彤程新材：半导体光刻胶领先企业，ArF光刻胶/EBR打开成长空间

Investment Rating - The report assigns an "Overweight" rating to Tongcheng New Materials (603650) [36] Core Views - Tongcheng New Materials is a global leader in new materials, with its business covering automotive, display panels, and semiconductors [43] - The company is a leading domestic semiconductor photoresist manufacturer, with G-line and I-line photoresist products widely used in domestic integrated circuit production lines [36] - The company has successfully mass-produced ArF photoresist, and its EBR solvent production capacity has reached 20,000 tons per year, meeting the demand for high-purity solvents in advanced chip manufacturing [25] - The company plans to invest in a semiconductor chip polishing pad project, which is expected to generate annual sales of approximately 800 million yuan upon full production [26] - The company is a global leader in tire rubber phenolic resin, with a leading market share in the industry [9] Business Segments Electronic Materials - The company's electronic materials business accounted for 19% of total revenue in 2023, with a year-on-year growth of 174% in 2022 [76] - The company has successfully developed and mass-produced ArF photoresist, with the first batch of products reaching the level of international manufacturers [25] - The company's EBR solvent production capacity has reached 20,000 tons per year, meeting the demand for high-purity solvents in advanced chip manufacturing [25] Automotive/Tire Specialty Materials - The company's automotive/tire specialty materials business accounted for 78% of total revenue in 2023 [76] - The company is a global leader in tire rubber phenolic resin, with a leading market share in the industry [9] - The company has established stable cooperative relationships with 75 global tire companies, covering multiple international and domestic brands [79] Biodegradable Materials - The company has successfully implemented a 100,000-ton/year PBAT project (actual construction of 60,000 tons) in the Shanghai Chemical Industry Park, marking significant progress in the field of high-end biodegradable products [80] - The company is actively promoting the application of biodegradable materials in fields such as agricultural mulch and express packaging [80] Financial Performance - In 2023, the company achieved revenue of 2.944 billion yuan, a year-on-year increase of 17.74%, and net profit attributable to the parent company of 407 million yuan, a year-on-year increase of 36.37% [22] - The company's gross margin remained stable at over 20% from 2021 to 2023, with a gross margin of 24.81% in Q1 2024 [13] - The company's net profit margin in Q1 2024 was 18.88%, showing a rapid increase compared to the previous quarter [13] Industry Analysis Photoresist Industry - Photoresist is a key material in the semiconductor manufacturing process, accounting for about 6% of semiconductor production costs [3] - The global photoresist market is expected to recover in 2024, with EUV and KrF photoresist products growing the fastest [33] - The domestic semiconductor photoresist market is highly competitive, with companies such as Beijing Kehua, Xuzhou Bokang, and Suzhou Ruihong making significant progress in G/I-line and KrF photoresist [24] Rubber Additives Industry - The global rubber additives market has shown steady growth, with China being the main producer and exporter [9] - The company is a global leader in tire rubber phenolic resin, with a leading market share in the industry [9] Biodegradable Materials Industry - Biodegradable plastics such as PLA, PBAT, and PHA are emerging materials in the plastics industry, with the potential to replace traditional plastics [80] - The company has successfully implemented a 100,000-ton/year PBAT project in the Shanghai Chemical Industry Park, marking significant progress in the field of high-end biodegradable products [80]