Yoke Technology(002409)2024-05-20 12:27Key Points LNG Insulation Panels 1. Market Share and Technology: GTT's NO96 and MarkⅢ liquid cargo tank technologies dominate the large LNG carrier market with a market share exceeding 95%. [doc id='1'] 2. Product Range: Jacques, the sole Chinese supplier listed by GTT, provides products covering NO964, 5th generation, MarkⅢ 1st, 2nd, and 3rd generations, with the Flex+ model experiencing limited demand. [doc id='1'] 3. Market Demand: The global LNG carrier orderbook stands at 339 vessels and 5,763.7 million cubic meters, accounting for 45.0% and 51.1% of the total fleet, respectively. [doc id='1'] 4. China's LNG Market: China operates 24 LNG receiving stations with an annual receiving capacity of 109 million tons. It is expected to build at least 100 new 200,000 cubic meter land-based storage tanks by 2030. [doc id='1'] 5. Company Production: The company has a production capacity of 32 LNG carriers per year, including 12 NO96 series and 20 MarkⅢ series, along with construction services for 5 170,000 cubic meter ships. [doc id='2'] 6. Orders and Deliveries: The company has received orders for 22 LNG carriers, 17 LNG fuel tanks, and 17 land-based storage tanks. [doc id='2'] 7. Performance Expectations: Revenue is expected to reach 2 billion, 2.5 billion, 3 billion, and 3.5 billion yuan in 2024-2027, respectively. [doc id='2'] Precursor 1. Market Outlook: The precursor market is expected to reach 1.5 billion, 2 billion, 2.6 billion, 3.5 billion, and 4.8 billion US dollars from 2022 to 2026. [doc id='3'] 2. Revenue Projections: Jacques Technology's revenue is expected to reach 11.5 billion, 11.5 billion, 18 billion, 25 billion, and 35 billion yuan from 2022 to 2026, respectively. [doc id='3'] 3. Domestic Factory Progress: As of April 30, the domestic factory has a production capacity of 500 kg/M. [doc id='3'] 4. Product Portfolio: The company has developed metal organic precursors, high-k precursors, silicon-based precursors, and wet electronic chemicals. [doc id='3'] Photoresist 1. Factory Locations: The company operates three factories: Jiangsu Xianke in Yixing, EMTIER in Pyeongtaek, South Korea, and Guangzhou Kemei in Guangzhou. [doc id='3'] 2. Performance: In 2023, the photoresist business generated 1.304 billion yuan in revenue, a year-on-year increase of 3.62%. [doc id='3'] 3. Product Range: The company produces 196 types of photoresist products, including 179 RGB PR products, 13 OCPS products, and 4 TFT products. [doc id='3'] 4. Revenue Projections: Revenue is expected to reach 2 billion, 2.5 billion, and 3 billion yuan in 2024, 2025, and 2026, respectively. [doc id='3'] 5. Market Share: The company's market share in RGB, TFT, and OCPS is expected to reach 16%, 20%, and 10% in 2023, increasing to 34%, 26%, and 24% in 2026. [doc id='3'] Q&A 1. LNG Insulation Panels and Photoresist Growth: The company expects significant growth in LNG insulation panels and photoresist in 2024Q1. [doc id='4'] 2. Precursor Growth: Precursor revenue is expected to double in 2024Q2 compared to the previous quarter. [doc id='4'] 3. Performance Expectations: The company expects revenue growth of over 50% in 2024H1, with higher product gross margins in Q2. [doc id='4'] 4. Acquisition Integration: The company has successfully integrated acquired businesses, including SK Nantong's wet electronic chemicals and Cotem's TFT photoresist. [doc id='5'] 5. Precursor Market: The company's domestic precursor sales are expected to reach nearly 900 million to 1 billion yuan in 2024. [doc id='6'] 6. Precursor Collaboration with Samsung: The company has developed silicon-based precursor products for Samsung and is working on DRAM products. [doc id='6'] 7. Precursor Technology: The company develops different precursor products based on customer requirements and process iterations. [doc id='6'] 8. SOD Product: SOD is a polymer-based precursor used for filling grooves. [doc id='6'] 9. Panel Photoresist Growth: The company's panel photoresist business is driven by domestic customers' localization efforts. [doc id='6'] 10. Wet Electronic Chemicals: The company's wet electronic chemicals business is expected to reach 100 million US dollars in annual revenue. [doc id='7'] 11. Silicon Micropowder Business: The company's ball silicon business has recovered well, with a monthly production of 1,300 to 1,400 tons. [doc id='8'] 12. Future Capital Expenditure: The company plans to invest in new capacities for photoresist, precursors, and other products. [doc id='9'] 13. Team Incentive Plan: The company offers employees year-end bonuses. [doc id='9']