公司在半年报中表示，得益于产业的复苏、公司新品的大规模上量以及彤程电子生产厂区的投产和用户验证推进，今年上半年，公司半导体业务创历史高点，除传统优势产品持续放量外，外多款高分辨光刻胶陆续通过客户产品认证，ArF光刻胶已开始形成销售；显示面板光刻胶方面，公司国内市占率约达25.9%，成为国内本土第一大供应商，且随着应用于4mask工艺、OLED制程等产品扩销，份额将进一步提升。① Red Avenue New Materials Group released its semi-annual report, with net profit in the first half of the year increasing by over 40%. ② In the first half of the year, the photoresist business was the main driver of the company's growth, while the PBAT business saw a devaluation of over 94 million yuan, dragging down the company's performance. ③ Both the photoresist and PBAT projects were invested and built four years ago, and now the PBAT project is significantly different from the photoresist business.
According to the company's announcement, in the first half of this year, Red Avenue New Materials Group's electronic materials business achieved significant growth. Among them, the semiconductor photoresist business achieved operating income of 0.128 billion yuan, a year-on-year increase of 54.43%; the display panel photoresist products achieved sales revenue of 0.159 billion yuan, a year-on-year increase of 27.8%.
In the semi-annual report, the company stated that due to the recovery of the industry, large-scale production of new products, the commissioning of the Red Avenue Electronics production plant, and the progress of user verification, the company's semiconductor business reached a historical high in the first half of this year. In addition to the continuous volume growth of traditional advantaged products, several high-resolution photoresist products have successively passed customer product certification, and ArF photoresist has begun to generate sales. As for display panel photoresist, the company's domestic market share is approximately 25.9%, making it the largest domestic supplier and with further increase in share as it expands sales through applications in 4mask technology, OLED process, and other products.
In contrast to the booming photoresist business, Red Avenue New Materials Group's biodegradable materials business has faced great challenges. With the PBAT biodegradable plant completely idle, the company only achieved revenue of 29.6589 million yuan by selling stock of fully biodegradable materials weighing 2734.24 tons, which is less than one-third of the total sales revenue last year.
It is worth noting that in the current sluggish PBAT market, the company, based on prudence, recognized a fixed assets impairment provision of 94.7924 million yuan for the 0.1 million tons/year biodegradable material project (Phase I) (actual construction of 0.06 million tons). The provision decreased the company's consolidated statement of comprehensive income by 94.5732 million yuan, becoming a drag on the company's performance.
The reporter noticed that the construction of the two projects mentioned above by Red Avenue New Materials Group was announced in 2020. In April 2020, Red Avenue New Materials Group announced plans to invest 0.62327 billion yuan to build a 0.1 million tons/year biodegradable material project (Phase I) in the Shanghai Chemical Industrial Park. In December of the same year, Red Avenue New Materials Group announced again that it decided to invest 0.56988 billion yuan (construction investment) through its wholly-owned subsidiary, Shanghai Red Avenue Electronic Materials Co., Ltd., to build a 0.011 million tons/year photoresist project for semiconductors and flat panel displays, as well as a 0.02 million tons/year related supporting reagent project in the Shanghai Chemical Industrial Park.
The construction of the two projects by Red Avenue New Materials Group was announced at approximately the same time, and the investment amounts were roughly the same. However, when evaluating the impact of the two projects on the listed company, Red Avenue New Materials Group seemed to be more bullish on the biodegradable materials project at that time.
According to the company's announcement, in the first half of this year, Red Avenue New Materials Group's electronic materials business achieved significant growth. Among them, the semiconductor photoresist business achieved operating income of 0.128 billion yuan, a year-on-year increase of 54.43%; the display panel photoresist products achieved sales revenue of 0.159 billion yuan, a year-on-year increase of 27.8%.
In the announcement of the investment and construction of degradable materials projects, Red Avenue New Materials Group stated that the targeted products of this project are positioned in the current popular biodegradable industry, involving the global market. The main purpose is to replace traditional non-degradable olefin-based disposable soft packaging materials, aiming to meet the high-end needs of domestic and foreign target customers. After the project is put into operation, the company will seize the opportunity for the development of the degradable materials market with technical advantages, promote the layout of eco-friendly new materials industry, and further enhance the company's market competitiveness and profit capabilities.
Regarding the photoresist project, Red Avenue New Materials Group's attitude at that time was relatively indifferent. In the announcement, after highlighting 7 risks, the company summarized the project's impact on the company as follows: According to the preliminary calculations of the company's finance department, the aforementioned external investment matters are expected to have no impact on the company's earnings for this year, nor will they have any adverse effects on the company's production and operation activities, with no circumstances harming the interests of the company and all shareholders.
In just 4 years, the two projects that were almost simultaneously invested and constructed have now shown a world of difference.
