As a photoresist concept stock, Shanghai Sinyang Semiconductor Materials Co.Ltd(300236) (300236) will code IC chemical materials such as grinding fluid in multiple ways.
On February 15, the listed company disclosed that it would spend 320 million yuan to expand the production of integrated circuit chemical materials such as chip cleaning fluid and grinding fluid in Hefei, and invest in the target company of CMP grinding fluid. On the other hand; The company is ready to take over the loss making grinding liquid assets of the major shareholder and implement the "price difference" acquisition from the two shareholders.
320 million yuan production expansion Hefei project
Recently, Shanghai Sinyang Semiconductor Materials Co.Ltd(300236) signed the investment cooperation agreement with the Management Committee of Hefei Xinzhan high tech Industrial Development Zone, and plans to invest in the second phase project of the company's second production base within the jurisdiction of the latter (hereinafter referred to as the "second phase project"). The total investment of the project is about 320 million yuan, covering an area of 40 mu. It is mainly engaged in the R & D, production and sales of chip cleaning fluid, grinding fluid series and other key process chemical materials of integrated circuits. It is expected to achieve mass production in 2024 and full production in 2030, with an annual output value of about 500 million yuan. The estimated annual comprehensive energy consumption of the project is about 2600 tons of standard coal equivalent.
On October 21, 2019, Shanghai Sinyang Semiconductor Materials Co.Ltd(300236) signed an investment cooperation agreement with the Management Committee of Hefei Xinzhan high tech Industrial Development Zone to start the construction of the second local production base; The project plan is mainly engaged in the R & D, production and sales of key process materials used in the chip manufacturing process.
According to preliminary calculation, the total investment of the project is about 600 million yuan. The project is planned to be constructed in two phases. After the completion of the project, it is expected to form an annual output of 15000 tons of ultra-pure chemical material products, including 8500 tons of chip high selection ratio ultra-pure cleaning solution series products and 500 tons of chip high-resolution photoresist series products. Since then, Shanghai Sinyang Semiconductor Materials Co.Ltd(300236) has also raised funds and issued bonds through fixed increase. Promote the construction of the company's Hefei Xinyang second production base project through low interest loans. However, the listed company has not disclosed in detail the specific progress of the previous contracted project.
For the latest investment and production expansion in Hefei, Shanghai Sinyang Semiconductor Materials Co.Ltd(300236) said that since the project construction takes a certain time, it is expected that the signing of this agreement will not have a significant impact on the company's operating performance in 2022.
invest in the target
On the same day, Shanghai Sinyang Semiconductor Materials Co.Ltd(300236) disclosed the investment in CMP grinding fluid project. In order to expand the business scope and product application field, Shanghai Sinyang Semiconductor Materials Co.Ltd(300236) plans to increase the capital of Suzhou bonarun Electronic Materials Co., Ltd. (hereinafter referred to as "Bora Electronics") by 20 million yuan. After the capital increase is completed, the listed company will hold 9.1% equity of Bora electronics. In this investment, the overall valuation of Bora Electronics was confirmed as 200 million yuan before the investment, and finally subscribed for the company's new registered capital of 3 million yuan.
It is reported that Bora electronics is mainly engaged in the development, production and sales of abrasive materials and polishing materials. At present, the existing products are in the stage of on-line test and small batch production and sales, but there may be a risk that the market development may not meet the expectations. Shanghai Sinyang Semiconductor Materials Co.Ltd(300236) said that it would make full use of the existing technology and market advantages to reduce the above investment risks.
Shanghai Sinyang Semiconductor Materials Co.Ltd(300236) also plans to acquire 100% equity of Shanghai Huiyan Material Technology Co., Ltd. (hereinafter referred to as "Shanghai Huiyan") for 33 million yuan. According to the transaction plan, the listed company will acquire 70% equity of the target company held by Shanghai Xinhui Asset Management Co., Ltd. (hereinafter referred to as "Shanghai Xinhui") for 32.1 million yuan; Transfer 30% equity of the target company held by Shanghai ance Semiconductor Technology Co., Ltd. for 900000 yuan.
Shanghai Huiyan is mainly engaged in the research and development of grinding fluid (CMP slurry) for semiconductor chip production process. Enterprise investigation shows that the registered capital of Shanghai Huiyan is 80 million yuan, of which Shanghai Xinhui holds 70% and ance semiconductor holds 30% of Shanghai Huiyan. Since the controlling shareholders of Shanghai Huiyan and Shanghai Sinyang Semiconductor Materials Co.Ltd(300236) are Shanghai Xinhui, the transaction constitutes a connected transaction.
judging from the financial situation, Shanghai Huiyan had a net profit loss of 7.41 million yuan at the end of 2020. Compared with the net profit loss of 10.73 million yuan in the first three quarters of 2021, the loss further expanded, and the net cash flow from operating activities remained negative. for the valuation basis of the subject matter of this transaction, which is based on the pricing difference of shareholders' transfer of shares, Shanghai Sinyang Semiconductor Materials Co.Ltd(300236) did not disclose in detail, but said that ance semiconductor provided R & D technical support for the development of grinding fluid of Shanghai Huiyan company, and now there are grinding fluid related products to meet the needs of some customers.
Shanghai Sinyang Semiconductor Materials Co.Ltd(300236) said that as a semiconductor material R & D enterprise, it is committed to becoming a service provider of key process materials for integrated circuit manufacturing integrating electroplating, cleaning, lithography and grinding technologies; Through the cooperative development of chemical mechanical grinding technology, the company has achieved remarkable results and obtained some customer orders after more than one year's efforts.
Enterprise investigation shows that the registered capital of Shanghai Huiyan is 80 million yuan, of which Shanghai Xinhui holds 70% and ance semiconductor holds 30% of the shares of Shanghai Huiyan; In addition, a small number of Shanghai Sinyang Semiconductor Materials Co.Ltd(300236) shares held by Shanghai Xinhui are still being pledged. Since July last year, Shanghai Sinyang Semiconductor Materials Co.Ltd(300236) share price has continued to decline after hitting a high of 64.64 yuan / share, with a cumulative decline of about 34%, and the latest closing at 37.92 yuan / share; However, the data showed that the latest share price did not touch the pledge warning line of major shareholders.
On the whole, Shanghai Sinyang Semiconductor Materials Co.Ltd(300236) is mainly engaged in semiconductor material products, and its production lines mainly include electroplating, cleaning, photoresist, etc. in the field of traditional semiconductor packaging, the sales volume and market share of functional chemical materials rank first in China. Benefiting from the rapid development of China's integrated circuit industry, the sales of ultrapure chemical materials for wafer manufacturing of Shanghai Sinyang Semiconductor Materials Co.Ltd(300236) increased significantly, and the sales scale of semiconductor business segment increased by more than 50% last year; However, due to the impact of changes in the fair value of financial assets, the growth rate of net profit was affected. According to the performance forecast, the Shanghai Sinyang Semiconductor Materials Co.Ltd(300236) profit in 2021 was 9.5 million yuan – 115 million yuan, a decrease of 58.08% - 65.37% over the same period of the previous year, and the net profit after deduction was 87 million yuan – 107 million yuan, an increase of 85.83% - 128.55% over the same period of the previous year.
Shanghai Sinyang Semiconductor Materials Co.Ltd(300236) is also a star stock in the photoresist field. Last year Shanghai Sinyang Semiconductor Materials Co.Ltd(300236) invested more than 200 million yuan in R & D expenses, mainly for photoresist research and development and major national science and technology projects. The KrF photoresist products independently developed by the company have passed customer certification, successfully obtained orders and made a major breakthrough.
