Even though the demand for microprocessors related to PCs and NBs is declining, the demand for IoT and automotive semiconductors is increasing. This has triggered a wave of mergers and acquisitions in the global semiconductor industry since the beginning of last year, pushing the Philadelphia Semiconductor Index to break through the August 4th. At the 16-year high of â—‹ point, semiconductor stocks are also an important driving force for the recent Nasdaq index to hit a record high. So, is this wave of mergers and acquisitions in the semiconductor industry over? It seems that it is not over yet. Recently, Qualcomm, a mobile phone communication chip leader in the Wall Street market, plans to acquire NXP Semiconductors at a price of about US$300 million. It has also pushed the wave of mergers and acquisitions in this semiconductor industry to another peak.
From the large-scale mergers and acquisitions of the international semiconductor industry, in addition to the e-commerce-based software bank to acquire the IC design giant ARM Holdings, the mergers and acquisitions of other semiconductor industries are mutual mergers and acquisitions of homogeneity, at most Avago's acquisition of Broadcom is focused on the front and back of the communications chip, and the integration of the two expands the customer line of the new company. For example, the merger of ASE and silicon products is a pure packaging and testing industry. Micron's acquisition of Nanke and Huayake belongs to the memory industry. These are all high-quality industrial mergers and acquisitions.
Cross-vehicle semiconductor is the next main battlefield
Previous mergers and acquisitions in the semiconductor industry were dominated by automotive semiconductors, such as NXP Semiconductors, which acquired several automotive semiconductor companies, and acquired Freescale, a vehicle semiconductor, for nearly $1.5 billion in March last year. The merger case was the largest semiconductor industry merger and acquisition case at the time. After acquiring Freescale, NXP became the world's largest manufacturer of automotive semiconductors and the market leader in automotive semiconductor solutions and general purpose microcontrollers (MCUs). In the future, there will be huge opportunities for automotive semiconductors brought about by security, connectivity and post-processors. NXP Semiconductors is also the world leader in NFC electronic payment chips, with a market share of 60%. Apple's iOS platform and Android platform commonly use this NFC electronic payment chip. The layout of NXP Semiconductors in the automotive semiconductor industry highlights the future of automotive semiconductors as the main battlefield for companies.
Qualcomm is currently the global leader in smart phone chips. In addition to the communications chips supplied by smart phone manufacturers, the licensing of technology patents is the biggest source of revenue for Qualcomm. However, as the smart phone industry matures, Qualcomm's gross profit margin has been difficult to maintain above 60% in the last ten quarters. The operating profit rate has fallen below 30% in the past year, causing Qualcomm's profit to decline year by year. . As the global smart phone market matures, Qualcomm's future profit prospects are not optimistic about long-term stock price and shareholder equity performance. To this end, if Qualcomm and the automotive semiconductor leader NXP merge, the connection of mobile phone chips and automotive semiconductors, Qualcomm can indeed become the next semiconductor leader.
The M&A plan is expected to write the world's first M&A case across mobile phones, NFC electronic payment systems and automotive semiconductors, and the future development of semiconductors will be further extended. However, such development may cause current communication chip manufacturers to lack other competitiveness in the decline of gross profit and be framed in the future development space. The merger and acquisition of the semiconductor industry has become the phenomenon of the big Evergrande, and it also points out the importance of professional foundry, which seems to be more favorable for the future development of TSMC. After all, TSMC is not as complicated as the business of Intel or Samsung Electronics. TSMC has the ability to invest more resources in the professional OEM process to provide more powerful processes to customers and make customers increasingly dependent on TSMC. TSMC has become an indispensable and important jigsaw in the semiconductor industry, which can tie up existing customers and open up new customers, and has the ability to emphasize professional division of labor in the future.
Communication chip gross profit trend declines
In the past, in the acquisition of large-scale international companies, the acquisition companies often gave the shareholders of the acquired companies a certain premium space, stimulating the stock price of the acquired companies to rise. However, because the acquisition company must take the money out of the acquisition, the short-term stock price will often fall first, until the merger effect is gradually revealed, the stock price will rise. However, at the end of May last year, Anwar High-Tech acquired the case of Broadcom, because the market believes that after the acquisition of Broadcom by Anwar Technology, the integration of the front and back ends of the original communication IC will expand the profit growth performance of Avago Technologies. After the acquisition took shape, it spurred Anwar High-tech's share price to rise all the way, and hit a seven-nine year later. With a record high of eight dollars, the band has increased by 40%. If Qualcomm successfully acquires NXP Semiconductors, the combined effect of the future may be similar to that of Avago’s acquisition of Broadcom.
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