华润微电子6英寸芯片生产线投资项目分析
摘要
本文主要分析了华润微电子投资6 英寸芯片生产线的必要性与可行性,并指出了投资存在的相关风险因素。
华润微电子以“让华润芯进入中国的每一个家庭”为企业使命,致力于成为中国规模领先和最具竞争力的消费类集成电路和半导体分立器件开发供应商。
面对当今机遇与挑战并存的中国微电子产业发展格局,华润微电子为了满足快速增长的中国消费类集成电路市场需求,保持自己的规模领先优势,提升工艺技术水平和产品档次,开拓新产品和新市场,形成自己的特色工艺和特色产品体系,打造核心竞争能力,以适应实现战略目标的需要,投资建设一条6 英寸芯片生产线是必要的。
从华润微电子目前的经营规模、资本结构、经营性现金流、工艺技术水平以及针对目标市场的产品开发准备和专业技术人才队伍来看,已经具备了建设6 英寸芯片生产线的组织资源。同时,需求旺盛的消费电子整机应用市场,以及细分产品的目标市场,也为投资6 英寸生产线提供了良机,而国际微电子产业的周期性调整,更为其低成本购买二手生产线带来难得的机遇。因此投资6 英寸生产线是可行的。
财务分析表明,成本控制是该投资项目成功的关键,但成本的高低与量产的进度有密切的关系。预计在建成后第三年产能利用率可达到70%,销售额超过3 亿元人民币;第四年可达到满产,销售额超过4 亿元人民币,盈利5 千万元人民币,有良好的股东回报,而影响经营盈亏的敏感因素,是产量、销售价格和单位成本。
To attain the mission of “Letting China Resources IC into every Chinese household”, CRM strives to be become China’s largest and most competitive supplier and developer of consumer electronics IC’s and discrete devices.
Facing the existing opportunities and challenges in the Chinese semiconductor industry, it is absolutely necessary for CRM to invest in a 6 inch wafer fabrication plant. The investment will enable CRM to satisfy the rapidly growing demand of the Chinese consumer IC market; maintain its leadership position; upgrade its technical expertise and products; create new products and new markets; develop its own unique process technology and unique product series; and sharpen its competitiveness to realize its strategic goal.
From the perspectives of size, operating cash flow, process technology level, new product development readiness for specific target market and availability of professional technical team, CRM is well equipped to invest in the 6 inch wafer fabrication plant. At the same time, the rapidly growing demand from consumer electronics manufacturers and the stratified IC product market has provided opportunity to invest in 6 inch wafer fabrication plant. In addition, the cyclical consolidation of the international semiconductor industry has made available golden opportunity to acquire low cost used fabrication line. Thus investment in 6 inch wafer fabrication plant is absolutely feasible.
Financial analysis indicates that cost control is the key to the success of the 6 inch wafer fabrication project. However the level of cost is closely correlated to the ramping up schedule of the production line. It is estimated that the utilisation rate of the production line will reach 70% by year 3 with sales exceeding RMB 300 million. Full utilisation can be reached at year 4 where sales can exceed RMB 400 million with profit of RMB 50 million. The financial return to shareholders will be rewarding. Factors affecting the operating profitability will be sales and production volume, selling price and unit cost.
华润微电子以“让华润芯进入中国的每一个家庭”为企业使命,致力于成为中国规模领先和最具竞争力的消费类集成电路和半导体分立器件开发供应商。
面对当今机遇与挑战并存的中国微电子产业发展格局,华润微电子为了满足快速增长的中国消费类集成电路市场需求,保持自己的规模领先优势,提升工艺技术水平和产品档次,开拓新产品和新市场,形成自己的特色工艺和特色产品体系,打造核心竞争能力,以适应实现战略目标的需要,投资建设一条6 英寸芯片生产线是必要的。
从华润微电子目前的经营规模、资本结构、经营性现金流、工艺技术水平以及针对目标市场的产品开发准备和专业技术人才队伍来看,已经具备了建设6 英寸芯片生产线的组织资源。同时,需求旺盛的消费电子整机应用市场,以及细分产品的目标市场,也为投资6 英寸生产线提供了良机,而国际微电子产业的周期性调整,更为其低成本购买二手生产线带来难得的机遇。因此投资6 英寸生产线是可行的。
财务分析表明,成本控制是该投资项目成功的关键,但成本的高低与量产的进度有密切的关系。预计在建成后第三年产能利用率可达到70%,销售额超过3 亿元人民币;第四年可达到满产,销售额超过4 亿元人民币,盈利5 千万元人民币,有良好的股东回报,而影响经营盈亏的敏感因素,是产量、销售价格和单位成本。
To attain the mission of “Letting China Resources IC into every Chinese household”, CRM strives to be become China’s largest and most competitive supplier and developer of consumer electronics IC’s and discrete devices.
Facing the existing opportunities and challenges in the Chinese semiconductor industry, it is absolutely necessary for CRM to invest in a 6 inch wafer fabrication plant. The investment will enable CRM to satisfy the rapidly growing demand of the Chinese consumer IC market; maintain its leadership position; upgrade its technical expertise and products; create new products and new markets; develop its own unique process technology and unique product series; and sharpen its competitiveness to realize its strategic goal.
From the perspectives of size, operating cash flow, process technology level, new product development readiness for specific target market and availability of professional technical team, CRM is well equipped to invest in the 6 inch wafer fabrication plant. At the same time, the rapidly growing demand from consumer electronics manufacturers and the stratified IC product market has provided opportunity to invest in 6 inch wafer fabrication plant. In addition, the cyclical consolidation of the international semiconductor industry has made available golden opportunity to acquire low cost used fabrication line. Thus investment in 6 inch wafer fabrication plant is absolutely feasible.
Financial analysis indicates that cost control is the key to the success of the 6 inch wafer fabrication project. However the level of cost is closely correlated to the ramping up schedule of the production line. It is estimated that the utilisation rate of the production line will reach 70% by year 3 with sales exceeding RMB 300 million. Full utilisation can be reached at year 4 where sales can exceed RMB 400 million with profit of RMB 50 million. The financial return to shareholders will be rewarding. Factors affecting the operating profitability will be sales and production volume, selling price and unit cost.
引文
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4.《全球化与竞争战略管理》马春光著外经济贸易大学国际商学院
5.《管理锦囊》华润集团有限公司研究部编著2005.1.
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7.《定位》里斯.特劳特著中国财政经济出版社2003.4.
8.《EMBA 公司战略管理》戈立杰著中国财政经济出版社2003.4.
9.《投资艺术》易尔.劳立斯著中国财政经济出版社2003.12.
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14.《半导体行业》半导体行业协会编著2005 第1-10 期
15.《2004 年中国半导体市场报告》中国半导体协会2005.5.
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2.《竞争战略》迈克尔.波特著华夏出版社1997.1.
3.《竞争论》迈克尔.波特著中信出版社2003.1.
4.《全球化与竞争战略管理》马春光著外经济贸易大学国际商学院
5.《管理锦囊》华润集团有限公司研究部编著2005.1.
6. 《标杆管理》詹姆斯.哈里顿著中信出版社2003.3.
7.《定位》里斯.特劳特著中国财政经济出版社2003.4.
8.《EMBA 公司战略管理》戈立杰著中国财政经济出版社2003.4.
9.《投资艺术》易尔.劳立斯著中国财政经济出版社2003.12.
10.《高级项目管理》哈里森著机械工业出版社2003.1.
11.《战略执行》杨东龙主编中国社会科学出版社2003.8.
12.《复制奇异》杰克.威尔许联合出版社2002.8.
13.《赢》杰克.威尔许联合出版社2005.3.
14.《半导体行业》半导体行业协会编著2005 第1-10 期
15.《2004 年中国半导体市场报告》中国半导体协会2005.5.
16.《2004 年全球半导体市场报告》世界半导体协会2005.7.
17.《中国电子信息产业现状与发展趋势》电子信息研究所2005.7.
18.《家用电器》家用电器杂志社2005.6.
19.《财务报表分析》张新民著对外经济贸易大学国际商学院
20.《财务管理和案例分析》加里.德斯勒著哈佛商学院