有研新材20240630

Key Points Summary Industry/Company Involved - Company: Manufacturer of target materials for semiconductor industry Core Views and Arguments - Target Material Production and Sales: - Company's Changping base has a target material capacity of 30,000 units/year, with the Dezhou base expected to increase total capacity to 73,000 units/year upon completion. - 2023 target material sales reached 27,000 units, a historical high, with Q1 2024 sales of approximately 7,600 units, up 26% year-on-year. - The Dezhou base started production in September 2023 and has begun receiving small orders, with expected volume production in the second half of 2024. - Current orders are sufficient due to the gradual recovery of the downstream market. [1] - Product Structure and Expansion Plans: - Target materials include copper, tantalum, cobalt, and other high-end process materials. - The Dezhou base has预留 additional space for potential future expansion to meet market demand. [2] - High Purity Copper Technology: - The company has proprietary technology for high purity/ultra-high purity copper, with product purity reaching 7N. - High purity copper is currently self-supplied, with potential for export in the future. [3] - Target Material Classification and Application: - Products include aluminum, copper and copper alloys, titanium, tantalum, cobalt, nickel and nickel alloys, tungsten and tungsten alloys, with dimensions covering 6-12 inch wafers. - Sales are primarily of aluminum, copper and copper alloys, titanium, tantalum, cobalt, nickel and nickel alloys. - Applications include logic operation chips, storage chips, RF chips, power devices, and advanced packaging. [4] - Impact of Metal Price Cycles: - The high purity of the metal raw materials used in target materials mitigates the impact of cyclical metal price fluctuations on costs and margins. [5] - Market Focus and Competitive Advantage: - The Dezhou base's additional target material capacity is for both domestic and international markets. - The company's full series of high-purity metal materials, sputtering targets, and evaporation films provide customized product services, with advantages in product pricing, delivery cycle, after-sales service, and response speed. [6] - Solid-State Electrolyte Business: - The company has an early layout in solid-state electrolyte materials and has started small-scale supply. - The company is closely tracking market changes and actively planning for future development. [7] - Market Value Management: - The board has included market value management in the company's 2024 assessment, aiming for better market performance and returns to shareholders. [8] Other Important Content - No additional content to note