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艾森股份(688720):先进封装电子化学品稳步推进 向晶圆制造和显示面板延伸

Aisen Co., Ltd. (688720): Advanced packaging electronic chemicals are steadily expanding to wafer manufacturing and display panels

海通國際 ·  Dec 29, 2023 00:00

The company mainly includes two major product segments: electroplating solution and supporting reagents, photoresists and supporting reagents. The company focuses on two key process links in semiconductor manufacturing and packaging processes, electronic electroplating and lithography. Its products are widely used in integrated circuits, new electronic components and display panels. Electroplating solution is one of the core materials in the semiconductor manufacturing process. It is composed of main salt, conductive agent, complex agent and various electroplating additives. The company mainly provides g/i line photoresist products, covering applications such as wafer manufacturing, advanced packaging and display panels. The company's downstream customers include leading domestic integrated circuit sealing and testing manufacturers such as Changdian Technology, Tongfu Microelectronics, Huatian Technology, and Riyuexin, as well as internationally renowned electronic component manufacturers such as Guoju Electronics and Huaxinke.

Benefiting from sales of high-margin products such as photoresists, the company's net profit increased dramatically in the first three quarters of 2023. The company's revenue in 2020-2022 was 2.09, 3.14, and 324 million yuan, respectively, up 18.41%, 50.65%, and 2.95% year-on-year; net profit to mother was 0.23, 0.35, and 0.23 million yuan, respectively, up 36.58%, 49.87%, and -33.45% year-on-year. 2023Q1-Q3 achieved operating income of 248 million yuan, a year-on-year decrease of 2.23%, and net profit to mother of 19 million yuan, an increase of 116.10% over the previous year. 2020-2023Q1-Q3's gross margins were 35.81%, 29.25%, 23.33%, and 28.40%, respectively.

Based on packaging technology, the company gradually expanded into fields such as display panels and wafer manufacturing. In terms of electroplating for advanced packaging, the company's products have been officially supplied by Huatian Technology; the electroplating silver additive for advanced packaging has been officially supplied by Huatian Technology; the electroplating silver additive for advanced packaging has been certified by Changdian Technology and has yet to be certified by end customers; the copper plating additive for advanced packaging is in the development and certification stage. In terms of advanced packaging lithography, the company uses photoresist supporting reagents as an entry point. Among them, the company's self-developed g/i line negative photoresists for advanced packaging have passed the certification of Changdian Technology and Huatian Technology and achieved mass supply.

On the basis of the company's accumulation of technology in the packaging field, the direction of product development is gradually expanding to fields such as display panels and wafer manufacturing. Among them, positive photoresists for OLED array manufacturing have passed BOE two-layer certification and achieved small-batch supply, and BOE is currently undergoing full-film testing and certification; I-line positive photoresists for wafer manufacturing have been supplied in small quantities by Huahong Hongli.

The fund-raising project will increase the company's ability to supply electronic chemicals. In 2023, the company's IPO raised a net capital of 540 million yuan for special semiconductor materials projects with an annual output of 12,000 tons, integrated circuit material testing center projects, and supplementary working capital. Among them, the new “Special Materials Project for Semiconductors with an Annual Output of 12,000 Tons” project has now been put into operation, and production capacity is climbing.

Risk warning. Production expansion project progress falls short of expectations; downstream demand falls short of expectations; risk that downstream verification progress falls short of expectations.

The translation is provided by third-party software.


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