凯美特气(002549):光刻气通过ASML认证 加速导入下游放量

Kaimei Special Gas (002549): Photolithography passes ASML certification to accelerate downstream emissions

國泰君安 ·  02/03  · Researches

This report is read as follows:

The company's photoetching gas products have passed the ASML certification and are expected to accelerate the introduction to customers of large domestic semiconductor manufacturers, and the special gas products based on photoetching gas in 2023 are expected to be greatly expanded.

Main points of investment:

Event: the company announced on February 2, 2023 that Yueyang Camet Lithography products, a holding subsidiary, received a qualified supplier certification letter from ASML subsidiary Cymer Company. We believe that the company's photoetching gas products are expected to be introduced into the downstream manufacturers on a large scale, taking into account the decline in gross profit margin caused by the decline in the price of photoetching gas products, the company's EPS for 2022-2024 is reduced to 0.30x0.48pm 0.66 yuan (formerly 0.38pm 0.59pm 0.81 yuan). With reference to the industry average valuation, the company is given 45 times PE in 2023, and the target price is lowered to 21.60 yuan to maintain the overweight rating.

Obtain the head lithography machine laser equipment manufacturer certification, the introduction of domestic semiconductor manufacturers to accelerate. ASML subsidiary Cymer is the world's leading excimer laser source provider. The company's photoetching gas products have passed the qualified supplier certification of Cymer Company, which proves that the technology, quality and production capacity of the company's photoetching gas products have reached international standards. Downstream semiconductor customers can simplify or omit the certification process, and directly purchase the company's photoetching gas products for production. The company's neon, krypton, xenon and other photoetching gas products are expected to accelerate the introduction of large domestic semiconductor manufacturers.

The price of rare gas has fallen, and the company's self-sufficient gross profit margin of raw materials for photoetched gas products is still in the lead. In the first half of 2022, the conflict between Russia and Ukraine caused a sharp increase in the price of rare gas supply. With the release of domestic rare gas production capacity, neon and krypton prices have fallen since the second half of 2022. Through the construction of the Baling China Petroleum & Chemical Corp 90,000 air separation project, the company is expected to achieve self-sufficiency in raw materials for rare gases such as neon, krypton and xenon, and is expected to be gradually put into production in the second quarter of 2023. At that time, the gross profit margin of the company's lithography products will be maintained at an industry-leading level of 45% 55%.

Food-grade carbon dioxide has increased steadily and production capacity has accelerated. The company's existing food-grade liquid carbon dioxide production capacity of 560000 tons, plans to expand production of another 700000 tons, while expanding production of hydrogen peroxide 600000 tons, capacity release will bring performance increment.

Risk hints: 1) the process of production expansion is not as expected; 2) the downstream demand of Teqi is not as expected.

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