半导体制造业“冲刺”科创板之旅

来源:21世纪经济报道    关键词:半导体, 芯片,    发布时间:2019-07-17

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首批25家科创板公司即将上市启航。

在即将上市的科创板公司中,被市场瞩目的半导体企业独占三席——包括从事半导体设备制造的中微公司,以及分别致力于物联网、内存两大领域芯片设计的乐鑫科技和澜起科技。Wind数据显示,三家半导体公司募资总额分别为15.52亿元、12.52亿元和28.02亿元。

7月17日晚,上海柏楚电子科技股份有限公司,又一家半导体设计公司——晶晨半导体(上海)股份有限公司的上市注册得到证监会的获准。

就在4家半导体企业即将登陆科创板的同时,该产业中一个尤为特殊的环节,与科创板的距离正在愈来愈近,那就是A股市场至今仍处于“空白”状态的半导体制造业。

6月29日,华润集团旗下的华润微电子申报科创板获得受理,据其披露的招股书显示,“晶圆制造”占其2018年营业收入的42.65%;7月2日,首家申报科创板上市的半导体制造企业和舰芯片则也完成了第三轮交易所问询的回复。

一方面,中兴、华为事件的发生,引发了市场对境内半导体产业短板的格外重视;另一方面,半导体制造的特殊性,最终会与科创板的游戏规则发生怎样的化学反应,无疑受到市场关注。

特殊的“制造”

如今的半导体行业,在科创板申报者中扮演了重要角色。

据21世纪经济报道记者不完全统计,截至7月16日已申报上市的142家科创板公司中,与半导体产业相关的科创板公司已达16家,占比达11.28%。

虽然半导体领域的拟上市者众多,但在该产业链条中的设计、制造、封装三大环节中,从属于“半导体制造”环节的科创板公司,目前却仅有华润半导体和和舰芯片两家。

造成这一现象的原因,和半导体制造的行业特征不无关联。

21世纪经济报道记者经过多方采访获悉,无论在财务特征、产业角色,还是在产能迭代上,半导体制造与处于设计、封装、材料等其他环节存在明显区别。

“就设计、制造、封装三大环节来说,封装的封装技术壁垒相对较低,国产化已取得一定发展。” 华东地区一家券商电子行业分析师表示,“设计和制造则处在比较核心但又短板的位置上,今天一些投资者讨论半导体,第一时间想到的往往是高通、海思这种设计环节,或者把设计、制造的分工给混淆了。”

事实上,在科创板大规模吸纳半导体行业前,A股市场中已有包括紫光国微、纳思达、北京君正等多家从事半导体设计的上市公司,但至今在半导体制造行业仍然处于“空白”。

“从很多国产芯片概念股的公司简介中可以发现,一般这些企业从事的都是设计、开发和销售,有的还有封装测试,但唯独没有‘制造’。”上述分析师表示,“这和设计、制造两个环节的特征有关,设计是智力密集型行业,而制造则是资金密集型行业,后者要比前者的资产重太多了。”

“两者的区别在于,设计领域进入不难,给电动玩具设计芯片也算设计,但很难做到像高通那样顶尖的级别;而对于制造来说,光‘进门’就已经很难了。”该分析师称。

半导体制造的高门槛,主要源自制造设备的高昂采购成本。

“一些在半导体领域有过人实力的几个博士生,完全可以在芯片设计领域搭伙创业,但这种情况绝对不可能出现在芯片制造行业上,因为制造需要的资金过于巨大。”北京一家半导体制造行业人士表示,“核心的芯片制造设备一台动辄要上百亿,而且只有美国、荷兰的2-3家公司提供,订单往往又需要提前数年订制。”

折旧和平台化

昂贵的设备采购所堆砌的高准入门槛,给半导体制造业带来的影响是多元的。

其中之一,便是连续多年的高额折旧所带来的早期盈利压力。根据该行业会计特征,半导体制造企业往往要为百亿级的设备计提6-8年不等的折旧。

例如和舰芯片就是科创板第一家净利润为负的申报者,而刚刚预披露不久的华润微电子,其净利润也在2018年才实现盈利;境内半导体制造龙头中芯国际,在2014年登陆港股后一度经历5个自然年度净利润为负。

“芯片制造背后的巨大投入和漫长的扭亏周期很少有创投资本愿意承受,而A股市场又不允许未盈利企业上市,所以早期半导体制造商都选择做境外架构,在港股上市。”北京一位投行人士表示,“直到去年底科创板宣布后,才让芯片制造企业有进一步登陆A股市场的可能性。”

高门槛的现实,也让该领域拥有更高的市场集中度。据拓墣报告显示,2018年全球前十大芯片制造企业的合计市场份额已高达97%,仅龙头台积电一家就独占接近6成。

较高的集中度,造就了半导体制造业“一对多”服务的平台化展业现象。

在半导体设计领域,设计公司往往会在某一领域有所擅长,例如即将上市的乐鑫科技主攻物联网领域,澜起科技则是全球内存接口芯片的设计龙头;但在半导体制造领域,制造商往往要面对多种类型的设计公司需求提供代工服务——每一家半导体制造商所提供的都是一个多样化的代工平台。

“一说半导体制造,很多人第一时间联想的都是手机芯片,但实际上电视、空调、汽车这些电子设备的半导体,都需要制造企业来进行代工,制造商既要满足手机、电脑等高端设备,同样也要为家电、大型电子设备的芯片提供服务。”上述半导体制造行业人士称,“在实际的产业链条中,一家大型的半导体制造商往往会对接不同种类设计公司的代工需求。”

因此有业内人士指出,和不断涌现科创板申报名单的半导体设计公司相比,最终能够入围科创板上市的半导体制造企业数量或相对有限。

“符合上市条件的一些半导体制造商已经在境外市场上市了,比如中芯和华虹,因为他们早年投入大,容易出现亏损,由于半导体准入门槛较高,成体量的制造公司并不多。”上海一位投行人士坦言。

据中国半导体协会发布的2018年半导体制造十大企业名单中,第1、2、4名分别为国际半导体企业三星、英特尔、SK海力士的境内子公司。而中芯国际、华虹半导体分别位列第3、5名,而此次申报科创板上市的华润微电子与和舰芯片则分列第6名和第8名。

“迭代”之争

基于摩尔定律的不断演进,也让耗资巨大的半导体制造行业走向资本市场的适当性受到质疑。

所谓摩尔定律,是指英特尔创始人戈登摩尔提出的假设:即价格不变时,集成电路容纳的元器件数目,每个18-24个月便会增加一倍,进而将性能提高一倍,其被视为半导体行业快速迭代的规律化总结。

以目前在科创板排队的和舰芯片和华润微电子为例,和舰芯片营收占比最大的制程仍为11微米级以上的业务,合计占比超过6成,最先进制程为28nm,华润微电子则几乎全部均来自于11微米以上业务,而当前全球顶尖处理器的半导体制程级别已经缩短至5nm-7nm级别。

“如果一个设备折旧6年,按说6年后折没了盈利会变得容易,但6年后这个级别的制程被淘汰了,那岂不是又要重新买设备,然后又进入一个新的折旧亏损期,导致企业长时期无法盈利。”一位关注半导体制造企业的公募人士质疑称,“半导体制造企业投入大,折旧周期长,但行业迭代又很快,显然会加剧一类企业的盈利难度,进而带来财务风险。”

但半导体行业人士却表示,技术迭代对于半导体设计公司的影响较大,但对制造环节的影响却十分有限。

“半导体行业迭代速度确实比较快,但这种影响主要表现在设计领域,设计公司要在某一领域不断的强化自我,淘汰竞争对手。”北京一位半导体制造商高管表示,“但对制造企业的影响却很缓慢的,因为制造企业要同时对接高中低端的多种代工需求,当中很多是用不到纳米级的先进制程的。”

在其看来,手机等移动设备需求增长带来的芯片迭代,并不意味上一代制程技术就会被淘汰,因为并非所有芯片场景都需要大量运算。

“市场中常见的机械设备、车机、家电等领域的芯片,还多年来长期处于微米级,就算未来发展物联网40nm、28nm这个级别也绰绰有余。”前述高管表示,“即便是在一部最先进的苹果手机里,里面有涉及传感器、通讯、功率管理、主板等26颗芯片,但其中只有一颗用到7nm、一颗18nm、一颗19nm,其他23颗芯片都在28nm以上。”

上市逻辑

在前述高管看来,14nm以上制程技术仍然具有广阔、长期且稳定的市场需求,而多家半导体制造企业的代工收入占比似乎也作证了这一结论。

21世纪经济报道记者统计多家境内半导体制造企业财报发现,2018年中芯国际、和舰芯片一半以上的代工收入来自11微米以上业务,而45nm以下制程收入占比则分别为25%和36.99%,而华虹半导体和华润微电子的11微米以上收入则更是高达100%,并未涉足纳米级制程。

除多元的商用场景外,成本考量和潜在市场容量亦是不少半导体制商的发展空间。

一方面,业内的摩尔定律正在逐渐失效,让最具性价比的选择停留在28nm这一环节,而14nm以下制程的半导体在非大量运算场景下难以体现成本优势。

“从工艺进步的角度讲,28纳米无论从性能集成角度,还是从价格角度正在逼近摩尔定律的极限。过去摩尔定律是说缩小体积后,集中度提高会促进单位成本的下降,但不幸的是到14nm后,单位价格不降反升了。”清华大学微电子所教授钱鹤接受21世纪经济报道记者采访时表示,“28纳米仍然是目前境内可量产的最先进制程。”


另一方面,40nm-90nm这一节点的半导体制程也仍然具有巨大的市场需求,例如去年底,台积电、三星等国际半导体巨头一反摩尔定律的发展方向,宣布扩建针对40nm-90nm制程的8吋晶圆厂,其原因就被视为这一节点在市场需求巨大的电源管理、车联网等多个热门芯片领域具有更加明显的成本优势。

此外,良率和特色工艺种类的多样性,也被视为考量半导体制程技术的关键。

“以良率为例,良率对设计公司的需求和成本都很重要,同样的产品,良率95%和70%对于设计公司的产出、成本都是不一样的,这是一个重要考量。”钱鹤表示,据和舰芯片披露

在分析人士看来,引导半导体制造企业通过科创板上市和进一步扩产,有助于提高进口替代率,降低对芯片进口的依赖性。据海关数据,2018年境内进口集成电路总金额高达3120.58亿美元,占进口总额14%,逆差为进口额的近3倍。

“如果纯粹盘技术维度,肯定越先进越好,但对于上市公司来说,业务未来越被市场所需要反而是最需要的。”前述分析师表示,“这可能才是国内半导体制造企业去冲刺科创板的内在逻辑,这个行业需要资金和人才,它的发展却能够进一步的降低进口替代。”
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