Changdian's performance inflection point will rank third in the world in advanced packaging share
Changdian Technology announced on the evening of the 22nd that it is expected that the company's annual net profit attributable to shareholders of listed companies will increase by 234 million yuan to 274 million yuan compared with the same period of the previous year, which will increase by 220% to 258%. During the reporting period, the original long-term revenue and profit maintained a steady growth; JSCK (Changchao Korea) increased significantly compared with the same period of last year;
Xingke Jinpeng moved from January to September due to the Shanghai factory, which led to the decline in the first three quarters. In the fourth quarter, JSCC (Xingke Jinpeng Jiangyin Factory) rebounded faster. The annual operating performance of Xingke Jinpeng was basically the same as that of the same period of last year.
The company's non-recurring gains and losses are expected to increase by about 315 million yuan compared with the same period last year. Mainly for the Xingke Jinpeng Korean subsidiary's income tax litigation case, Xingke Jinpeng related subsidiaries reassessed its tax risk and adjusted and sold 19.99% equity of Guofurui Data Systems Co., Ltd., the company received and transferred from deferred income Confirmed government grants.
Acquired Star Branch Jinpeng, ready to go
In 2015, Changjiang Electronics Technology United Nations Fund and SMIC acquired the world's fourth largest packaging company, Xingke Jinpeng, for 780 million US dollars, and acquired a series of advanced packaging technologies such as SiP and FoWLP. After the completion of the transaction, 100% equity of Xingke Jinpeng was officially merged into the listed company, and the integrated packaging faucet jointly developed by Changdian + Xingke Jinpeng + SMIC officially set sail.
After the initial results of the integration, Xingke Jinpeng has begun to reduce losses. Since taking over Starcore Jinpeng in 2016, Changjiang Electronics has made a series of integration actions: First, the Flip Chip capacity after the loss of orders. Flip Chip accounts for nearly 60% of the revenue of the original Star Branch Jinpeng. The business is located in Shanghai and South Korea. The company moved to the Shanghai plant, integrated the production capacity of the Korean plant, and actively introduced large customers such as Huawei Hisilicon. It is expected that the results will gradually appear after 2018. Second, actively introduce A customer Sip heavy advanced packaging products, is expected to introduce 10 billion revenues, and drive the Star Branch Jinpeng Korean factory to open up new profit growth points. We expect the profit of Sip business to exceed 200 million in 2018, partially compensated The loss brought by Flip Chip. Third, actively investing funds to support the expansion of Singapore's FoWLP business, and competing for advanced packaging with ASE and TSMC. The company's eWLB yield is higher than TSMC's integrated Fan-out process. The current production capacity is 4,000 pieces/week. After the expansion, it is expected to reach 7,000 pieces/week in 2017. The production capacity is currently mainly supplied to Qualcomm, which is in short supply.
SMIC officially became the largest shareholder, and the platform after the strong alliance is of great significance. After the completion of the transaction, although the company is in the state of no actual controller, SMIC will become the single largest shareholder, followed by Xinchao Group, as the strong joint of the largest chip manufacturing company and chip packaging company in China. body.
Advanced packaging share ranks third in the world
The position of advanced packaging in the future market is becoming more and more important. According to Yole data research, the compound annual growth rate (CAGR) of the overall packaging industry's overall revenue is expected to reach 7% between 2016 and 2022, exceeding the overall packaging industry (3~4%) and the semiconductor industry (4~5%). ), PCB industry (2~3%), global electronics industry (3~4%) and global GDP (2~3%). Fan-out (fan-out) is the fastest growing advanced packaging platform with a growth rate of 36%, followed by the 2.5D/3D TSV platform with a growth rate of 28%. By 2022, the market size of fan-out packages is expected to exceed $3 billion, while the market for 2.5D/3D TSV packages is expected to reach $1 billion by 2021. Through the acquisition of companies such as Xingke Jinpeng, Changdian has already caught the position of this wave.
The long-term power is based on Tessera's technology transfer part, and has completed the mass production conversion of the technology. At present, the long-term advanced TSV process platform is partially mass-produced with high value-added processes, such as FI ECP (HVM) and PESi (LVM). Wait.
In May 2017, the research institute Yole Développement released the "Advanced Packaging Industry Status - 2017 Edition" report pointed out that in terms of advanced packaging wafer share, Changjiang Electronics Technology Co., Ltd. surpassed ASE, Amkor, TSMC and Samsung, etc., became the third in the world.
Everything is ready, Changjiang Electronics Technology will usher in the performance turning point
From the above point of view, Changjiang Electronics seems to have everything in place. However, after careful analysis, the company still needs to face several major challenges. According to Mr. Wang Xinchao, Chairman of Changjiang Electronics Technology Co., Ltd., he was interviewed by the semiconductor industry in early 2017, mainly including the following aspects:
First: Xingke Jinpeng Shanghai factory will move to Jiangyin base, which will bring down the order. The simultaneous operation of the two factories will also lead to cost increase; this is reflected in the announcement of the magic weapon yesterday.
Second: the acquisition increases the debt ratio and increases the financial burden;
Third: Xingke Jinpeng has a high dependence on the communication market and major customers;
Faced with these problems, Changjiang Electronics Technology has faced difficulties and broke down. For example, through careful organization to solve the relocation; through the issuance of shares to buy assets and raise matching funds, and the introduction of the National Integrated Circuit Industry Fund and the core semiconductor as a long-term shareholder to solve the debt crisis, the next step can continue to finance the capital market, further optimization Financial structure, reducing financial costs; As for the single customer problem, Changdian has seen this phenomenon, promoting the diversification of its customers, and systematically introducing automotive electronics, industrial intelligent control and MEMS products.
In addition to solving the problems brought about by the acquisition of Xingke Jinpeng, Changdian has also promoted internal technological innovation step by step and achieved fruitful results.
Chairman Wang Xinchao said that Changdian has two R&D centers, one in Singapore and one in China. And their company will invest 3% to 4% of its revenue every year in research and development, research and develop new products, and improve the company's competitiveness. And many times its technical success comes from its forward-looking layout.
"The development of long-term patented technology is based on our understanding and judgment of the industry," Wang Xinchao stressed.
For example, in 2003, Changdian acquired the APS company because it saw that the reverse of the copper column would become the future development direction. This proved to be a wise choice. In 2009, they saw the trend of hybrid packaging in a timely manner, and then immediately decisively invested in the research and development of MIS. With the maturity and fermentation of MIS technology, it will become a "weapon" for long-term siege.
Based on the above, Mr. Wang Xinchao believes that Changdian will be inaugurated in the second half of 2018.
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