(2018/9/20 00:00)
好況が続く半導体市場。それを追い風に業績を伸ばすフェローテックホールディングスは、８インチ（２００mm）シリコンウエハーに新規参入、提携する台湾社とともに世界トップを目指すという。あえて８インチを開拓する勝算はどこにあるのか。中国の半導体市場に精通する賀賢漢副社長に聞いた。
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フェローテックホールディングス・賀賢漢代表取締役副社長インタビュー
―半導体需要が長期的に拡大し続ける「スーパーサイクル」の今、なぜ８インチウエハーに商機を見いだしているのでしょうか。
「中国の主要ウエハーメーカーは１０社ほどあり、１２インチ（３００mm）に注力しているが製造面の難易度は非常に高い。試作で使用するダミーウエハーを作るのがやっとだ。一方、８インチの需給はタイトで昨年末から価格は２割ほど上がっているが、大手メーカーの増産予定はない。中国で生産拠点の体制が整い、これから一気に量産向けの比率を高めていく。9月から月産１０万枚のフル生産体制になっている。足元も量産品比率は４割程度まで上がってきた」
―杭州でも月産３５万枚規模の８インチウエハー新工場を建設中ですが、半導体製造装置の納期が伸びています。
「ウエハー関連装置の中で、大手の欧米系検査装置等では、納期は長いもので２年程度待つものもある。特にシリコン単結晶引き上げ炉装置メーカーが少なく、それを自社で内製化している点が強みだ。炉の中核部品の石英るつぼも作っている。太陽電池向けに外販をしていたが、半導体用にリソースをシフトしたのが奏功した」
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ウエハーの装置や部材まで内製する点が強み
―販売ではウエハー世界３位の台湾・グローバルウエハーズと提携しました。徐秀蘭董事長は大型のＭ＆Ａを決断するなど「シリコンウエハーの女王」と呼ばれる注目の経営者です。
「徐秀蘭さんとは２０年以上の付き合いになる。フィンランドに日帰り出張するほど、そのバイタリティーにいつも驚かされている。共同で販社を設立したが、両者を合わせると、８インチの供給能力は月１８０万枚で、世界トップのポジションに立てる。良いパートナシップを築ける」
―米中の貿易戦争が先鋭化しています。市場の潮目をどうみていますか。
「楽観はできない。トランプ政権の路線は時間が経って影響が出てくるだろう。半導体市況は２０２０年がひとまず成長のピークと捉えているが、２５年まで好況は続くのではないか。半導体の用途はどんどん広がっている。工場の生産ラインなどにとどまっていたＩｏＴ（モノのインターネット）が、家電やまちづくりなど生活の身近なところまで入り込み始めている。中国の半導体デバイスメーカーは立ちあげスピードにリスクはある。ただ当社の事業ポートフォリオは、ウエハーにとどまらず部品洗浄や石英・セラミックスなど部材でしっかり利益をとれる」
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売上高１０００億円が見えてきた（フェローテック本社）
―中国では上海、杭州に多くの生産拠点があります。次に注目している都市はどこでしょう。
「上海と杭州は行政のサポートが手厚い。モノづくりを重視している雰囲気や、大学も多く立地し優秀な人材が獲得しやすいなど、成長の条件が豊富にそろっている。ただ基盤として定着させた後もずっと同じ立地拠点で拡大していくかは分からない。上海などは東京よりも土地代が高くなっている。深圳は発展している都市だが、どちらかというとＩＴベンチャーが発展していて、メーカーの事業成長としての魅力は大きくない。長江経済圏でコストが低い地域に着目している」
―１９年３月期の業績は半導体装置関連がけん引し売上高９８０億円、営業利益９８億円を見込んでいます。利益を伴いながら目標とする１０００億円が射程に入ってきました。
「今後ウエハーの投資分がフルに寄与してくれば一千数百億円は見えてくる。サーモモジュールや磁性流体などの技術を自動車向けに展開する『自動車プロジェクト』も動き出しており、成長路線を歩み続けたい」
（株）フェローテックホールディングス WEBサイト（日本語版）
事業紹介用IR動画 2018(日本語版)
The good conditions in the semiconductor market are continuing. Boosted by this, the business results of Ferrotec Holdings are improving, and the company has newly entered the 8-inch (200 mm) silicon wafer market. Together with its partner company in Taiwan, the company has declared that it aims to be No. 1 in the world. However what are the actual chances of succeeding the 8-inch market? We asked Vice President He Xianhan, who is intimately familiar with the semiconductor market in China.
Q: Now as semiconductor demand is continuing a “super cycle” of long-term growth, why do you see a business opportunity in 8-inch wafers?
A: There are around 10 main wafer manufacturers in China, and although the focus is on 12-inch (300 mm) wafers, the degree of manufacturing difficulty for these products is extremely high. The best that can be achieved at this point is the production of dummy wafers for use in trials. However demand for 8-inch wafers is tight, and the price has risen by approximately 20% since the end of last year. Despite this, the major manufacturers have no plans to increase production. We have prepared a system of production sites in China, and the percentage of mass production products will increase quickly in the future. Beginning from September, the full production system for 100,000 wafers/month will be operating. At present, the percentage of mass production products has already risen to around 40%.
Q: Your company is constructing a new 8-inch wafer plant in Hangzhou with a production capacity of 350,000 wafers/month. However the delivery date of the semiconductor manufacturing equipment has been delayed.
A: Among the wafer equipment, the inspection systems from major European and American manufactures have long delivery periods and it is necessary to wait around 2 years for some equipment. In particular, there are few manufacturers of silicon single-crystal ingot pullers and the fact that we manufacture them in-house is one of our strengths. We also produce the quartz crucibles that are a core component of these pullers. We previously sold these externally for solar cell production, and our decision to shift resources to semiconductors is paying off.
Q: For sales, you have partnered with Taiwan Global Wafers, which is the global No. 3 for wafers. General Manager Xiu Xiulan is a manager who is in the spotlight. She’s known as the “Queen of Silicon Wafers” for reasons including her bold decisions on large-scale M&A.
A: I have known Xiu Xiulan for more than 20 years. I am always surprised by her vitality – doing things like making one-day business trips to Finland without even staying a night. We have created a joint sales company, and our two companies in total have a monthly supply capacity of 1.8 million 8-inch wafers, putting us in the top position worldwide. We are constructing a good partnership.
Q: The trade war between China and the United States is intensifying. How do you see the markets reacting?
A: I am not optimistic. The effects of the course which the Trump Administration has taken will increase over time. We expect that the semiconductor market will reach its present peak in 2020, however conditions may remain strong through 2025. Semiconductor applications are continuing to expand steadily. The IoT (Internet of Things) that was previously limited to application such as factory production lines has begun expanding to home appliances, city planning, and other areas that are part of our everyday lives. For semiconductor device manufacturers in China, there is risk involved in a rapid launch of production. However with our company’s business portfolio, we are able to generate proper profits not only from wafers, but also from parts cleaning, and from quartz, ceramic, and other parts and materials.
Q: Many production sites in China are located in Shanghai and Hangzhou. What other cities are you looking at?
A: Considerable government support is available in Shanghai and Hangzhou. The conditions necessary for growth are all present in ample quantities, including an atmosphere that places high value on manufacturing, and a large number of universities which make it possible to easily acquire talented personnel. However after the basic foundation has been established, I do not know if manufacturing will continue to expand in these same locations. Land in places such as Shanghai is more expensive than in Tokyo. Shenzhen is a growing city, however growth there seems to center on IT venture businesses, and the location does not have great appeal for manufacturing business growth. We are now looking at low-cost sites in the Changshan Economic Zone.
Q: For the fiscal year ending March 31, 2019, your company is forecasting sales of 98 billion yen and operating income of 9.8 billion yen, driven primarily by sales of products for semiconductor equipment. You are generating profits and are within range of your target of 100 billion yen.
A: If future wafer investment makes a full contribution to results, then we should see sales reach several 10s of billions beyond 100 billion yen. We have also launched an “Automobive Project” which aims to apply technologies such as thermo-electric modules and ferrofluids to automobiles, and we intend to remain on the path to further growth.
Ferrotec Holdings Corporation Website(Eng)
Ferrotec Holdings IR Movie(Eng)
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(2018/9/20 00:00)
