飞凯材料 20250828 摘要 飞凯材料 2025 年第二季度营收约 7.62 亿元，同比增长 2.9%；归母净 利润约 9,700 万元，同比增长 61%；扣非归母净利润约 9,900 万元， 同比增长 67%，主要受益于成本管控和原材料价格下降。 2025 年上半年，液晶营收同比增长 27%至 5.5 亿元，功能型湿电子化 学药水收入同比增长 27%至 1.54 亿元，光纤涂料收入同比增长 19%至 1.64 亿元，光敏材料收入同比增长 60%至 1.8 亿元。 半导体材料业务剥离台湾需求导致第二季度营收下滑 4.75%，但功能型 湿电子化学药水单季收益同比增长 89%至 8,200 万元，EMC 环氧塑封 料受益于先进封装领域拓展，新建产线以满足更高工艺要求。 公司通过与供应商谈判和自主生产 TMO（天猫）光引发剂，有效控制了 光引发剂涨价对毛利的影响，预计全年 TMO 产品营收可达 3,000 万至 4,000 万元。 飞凯材料在先进封装领域布局功能型湿电子化学药水、锡球和 EMC 环氧 塑封料，推出 2.5D/3D 封装光刻胶，并开发临时键合材料，已开始少量 送样并形成营收。 Q&A 飞凯材料 2 ...

Summary of the Conference Call for Feikai Materials Industry Overview - The semiconductor materials business of Feikai includes functional wet electronic chemicals, solder balls, and EMC epoxy encapsulants, with projected revenue of approximately 670 million yuan in 2024, accounting for 24% of total revenue, marking it as a strategic pillar for future development [2][3][4]. Key Points and Arguments - **Revenue Growth**: In the first four months of 2025, functional wet electronic chemicals grew by 29% year-on-year, while EMC epoxy encapsulants increased by 2.3%. However, the solder ball business declined due to the sale of the Taiwan plant, although the Shanghai plant saw a 9% increase [2][6]. - **Client Base**: Major clients for functional wet electronic chemicals include Changdian Technology, Tongfu Microelectronics, and Huada Semiconductor. Solder ball clients include ASE and SPIL, while EMC epoxy encapsulants are used by companies like Yangjie Technology and BYD for IGBT substrates [2][5]. - **Competitive Advantage**: Feikai has over ten years of experience in wet electronic chemicals, establishing a competitive edge through comprehensive solutions and rapid response services. The company benefits from a strong moat due to process safety advantages and customer certification barriers [2][9]. - **Gross Margin Stability**: The gross margin for functional chemicals is approximately 35%-40%, while demand-type materials have a margin of about 20%, and EMC epoxy encapsulants around 30%. Fluctuations in raw material prices have minimal impact on margins, which are expected to remain stable in the coming quarters [2][10]. - **Future Expansion**: Feikai is constructing a third EMC epoxy encapsulant plant in Anqing, focusing on supplying leading domestic memory chip manufacturers. The company plans to collaborate with JNC to acquire its China operations and patents, aiming to replace Merck as a leading global LCD supplier [3][17]. - **Market Trends**: The semiconductor materials business is expected to achieve revenue of approximately 700 million yuan in 2025, reflecting a 20% growth when excluding contributions from the Taiwan plant. The demand structure is benefiting from trends in artificial intelligence and advanced packaging technologies [3][14][21]. Additional Important Insights - **Downstream Demand**: The overall demand for advanced packaging solutions is increasing, with a 5% growth observed in the semiconductor packaging segment. This growth is attributed to the rising adoption of semiconductor packaging solutions to address front-end process challenges [4][6]. - **Competition Landscape**: Feikai faces competition from international suppliers such as Japan's Ishihara, Korea's Dongjin, and US companies like Rohm and Haas and Dow DuPont. However, the company’s established client relationships and experience provide a buffer against new entrants [11][12]. - **Domestic Market Development**: The domestic EMC epoxy encapsulant market is still developing, with the new plant expected to take one to two years to achieve significant market penetration and cost reduction [13][14]. - **Liquid Crystal Market Dynamics**: The global liquid crystal market demand is approximately 1,000 tons annually, with China accounting for about 900 tons. The middle-sized panel market is dominated by Merck, but Feikai aims to expand its share through collaboration with JNC [15][16][20]. This summary encapsulates the key insights from the conference call, highlighting the strategic direction, market dynamics, and competitive positioning of Feikai Materials in the semiconductor and liquid crystal industries.