Anji Technology(SH:688019)2023-08-30 16:00Market Overview - The global semiconductor CMP polishing materials market size was nearly $3.5 billion in 2022, growing by 9% from 2021, with the polishing liquid market exceeding $2 billion[5]. - The global semiconductor CMP polishing materials market is expected to decline by 2.4% in 2023 due to DRAM capacity oversupply and overall market adjustments[5]. - The compound annual growth rate (CAGR) for the global semiconductor CMP polishing materials market is projected to be 5.2% over the next five years[5]. - The global semiconductor key cleaning materials market exceeded $1 billion in 2021 and is expected to reach $1.1 billion in 2022, with a CAGR of 6% from 2022 to 2026[12]. - The global semiconductor plating chemicals market size grew by 8.3% in 2022, reaching $1.02 billion, but is expected to decline by 2% to $987 million in 2023 due to wafer fab operating conditions and market inventory adjustments[15]. Technology and Innovation - The number of CMP process steps for logic chip manufacturing at the 14nm technology node is expected to increase from 10 steps at the 180nm node to over 20 steps, and for 7nm and below, it may exceed 30 steps[4]. - The demand for polishing liquids is expected to grow rapidly due to the transition from 2D NAND to 3D NAND technology, increasing CMP process steps[4]. - The purity and cleanliness of wet electronic chemicals significantly impact the yield, electrical performance, and reliability of integrated circuits[10]. - The company focuses on high-end functional wet electronic chemicals for both front-end wafer manufacturing and back-end wafer-level packaging, including cleaning liquids, stripping liquids, and etching liquids[8]. - The introduction of new structures, devices, and materials among mainstream chip manufacturers is increasing the customization demands for functional wet electronic chemicals[12]. - The company has developed a series of electroplating liquids and additives for integrated circuit manufacturing and advanced packaging, successfully breaking the monopoly of foreign manufacturers in the chemical mechanical polishing liquid and some functional wet electronic chemicals[18]. - The company has successfully built three core technology platforms: chemical mechanical polishing liquids, functional wet electronic chemicals, and electroplating liquids and additives, focusing on providing competitive product combinations and solutions[27]. - The company is committed to continuous R&D investment to enhance innovation capabilities and market expansion efforts, focusing on micro-processing technology for liquid and solid substrate surfaces[27]. - The company is actively developing new products for third-generation semiconductor substrates, with some products already receiving orders from overseas clients[30]. - The company is developing unique formulations for etching liquids suitable for 12-inch advanced processes, supporting technological advancements[10]. Financial Performance - The company achieved total revenue of 60.2 million, with a gross profit of 10.03 million, representing a gross margin of approximately 16.64%[48]. - The company achieved a revenue of 574.91 million yuan, representing a year-on-year growth of 14.21%[64]. - The net profit attributable to shareholders was 235.01 million yuan, an increase of 85.25% compared to the same period last year[64]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was 160.77 million yuan, up 18.61% year-on-year[64]. - The company’s total assets increased by 14.79% to CNY 2.35 billion year-over-year[119]. - The company's net assets attributable to shareholders grew by 26.88% to CNY 1.93 billion compared to the end of the previous year[119]. - Basic earnings per share rose to CNY 3.04, a 37.56% increase from CNY 2.21 in the same period last year[117]. - The company's R&D investment accounted for 17.62% of operating revenue, up 2.69 percentage points from the previous year[117]. - The weighted average return on net assets increased by 3.43 percentage points to 13.47%[117]. - The gross profit margin for the first half of 2023 was 55.09%, compared to 52.65% in the same period of 2022, indicating improved profitability[124]. Research and Development - R&D investment increased by 34.82% year-on-year, totaling approximately ¥101.3 million, representing 17.62% of operating revenue[36][39]. - The number of R&D personnel increased to 202, accounting for 46.98% of the total workforce, reflecting a focus on innovation and product development[51]. - R&D expenses over the past three years totaled approximately 40.34 million, representing 18.45% of cumulative revenue, indicating a strong commitment to R&D[56]. - The company has achieved expected customer usage and customer numbers in the development and market expansion of various product lines in the chemical mechanical polishing liquid sector[27]. - The company has reinforced and enhanced its strategic supply of high-end electroplating products through international technical cooperation and years of independent technology development[19]. Market Expansion and Strategy - The company is expanding its market presence in mainland China and overseas, with a focus on enhancing customer relationships and developing new applications[64]. - The company is exploring potential acquisitions to enhance its technology portfolio, focusing on firms specializing in semiconductor manufacturing processes[102]. - Market expansion efforts are underway in the Asia-Pacific region, with plans to increase market share by F% over the next year[102]. - The overall strategy includes a commitment to sustainability, aiming for a reduction in carbon footprint by H% by 2025[102]. Corporate Governance and Compliance - No profit distribution or capital reserve transfer plan was approved during the reporting period[89]. - There are no special arrangements for corporate governance or significant matters applicable[90]. - There are no non-operational fund occupations by controlling shareholders or related parties[91]. - There are no violations of decision-making procedures for external guarantees[91]. - There are no issues with the majority of directors being unable to ensure the authenticity, accuracy, and completeness of the semi-annual report[91]. Project Updates and Investments - The total amount of capital reserves decreased by CNY 6,517,314.63, reflecting adjustments in the company's financial strategy[153]. - The total investment for the R&D center expansion project is CNY 130 million, with 38.58% of the funds utilized by the end of the reporting period[170]. - The company has approved the use of CNY 9,159,375.92 from raised funds to replace pre-invested funds in projects and cover issuance costs[176]. - The CMP polishing liquid production line expansion project has been extended to July 2024 due to project implementation controls[170]. - The integrated circuit materials R&D center and information system upgrade projects have been completed and reached usable status as of July 2023[170].