Huate Gas(688268)2023-12-06 10:08Company Overview - Guangdong Huate Gas Co Ltd, established in 1999, went public on the Shanghai Stock Exchange's STAR Market in December 2019 [4] - The company focuses on the localization of special gases, breaking import constraints in fields like integrated circuits, display panels, and new energy [4] - Main business includes R&D, production, and sales of special gases, supplemented by industrial gases and related equipment/engineering services [4] Product and Technology - Special gas products cover high-purity gases like CF4, C2F6, CO2, CO, NH3, NO, CH3F, C3F8, GeH4, and C2H4, used in etching, cleaning, lithography, and other semiconductor processes [5] - Lithography gases (Ar/Ne/Xe, Kr/Ne, F2/Kr/Ne, F2/Ar/Ne) are certified by ASML and GIGAPHOTON, making the company the only domestic gas supplier with dual certification [5] - Products have achieved over 90% customer coverage in domestic 8-inch+ IC manufacturers, with some products entering 5nm advanced process nodes [6] Market Position and Achievements - Recognized by major domestic and international semiconductor manufacturers and gas giants [6] - Won the "IC Innovation Award" for industrialization of rare mixed lithography gases in 2023 [7] - Selected as a national-level "Little Giant" enterprise in July 2023 [7] R&D and Projects - Germanium and disilane projects: Germanium passed certification for 5nm process at a major Korean memory manufacturer, disilane in trial production stage [7] - IPO project in Jiangxi completed acceptance in February 2023, with capacity ramping up [7] - Southwest and Nantong projects progressing as planned, focusing on electronic special gases [8] - Precursor projects in R&D phase, with some products achieving breakthroughs [8] Financial Performance - Gross margin reached 30% in the first three quarters of 2023, with overseas products showing competitive advantages [9] - Optimized margin through industrial chain extension, overseas presence, production line optimization, and high-value product development [9] Product Applications and Market - Helium applications include semiconductor manufacturing, aerospace, medical, and superconductivity, sourced from Russia [9] - Perfluorobutadiene (C4F6) used in 3D NAND etching, with global market size of $310 million in 2021, projected to reach $480 million by 2024 [10] Business Development - Ordinary industrial gas business showed improved gross margin in the first three quarters [10] - Planning domestic and overseas electronic bulk on-site gas generation projects in solar, new materials, semiconductor, and new energy fields [10] - Electronic special gas prices and raw material costs remain stable [11]