湿电子化学品行业发展

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江化微: 江阴江化微电子材料股份有限公司2025年度以简易程序向特定对象发行A股股票论证分析报告
Zheng Quan Zhi Xing· 2025-08-22 10:18
Core Viewpoint - Jiangyin Jianghua Microelectronics Materials Co., Ltd. is planning to issue A-shares to specific investors to enhance its capital strength and profitability, driven by the growing demand for wet electronic chemicals in various high-tech industries [1][6][8]. Group 1: Background and Purpose of the Issuance - The issuance aims to meet the funding needs for business development and to strengthen the company's capital structure [1][6]. - Wet electronic chemicals are essential for manufacturing processes in sectors such as new energy, modern communication, and advanced display technologies, highlighting their strategic importance in the national economy [2][3]. - The Chinese government has implemented multiple policies to support the wet electronic chemicals industry, recognizing its role in technological innovation and international competitiveness [2][3]. Group 2: Industry Growth and Market Potential - The semiconductor industry, a core component of the electronic information high-tech sector, has seen significant growth, with sales increasing from 560.95 billion yuan in 2015 to 1,624.88 billion yuan in 2023, representing a compound annual growth rate of 14.22% [3][4]. - The domestic market for wet electronic chemicals is expected to expand as the semiconductor industry continues to develop, creating opportunities for local companies to meet the increasing demand for high-purity products [4][5]. Group 3: Company Position and Strategy - Jianghua Micro is a leading player in the wet electronic chemicals sector, focusing on the research, production, and sales of ultra-pure reagents and photolithography supporting agents [5][6]. - The company has developed a complete set of production processes and has the capability for large-scale production of SEMI G2-G5 grade products, positioning itself well to capitalize on market opportunities [5][6]. - The issuance of shares will facilitate the expansion of the company's product line and production capacity, enabling it to better compete in the market and achieve its vision of becoming a world-class provider of wet electronic chemicals [6][8]. Group 4: Financial Aspects of the Issuance - The company plans to raise up to 300 million yuan through this issuance, which will be used for a project to produce 37,000 tons of ultra-high-purity wet electronic chemicals and to supplement working capital [7][8]. - Equity financing is preferred over bank loans due to its lower financial costs and better alignment with the company's long-term strategic goals, helping to optimize the capital structure and reduce financial risk [8][9]. Group 5: Compliance and Fairness of the Issuance - The issuance complies with relevant laws and regulations, including the Company Law and Securities Law, ensuring that the process is fair and transparent for all shareholders [12][15]. - The selection of issuance targets will be limited to qualified institutional investors, ensuring that the process adheres to regulatory standards [9][10].