Core Viewpoint - The company is implementing a differentiated and high-end development strategy focused on electroplating and photolithography, with significant progress in product testing and upcoming mass production, which is expected to drive continuous growth in performance [1][3]. Electroplating - The company has established a competitive product matrix for electroplating solutions, achieving full category coverage in traditional and advanced packaging fields, and has made breakthroughs in high-end markets [1]. - In the advanced packaging sector, multiple products for electroplating solutions and additives have entered mass production, widely used in Bumping and RDL processes [1]. - The high-purity copper electroplating solution has achieved stable supply to Huada Technology and Tongfu Microelectronics, while the tin-silver electroplating additive has passed stringent certification from Changdian Technology and received small batch orders [1]. - The copper electroplating additive for advanced packaging is currently undergoing batch stability verification, and the 28nm Damascus copper interconnect process copper plating additive is in the final stages of product certification [1]. - The ultra-high purity cobalt-based solution and additives for 5-14nm advanced processes are progressing well in client testing, and the cleaning solution for copper processes in wafer manufacturing has entered the mass production scaling phase [1]. Photolithography - The advanced packaging negative photoresist has covered multiple mainstream packaging factories, with market penetration continuously increasing, and the company plans to enrich product models for full category coverage [2]. - The self-developed positive PSPI photoresist has successfully obtained the first domestic order from a mainstream wafer factory, breaking the long-standing technology monopoly of the US and Japan, and is expected to gradually achieve mass shipments by 2025 [2]. - The company is also developing negative PSPI and high-sensitivity chemical amplification PSPI, with plans to continue advancing product certification in advanced packaging and wafer manufacturers by 2025 [2]. - The wafer ICA chemical amplification photoresist is undergoing successful client validation testing, with some indicators outperforming international benchmark products [2]. - The OLED high-sensitivity photoresist is in client testing for OLED backplane array photolithography processes, and the company has reached a consensus with BOE on future cooperation and strategic planning [2]. - The high-thickness KrF photoresist is currently in the laboratory research phase, aiming to fill domestic gaps [2]. Market Expansion - The company has acquired INOFINE to expand into the Southeast Asian market, further solidifying its leading position in wet electronic chemicals [3]. - INOFINE, established in 2009, is one of the early entrants in the semiconductor wet electronic chemicals business in Malaysia and holds a certain influence in the local market [3]. - From 2025, INOFINE will be included in the company's consolidated financial statements [3]. Financial Projections - The company expects revenues of 600 million, 727 million, and 913 million yuan for the years 2025, 2026, and 2027, respectively, with net profits attributable to the parent company projected at 50 million, 71 million, and 103 million yuan for the same years [3].
艾森股份(688720)：差异化布局低国产率赛道 高端新品持续突破放量在即