Pnc Process Systems Co.Ltd(603690) (603690)
Monolithic cleaning will play an increasingly important role in semiconductor cleaning equipment in the future. Semiconductor cleaning equipment can be divided into dry cleaning equipment and wet cleaning equipment. At present, more than 90% of the cleaning steps are mainly wet process. Wet cleaning equipment is divided into tank cleaning and single-chip cleaning. Tank cleaning equipment generally cleans about 30-50 wafers at a time, which has a large amount of cleaning but is prone to cross contamination. With the continuous advancement of advanced processes, Its particle removal efficiency (pre) is low and is gradually replaced by single-chip cleaning equipment; single-chip cleaning equipment is mainly divided into single-chip cleaning machine, single-chip brushing machine and single-chip etching machine (pre) is high. The purpose of single chip cleaning machine is to clean particles, organic matter, natural oxide layer, metal impurities and other pollutants. Single chip brushing equipment is generally physical cleaning, which is mainly used to remove surface particles and is mainly used for post CMP cleaning. Single chip etching equipment is mainly used for mild etching of film layer. With the continuous advancement of advanced process, especially the process of 28nm and below, single chip The cleaning equipment will completely replace the tank cleaning, equipped with 8-12-16 cavities, and its core position is becoming increasingly prominent.
Nano spray is the mainstream technical route of single-chip wet cleaning equipment in the world. At present, single chip wet cleaning technology is mainly divided into nano spray cleaning, megasonic cleaning and brush cleaning. The first two are based on rotary spray (spinspray) technology. In 2020, the global semiconductor cleaning equipment market was basically monopolized by Japanese screen, Japanese Tel, Korean semes and American Lam, with sales accounting for 45.1%, 25.3%, 14.8% and 12.5% respectively, accounting for 97.7% in total. Chinese manufacturers have a weak voice. Japanese screen, a leading manufacturer, is the first equipment manufacturer to develop and use nanospray technology, which has been updated since 2010 The upgraded nanostray2 and nanostray3 technologies further improve the yield of the chip and are the mainstream cleaning technologies in the world. Pnc Process Systems Co.Ltd(603690) single chip cleaning technology is benchmarked to Japanese screen, using nanospray scheme.
Pnc Process Systems Co.Ltd(603690) nanospray, the international mainstream cleaning technology, can provide all 28nm node wet equipment. Pnc Process Systems Co.Ltd(603690) with advanced nanospray technology, all semiconductor wet process equipment with 28nm nodes can be provided. In the second half of the year, 7 sets of 12 inch slot equipment and 8 sets of 12 inch single chip equipment will be delivered to mainstream customer production lines such as SMIC, Huahong group and Yandong technology. In addition, formal orders for 4 sets of machines and multiple processes have been received in the more advanced 14-7nm technology generation, It will be delivered to the customer production line for verification in 2022. We expect that the company’s orders for semiconductor wet equipment will reach 1.2 billion yuan from 2021 to 2022, and the corresponding cleaning equipment revenue will be 768 million yuan and 1.390 billion yuan respectively. Among them, the revenue of single-chip cleaning equipment accounts for 40.10% / 50.36% of the total revenue of wet equipment, and the proportion is rapidly increasing.
Profit forecast, valuation and rating: Pnc Process Systems Co.Ltd(603690) is the leader of semiconductor wet equipment in China. With the continuous introduction and verification of the company’s first-line customers in China and the gradual volume of single-chip cleaning equipment, the company is expected to usher in a period of rapid development. We maintained Pnc Process Systems Co.Ltd(603690) the net profit attributable to the parent company from 2021 to 2023 was 347 million yuan, 381 million yuan and 555 million yuan respectively, and the PE corresponding to the current market value was 49x, 44x and 30x respectively, maintaining the “buy” rating.
Risk tip: localization progress is less than expected, wafer factory expansion is less than expected, and technology R & D is less than expected.
