光刻胶及配套试剂

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研报掘金丨平安证券:南大光电业绩有望维持较好增势,维持“推荐”评级
Ge Long Hui A P P· 2025-08-27 07:36
格隆汇8月27日|平安证券研报指出,南大光电2025H1实现归母净利润2.08亿元,yoy+16.30%;每10股 派发现金红利1.80元(含税)。氟类特气方面,公司乌兰察布大规模三氟化氮等核心含氟特气项目持续 推进,特气业务规模将实现进一步扩大;氢类特气方面,ARC、三氟化硼等新产品抓住IC机遇,收入 增长显著;半导体前驱体材料方面,多款产品实现稳定量产,持续导入集成电路量产制程,业务增长后 劲足;光刻胶及配套试剂方面,掌握全流程材料自主生产技术,多款产品在关键客户的测试进展顺利, 前期取得订单的ArF光刻胶产品保持连续稳定供应,多款产品通过测试后有望逐步导入客户、提供业绩 增量。行业层面,终端半导体和面板行业基本面转暖、销售规模增势向好、景气度提升,公司特气和前 驱体业务收入有望受益于下游行业上行周期带来的需求增长。半导体行业正处景气上行周期,公司各项 目持续推进,多款高端高壁垒半导体材料量产销售,业绩有望维持较好增势,维持"推荐"评级。 ...
南大光电(300346):前驱体产品加速导入芯片企业,产销增长显著
Ping An Securities· 2025-08-27 03:31
现价:35.90 元 主要数据 | 行业 | 电子化学品 | | --- | --- | | 公司网址 | www.natachem.com | | 大股东/持股 | 沈洁/9.75% | | 实际控制人 | -- | | 总股本(百万股) | 691 | | 流通 A 股(百万股) | 657 | | 流通 B/H 股(百万股) | -- | | 总市值(亿元) | 248 | | 流通 A 股市值(亿元) | 236 | | 每股净资产(元) | 5.02 | | 资产负债率(%) | 37.26 | 行情走势图 有色与新材料 2025 年 8 月 27 日 南大光电(300346.SZ) 前驱体产品加速导入芯片企业,产销增长显著 推荐(维持) -30% -20% -10% 0% 10% 20% 25/01 25/03 25/05 25/07 南大光电 沪深300 马书蕾 投资咨询资格编号 S1060524070002 mashulei362@pingan.com.cn 事项: 公司发布 2025 年半年报,2025H1 实现营收 12.29 亿元,yoy+9.48%;实现归 母净利润 2.08 亿元,y ...
艾森股份(688720):营收快速增长,研发加码构筑长期优势
Great Wall Securities· 2025-05-19 07:13
Investment Rating - The report maintains a rating of "Accumulate" for the company [4] Core Viewpoints - The company achieved a revenue growth of 20.04% in 2024, primarily driven by strong performance in the advanced packaging sector, with specific product categories such as plating solutions and photoresists showing significant growth [2][3] - Despite the revenue growth, net profit growth was lower due to increased R&D investments, which rose by 40.42% and accounted for 10.62% of total revenue [2][3] - The company has made significant technological advancements in semiconductor packaging and wafer manufacturing, successfully launching multiple products and breaking into the domestic market for photoresists [3][8] Financial Summary - Revenue is projected to grow from 360 million yuan in 2023 to 883 million yuan by 2027, with a compound annual growth rate (CAGR) of approximately 25% [1] - Net profit is expected to increase from 33 million yuan in 2023 to 101 million yuan in 2027, reflecting a strong growth trajectory [1] - The company's gross margin for 2024 is reported at 26.42%, with a slight decrease from the previous year, while the net margin is at 7.75% [2][3] Market Position and Opportunities - The company is positioned as a leading player in the domestic semiconductor materials market, with a comprehensive product range covering semiconductor packaging, wafer manufacturing, and display materials [3][8] - The semiconductor industry is expected to recover gradually, providing a favorable environment for the company's products to gain market share [3][8] - The report highlights the growing demand for high-end PCB applications driven by AI technology, which the company is strategically targeting [8]
艾森股份: 华泰联合证券有限责任公司关于江苏艾森半导体材料股份有限公司2024年度持续督导跟踪报告
Zheng Quan Zhi Xing· 2025-05-14 13:31
Group 1 - The company is involved in the research, production, and sales of electronic chemicals, with a focus on electroplating solutions and photoresists, which are critical in semiconductor manufacturing and packaging processes [5][9][10] - The company has launched several advanced packaging photoresists and supporting reagent products, indicating a strong market opportunity in the advanced packaging sector [2][3] - The company has achieved significant growth in its advanced packaging segment, with revenue from this area increasing, although the growth rate is lower than the overall revenue growth due to increased R&D investments [7][8] Group 2 - The company faces core competitiveness risks as it competes with domestic and international firms in the high-end market, necessitating continuous technological updates and product development to maintain market share [2][3] - The company has experienced negative operating cash flow, primarily due to the reliance on bill settlements from downstream customers, which may pressure operational management if this trend continues [4][8] - The company’s financial performance shows a 20.04% increase in revenue to approximately 432.19 million yuan, while net profit attributable to shareholders increased by 2.51% to approximately 33.48 million yuan [6][7] Group 3 - The company has a strong market presence in the electronic chemicals sector, particularly in traditional packaging, but faces risks from limited growth potential in niche markets [5][9] - The company has successfully developed and certified several self-researched photoresist products, although full replacement of existing products in downstream clients has not yet been achieved [3][10] - The company’s R&D expenditure has increased significantly, accounting for 10.62% of revenue, reflecting its commitment to innovation and product development [7][11] Group 4 - The company has effectively managed its fundraising, with a total of approximately 617.59 million yuan raised from its IPO, and has utilized a portion of the funds for cash management and investments in structured deposits [12][13] - The company has maintained compliance with regulations regarding the use of raised funds, ensuring that there are no violations or misuses of the funds [13][14] - The company’s core competitiveness remains stable, with ongoing advancements in technology and product offerings in the semiconductor materials sector [11]
艾森股份(688720):先进封装相关产品需求增加,公司业绩稳健增长
Ping An Securities· 2025-04-29 12:07
Investment Rating - The report maintains a "Recommended" investment rating for the company [1][5][13] Core Views - The demand for advanced packaging-related products is increasing, leading to stable growth in the company's performance. In 2024, the company achieved a revenue of 432 million yuan, a year-on-year increase of 20.04%, and a net profit attributable to shareholders of 33.48 million yuan, up 2.51% year-on-year [4][5] - The company's revenue growth is supported by the overall recovery in industry demand, particularly for advanced packaging products, and the company's technological advantages in core products such as electroplating solutions and photoresists [5][8] - The company is expanding its market share in the advanced packaging sector and has made significant investments in R&D, with R&D expenses increasing by 40.42% year-on-year, which has impacted profit margins [5][8] Financial Performance Summary - In 2024, the company reported a revenue of 432 million yuan, with a gross margin of 26.42% and a net margin of 7.75%. The revenue for Q1 2025 was 126 million yuan, reflecting a year-on-year growth of 54.13% [4][5][6] - The company's revenue structure shows that sales of electroplating solutions and related reagents reached 196 million yuan in 2024, a 9.67% increase year-on-year, while photoresists saw a 37.68% increase in sales to 95 million yuan [8] - The company is positioned as a leading supplier in the domestic traditional packaging sector and is expanding into other application areas, including passive components, PCBs, advanced packaging, and wafer manufacturing [8] Future Projections - The company is projected to achieve revenues of 573 million yuan in 2025, 735 million yuan in 2026, and 926 million yuan in 2027, with corresponding net profits of 47 million yuan, 72 million yuan, and 106 million yuan respectively [6][11] - The expected EPS for 2025, 2026, and 2027 are 0.53 yuan, 0.82 yuan, and 1.20 yuan, respectively, indicating a positive growth trajectory [6][11] Market Position and Strategy - The company is focusing on expanding its product line in the advanced packaging sector and has successfully launched several products for mass production, which are widely used in various processes [8] - The company aims to enhance its market share in the advanced packaging and wet electronic chemicals market, driven by the expansion wave among domestic manufacturers [8][11]
南大光电(300346):前驱体产品销量高增,IC业务收入增幅显著
Ping An Securities· 2025-04-03 11:11
Investment Rating - The investment rating for the company is "Recommended" [1] Core Views - The company achieved a revenue of 2.352 billion yuan in 2024, representing a year-over-year increase of 38.08%. The net profit attributable to shareholders was 271 million yuan, up 28.15% year-over-year [4][7] - The precursor product sales significantly increased, with revenue from this segment reaching 578 million yuan, accounting for 24.6% of total revenue, and showing a year-over-year growth of 70.3% [7] - The specialty gas business generated 1.506 billion yuan in revenue, making up 64.05% of total revenue, with a year-over-year increase of 22.33% [7] - The company is transitioning from a focus on LED to a more balanced growth across IC, LED, and LCD industries, with IC revenue growing by 106% year-over-year [7][8] Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 2.352 billion yuan, with a gross profit margin of 41.2% and a net profit margin of 11.5% [6][10] - The company’s total expenses decreased to 22.95% of revenue, down from 29.79% in 2023, indicating improved cost management [7] Revenue Breakdown - The precursor business saw a sales volume increase of 83.39%, with a sales gross margin of 48.61%, up 8.71 percentage points year-over-year [7] - The specialty gas segment's sales volume increased by 25.07%, despite a decline in sales gross margin to 39.95% [7] Future Projections - The company expects to achieve a net profit of 362 million yuan in 2025, with a projected P/E ratio of 59.3 [8][10] - Revenue is forecasted to grow to 3.072 billion yuan in 2025, with a year-over-year growth rate of 30.6% [6][10]
【倒计时7天】第六届半导体湿电子化学品与电子气体论坛3月19日杭州召开!中石油、金宏气体、润晶科技、华为实验室、江苏集萃齐聚
国芯网· 2025-03-12 04:22
Core Viewpoint - The semiconductor wet electronic chemicals and electronic gases market in China is experiencing significant growth opportunities, driven by domestic production capabilities and increasing demand in the semiconductor manufacturing sector [1][3]. Market Overview - In 2023, the market size for electronic chemicals in China reached 24.04 billion yuan, a year-on-year decrease of 7.6%, accounting for 34.6% of the wafer manufacturing materials market [1]. - The wet electronic chemicals sales revenue in 2023 was 8.7 billion yuan, with a year-on-year growth of 9.3%, and is expected to rise to 9.94 billion yuan in 2024 [2]. - The electronic gases market size in 2023 was 8.26 billion yuan, experiencing a decline of approximately 7% compared to 2022, while sales revenue for electronic gas companies reached 17.41 billion yuan, a year-on-year increase of 22.1% [2]. Domestic Production and Growth - Domestic wet electronic chemicals have made significant progress, with over 80% localization in 12-inch integrated circuit production lines and more than 40% in logic products [2]. - The overall sales revenue of electronic chemicals in China was approximately 28.95 billion yuan in 2023, reflecting a substantial year-on-year growth of 14.9% [3]. - The demand for wet electronic chemicals and electronic gases is expected to grow faster than the global average due to the expansion of traditional wafer factories and the acceleration of third-generation semiconductor projects [3]. Forum Information - The 6th Semiconductor Wet Electronic Chemicals and Electronic Gases Forum will be held on March 19, 2025, in Hangzhou, Zhejiang, organized by Asia Chemical Consulting [1][4]. - The forum will feature presentations from leaders and experts from various companies and institutions, including PetroChina, Runjing Technology, and Huawei Electronic Materials Laboratory [1][3]. Sponsorship Opportunities - Various sponsorship options are available for the forum, including keynote speeches, advertising in the conference materials, and on-site exhibition opportunities [8].
【第六届半导体湿电子化学品与电子气体论坛】3月19日杭州开幕,中石油、金宏气体、润晶科技、中科院过程所、华为实验室、江苏集萃齐聚
国芯网· 2025-03-06 04:35
Core Viewpoint - The semiconductor wet electronic chemicals and electronic gases market in China is experiencing significant growth opportunities, driven by domestic production capabilities and increasing demand in the semiconductor manufacturing sector [1][3]. Market Overview - In 2023, the market size for electronic chemicals in China reached 24.04 billion yuan, a year-on-year decrease of 7.6%, accounting for 34.6% of the wafer manufacturing materials market [1]. - The wet electronic chemicals sales revenue in 2023 was 8.7 billion yuan, with a year-on-year growth of 9.3%, and is expected to rise to 9.94 billion yuan in 2024 [2]. - The electronic gases market size in 2023 was 8.26 billion yuan, experiencing a decline of approximately 7% compared to 2022, while sales revenue for electronic gas companies reached 17.41 billion yuan, a year-on-year increase of 22.1% [2]. Domestic Production and Trends - Domestic wet electronic chemicals have made significant progress, with over 80% localization in 12-inch integrated circuit production lines and more than 40% in logic products [2]. - The overall sales revenue of electronic chemicals in China was approximately 28.95 billion yuan in 2023, reflecting a substantial year-on-year growth of 14.9% [3]. - The demand for wet electronic chemicals and electronic gases is expected to grow faster than the global average due to the expansion of traditional wafer factories and the acceleration of third-generation semiconductor projects [3]. Forum Information - The 6th Semiconductor Wet Electronic Chemicals and Electronic Gases Forum will be held on March 19, 2025, in Hangzhou, Zhejiang, organized by Asia Chemical Consulting [1][4]. - The forum will feature presentations from industry leaders and experts, covering topics such as market trends and advancements in high-purity electronic chemicals [5][9].
中石油、金宏气体、润晶科技、中科院过程所、华为实验室、江苏集萃共聚杭州【第六届半导体湿电子化学品与电子气体论坛】3月19日启幕
国芯网· 2025-03-03 12:23
Core Viewpoint - The semiconductor wet electronic chemicals and electronic gases market in China is experiencing significant growth opportunities, driven by domestic production capabilities and increasing demand in the semiconductor manufacturing sector [1][3]. Market Overview - In 2023, the market size for electronic chemicals in China reached 24.04 billion yuan, a year-on-year decrease of 7.6%, accounting for 34.6% of the wafer manufacturing materials market [1]. - The wet electronic chemicals sales revenue in 2023 was 8.7 billion yuan, with a year-on-year growth of 9.3%, and is expected to rise to 9.94 billion yuan in 2024 [2]. - The electronic gases market size in 2023 was 8.26 billion yuan, experiencing a decline of approximately 7% compared to 2022, while sales revenue for electronic gas companies reached 17.41 billion yuan, a year-on-year increase of 22.1% [2]. Domestic Production and Trends - Domestic wet electronic chemicals have made significant progress, with over 80% localization in 12-inch integrated circuit production lines and more than 40% in logic products [2]. - The overall sales revenue of electronic chemicals in China was approximately 28.95 billion yuan in 2023, reflecting a substantial year-on-year growth of 14.9% [3]. - The demand for wet electronic chemicals and electronic gases is expected to grow faster than the global average due to the expansion of traditional wafer factories and the acceleration of third-generation semiconductor projects [3]. Forum Information - The 6th Semiconductor Wet Electronic Chemicals and Electronic Gases Forum will be held on March 19, 2025, in Hangzhou, Zhejiang, organized by Asia Chemical Consulting [1][4]. - The forum will feature presentations from industry leaders and experts, covering topics such as market trends and advancements in high-purity electronic chemicals [5][6].
中石油、金宏气体、润晶科技、中科院过程所、华为实验室、江苏集萃等齐聚,【第六届半导体湿电子化学品与电子气体论坛】3月19杭州召开
国芯网· 2025-02-26 04:49
Core Viewpoint - The semiconductor wet electronic chemicals and electronic gases market in China is experiencing significant growth opportunities, driven by domestic production capabilities and increasing demand in the semiconductor manufacturing sector [1][3]. Market Overview - In 2023, the electronic chemicals market in China reached a scale of 24.04 billion yuan, a year-on-year decrease of 7.6%, accounting for 34.6% of the wafer manufacturing materials market [1]. - The wet electronic chemicals sales revenue was 8.7 billion yuan in 2023, with a year-on-year growth of 9.3%, and is expected to rise to 9.94 billion yuan in 2024 [2]. - The electronic gases market size in China was 8.26 billion yuan in 2023, down approximately 7% from 2022, while sales revenue for electronic gas companies reached 17.41 billion yuan, a year-on-year increase of 22.1% [2]. Domestic Production and Growth - Domestic wet electronic chemicals have made significant progress, with over 80% localization in 12-inch integrated circuit production lines and more than 40% in logic products [2]. - The overall sales revenue of electronic chemicals in China was approximately 28.95 billion yuan in 2023, reflecting a substantial year-on-year growth of 14.9% [3]. - The semiconductor manufacturing industry in China is expected to grow rapidly in the coming years, driven by traditional wafer factory expansions, advanced process demand, and domestic substitution [3]. Upcoming Forum - The 6th Semiconductor Wet Electronic Chemicals and Electronic Gases Forum will be held on March 19, 2025, in Hangzhou, Zhejiang, organized by Asia Chemical Consulting [1][4]. - The forum will feature reports from leaders and experts from various companies, including PetroChina, Runjing Technology, and Huawei Electronic Materials Laboratory [1][4].