Zhaoyi Innovation (603986): DRAM project progress announced, localization accelerated
A few days ago, the company disclosed in the “Reply to the Feedback on the Application Documents for the Non-public Issuance of A Shares of Beijing Zhaoyi Innovation Technology Co., Ltd.” and planned to use the raised funds33.
200 million R & D and industrialization projects for DRAM chips, as well as the estimated implementation time and overall schedule of each phase of the project are as follows: 1. Definition of the first chip product completed in 2020: including market positioning, product specification 深圳spa会所settings, andChip design work, in which the chip design includes simulation verification, logic integration, timing analysis, function verification, signal and frequency routing, physical verification of the version map, etc., each step needs to be repeatedly verified to ensure that the designed product achieves optimal performance and canMeets the needs of all system platforms in the compatible market.
2. Successful tape-out in 2020: Define the production process of the first chip, carry out the verified chip design to develop tape-out segments, and after repeated tests and modifications until the sample design meets the design specifications and passes the system verification.
3. Complete customer verification in 2021: carry out packaging test on the first chip fragment, and then send it to the system chip vendor for functional certification. After the certification is completed, send it to the customer for system-level verification, including functional test, stress test, and burn-in verificationWait, complete customer verification after passing all verifications.
4. Mass production of the product will be completed in 2021: After the customer verification of the mining chip is completed, small-scale production will be carried out, and large-scale production will be carried out after successful testing.
R & D and mass production of multi-series products completed in 2025: R & D and mass production of multi-series products.
Our view: Mainly focus on consumer and mobile DRAM, the market prospect is good.
The company’s investment projects mainly research and develop consumer DRAM and mobile DRAM.
Consumer DRAM is mainly used in consumer electronics markets such as TV set-top boxes, routers, automotive electronics and security, communications, and industrial control markets. Mobile DRAM is mainly used in terminal markets such as mobile phones, tablet computers, handheld game consoles, and wearable devices.
According to CCID Consulting’s data, China’s consumer DRAM and mobile DRAM market size in 2018 was 2,101.
5 trillion, future market expansion is expected to increase to 2,789 by 2021.
The principle of DRAM technology is the same as that of Flash products, and the downstream customers have a high degree of overlap, which escorts the smooth implementation of the fixed increase project.
DRAM is the same memory chip as the company’s previous Flash products. The technical principle is that the memory cells are stacked by stacking, and they have similarities in the design process, design method, use of tools, and module division. The product design has the most.Certain commonality.
And the system architecture of most of the company’s customer applications includes both Flash and DRAM. In the future, customer expansion will come naturally.
In the future, it is expected to deepen cooperation with Hefei Changxin, and the two are in an inferior position.
As the industrial operator of Hefei Changxin DRAM project, the company has increased the DRAM research and development, and is committed to achieving multiple advantages and complement each other to create a “virtual IDM model”.
We believe that the potential benefits that the DRAM cooperation project is expected to bring to the company in the future include: (1) effectively locking the foundry capacity; (2) cost reduction to achieve the company’s cost reduction and efficiency increase; (3) accelerated breakthroughs in advanced process technology;Sales of Changxin products increase company revenue.
Investment rating and estimation: The company’s EPS for 2019-2021 is expected to be 2 respectively.
杭州夜网论坛 65 yuan, maintaining the “highly recommended” level.
Risk Warning: The prosperity of the consumer electronics industry is down, competition in flash memory is intensified, and the progress of DRAM projects is less than expected.