Interview with Yin Jiayin, Chairman and Managing Partner of Hailin Investment
Recently, the topic of chip shortage and tight supply affecting automobile production in China has been heated up. At present, there will be no large-scale suspension of supply and production in domestic vehicle manufacturers and parts suppliers for the time being. However, considering that China is the world's largest producer and seller of traditional cars and intelligent networked electric vehicles, and it is also the first country to completely control the epidemic, and the economic recovery has turned positive, and the automobile market has recovered rapidly, there is a lot of rigid demand for semiconductor chips. To a certain extent, this incident exposed the lack of independent ability of China's semiconductor chip industry and the hidden dangers of supply chain security. Therefore, in the "14th Five-Year Plan", for the first time in China, industries that are self-reliant in science and technology, such as semiconductor chips, are placed at the top of all planning tasks, and special chapters are deployed to solve the "stuck neck" problem. Therefore, we interviewed Yin Jiayin, chairman and executive partner of Hailin Investment, the earliest domestic investment institution focusing on pan-semiconductor industry, to interpret the current development and investment situation of semiconductor chip industry in China from the perspective of the investment community.
Reporter: What is the investment situation of the global semiconductor chip industry this year?
Yin Jiayin: In the first half of this year, although the epidemic aggravated the cold winter of capital, the investment in the semiconductor field rose against the trend. In the first seven months of this year, China's equity investment in the semiconductor field has exceeded 60 billion yuan, twice the total investment last year. It is estimated that by the end of this year, the total investment in semiconductors will exceed 654.38 billion yuan, three times that of last year.
The emphasis on the semiconductor industry is also reflected in the scientific and technological innovation board. Among the more than 50 listed companies of Science and Technology Innovation Board/KLOC-0, there are about 30 semiconductor companies, but the total market value accounts for 37% of the total market value of Science and Technology Innovation Board.
Reporter: At present, which "stuck neck" problems does China pay more attention to in the semiconductor chip industry?
Yin Jiayin: Pre-IPO projects and spin-off projects of semiconductors are the hottest investment areas this year. It is worth noting that although many domestic chip design companies have experienced performance explosions this year, they are suffering from insufficient production capacity. It is expected that the situation of tight wafer production capacity will continue until 2022-2023.
At present, the localization rate of semiconductor equipment and materials in China is less than 5%, and the problem of "stuck neck" is serious, but there is a chance to grow in danger. After Huawei completely cut off its supply, China increased the layout of root technology and cultivated companies such as equipment and materials in the upstream. With the influx of capital, more high-quality enterprises will also accelerate their growth. Therefore, this year's semiconductor manufacturing, packaging testing, EDA tools and software, equipment and materials and other "stuck neck" areas have attracted much attention.
Reporter: What is the current development trend of semiconductor chip industry and investment in China after the centralized research and special chapter deployment of independent industries such as chips in the 14th Five-Year Plan?
Yin Jiayin: From the historical process, the global semiconductor industry has completed two semiconductor industry transfers, the first from the United States to Japan in the 1970s, and the second from South Korea to China and Taiwan Province Province in China in the 1980s. Nowadays, the global semiconductor industry is experiencing the third industrial transfer, and the world integrated circuit industry is gradually shifting to Chinese mainland.
At present, with the continuous support of favorable policies, the cost of the third generation semiconductor materials has been reduced due to the continuous improvement of production technology, and its application market will also usher in explosive growth, bringing new development opportunities to the semiconductor industry. Looking forward to the tenth five-year plan, the demand of semiconductor industry will be released and the market will continue to expand. It is predicted that the scale of integrated circuit industry in China will exceed 900 billion yuan by 2020 and reach 2 trillion yuan by 2025. From the middle reaches of the semiconductor industry chain, the market of three core links of integrated circuits, namely chip design, wafer manufacturing and packaging testing, will also reach a new height.
Reporter: Due to the asset allocation ratio, high R&D investment and long payback period of the chip industry, how do you think China should invest in the upstream and downstream of the chip industry in the long run? How to gradually improve the chip industry ecology?
Yin Jiayin: During the period of 20 14-2020, the rapid development of China's integrated circuits benefited from the continuous promotion of major special projects and the stable investment of large integrated circuit funds, making the two tracks of technology and capital parallel at the same speed. Therefore, in the next step, we must firmly follow the road of balanced development of technology and capital, and form a long-term and stable investment mechanism for innovative resources of integrated circuits. From the perspective of our investment institutions and industries, individual companies listed on the Science and Technology Innovation Board and Growth Enterprise Market are overvalued. It is not a good phenomenon that everyone is "making quick money" now. We hope that the investment in the industry should be long-term, sustained and high-intensity, rather than pursuing short-term interests. Investors with short-term interests will be abandoned by the market sooner or later.
This article comes from car home, the author of the car manufacturer, and does not represent car home's position.