CNY 156.43 billion, increasing by 13% YOY. Although China has become one of the major markets of semiconductor in the world, China’s semiconductor industry is still underdeveloped and needs to import more than USD 100 billion IC per year.
In 2016, global sales value of semiconductor manufacturing equipment was over USD 40 billion, a 10% increase over 2015. Semiconductor manufacturing equipment mainly refers to equipment used in wafer processing, encapsulation, testing and others. Demand for semiconductor equipment from mainland China, Taiwan, Europe and South Korea has been rising while that from North America and Japan is shrinking. In 2016, the size of the equipment market in China exceeded USD 5 billion, accounting for 10% of the global market. China’s semiconductor manufacturing equipment is quite underdeveloped. Mid to high-end markets are almost entirely monopolized by imported products. Chinese manufacturers are in large numbers with low concentration rate.
CRI expects that in the next few years, China’s electronics manufacturing industry will keep growing, the demand from which will benefit the semiconductor industry.
In this report, CRI analyzes 39 semiconductor product and equipment manufacturers listed in A-share market in China.
The report is composed of two parts: the first part is enterprise profiles and the second part is the operation status of these enterprises in the recent decade (presently 2006 to 2016, we will update it to the latest as time goes by).
The operation status is demonstrated from the following perspectives: (1) financial indexes, such as earnings per share, book value per share (BPS), sales per share, net cash flow per share, return on net worth and debt to asset ratio; (2) indexes on the income statement, such as revenue, operating profit, net profit and EBIT; (3) indexes on the income statement, such as revenue, operating profit, net profit and EBIT; (4) indexes on the balance sheet, such as liquid asset, fixed asset, current liability, non-current liability, capital reserve and shareholders’ equity.

(1) Financial Indexes

  • Earnings per Share
  • Book Value per Share (BPS)
  • Sales per Share (SPS)
  • Net Cash Flow per Share from Operations
  • Net Cash Flow per Share (CNY)
  • Return on Net Worth
  • Net Profit Margin on Total Assets
  • Return on Invested Capital (ROIC) (%)
  • Gross Profit Margin on Sales (%)
  • Net Profit Margin on Sales (%)
  • EBIT Margin (%)
  • EBITDA Margin (%)
  • Debt to Asset Ratio (%)
  • Total Asset Turnover (times)
  • Cash/Operating Income Received from Sales of Goods or Services
  • YOY Growth Rate of Operating Revenue (%)
  • YOY Growth Rate of Operating Profit (%)
  • YOY Growth Rate of Net Profit Attributable to Shareholders of Parent Company (%)

(2) Summary of Income Statement

  • Gross Revenue (CNY, million)
  • Total Operating Costs (CNY, million)
  • Revenue (CNY, million)
  • Operating Profit (CNY, million)
  • Total Profit (CNY, million)
  • Net Profit (CNY, million)
  • Net Profit Attributable to Shareholders of Parent Company (CNY, million)
  • Non-recurring Items (CNY, million)
  • Net Profit Deducting Non-recurring Items (CNY, million)
  • R&D Costs (CNY, million)
  • Earnings Before Interest and Tax (EBIT) (CNY, million)
  • Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) (CNY, million)

(3) Summary of Balance Sheet

  • Liquid Asset (CNY, million)
  • Fixed Asset (CNY, million)
  • Long-term Equity Investment
  • Total Assets (CNY, million)
  • Liquid Liability (CNY, million)
  • Non-current Liability (CNY, million)
  • Total Liability (CNY, million)
  • Capital Reserve (CNY, million)
  • Surplus Reserve (CNY, million)
  • Undistributed Profit (CNY, million)
  • Shareholders’ Equity (CNY, million)
  • Equity Attributable to Shareholders of Parent Company (CNY, million)

(4) Summary of Cash Flow Statement

  • Cash Received from Sales of Goods and Services (CNY, million)
  • Cash Flow from Operations (CNY, million)
  • Cash Paid to Purchase Fixed Assets, Intangible Assets and Other Long-term Assets (CNY, million)
  • Cash Paid for Investments (CNY, million)
  • Cash Flow from Investments (CNY, million)
  • Cash Received from Investors (CNY, million)
  • Cash Received from Borrowings (CNY, million)
  • Cash Flow from Financing (CNY, million)
  • Net Increase of Cash and Cash Equivalents (CNY, million)
  • Cash and Cash Equivalents, End of Period (CNY, million)
  • Depreciation and Amortization (CNY, million)