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1. Chip testing is the first dividend-raising chip: pressure and opportunity coexist. Don’t forget these pitfalls amid market capitalization speculation

Recently, the author has followed Fudan Microelectronics, a company preparing for scientific innovation. As a listed integrated circuit design company, the company is engaged in chip design in the fields of security and identification chips, non-volatile memory, smart meter chips, etc., and is also engaged in the relatively special business of integrated circuit testing services. It is special because originally this business was mainly undertaken by packaging and testing manufacturers. However, as the division of labor in the integrated circuit industry becomes more and more detailed, some manufacturers have made more changes in chip and wafer testing due to cost, technology and other considerations and the market. High requirements, professional third-party integrated circuit testing service model emerged at the historic moment.

At the right time, the IPO application of Fudan Microelectronics Science and Technology Innovation Board was accepted, and Liyang Chip, as a professional integrated circuit testing service provider, happened to pass the review of the Science and Technology Innovation Board Listing Committee, so we can pass Interpreting Liyang Chip's prospectus can help you learn more about the industry, and also provide reminders of the company's risks to prevent investors from stepping on the wrong side of the story.

TSMC, which was born in 1987, pioneered the professional division of labor model. The model of the semiconductor industry has also changed to three main links: design, manufacturing and packaging and testing, which we often call Fabless mode and Foundry mode. and OSAT mode, in which packaging and testing is at the back end of the semiconductor industry chain. Packaging is the process of processing the tested wafers to obtain independent chips. Testing is the process of detecting defective chips. This process includes wafer testing before packaging and finished product testing after packaging. Chips that pass the finished product testing will be sent to end users. Sales:

The value of independent third-party professional integrated circuit testing is: First, because professional testing is the initiative to introduce new products and provide corresponding testing services, it is based on market demand and personalized testing for some customers. It is required to respond quickly; secondly, it can provide customers with neutral judgments, and OSAT companies may make matters that harm the interests of customers out of their own interests; thirdly, professional testing service providers rely on their experience in large-scale chip testing and large-scale The experience accumulated in mass production practice helps customers shorten the time period for putting them on the market, with flexible production capacity deployment and high testing efficiency. Of course, in the traditional integrated packaging and testing model, packaging and testing are performed on-site, while the professional third-party model separates packaging and testing, which increases logistics time and cost, and also increases the cost of the chip:

As a key link in the semiconductor industry chain, testing services run through the entire process of design, manufacturing, and packaging, and are an important measure to ensure chip yield and cost control. The prospectus of Liyang Chip shows the process of wafer testing and finished chip testing in more detail. The wafer testing link is to test the mass-produced wafers using a testing system composed of probe stations, testing machines and other equipment; finished product testing It is a test system composed of a sorting machine and a testing machine.The packaged chip is tested. Two points of information are revealed here; the first is that wafer testing occurs before packaging, and the equipment is mainly probe stations and testing machines; the second is that finished product testing occurs after packaging, and the equipment is mainly sorting machines and testing machines. The two processes The equipment used is very different. Therefore, combined with the business differences and equipment differences of Changchuan Technology and Huafeng Measurement and Control, we have a more intuitive understanding of the industrial chain positions of these important equipment manufacturers:
< br /> In terms of specific testing services, Liyang Chip mainly provides wafer testing, finished product testing, wafer thinning and wafer cutting services. The business composition is similar to that of KYEC. Of course, judging from the testing equipment suppliers of Liyang Chip, the company's wafer testing equipment mainly comes from Advantest and Teradyne, the main supplier of finished product testing equipment is EPSON, and the wafer thinning and wafer cutting equipment mainly comes from Disco , domestic equipment is still rare, and the localization rate still faces great challenges:

After years of technology accumulation, Liyang Chip currently has digital chips, analog chips, mixed signal chips, and radio frequency chips. A variety of system-level chip testing solutions, the downstream fields are mainly oriented to 5G communications (RF chips, LNA, FPGA, PA and Switch), sensors (MEMS, biometrics, fire safety, etc.), smart wearables (Internet of Things, face Identification, smart home, etc.), automotive electronics (Internet of Vehicles, autonomous driving, ETC, etc.), Beidou applications (radar, navigation, positioning, etc.), computing chips (AI, servers, cloud computing) and many other fields, we can technically provide Integrated circuit testing of 8nm process. The company's important customers mainly include listed companies such as Goodix Technology, Quanzhi Technology, and National Technology, as well as companies such as Shenzhen Bit Microelectronics. In 2019, the sales revenue of the top five customers accounted for 76.39% of the revenue, among which Shenzhen Bit Microelectronics, Goodix Technology The revenue proportions of Hequan Technology and Quanzhi Technology are 28.75%, 27.42% and 12.12% respectively. The customer concentration is high and there is a certain dependence on important customers.

Liyang Chip divides test systems with test frequencies higher than 100MHz and channel numbers greater than 512Pin into high-end test platforms. Currently, SoC chips, FPGAs, and AI use high-end test platforms, so high-end platforms have higher Room for premium; terminal test platform is mainly used for MCU, touch, fingerprint and power management chips, etc. From the perspective of revenue composition, the company's chip test platform revenue accounted for more than 65%, of which chip test-high-end test platform revenue accounted for 32.3% from 2.3%, and gross profit margin also increased from 53.9% to 77.3%, but wafer The gross profit margin of testing is low:

It has been more than 30 years since the third-party testing services for integrated circuits appeared, all thanks to KYEC Electronics, a company in Taiwan.

KYEC Electronics was established in 198In May 2017, the company was located in Hsinchu, Taiwan, China, and its production base was located in Miaoli County. When it was founded, the company was mainly engaged in wafer cutting services, which was originally an important process in the packaging process. However, with the emergence of advanced technologies such as wafer-level packaging, wafer cutting has become a marginal business. Around 2000, KYEC started its globalization process. Important events include the establishment of a branch in the United States in 2000, and the establishment of two subsidiaries in Suzhou in 2002 and 2006. In addition, the company also established branches in Singapore and Japan. Currently, KYEC has a factory of 108,000 square meters in Taiwan, China, with a clean room area of ​​187,300 square meters. The factory area and clean room area in Suzhou reach 44,600 square meters and 10,200 square meters respectively:

Currently, KYEC mainly provides testing services including: wafer probing, IC finished product testing, burn-in testing and packaging, and other projects. The product line covers Memory, logic and mixed signal, SoC, CIS, RF and wireless, MEMS and display drivers, etc., with a total of more than 4,000 devices. The packaging technologies provided by the company include mature packaging technologies such as BGA, DFN, TSOP, and LGA, as well as memory-oriented packaging technologies such as eMMC/Emcp. KYEC Electronics is currently the world's largest professional third-party testing company, with a monthly production capacity of approximately 460,000 pieces of wafer needle measurement, and a monthly testing volume of IC chips reaching 600 million:

In terms of finance, KYEC's revenue from 2018 to 2019 was NT$20.815 billion and NT$25.539 billion respectively. Revenue from January to June 2020 reached NT$14.66 billion, a year-on-year increase of 29.2%. Judging from the revenue structure in the second quarter of this year, wafer testing and product testing revenue accounted for 31.5% and 39.7% respectively, and packaging business revenue accounted for 16.4%. As a third-party integrated circuit testing service provider, testing services Business accounted for more than 70%:

In terms of customer cooperation, as the world’s largest professional third-party integrated circuit testing service provider, KYEC cooperates with Marvell, Toshiba, Bosch, Qorvo, Maxim, Cypress, Novatek, Realtek, Nanya and other important global semiconductor design companies maintain in-depth cooperation.

The technical level of Liyang chips has been accumulated in China to a certain extent, but compared with KYEC, there is a big gap in the number of Pins, number of same tests and other indicators:

The maximum number of Pins and the maximum number of co-tests are objective indicators to measure the technical level of wafer testing. Generally, the larger the number of Pins, the number of co-tests or the limit of the number of Pins is the technical goal pursued by wafer testing. This testing technology is reflected in : The difficulty of consistency between multiple simultaneous tests increases, requiring probe card design and test program algorithm optimization; improving the efficiency of parallel testing during multiple simultaneous tests requires optimizing functional modulesTest methods and test program algorithms. For example, the smaller the distance between pads, the smaller the distance between probes. Not only does it become more difficult to design probe cards during multiple simultaneous measurements, but also because there is serious signal crosstalk, the crosstalk problem needs to be solved through test program optimization. Of course, the 45-micron pad pitch of Liyang chips shows that the company has made significant progress in testing technology.

As mentioned above, third-party integrated circuit testing services are the product of further division of labor in the integrated packaging and testing model. Packaging and testing manufacturers such as Changdian Technology and Tongfu Microelectronics are Liyang Chip’s main products in mainland China. The main competitors faced. In addition, the competitors of Liyang Chip are other third-party testing service providers. The important competitors here are Jinglong Technology, a subsidiary of KYEC Electronics in Suzhou, Hualing Co., Ltd., a subsidiary of Fudan Microelectronics, and Sembcorp Nano ( Suzhou) Co., Ltd., etc.

Founded in July 2002, Jinglong Technology is the only testing subsidiary of KYEC Electronics in China. Currently, the company has a factory of 44,600 square meters and a clean room of 10,200 square meters. The wafer pin measurement reaches 60,000 pieces per month, and the monthly IC finished product testing capacity reaches 60 million pieces. The scope of testing services is the same as that of KYEC. Among them, the scale of driver IC and eFlash testing is in a leading position in mainland China.

Hualing Co., Ltd. was established in April 2001. It is a subsidiary of Fudan Microelectronics specializing in integrated circuit testing technology research and development, chip design verification analysis and industrial production testing. It currently has more than 9,000 square meters The technology development and testing factory has more than 100 sets of international mainstream advanced testing equipment, including 45nm and 12-inch advanced testing systems, with testing capabilities of 1024pin test channels and 128M test vector depth. Of course, from the perspective of equipment suppliers, Hualing's equipment mainly comes from Advantest, Japan's Tokyo Precision Co., Ltd. and Teradyne, etc. Domestic equipment is still rare.

Among the top five customers of Hualing Co., Ltd., except that the second largest is the controlling shareholder Fudan Microelectronics (accounting for 18.66% of revenue), other customers have no relationship with the company. The sales revenue of the top five customers accounts for 18.66% of the revenue. The revenue ratio is 59.55%, with low customer concentration and low dependence on important customers.

Generally speaking, Hualing Co., Ltd. has been involved in the integrated circuit testing service business relatively early. Compared with Liyang Chip, which was established in 2010, it has certain advantages in customer resources and technology accumulation. Of course, from the perspective of revenue scale, Hualing's revenue in 2019 was 146 million yuan, and Liyang Chip's revenue was 232 million yuan. There is a certain gap between the two.

According to statistics from Taiwan Industrial Research Institute, integrated circuit testing costs account for approximately 6%-8% of IC design revenue. Based on this, the market capacity of the integrated circuit testing industry is estimated to be 18.381 billion yuan-24.508 billion yuan. , the revenue of Liyang Chip and Hualing in 2019They were 231 million yuan and 146 million yuan respectively, with market shares of 0.95%-1.26% and 0.60%-0.79% respectively. In 2019, KYEC Electronics’ revenue was NT$25.539 billion, approximately 5.874 billion yuan, with a market share of 23.97%-31.96%. Overall, the integrated circuit testing market has a large space, and third-party testing service providers such as Liyang Chip have The development potential is great. Of course, one thing that cannot be ignored is that packaging and testing companies such as Changdian Technology provide wafer testing and chip finished product testing. In recent years, wafer foundries represented by TSMC have also increased their layout of packaging and testing links. In addition, the industry Due to the existence of the leading KYEC Electronics, the competitive pressure faced by Liyang Chip is still relatively high.

From 2015 to 2019, Liyang Chip’s revenue increased from 58 million yuan to 232 million yuan, and the net profit attributable to the parent company increased from 16 million yuan to 61 million yuan. The revenue and net profit increased by 3 times respectively. 2.81 times. In the first half of 2020, the company's revenue and net profit attributable to the parent company were 124 million yuan and 27 million yuan respectively, a year-on-year increase of 77.4% and 387.8%. After the resumption of work and production in February, the company's production and operations were normal, and the testing volume of 8nm advanced process chips increased compared with the same period last year. There has been an increase, and the company's transaction size with existing customers has remained stable or slightly increased. In addition, under the commercial promotion of 5G, the testing volume of FPGA, radio frequency and other chips increased compared with the same period last year, which increased the revenue scale.

Even in the face of greater competitive pressure, Liyang Chip's revenue and net profit have continued to grow. The main reason is that with the evolution of integrated circuit processes and the increasing complexity of processes, the parameters in the manufacturing process have increased. The requirements for control and defect detection are getting higher and higher, and the demand for professionalization of integrated circuit testing is increasing; secondly, as new application scenarios such as the Internet of Things, AI, and Internet of Vehicles continue to mature, the types of chips are diversified, and the chip designs are also diverse. ization, the corresponding testing solutions are also diversified, increasing the market demand for professional testing service providers. In addition, the specialization and scale of Liyang Chip and Hualing Technology continue to increase. Due to cost considerations, Fabless and even packaging and testing companies also tend to hand over some testing services to independent third-party testing companies. The author has made predictions about Liyang Chip's performance in 2020-2021. Under the neutral prediction, the revenue in 2020-2021 will be 331 million yuan and 418 million yuan, and the net profit attributable to the parent company will be 86 million yuan and 104 million yuan, corresponding to a market value of 8.6 billion yuan, 10.4 billion yuan; in the optimistic scenario, the revenue in 2020-2021 is 453 million yuan, 668 million yuan, and the net profit attributable to the parent company is 118 million yuan, 167 million yuan, corresponding to a market value of 11.8 billion yuan, 16.7 billion yuan:

Integrated circuit third-party testing services require huge investment in professional factory construction and equipment procurement. For example, KYEC has built a 108,000 square meter factory in Taiwan, China, with a clean room area of ​​187,300 square meters, and various testing There are more than 4,000 pieces of equipment. profitThe scale of Yangchip is far smaller than that of KYEC, but it also has more than 20,000 square meters of factories (mainly leased). Its capital expenditures from 2017 to 2019 reached 154 million yuan, 64 million yuan, and 151 million yuan. As of the end of 2019, its fixed assets book Valued at 347 million yuan, it has 350 testing machines, sorting machines, probe stations and product appearance inspection machines respectively. The asset-heavy model faces high depreciation expenses. The company's depreciation and amortization expenses from 2017 to 2019 were 649,600 yuan, 1,406,700 yuan and 1,310,900 yuan respectively. Although the company's production equipment depreciation life is 5-10 years, which is much higher than KYEC's 2-8 years and 3-5 years. years, but if the depreciation life of new equipment is 8 years and the depreciation life of second-hand equipment is 4 years, the gross profit margin of the company's main business will be reduced by 2.6 to 8 percentage points, which will have a greater impact on the company's operating performance. In other words, the company has the risk of adjusting profits by extending the depreciation life of fixed assets.

Liyang Chip plans to publicly issue 34.1 million shares. 410 million yuan of the raised funds will be used for chip testing capacity construction projects, 103 million yuan for R&D center construction projects, and 50 million yuan for supplementary liquidity. funds. Judging from the production and sales rate and capacity utilization rate from 2017 to 2019, the company's wafer testing production and sales rate increased from 92.2% to 102.3%, and the production capacity utilization rate increased from 83.5% to 90.5%; although the chip finished product testing production and sales rate increased from 97.5% increased to 102.1%, but the capacity utilization rate dropped from 73.2% to 62.5%. If the investment project is completed and put into production, the overcapacity phenomenon may be further intensified. The reason is that the company's largest customer, Shenzhen Bit Microelectronics, is engaged in mining machine chips and blockchain chips. In recent years, bubbles such as Bitcoin have gradually burst, and there are various risks in the blockchain industry. If there is a major disaster in these two industries, There is no risk and it will have a greater impact on the company. In addition, the company's main customers are Goodix Technology, Quanzhi Technology, etc. The top five customers are highly concentrated, and it takes a long time to cultivate new customers, so it has a certain impact on the stability of the company's performance:

Liyang Chip mentioned in the prospectus that Yang Zuoxing, the actual controller of Shenzhen Bit Microelectronics, was arrested by the Shenzhen Nanshan District Procuratorate for job embezzlement in December 2019. There is currently no further news, so the risk to its largest customer cannot be Not defensive.

Of course, during this period, the financial media paid a lot of attention to Liyang Chip, the number one chip testing company in China. Many media revealed that the company created a false business image (Stock Market Dynamic Analysis Weekly article "Liyang Chip" : Create business illusions and exaggerate fundraising investment output"), question R&D investment and suppliers as leather goods companies (Lianniu Finance "If the Liyang chip that will be presented at the meeting tomorrow can pass, the Science and Technology Innovation Board Issuance Review Committee will have serious problems"), etc. series of issues, so investors should also pay attention to these negative issues. Of course, the purpose of this article is to review third-party integrated circuits through Liyang Chip.Let’s have a preliminary understanding of the road testing service business. After all, in the context of increasingly deepened industrial dividends, even if Liyang Chip eventually becomes LeTV in the chip industry, other similar companies will rise, and the trend of industrial development is irreversible.

2. Can a dual-channel motherboard use only one CPU?

Yes, but it must be installed in position 1. Generally, the motherboard will indicate position 1 and 2. If CPU0 and CPU1 appear, it is usually CPU0, or if the motherboard is labeled CPU1 and CPU2, it is CPU1.

Most dual-socket motherboards are server motherboards, and home motherboards rarely have dual CPU slots

(2) lga blockchain extended reading< br />

Server motherboard

The first server motherboard generally supports at least two processors - different chipsets (often dual-channel or above servers, single-channel servers have when using a desktop motherboard).

Dual CPU

Dual CPU means two CPUs. It requires motherboard support. In the early days, there was a Gemini motherboard, which supported a CPU with a SLOT1 and a SOCKET370 interface. Today's high-end server motherboards should support SOKCET478.