"On April 17, the Shenzhen Stock Exchange announced that due to major events that may have a great impact on the stock price and have not been publicly disclosed, ZTE's trading was suspended since the opening of the market on April 17 and resumed after the company published relevant announcements. Earlier, Britain and the United States issued a ban on ZTE, and its H shares have been suspended.
ZTE said in a statement in the morning that it had learned that the US Department of Commerce had refused to activate the company. The company is comprehensively evaluating the possible impact of this incident on the company, communicating and responding with all parties.
"This incident has gone beyond the business rules, and the development of the situation is beyond the company's control." A ZTE employee, who asked not to be named, told the first financial reporter that he was also understanding the situation internally. It was originally expected to release the first quarter financial report this week, which will be postponed according to the current situation.
China Merchants electronics released a report that the ZTE embargo had a great impact on the communication industry and sounded the alarm of the semiconductor industry. Independent control is not only a slogan, but also an important task related to national security, national economy and people's livelihood. At present, among the three application fields of ZTE, the plate with the highest chip threshold is RRU base station. It will take a long time to realize domestic substitution in this field. The threshold of optical communication and mobile phone industry chain is relatively low. Domestic chip schemes in some subdivided fields have even become international leaders, but on the whole, they are still low-end applications.
"The maturity and high reliability of base station chips are different from consumer chips. It takes at least two years from trial to batch use.". At present, in the field of if, the main players are Ti, ADI, IDT and other manufacturers; The RF field is mainly qorvo and so on. " China Merchants electronics said that the single-chip transceiver scheme further raised the threshold of base station chips, making it more difficult for domestic manufacturers to cut in. The self-sufficiency rate of base station chips is almost zero, which has become the most difficult problem in ZTE's embargo.
The whole story of ZTE's "prohibited procurement"
Looking back on the whole incident of ZTE embargo, it seems that the fuse came from a sales contract.
In 2012, Reuters reported that a Chinese company traded with TCI, Iran's largest telecom operator. In the transaction of US $130 million in 2010, the Chinese company provided TCI with a monitoring system. Reuters said it obtained a 907 page list of transactions, including the hardware and software products of many American companies, including Microsoft, Oracle, HP, Cisco, Dell, Symantec and so on.
In June 2010, the United Nations passed sanctions against Iran and the United States passed the comprehensive sanctions, accountability and divestment act against Iran. In the civil communication industry, some "dual-use" components were included in the embargo list.
Foreign media reported that a lawyer who worked in the legal department of ZTE's US branch took the initiative to report ZTE to the FBI and allowed the FBI to copy the data in his work computer.
In 2012, ZTE acknowledged that it had provided "ordinary communication equipment" to Iran on a "small scale", but also said that it began to reduce its business in Iran in 2011 on the grounds of "complex situation in Iran" due to concerns about the deepening confrontation between Iran and Europe and the United States over the Iranian nuclear issue.
In 2013, Hou Weigui, founder and chairman of ZTE, also said that it had basically stopped its Iranian business. At the same time, the compensation to Iranian customers for breach of contract and the fact that some shipments had to be stopped even if the equipment had been produced were the reasons for ZTE's loss of RMB 2.84 billion for the first time in 2012.
On March 8, 2016, the US Department of Commerce imposed an embargo on ZTE because ZTE was suspected of violating the US export control policy towards Iran. ZTE finally reached an agreement on the sanctions investigation of the US Department of Commerce, the Ministry of justice and the overseas asset management office of the Ministry of Finance on March 7, 2017 through internal control rectification and replacement of management, and the company paid a fine of US $890 million. The seven-year suspended embargo of export privileges, which is also suspended, will be reactivated if any aspect of the agreement is not met or the company violates the export control regulations again.
In this embargo statement, officials of the U.S. Department of Commerce found that ZTE made false statements to bis in 2016, during settlement negotiations, and 2017, during the procedural period. According to the agreement, ZTE promised to dismiss four senior employees and punish 35 employees by reducing bonuses or penalties. However, ZTE dismissed only four senior employees and did not punish or reduce the bonuses of 35 employees.
China Merchants electronics analysts believe that the embargo took place under the special background of the trade war. The United States hopes to strengthen its chips at the negotiating table. Considering that China has taken countermeasures on April 4 to impose 25% tariffs on 14 categories of 106 commodities such as U.S. soybeans, automobiles and chemicals. In addition, China's Ministry of commerce is also reviewing Qualcomm's acquisition of NXP, which takes a long time. It is the first time in recent years that the Ministry of Commerce has used two cases that have not been reviewed within a 180 day period. China Merchants electronics believes that the US government's move may be partly intended to put pressure on China to promote the progress of the M & A.
For subsequent solutions, please refer to the embargo review in 2016. After the embargo broke out in 2016, under the coordination of both governments, the U.S. Department of Commerce issued a temporary general license to ZTE, so as to ensure that ZTE can normally purchase U.S. components and software. This year, the spear of the embargo is raised again. We expect that ZTE and the U.S. Department of Commerce will reach a second settlement through good offices.
A spokesman for the Ministry of Commerce said: China has taken note of the US Department of Commerce's announcement to take export control measures against ZTE.
China has always required Chinese enterprises to abide by the laws and policies of the host country and operate legally and in compliance in the process of overseas operations. ZTE has carried out extensive trade and investment cooperation with hundreds of American enterprises and contributed tens of thousands of jobs to the United States. It is hoped that the US side will properly handle it according to law and regulations, and create a fair, fair and stable legal and policy environment for enterprises. The Ministry of Commerce will pay close attention to the progress of the situation and be ready to take necessary measures to safeguard the legitimate rights and interests of Chinese enterprises.
Insufficient chip self-sufficiency
It is reported that ZTE's main businesses include base stations, optical communications and mobile phones. Among them, some RF devices in the base station, such as cavity filter (Wuhan Fangu, Dafu Technology), optical module manufacturers (Guangxun technology, xuchuang Technology) and structural component modules in mobile phones, can basically meet the self-sufficiency needs. Only chip has a certain degree of self-sufficiency in the three application fields.
China Merchants electronics analyzed in detail the gap between the upstream and downstream of ZTE's industrial chain and foreign enterprises from the technical level, mainly involving three levels:
(1) RRU base station: rapid technology change, high threshold and lowest self-sufficiency rate.
RRU base station is divided into transmitter and receiver.
The main function of the transmitter is to convert the baseband signal (BB) into intermediate frequency (if), and then further modulate it to high frequency (RF) and transmit it. At present, only the main processor, namely FPGA and DSP, can realize domestic substitution and large-scale commercial use. It is mainly the ASIC developed by Hisilicon.
In addition, among domestic chip manufacturers, Nanjing Meichen microelectronics has mass production schemes for chip products such as quadrature modulator, DPD receiver and ADC. And participated in the national major project "research and development of TD-LTE td-lte-advanced TD-SCDMA Base station RF unit based on SIP RF technology", which is currently in small batch verification in ZTE.
Similar to the transmitter, at present, only the main processor of Hisilicon can realize large-scale commercial substitution. The mixer, VGA, PLL and ADC of Nanjing Meichen microelectronics are in small batch verification.
China Merchants electronics believes that "the maturity and high reliability of base station chips are different from consumer grade chips. It takes at least two years from trial to batch use". At present, in the field of if, the main players are Ti, ADI, IDT and other manufacturers; The RF field is mainly qorvo, etc.
At the same time, Ti and Adi are also promoting single-chip solutions to meet the requirements of micro base stations for RRU size. See Ti afe75xx series and ADI ad936x in the figure below. The single-chip transceiver scheme further improves the threshold of base station chips, making it more difficult for domestic manufacturers to cut in. The self-sufficiency rate of base station chips is almost zero, which has become the most difficult problem in ZTE's embargo.
(2) Optical communication field: the self-sufficiency rate is acceptable, and high-end chips still need to be broken through. Good for Guangxun technology, Bochuang Technology
Optical modules are divided into access network (PON) and data transmission network (DT) from the application field. Their chip schemes and packaging are very different. Taking the optical module of access network as an example, the chip scheme is discussed below. The chips mainly used in the optical module include MCU, TIA (transimpedance amplifier), APD (avalanche photodiode), La (limiting amplifier), LD (laser driver), laser chips (VCSEL, DFB, EML), DWDM, etc.
At present, the optical communication chip products of Guangxun technology mainly include DFB, VCSEL, APD, etc; Bochuang technology is the leader of PLC optical splitter and DWDM devices; Nanjing Meichen microelectronics and Xiamen Youxun have achieved large-scale mass production in the fields of TIA, La and LD. The embargo is a great benefit to the above-mentioned manufacturers with mature chip solutions. International competitors in this field mainly include Semtech, Micrel (acquired by microchip), Mindspeed (acquired by Marcom), etc.
Although the self-sufficiency rate of optical communication chips is acceptable, in some high-end products, such as 100g and above optical modules of data transmission network, the domestic chip scheme still needs to be broken through. It is suggested to pay attention to the non listed company Xinyun optoelectronics. The company expects to complete the research and development of 100g chip scheme in 2019. In addition, the optical module will also use 256M and 128M high-capacity nor flash. The relevant products launched by Zhaoyi innovation at the end of 2017 have been sold at major optical module manufacturers.
(3) Intelligent machine industry chain: the self-sufficiency rate is high, and there are many highlights in major fields.
The chip scheme in smart phone is extremely complex. In addition to the main processor, there are dozens of analog / digital analog hybrid chips.
At present, the main processor chips in China are Huawei Hisilicon and Spreadtrum technology. Xiaomi also successfully launched pinecone series mobile phone processor in 2017.
Power management chips, Shengbang shares and Weier shares have strong competitiveness. Among them, Shengbang shares' backlight drive chips are leading in the industry, while Weier shares' DCDC, LDO and other chips have obvious advantages. In addition, silijie, a Taiwan listed company, is also quite accomplished in this field.
In terms of wireless chips, there are three major RF PA companies in China, namely zhongkehantianxia, Weijie innovation and national flying. The RF switch mainly includes Zhuosheng micro, which is in the process of IPO. RF chip is one of the fastest growing segments, with a compound growth rate of 14% from 2016 to 2022. However, it will take some time for China to enter high-end mobile phones.
In the field of audio chips, the main player in China is a third board listed company, Aiwei electronics.
Among the display related chips, Taiwan manufacturers Yili, silicon innovation, Qijing, Lianyong, etc. are the industry leaders in the display driver IC, and at present, many domestic manufacturers are layout in this field.
In terms of sensors: at present, Shilan micro accelerometer has entered the reference design of Spreadtrum, and has accelerated its expansion to other sensors of mobile phones in the past 18 years.
CAMERA CMOS chip: Howell technology accounted for about 12% of the global CMOS chip market in 2015, ranking third in the world. It is estimated that the revenue in 2017 will be between us $800 million and US $1 billion.
Fingerprint chip: mainly huiding technology and siliwei (a subsidiary of Zhaoyi Chuangxin). Huiding's fingerprint identification chip surpassed FPC and became the first in the global market share at the end of 2017. Siliwei also doubled its market share in 2017.
CICC also released a report that the U.S. Department of Commerce imposed an export authority prohibition order on ZTE. If a settlement cannot be reached within 1-2 months, it will affect the normal production and sales of communication equipment, mobile phones and other businesses. At the same time, it will have a certain impact on the current global and Chinese operator network construction, and may affect the promotion of 5g network in the future. At present, ZTE accounts for about 10% of the global telecom equipment market and about 30% of China's telecom equipment market. ZTE has inventory of parts from January to February. If a settlement cannot be reached as soon as possible, relevant business will be affected.
Original address: https://www.eeboard.com/news/zhongxing-5/
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