On May 19, Hmt(Xiamen)New Technical Materials Co.Ltd(603306) ( Hmt(Xiamen)New Technical Materials Co.Ltd(603306) , SH) held the 2021 annual general meeting of shareholders.
In 2021, Hmt(Xiamen)New Technical Materials Co.Ltd(603306) achieved an operating revenue of about 1.2 billion yuan, with a year-on-year increase of 27.01%; The net profit attributable to the shareholders of the listed company was about 176 million yuan, a year-on-year decrease of 12.39%.
Image source: Hmt(Xiamen)New Technical Materials Co.Ltd(603306) 2021 annual report screenshot
In 2021, Hmt(Xiamen)New Technical Materials Co.Ltd(603306) completed the investment in Xuzhou Bokang information Chemicals Co., Ltd. (hereinafter referred to as Xuzhou Bokang) and became its second largest shareholder. As of the disclosure date of the annual report, Hmt(Xiamen)New Technical Materials Co.Ltd(603306) held 26.21% equity of Xuzhou Bokang.
According to the company’s 2021 annual report, Xuzhou Bokang’s photoresist monomer revenue in 2021 increased by 19.48% year-on-year, and photoresist revenue increased by 177% year-on-year.
At the shareholders’ meeting, in view of the customer introduction test of Xuzhou Bokang photoresist, Hmt(Xiamen)New Technical Materials Co.Ltd(603306) said: “it should be said that the test in several major mainstream wafer factories is good at present.”
Technical difficulties are recognized downstream
“At present, the products (feedback) of (Xuzhou) Bokang, including downstream customers, should be very good. (Xuzhou Bokang) products involve ARF and KrF series. Together with customers, we have obtained orders from downstream customers. Last year, the growth of photoresist and photoresist monomer was ok, and photoresist monomer (revenue growth) About 19%. The growth rate of photoresist is relatively high, because its original base is slightly lower, but it has increased by more than 100%, which is still good. ” Hmt(Xiamen)New Technical Materials Co.Ltd(603306) said at the general meeting of shareholders.
According to the annual report of Hmt(Xiamen)New Technical Materials Co.Ltd(603306) 2021, in terms of the new project of photoresist research and development of Xuzhou Bokang, 44 types of photoresists have been approved, including 15 types of A-type photoresist, 19 types of K-type photoresist, 3 types of I-type photoresist and 1 type of electron beam photoresist, of which 90% are customized for the needs of 12 inch wafer factory customers and 10% for 8-inch wafer factory customers; There are 55 types of lithographic materials, including 10 monomers, 15 resins and 30 photoacids.
Photoresist is a key consumable in the wafer manufacturing process, which has been monopolized by Japanese and American enterprises. According to the data of deppon securities in its research report, at present, the top five manufacturers in the field of IC photoresist occupy 87% of the global market share, among which the market share of Japan synthetic rubber (JSR), Tokyo Yinghua (tok), DuPont, shinyue chemical and Fuji electronics are 28%, 21%, 15%, 13% and 10% respectively.
In view of the technical difficulty of photoresist research and development, Hmt(Xiamen)New Technical Materials Co.Ltd(603306) said: “the difficulty of technology first lies in whether the downstream customers recognize your R & D ability, especially your R & D level. If they recognize you, they will release the varieties they need. In the process of communication (with customers), they will depend on your original R & D technology. After they release the (varieties they need), you can do R & D (the next step) 。 In particular, the breakthrough of raw materials is a big difficulty, and the batching part is also a difficulty. There is another difficulty in the process of mass production. Downstream customers need to do batch online testing to judge the stability of your mass production itself. “
In view of the customer import test of Xuzhou Bokang photoresist, Hmt(Xiamen)New Technical Materials Co.Ltd(603306) said: “it should be said that the test in several major mainstream wafer factories is good at present.”
Investors focus on overseas layout and R & D
At the scene of the shareholders’ meeting, investors also paid attention to the Vietnamese company of Hmt(Xiamen)New Technical Materials Co.Ltd(603306) and R & D expenses.
Hmt(Xiamen)New Technical Materials Co.Ltd(603306) 2018 September invested and established an airbag bag sewing factory in Anyang Industrial Zone (Shenyue Industrial Park), Anyang County, Haiphong City, Vietnam. According to the 2021 annual report, Hmt(Xiamen)New Technical Materials Co.Ltd(603306) the Vietnamese factory sold 1324900 airbags in 2021, with an operating revenue of 535956 million yuan and a net profit of 3.3637 million yuan.
Image source: Hmt(Xiamen)New Technical Materials Co.Ltd(603306) 2021 annual report screenshot
\u3000\u3000 “Overseas factories are part of the layout of the whole globalization, because in the future, automobile development will gradually move towards platform, and a design may be applied globally. We will follow up the needs of customers. In Vietnam, our first consideration is the degree of competition. Second, labor costs, including labor resources. Third, because of the technical barriers and process particularity of our airbags, it is just right for us to go there Customers who should be. ” Hmt(Xiamen)New Technical Materials Co.Ltd(603306) general manager Zhang Chuquan said.
For R & D expenses, Hmt(Xiamen)New Technical Materials Co.Ltd(603306) explained: “in 2021, our R & D expenses increased significantly, which was more due to the expenditure of our existing business. For the lightweight and new materials of automobiles, we set up a research institute, including our plan for convertible bonds Expenditures are also clearly disbursed, and R & D expenses in convertible bonds will focus more on new businesses. One is the research and development of composite materials now being done, and the other is the research and development of end products and equipment. The main R & D expenses are placed in these two fields, because the reserves of the whole technology are very mature. “
In addition, some investors asked about the turnover rate of accounts receivable, Hmt(Xiamen)New Technical Materials Co.Ltd(603306) said: “the turnover rate of accounts receivable is indeed strengthened if we only look at the account of accounts receivable. But if we combine the operating income with the settlement methods of accounts receivable, notes receivable and accounts receivable financing, our turnover rate in the last three years is similar and remains at a relatively stable level.”
