[key points of investment]
As the upstream of the semiconductor industry, the overall scale of semiconductor materials has maintained continuous growth. According to semi data, the global semiconductor material market reached US $64.3 billion in 2021, a record high, with a year-on-year increase of 15.9%. Different kinds of electronic gases with different functions run through almost the whole integrated circuit manufacturing process. It includes key processes such as deposition, lithography, etching, diffusion and annealing, as well as functional gases used for reaction chamber cleaning. The proportion of electron gases in semiconductor materials is second only to silicon wafers. According to techset data, the global electronic gas market in 2021 was about US $6.25 billion, with a year-on-year increase of more than 7%. Among them, the electronic bulk gas market was about US $1.71 billion and the electronic special gas market was US $4.53 billion. Techcet predicts that by 2025, the global market scale of electronic gas will exceed US $8 billion, of which the market scale of electronic special gas will reach US $6 billion and the market scale of electronic bulk gas will exceed US $2 billion.
At present, the global electronic gas market is still dominated by overseas top manufacturers, and the top four companies account for more than 90% of the global market. Domestic gas suppliers have continued to carry out R & D and technological innovation in recent years, made breakthroughs in some key special gas fields, and actively expanded production to continuously improve the competitiveness of the industry. In addition, considering the favorable factors such as China’s policy support, customer relationship maintenance and supporting service support, we believe that the accelerated development of the mainland semiconductor industry chain will also effectively promote the share of domestic electronic gas manufacturers and have broad growth space.
[configuration suggestions]
We are cautiously optimistic about Jiangsu Nata Opto-Electronic Material Co.Ltd(300346) ( Jiangsu Nata Opto-Electronic Material Co.Ltd(300346) ) engaged in R & D, production and sales of high-purity electronic materials and Suzhou Jinhong Gas Co.Ltd(688106) ( Suzhou Jinhong Gas Co.Ltd(688106) ) engaged in gas R & D, production, sales and services. It is suggested to pay attention to the comprehensive gas supplier Hunan Kaimeite Gases Co.Ltd(002549) ( Hunan Kaimeite Gases Co.Ltd(002549) ) that expands the electronic special gas and opens a new space, and Guangdong Huate Gas Co.Ltd(688268) ( Guangdong Huate Gas Co.Ltd(688268) ) that provides customers with leading integrated gas application solutions.
[risk tips]
Downstream market demand is lower than expected
The import progress of new products and new businesses is less than expected
The production expansion progress is less than expected
