Jiangyin Jianghua Microelectronics Materials Co.Ltd(603078) is the leader of wet electronic chemicals in China. Its main products are ultra-clean and high-purity reagents and photoresist supporting reagents. It is mainly used in flat panel display, semiconductor, Cecep Solar Energy Co.Ltd(000591) and other fields. It has strong technical strength. With the intensive production of China's downstream semiconductor industry and panel industry, as well as the release of the company's new production capacity, the product structure is upgraded, The company will usher in new development opportunities.
I. wet electronic chemical faucet, focusing on ultra-clean and high-purity reagents and photoresist supporting reagents
Jiangyin Jianghua Microelectronics Materials Co.Ltd(603078) is the leader of wet electronic chemicals in China. The company is mainly engaged in the R & D, production and sales of wet electronic chemicals such as ultra-clean and high-purity reagents and photoresist supporting reagents. At present, the company has the production and supply capacity of dozens of wet electronic chemicals. The products are widely used in the manufacturing process of cleaning, lithography, development, etching, film removal, doping and other electronic fields such as flat panel display, semiconductor and led, photovoltaic Cecep Solar Energy Co.Ltd(000591) .
The company has strong competitive advantages in technical level, product quality, overall supporting capacity and market brand. At present, it is one of the largest, most complete and most supporting professional service providers of wet electronic chemicals in China.
The company's main revenue comes from ultra clean and high-purity reagents and photoresist supporting reagents. In terms of products, super clean and high-purity reagent and photoresist supporting reagent 2021h1 account for 59% and 40% respectively. And the product characteristics affect the company's products are mainly sold in China.
In terms of product application fields, the company's revenue is mainly distributed in flat panel display, semiconductor and photovoltaic Cecep Solar Energy Co.Ltd(000591) .
II. There is a broad space for wet electronic chemicals, and there is a strong demand for domestic substitution
Wet electronic chemicals are not only the key basic chemical materials in the electronic industry, but also one of the important supporting materials. They are various liquid chemical materials used in the wet process of microelectronics and optoelectronics. Quality directly affects the yield, electrical performance and reliability of electronic products, and also has a significant impact on the industrialization of microelectronic manufacturing technology.
Wet electronic chemicals can generally be divided into general wet electronic chemicals and functional wet electronic chemicals. General wet electronic chemicals are generally single component and single function chemicals, such as hydrogen peroxide, hydrogen peroxide, sulfuric acid, etc. Functional wet electronic chemicals refer to the compound chemicals that achieve special functions and meet the special process requirements in manufacturing through compound means, such as developer, stripping solution, etching solution, cleaning solution, etc.
At present, the market demand is mainly general wet electronic chemicals. According to the data of China Electronic Materials Industry Association, general wet electronic chemicals accounted for 88.2% of the total demand for wet electronic chemicals in 2019.
At the same time, wet electronic chemicals have the characteristics of many applications in downstream fields, high technical threshold, fast product renewal, strong functionality and high added value, resulting in certain technical barriers in the electronic chemicals market in various subdivided fields. The wet electronic chemicals produced by Jiangyin Jianghua Microelectronics Materials Co.Ltd(603078) are mainly used in flat panel display, semiconductor, Cecep Solar Energy Co.Ltd(000591) and led and other related fields.
According to the semi classification, wet electronic chemicals can be divided into G1-G5. The purity requirements of microelectronic chemicals are different in different application fields:
(1) Semiconductor field: the purity requirements are high, which are basically concentrated at semi G3, G4 and G5 levels. There is still a large gap between China's R & D level and the international level. Among them, the requirements of discrete devices for the purity of ultra-clean and high-purity reagents are lower than those of integrated circuits, which are basically concentrated at the semi G2 level. The production technology of Chinese enterprises can meet most of the production needs;
(2) Flat panel display and led: the level requirements are semi G2 and G3, and the production technology of Chinese enterprises can meet most of the production needs;
(3) Photovoltaic Cecep Solar Energy Co.Ltd(000591) cell field: generally only semi G1 level is required, which is the main market of domestic ultra clean and high-purity reagents.
The market scale of China's wet electronic chemicals will reach 10.062 billion yuan in 2020. According to Zhiyan consulting data, the market scale of China's wet electronic chemicals increased from 6.383 billion yuan in 2016 to 10.062 billion yuan in 2020, with a CAGR of 12.1%, higher than the compound growth rate of 3.5% in the world, and a year-on-year increase of 6.85% in 2020.
With the strong support and cost competitive advantage of the state for the semiconductor, display panel and photovoltaic industry, the demand for localization of semiconductor, display panel and photovoltaic chemical materials will become a trend. The cost advantages, regional advantages, cooperative R & D advantages and rapid delivery advantages of Chinese enterprises will be quickly reflected, and the development potential will increase in the future. According to the prediction of intellectual research consulting, By 2027, the market scale of China's wet electronic chemicals is expected to reach 21.038 billion yuan.
Flat panel display, semiconductor and led, photovoltaic Cecep Solar Energy Co.Ltd(000591) are national strategic emerging industries, and they are also important breakthrough areas in China's economic structure transformation and industrial upgrading in the future. Wet electronic chemicals are the development focus of industrial upgrading. Since 2006, the government has issued relevant policies for many times to vigorously promote the development of wet electronic chemicals industry. The favorable policy environment will provide more possibilities and opportunities for the future development of the industry.
China's high generation line began to increase in volume, and China's supporting wet electronic chemicals entered the golden development period. In 2020, BOE Wuhan G10 Line 5, Huaxing optoelectronics Shenzhen G11 generation line, Huike Chuzhou G8 The 6th generation line is put into centralized production, and the input and output will further increase in 2021.
Generally, the consumption of wet electronic chemicals is positively correlated with the base size of the display panel, and has higher requirements for product quality. Chinese manufacturers with high-end wet electronic chemicals production capacity are most expected to benefit.
III. strong core competitiveness, capacity expansion and promising prospects
Jiangyin Jianghua Microelectronics Materials Co.Ltd(603078) strong R & D strength. Mr. Yin Fuhua, chairman and general manager of the company, has nearly 30 years of experience in research, production and management of electronic chemicals. At the same time, he is equipped with a high-quality management team, marketing team and production technology team. He has a professional R & D team of more than 50 people. The core backbone members have more than 10 years of experience in R & D, production, sales and management of electronic chemicals. At present, the company has the large-scale production capacity of G3 and G4 products, and is expected to further expand to G5, and the product structure continues to upgrade.
The purification technology, mixing technology and analysis and detection technology required for the large-scale production of wet electronic chemicals are in a leading position in China.
Formulation process is a very important process for wet electronic chemicals. Using its own professional R & D team, the company has developed the production formula of products with international level, including high-efficiency acid stripping solution, aluminum molybdenum etching solution, low-temperature aqueous positive adhesive stripping solution, low tension ITO etching solution, high-resolution developing solution, silica etching solution Thirteen categories of products such as etching solution for titanium aluminum titanium metal laminated film have been rated as high-tech products by Jiangsu Provincial Department of science and technology. The company has 86 patents, including 36 invention patents, 49 utility model patents and 1 design patent.
With good reputation and excellent quality, the company has accumulated a number of excellent and stable customer resources in the downstream industry.
In the field of flat panel display, the company has supplied high-end wet electronic chemicals for high-generation flat panel display production lines such as generation 6 and generation 8.5, and gradually realized import substitution. In the field of flat panel display, its main customers include panda, BOE, CLP rainbow, CHENHONG group, Infovision Optoelectronics (Kunshan) Co.Ltd(688055) , shentianma, Huaxing optoelectronics, etc.
In the field of semiconductor chips, the company's G3 grade sulfuric acid, hydrogen peroxide, isopropanol, low tension silicon dioxide etching solution and titanium etching solution have successfully entered China's 6-inch wafer and 8-inch advanced packaging bump chip production line to realize import substitution. At the same time, the 8-inch chip wafer manufacturing process and the 8-inch and 12 inch advanced packaging field have also developed and maintained a large number of high-quality customers in the semiconductor field at home and abroad, such as Semiconductor Manufacturing International Corporation(688981) , Hangzhou Silan Microelectronics Co.Ltd(600460) , China Resources Microelectronics Limited(688396) electronics, Jcet Group Co.Ltd(600584) , founder microelectronics, etc.
The company's industrial base has obvious regional advantages. Wet electronic chemicals have high requirements for product purity and cleanliness, so long-distance transportation is not conducive to product quality. At the same time, wet electronic chemicals also have high requirements for means of transportation and high transportation cost. In order to ensure the stable supply of high-quality wet electronic chemicals, the production of foreign wet electronic chemicals is often arranged around the downstream manufacturing industry to reduce the transportation distance. Jiangyin Jianghua Microelectronics Materials Co.Ltd(603078) is located in Jiangyin City, Jiangsu Province, the core of the Yangtze River Delta. The Yangtze River Delta has always been the core area of China's flat panel display, semiconductor and photovoltaic Cecep Solar Energy Co.Ltd(000591) industries and an important production base of the electronic industry.
The flat panel display industry in Kunshan, Nanjing and Shanghai, the semiconductor industry in Shanghai and Hangzhou, and the photovoltaic Cecep Solar Energy Co.Ltd(000591) industry in Wuxi and Changzhou have shown obvious cluster effects. Meanwhile, in recent years, under the guidance of national and local policies, the electronic industry in central and western regions such as Chengdu and Xi'an has developed rapidly. BOE, Semiconductor Manufacturing International Corporation(688981) and other well-known enterprises at home and abroad have set up production bases in Chengdu and Xi'an. The company's subsidiary Sichuan Jiangyin Jianghua Microelectronics Materials Co.Ltd(603078) is located in Meishan city around Chengdu, close to Chengdu Chongqing electronic industry cluster, and can quickly respond to the localization needs of customers in Chengdu and Chongqing.
(Jiufang zhitou)
