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格林达(603931)新股询价定价报告

Glinda (603931) IPO RFQ Pricing Report

華鑫證券 ·  Jul 30, 2020 00:00  · Researches

The company specializes in the R & D, production and sales of ultra-clean and high-purity wet electronic chemicals, such as developer, etching solution, diluent, cleaning liquid and so on. The downstream applications are mainly display panels, semiconductors, solar cells and so on, which are mainly used in the manufacturing process of electronic products such as development, etching, cleaning and so on. At present, the company's main product market is concentrated in the display panel field, accounting for about 95%, and other areas account for about 5% of the market. The company's core product TMAH developer reaches the SEMI G4 level, which is one of the key materials in the production process of LCD and OLED display panels, which effectively promotes the localization process of the HD display industry and ensures the security and stability of the developer supply for domestic ultra-high definition LCD and OLED display panels.

(1) in 2004, the company independently developed the first domestic industrial production line of TMAH developer for display panel, which filled the domestic blank. The electronic grade TMAH developer project won honors such as "National Color TV Industry Strategic Transformation industrialization Project" and "National Torch Plan Industry demonstration Project". The production line adopts a series of leading manufacturing processes, such as process control purification technology, development of special electrolytic anode, special ion exchange membrane, high-precision process concentration on-line detection and control technology and special surfactant, etc. ensure that the finished products can stably meet the requirements of electronic grade purity. At present, the company's TMAH developer has steadily reached the level of SEMI G4, and focuses on the research and development of SEMI G5 grade products.

(2) the company is a national high-tech enterprise and Hangzhou patent pilot enterprise, with Zhejiang Provincial High-tech Enterprise Research Institute and Hangzhou Municipal Enterprise Technology Center. The company is the director unit of China Electronic Materials Industry Association, a member of China Integrated Circuit material and parts Industry technological Innovation Strategic Alliance, and the leader of the Electronic Chemicals Standards working Group of the National Semiconductor equipment and Materials Standards Technical Committee. Up to now, the company has 5 invention patents, 15 utility model patents, responsible for or participated in the drafting of 4 national standards, 5 industry standards and 4 group standards.

(3) the core product of the company, TMAH developer, is mainly used in the lithography production process of downstream enterprises, and is the key consumables in the production process of downstream enterprises. As a result, downstream companies have strict vetting procedures for suppliers. Generally, it needs to go through many aspects of certification, such as on-site inspection, sample inspection, technical discussion, demand feedback, technical improvement, small batch trial, batch trial, after-sales service evaluation and so on. only after passing the certification can we enter the list of qualified suppliers of downstream enterprises. In 2004, the company's TMAH developer achieved a technological breakthrough and successfully achieved mass production. After years of continuous technological improvement, the company has been able to steadily and bulk supply high-quality TMAH developer to downstream customers. The high-quality products finally entered the well-known display panel manufacturing enterprises at home and abroad, such as Beijing Oriental Group, South Korea LG Group, Huaxing Optoelectronics, Tianma Microelectronics, CLP Panda and so on.

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