Research Report On Investment Value Of Semiconductor Industry

Semiconductors are the foundation of a new generation of information technology industries.Semiconductor products are used in the terminal industries that are closely related to our lives,such as computers,communications,consumer electronics,automobiles,and industrial applications.These applications have greatly improved our lives.And the application field of the semiconductor is still expanding constantly,the market scale is expanding constantly.Although China's semiconductor industry accounts for about one-third of global demand,its production capacity lags far behind the world level.In 2014,China's semiconductor products imported more than 200 billion U.S.dollars,surpassing the crude oil's.Given the bright future of semiconductors,China's semiconductor industry is in a relatively backward position.With the theme of “Made in China 2025”,the government of China will vigorously support the development of the semiconductor industry and establish a self-sufficiency rate of 40% for semiconductor products in 2020,and a self-sufficiency rate of 70% in 2025.At the same time,through the establishment of an integrated circuit industry fund,the semiconductor industry will achieve rapid development in the coming years.As a newly emerging high-tech industry,the semiconductor industry has broad prospects for development.However,most of the existing articles are technical articles.They mainly try to solve the application technology problems in various sub-fields.Few articles are involved in the valuation analysis of the industry,market,and semiconductor companies.The existing literature is fragmented,the industry analysis is not comprehensive,and there is no consistent logic.This article analyzes from the specific data and facts development logic that the semiconductor industry is in a stage of rapid growth and has a promising market;and picking out one semiconductor company for valuation has certain reference value.This article is mainly divided into three parts to describe.The first part introduces the theory used in the article,mainly including the life cycle theory,economic cycle theory,industry competition structure theory,and introduction to the company's valuation model including free cash flow method and comparable company law.The second part is an analysis of the semiconductor industry.The first is a brief introduction of the semiconductor industry,including semiconductor products,business models,and industry chains.It gives readers a preliminary understanding of the semiconductor industry.Second,it uses data to show the time of the semiconductor industry.Its relationship with the economic cycle,the analysis of the competitive structure of the semiconductor industry;Finally,it elaborates the supply and demand of the semiconductor industry.It is known that the domestic semiconductor market has a large demand,but the supply is serious.Insufficient,it needs a lot of imports;the third part uses the cash flow method and comparable company law to analyze the stock price of Huiding Technology.Huiding technology is the leading enterprise in the IC design industry.Value calculation,the current stock price is in a more reasonable valuation range.Among them,in the free cash flow method,there is a set of own logic for the selection of valuation parameters.In the comparable company law,there are also innovations for the company's selection.Starting from the above several aspects,the article clarified the development background of the semiconductor industry,the composition of the industrial chain,the supply and demand of the domestic market,the industry competition format,and the valuation range of the major company's stock price.The entire article allows readers to have a more comprehensive and clear understanding of the status quo and future development of the entire industry.It can be used as a reference when investing,making it easier for investors to find good investment opportunities.