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The influence of phenolic resin on the properties of photoresist is very important:
Phenolic resin has many good properties. It is almost a mixture of cresol phenolic resin and diazo compounds in commercial positive photoresists. Cresol linear phenolic resin for photoresist is synthesized by copolymerization of p-cresol, m-cresol and formaldehyde. The proportion of p-cresol and m-cresol has special requirements according to the specific photoresist use. Due to the small amount of formaldehyde, a low molecular weight linear polymer is generated.
Chip etching is a highly refined process, which has high requirements for the molecular weight, molecular weight distribution and metal ion content of phenolic resin. Generally, the metal particle content of phenolic resin is required to reach ppb level. Phenolic resin is very important to the performance of photoresist, which provides the best overall performance for g-line and i-line photoresist. With the vigorous development of semiconductor industry, the demand for phenolic resin for photoresist is growing rapidly:
According to semi's statistics, the global semiconductor photoresist market will be about US $1.9 billion in 2020. From 2016 to 2019, the global market scale of semiconductor photoresist increased from US $1.5 billion to US $1.8 billion in 2019, with a compound annual growth rate of 6.3%.
China's photoresist is in the stage of rapid domestic replacement of low-end PCB photoresist and vigorous development of high-end semiconductor photoresist. In 2020, the scale of semiconductor photoresist market will reach 2.48 billion yuan. During the 13th Five Year Plan period, China's photoresist market will achieve an average annual growth rate of 14.5%, and the five-year average compound growth rate is 12.12%. We expect that the demand for phenolic resin for photoresist in China will increase at a rate of about 15% in the next five years. In the development of fine and functional phenolic resin industry, the high-end market is in short supply:
In the middle and high-end market of reinforced phenolic resin or special phenolic resin with excellent performance, due to high technical barriers and few new enterprises, Chinese enterprises continue to maintain the situation of short supply. Chinese enterprises are actively promoting the development and introduction of phenolic resin in the field of photoresist with high performance and high added value.
We suggest paying attention to relevant leading enterprises Jinan Shengquan Group Share Holding Co.Ltd(605589) , Red Avenue New Materials Group Co.Ltd(603650) with integrated scale advantages and strong R & D strength.
Market review:
Sector performance: CITIC's primary petroleum and petrochemical index rose or fell 2.78% this week, ranking fifth among 30 industry indexes. This week, the Shanghai index rose or fell - 1.65%, and the CITIC primary petroleum and petrochemical index was 4.43% relative to the Shanghai index. Rise and fall of petroleum and petrochemical sub sectors: oil exploitation (+ 5.08%), oil sales and storage (+ 3.11%), oil refining (+ 3.07%), other petrochemical (+ 2.41%), oilfield services (+ 1.95%), engineering services (- 3.21%).
Rise and fall of individual stocks: this week, the petroleum and petrochemical sector led the rise of individual stocks, including Yueyang Xingchang Petro-Chemical Co.Ltd(000819) (+ 28.88%), Haohua Chemical Science & Technology Corp.Ltd(600378) (+ 22.03%), Xinjiang International Industry Co.Ltd(000159) (+ 10.30%), Shandong Xinchao Energy Corporation Limited(600777) (+ 0.09%), Hengli Petrochemical Co.Ltd(600346) (+ 6.94%); Leading decliners include Jiangsu Eastern Shenghong Co.Ltd(000301) (- 13.93%), Sinopec Shandong Taishan Pectroleum Co.Ltd(000554) (- 9.97%), Hy Energy Group Co.Ltd(600387) (- 6.58%), Oriental Energy Co.Ltd(002221) (- 3.52%), Shanxi Blue Flame Holding Company Limited(000968) (- 3.41%), etc.
Risk tip: policy risk; Geopolitics exacerbates risks; Risk of sharp fluctuations in crude oil prices and continuous deterioration of global covid-19 epidemic;
