凯美特气(002549):获头部光刻机激光设备厂商认证 彰显综合实力电子特气驱动新一轮成长

Kaimei Special (002549): Being certified as a leading lithography machine laser equipment manufacturer highlights comprehensive strength, electronic specialty drives a new round of growth

東吳證券 ·  02/03  · Researches

Event: on February 2, 2023, Yueyang Camet Electronics Special rare Gas Co., Ltd., a subsidiary of the company, received a qualified supplier certification letter from ASML subsidiary Cymer Co., Ltd.

It has been certified by the leading manufacturer of laser equipment of lithography machine, which shows the comprehensive strength of the company. On February 2, 2023, Yueyang Camet Electronics Special rare Gas Co., Ltd. received a qualified supplier certification letter from Cymer, a subsidiary of ASML. ASML subsidiary Cymer is the world's leading supplier of excimer laser sources and an industry leader in deep ultraviolet technology. Cymer invents, develops, manufactures and serves deep ultraviolet (DUV) light sources, which are an essential part of the most critical lithography technology in semiconductor manufacturing today. The product portfolio includes excimer lasers that use argon fluoride (ArF) or krypton fluoride (KrF) gas to generate deep ultraviolet light. Cymer light sources play a decisive role in the mass production of the world's most advanced semiconductor chips that meet certain specifications. It has been certified by the leading manufacturer of laser equipment of lithography machine, which shows the comprehensive strength of Camry.

Certification highlights the company's competitive advantage and helps the company to create high gross margins & high barriers. 1) Breakthrough certification has been endorsed by the leading credit of lithography equipment. As the electronic gas that produces the light source of lithography machine, photolithography gas is mostly rare gas, or a mixture of rare gas and fluorine gas, which is widely used in semiconductor lithography industry. The company's photoetching gas products have passed the Cymer company's qualified supplier certification, which means the recognition of the company's production capacity and product quality in the field of photoetching gas, as well as the embodiment of the company's advanced product production technology, gas analysis technology and other competitive advantages. The company's advanced technical level and excellent comprehensive strength help the company to break through the certification and obtain the strong credit endorsement of the lithography equipment leader, which will help to further promote the company to obtain the certification of other manufacturers and improve the company's recognition and popularity in the field of lithography. 2) the profit level of the change of business model is expected to improve, this certification symbolizes that the company will be able to directly enter the market of photolithography industry, no longer just third-party agent sales, the change of business model to direct sales will help the company to further improve its gross profit margin, and will play a significant positive role in broadening the sales channels of photoetching gas products in the future, helping the company to increase the number of electronic special gas products and gradually move towards internationalization.

Special gas business is growing rapidly, and multiple guarantees drive the company's new round of growth. 1) continuous filling special gas category, Yueyang electronic special gas project includes high purity carbon dioxide, he-ne krypton-xenon rare gas, laser mixed gas, etc., while Yizhang project includes high purity hydrogen chloride, hydrogen fluoride, hydrogen bromide and so on. 2) improve the guarantee of raw material self-sufficiency, Baling 90000Nm3 rare gas extraction plant plans to put 2023Q2 into production, and gradually realize rare gas raw material self-sufficiency. 3) accelerated customer certification & order volume: a number of electronic special gas products have been certified by French liquid Air, COHERENT and ASML subsidiary Cymer. In 2022, M1-9, the company's total sales of electronic special gas orders reached 257 million yuan, about 13 times of the order amount for the whole year of 2021, driving a new round of growth of the company.

Profit forecast and investment rating: the leader of food-grade carbon dioxide company, the strong growth momentum of electronic special gas has become the company's new growth pole. We maintain the company's 2022-2024 homing net profit forecast of RMB 228,000,000, corresponding to the 49-31-22 times PE, and maintain the "buy" rating.

Risk hint: downstream demand is not as expected, project research and development is not as expected, market price fluctuation risk

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