Core enterprises in the field of deep ploughing photoresist special chemicals

Founded in 2000, the company is one of the few domestic enterprises engaged in the research and development, production and sales of photoresist chemicals. The company is in the domestic leading and international advanced level in this field. Technology and products have covered the key raw materials in the main types of photoresist, such as PCB dry film photoresist, LCD photoresist, semiconductor photoresist and so on, which is an important part of the global photoresist industry chain. Based on the company's many years of professional production and R & D experience, the company has a series of competitive R & D, production and testing technologies, such as monomer functional evaluation technology, special purification technology, ppb metal ion content analysis and testing technology, which can produce high-performance and high-cleanliness photoresist to achieve fine electronic device circuits or graphics.

Photoresist specialty chemicals occupy the upstream value of the industry chain key photoresist specialty chemicals have high technical content and are located in the upstream of PCB, panel and semiconductor industries, and their quality directly affects the quality of downstream products. The raw materials for the production of photoresist, such as photoinitiator, photosensitizer, photoacidogenic agent and photoresist resin, are the most important raw materials to reflect the properties of photoresist. The special chemicals of PCB photoresist show the trend of high performance and environment-friendly. High performance color photoresist in LCD photoresist requires high sensitivity photoinitiator. The photoinitiator suitable for shorter wavelength in semiconductor photoresist is the trend of technological development. The application demand of mid-stream photoresist manufacturing and downstream industries such as PCB, LCD and semiconductor industry has gradually expanded, which has led to the emergence of an embryonic industrial chain and a significant increase in market scale.

PSPI and electroplating bath are the core materials of Chiplet packaging.

In the post-Moore era, Chiplet technology with the advantages of high performance, low power consumption and low cost has become one of the important choices to continue Moore's law. The size of the Chiplet market is growing rapidly and is expected to grow nearly 10 times in 2035 compared with 2024 and 88 times the size in 2018. The mainstream packaging method of Chiplet needs to stack through silicon through hole (TSV), use silicon bridge to complete the large area splicing of the chip, or use the intermediary layer (Interposer) to complete the chip connection. In the package structure of Chiplet, photosensitive polyimide (PSPI) and electroplating solution are the core materials for micro-bump, intermediate layer and TSV to realize signal transmission from chip to carrier. PSPI is an important dielectric material of metal wiring layer in the intermediary layer. Micro-bump and TSV relate to electroplating solution. Copper plating bath with low metal impurities, high purity and high cleanliness can meet the process requirements of advanced packaging bump electroplating and TSV electroplating. China's PSPI industry started late, and there is a huge space for domestic substitution of PSPI. The demand for domestic matching is urgent, and there is much room for improvement in the market of electroplating solution for advanced packaging.

Profit forecast

It is predicted that the income of the company from 2023 to 2025 is 927,15.2 and 2.097 billion yuan respectively, and the net profit is 20 million yuan, 150 million yuan and 200 million yuan respectively. The current stock price corresponds to 269.50 PE 26.90 times respectively. Advanced packaging benefits from the further expansion of domestic mobile phones, advanced packaging requires photosensitive polyimide (PSPI), the company's photoresist products are expected to enter the field of advanced packaging, empower the company's performance and give a "buy" investment rating.

Risk hint

The risk of increased competition in the industry; the risk of research and development of new products and new technologies; the management risk caused by the expansion of the company; the progress of products in the field of packaging is not as expected.