Investment Rating - The report assigns an "Overweight" rating to the company, indicating a potential outperformance relative to the CSI 300 Index by more than 15% [15] Core Views - The company is a rare independent third-party semiconductor photomask manufacturer in China, with a significant first-mover advantage in the domestic market [18][24] - The company has mastered key technologies for semiconductor photomasks at 130nm and above nodes, positioning it well for domestic substitution in the semiconductor photomask industry [18][24] - The company's revenue and net profit grew at a compound annual growth rate (CAGR) of 38.56% and 42.52%, respectively, from 2021 to 2023 [12][24] - The company's gross margin has remained at a high level of around 60% from 2021 to 2023 [16][22] Business Analysis - The company's main business is the R&D, production, and sales of semiconductor photomasks, with a focus on quartz and soda photomasks [12][18] - Quartz photomasks, which are used in high-precision applications such as power semiconductors, accounted for a significant portion of the company's revenue growth [12][18] - The company has established and expanded cooperation with several well-known domestic semiconductor customers, driving revenue growth [12][18] - The company's operating expenses increased slightly, but the expense ratio remained relatively stable from 2021 to 2023 [40] Industry Development and Competitive Landscape - The global semiconductor photomask market is highly concentrated, with major players like Photronics, Toppan, and DNP dominating the market [14][44] - The domestic semiconductor photomask market is heavily reliant on imports, creating significant opportunities for domestic substitution [14][44] - The company is one of the few independent third-party semiconductor photomask manufacturers in China, with leading process technology and market share in the domestic market [18][43] - The company is advancing its technology towards higher-end processes, with plans to achieve mass production of 130-65nm semiconductor photomasks [18] IPO and Fundraising - The company plans to issue 33.375 million shares, accounting for 25% of the total shares post-IPO [24][52] - The total fundraising amount is RMB 663 million, which will be used for projects including a high-end semiconductor photomask manufacturing base and R&D center [21][57] Comparable Company Valuation - The company's industry, "C39 Computer, Communication, and Other Electronic Equipment Manufacturing," has a static P/E ratio of 33.18x as of July 17, 2024 [47] - Comparable companies, such as Luwei Optoelectronics and Qingyi Optoelectronics, have an average P/E ratio of 36.25x for 2023, 25.76x for 2024, and 20.20x for 2025 [24][53]
IPO专题：新股精要—国内稀缺的独立第三方半导体掩模版厂商龙图光罩
Guotai Junan Securities·2024-07-19 08:01