After hours announcement of Do-Fluoride New Materials Co.Ltd(002407) lithium hexafluorophosphate leader with a total market value of more than 20 billion yuan, company has officially entered the qualified supplier system of TSMC, and recently began to deliver high-purity electronic chemical materials to TSMC (Nanjing) Co., Ltd.
According to the announcement, the sales volume of high-purity electronic chemicals represented by electronic grade hydrofluoric acid of of of the company showed a trend of sustained and rapid growth . At present, the products have successfully entered the supply chain of global leading semiconductor companies such as the United States and South Korea, and supply multiple 8-inch and 12 inch semiconductor chip production lines in China in large quantities Do-Fluoride New Materials Co.Ltd(002407) said that this cooperation will further consolidate the company’s product advantage foundation in semiconductor advanced process nodes.
TSMC is the world’s largest semiconductor OEM enterprise. According to the news on May 11, TSMC informed customers that it will comprehensively increase the foundry price of wafers from January next year, with an increase of about 5-9%, less than a year from last August. People familiar with the matter said that the reasons for price increase include inflation, rising production costs and huge capital expenditure brought by large-scale expansion plan
It is understood that by 2023, TSMC will spend US $100 billion to expand its production , and alone will allocate US $40 billion to US $44 billion this year at present, the foundry jasm, a joint venture between TSMC, Sony and Nippon Denso, has started construction. It is scheduled to invest US $8.6 billion and can produce 5500028nm and more advanced 12 inch wafers per month after the production.
Guosheng Securities believes that with the expansion of the wafer factory and the upgrading of the manufacturing process, material link is expected to usher in a simultaneous increase in volume and price, driving the further growth of the market.
Public information shows that electronic grade hydrofluoric acid is one of wet electronic chemicals, which is composed of about 51% high-purity hydrogen fluoride and 49% high-purity water. It is mainly divided into five grades: El, up, UPS, UPSs and upsss. Among them, grade 4 (UPSs grade) or above can be used in semiconductor integrated circuits, and grade 5 (upsss grade) or above is required for 12 inch wafers, at present, only a few manufacturers in China have a certain capacity of hydrofluoric acid above UPSs grade
Do-Fluoride New Materials Co.Ltd(002407) is China’s first enterprise to break through the production technology of upsss grade hydrofluoric acid and have relevant production lines. It is also one of the few enterprises in the world that can produce high-quality semiconductor grade hydrofluoric acid on a large scale.
China Merchants Securities Co.Ltd(600999) you Jiaxun said in the Research Report on April 25, 2021 that photovoltaic grade hydrofluoric acid in Do-Fluoride New Materials Co.Ltd(002407) electronic grade hydrofluoric acid is mainly used as cleaning agent and etching agent in photovoltaic industry. The capacity of is 40000 tons, and the current shipment of is about 3000 tons / month if the production is full, the estimated revenue is about 240270 million company semiconductor grade hydrofluoric acid production capacity of 10000 tons, currently shipped 250330 tons / month if it reaches full capacity, it is estimated that it is expected to reach about 110120 million, and the profitability of semiconductor grade hydrofluoric acid is much higher than that of photovoltaic grade.
At present, Do-Fluoride New Materials Co.Ltd(002407) has established cooperation with many Chinese 8-inch and 12 inch semiconductor customers, such as Texas Instruments, Semiconductor Manufacturing International Corporation(688981) , Shanghai Huali Microelectronics Co., Ltd., Chongqing super silicon semiconductor Co., Ltd.
Analysts predict that by 2023, the market share of electronic grade hydrofluoric acid of the company will reach the largest (21.2%), higher than Zhejiang Juhua Co.Ltd(600160) (14.3%) and Shenzhen Capchem Technology.Ltd(300037) (13.3%). High technical barriers are the moat of the company.
In addition to electronic grade hydrofluoric acid, the company also continues to expand other fields of electronic chemicals in according to the announcement, the company is building projects including 30000 tons of ultra clean and high-purity electronic grade hydrofluoric acid, 30000 tons of ultra clean and high-purity wet electronic chemicals, 100 tons of high-purity silane, 100 tons of high-purity fluorine nitrogen mixture and 300 tons of high-purity silicon tetrafluoride. The production capacity will be gradually released in the second half of this year according to the market situation.
Everbright Securities Company Limited(601788) Zhao naidi believes that the company’s future plan will realize the layout of electronic chemicals of 1 China Vanke Co.Ltd(000002) 00000 tons / year. Due to the large demand for electronic chemicals at the semiconductor and liquid crystal panel ends and the superposition of the company’s high technical barriers and industrialization advantages, electronic chemicals is expected to become a new entry point and profit point of the company’s business it is estimated that the revenue of electronic grade hydrofluoric acid will reach 1.176 billion yuan in 2023, with a year-on-year increase of 69.9%
Do-Fluoride New Materials Co.Ltd(002407) the first quarterly report showed that the operating revenue was 2.654 billion yuan, a year-on-year increase of 114.24%; The net profit was 732 million yuan, a year-on-year increase of 685.06%. The company said that the volume and price of new material products have risen at the same time, and the market demand for core product lithium hexafluorophosphate is strong and the profitability has been greatly improved with the gradual increase of new production capacity.
The price of lithium phosphate has fallen from the record high of 300000 yuan this year, which is worth noting. As of May 17, the average price of lithium hexafluorophosphate was 298000 yuan / ton.
Huang Kan of Wanlian Securities believes that due to the decline in the market price of lithium hexafluorophosphate, the profit margin of lithium hexafluorophosphate has dropped significantly compared with the beginning of the year . It is expected that the profit margin will be further tightened as the new capacity of lithium hexafluorophosphate continues to be put into operation and the supply continues to rise
Everbright Securities Company Limited(601788) Zhao naidi, in the research report released on January 20, predicted that the net profit attributable to the parent company in 2022 / 2023 would be 1.864 billion yuan / 2.25 billion yuan, with a year-on-year increase of 48.31% / 20.72%, compared with that in 2021, the net profit growth rate dropped sharply
