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Related reading:
"High-pure process leader Zhipure technology"
Today we will sort out Zhipure technology together. The company's main business mainly includes the research and development, production and sales of high-purity process systems; the research and development, production and sales of semiconductor wet cleaning equipment; Research, development, production and sales of optical sensing applications and related optical components.
Pan-semiconductor process is accompanied by many special processes, and a large number of ultra-high purity (ppt-level) wet and dry chemicals are used. This is an important medium for completing process results, and its characteristics are expensive and accompanied by emissions. In the field of integrated circuit , high-purity process systems mainly include high-purity special gas systems, bulk gas systems, high-purity chemical systems, abrasive liquid supply and recycling systems, precursor process medium systems, etc. Among them, various high-purity gas systems mainly serve several major dry process equipment, and various high-purity chemicals mainly serve wet process equipment. company focuses on six words in terms of user value: "high purity, process, energy saving, environmental protection, automation, and intelligence". While the company is moving deeper into the wet process, it has also invested in research and development in the fields of emission reduction and process digitalization, with specific products and services deployed, and the investment in this field has both economic and social benefits.
In the application field, the scope of high-purity process systems is becoming more and more widespread. Impurity control technology was initially used in the semiconductor industry. With the widespread application of semiconductor process technology, modern manufacturing industry has formed a pan-semiconductor industry , that is, the manufacturing process of all semiconductor processes as the product. The processes including doping, lithography, etching, CVD film formation, etc. all require a considerable number of high-purity gases and high-purity chemicals, thus generating a large demand for high-purity process systems.
At present, the products and services of a few local suppliers have successfully entered the world's front-line customers, and their competitive position has been continuously strengthened. Import substitution is gradually realizing, including system replacement, equipment replacement, and even component layer replacement. There are few local enterprises in the industry that have leading technology and have the strength and experience in undertaking large projects. The industry presents a competitive landscape with high concentration of high-grade and high-purity technology markets and a relatively scattered low-grade markets. The competitive position of local mainstream suppliers will continue to increase.
There are few companies in China that have exactly the same business model as Zhizhu Technology or basically cover the company's business scope. Among the domestic companies that can obtain public financial data at , only Langmai Co., Ltd. (which has been merged by Changao Co., Ltd. ) and Zhengfan Technology are the most similar to the company's businesses, while Langmai Co., Ltd.'s clean system business is only aimed at the pharmaceutical industry. international suppliers include Taiwanese listed companies Fanxuan Technology and Hantang Integration.
Through years of experience accumulation and technological development, the company has continuously improved its products and services, and has formed a good reputation and reputation in the industry, accumulated a group of high-end customers and partners, and is basically a leading or major enterprise in its respective industries. semiconductor field customers include Shanghai Huali, SMIC , Yangtze River Storage , Hefei Changxin, Silan Micro , Xi'an Samsung, Wuxi Hynix and other front-line customers; photovoltaic industry customers include Yingli , GCL Integration, Tongwei Co., Ltd., etc.; in the pharmaceutical field, we have obtained orders from leading international and domestic pharmaceutical and personal care users such as Baxter, Junshi Biologics, Mindray, Procter & Gamble, Kanghong, and Jinbawang.
high-purity process system has the characteristics of high customer viscosity. In 2020, all the company's core customers gave repeated orders, including SMIC, Huali, Hynix , Changxin, Shilanwei, Huike , etc. The overall order quantity hit a record high, gradually consolidating its leading position .
Company started the research and development of semiconductor wet process equipment in 2015, and Since 2016, its business focus has gradually shifted to the semiconductor industry .
cleaning is an important part of the semiconductor process and is one of the most important factors affecting the yield and reliability of the device. In order to reduce the impact of impurities on chip yield, not only needs to improve the efficiency of single cleaning in actual production, but also needs to be frequently cleaned before and after almost all processes, and the cleaning steps account for about 1/3 of the overall steps. For example, in the manufacturing stage of single crystal silicon wafer , the polished silicon wafer needs to be cleaned to ensure that it shows flatness and performance; in the process process stage, it is necessary to clean before and after key processes such as etching, chemical deposition, and degluing to remove chemical impurities contaminated by the silicon wafer during the process and reduce the defect rate; in the packaging stage, TSV cleaning, UBM/RDL cleaning, etc. must be carried out according to the packaging process.
According to the cleaning principle, cleaning equipment can be divided into dry cleaning equipment and wet cleaning equipment. The wet process refers to spraying or scrubbing with a highly corrosive or oxidative solvent, so that impurities indicated by silicon react with the solvent, and produce soluble substances or gases, thereby cleaning away the particles or other metal ions indicated by wafer . dry process refers to cleaning technology without chemical reagents, including plasma cleaning, gas phase cleaning, etc. In the actual production process, is generally used in combination with two methods. Currently, more than 90% of the cleaning steps are mainly wet equipment, and a small number of specific sites use dry cleaning to improve cleaning efficiency. Zhizhu Technology mainly produces wet cleaning equipment .
is divided according to the number of wafers that are cleaned simultaneously. The cleaning equipment can be divided into tank cleaning and single-piece cleaning. Tank cleaning is to place multiple wafers (usually 100-200 pieces) into the cleaning tank for centralized cleaning. This type of cleaning machine has high efficiency and low cost. The disadvantage is that the concentration is difficult to control, which may cause cross-contamination. Single-chip cleaning sends each wafer to each cavity for separate spray cleaning, which can easily control the cleaning quality and improves the cleaning uniformity of the single wafer at different locations, but has low cleaning efficiency.
Cleaning equipment accounts for about 5-6% of the value of the semiconductor equipment market, which is lower than that of core equipment such as lithography and etching. At the same time, the technical threshold is lower, so it is easier to achieve comprehensive domestic production first.
According to SEMI data, the global semiconductor cleaning equipment market size in 2015 was US$2.6 billion, and it is expected to reach US$3.7 billion in 2020, with a compound growth rate of 7%. It is estimated that the annual space of wet cleaning equipment in mainland China will be US$1.5-2 billion, and the domestic production rate of cleaning machines will reach 40%-50% by 2023, that is, the market space of domestic equipment will be 4-7 billion; and it is expected that the trough and monolithic cleaning equipment of 12-inch wafers will be the main increment of the market in the future. Among them, the single-chip cleaning machine company is expected to become one of the few domestic equipment manufacturers with core technologies .
The global semiconductor cleaning equipment industry monopoly. Currently, the global leaders in semiconductor cleaning equipment are mainly Japanese, American and Korean companies such as DNS (Japan Dean), TEL (Japan Tokyo Electronics), Lam Research (USA) and SEMES (South Korea). According to Gartner data, the global cleaning equipment CR4 was about 98% in 2019, and the market was highly concentrated, among which Deans was in the leading position with a market share of 45.1%. cleaning equipment major domestic suppliers include: Shengmei Co., Ltd., Northern Huachuang , Xinyuan Micro, Zhichun Technology and other .
In 2020, the company's single-chip wet equipment and tank wet equipment were discharged over 30 units throughout the year. At the same time, the new order amount of single-piece wet method equipment exceeded 360 million yuan, a significant increase. At present, the domestic production rate of semiconductor cleaning machines is less than 10%. With the increase in the domestic production rate and the Qidong project gradually releases production capacity, the company's semiconductor business is expected to further grow .
In 2019, the company completed the acquisition of Bohui Technology and entered the optical sensor market .
Bohui Technology's main business is the research, development, production and sales of optical sensing applications and related optical components. As one of the few manufacturers in the industry with vertical integrated manufacturing capabilities, has the R&D and large-scale production capabilities from basic optical components (optical filters, laser caps, etc.), sensing equipment and systems to data analysis and application integration software platforms. The company's optical sensing customers include State Grid , Southern Power Grid , China Petroleum , Huawei , Honeywell , etc.; in the field of optical communication, the company has established good cooperative relationships with well-known companies such as Shijiazhuang Metda Electronic Technology Co., Ltd., Ruigu Optical Network, Chuhan Technology, etc. .
acquisition of Bohui Technology is conducive to leveraging the business synergy effect , and will not compete with customers in the fields of integrated circuits and discrete devices, the main sources of current revenue and profits, which will help the company further improve its sustainable profitability and effectively enhance the product competitiveness and market space of listed companies.
. The leading domestic high-purity process technology, cleaning equipment has entered a new stage of development
Zhizhu Technology was established in 2000; from 2000 to 2005, the company's business was mainly engineering subcontracting; from 2005 to 2008 to 2008, it was established to be a supplier of overall solutions for high-purity process systems; from 2008 to 2012, the company's business was driven by the development of the photovoltaic industry, and ranked among the best suppliers in the industry; from 2012 to 2015 In 2017, the company's business was stable: driven by the development of the medical industry; from 2016 to 2017, the company's development driving force was mainly semiconductor; in 2017, the company went public and entered the semiconductor equipment industry; in 2018, the company's cleaning equipment passed customer quality certification and was shipped in batches; in 2019, the acquisition of Bohui Technology entered the optoelectronics field.
2. Business analysis
015-2020, operating income increased from 208 million yuan to 1.397 billion yuan, with a compound growth rate of 46.36%, a year-on-year increase of 41.63% in 2021Q1, and achieved a year-on-year increase of 104.13% to 231 million yuan; net profit attributable to shareholders increased from 18 million yuan to 261 million yuan, The combined growth rate was 70.72%, a year-on-year increase of 136.36% in 2020, and a net profit attributable to shareholders of RMB 75 million in 2021Q1; the net profit attributable to shareholders of RMB 111 million in deductible to shareholders of RMB 47.31%, a year-on-year increase of 22.20% in 2021Q1, and a net profit attributable to shareholders of RMB 03 million in deductible to shareholders of RMB 02 million in deductible to shareholders of RMB 18 million in 2021Q1; the cash flow of operating activities was 02 million, -18 million, -68 million, -53 million, -111 million, and -281 million respectively, and the cash flow of operating activities was -74 million in 2021Q1.
point product, in 2020, the revenue of high-purity process system integration increased by 35.53% year-on-year to 863 million yuan, accounting for 61.85%, and the gross profit margin increased by 5.32pp to 31.76%; semiconductor equipment achieved revenue growth of 166.77% year-on-year to 218 million yuan, accounting for 15.61%, and the gross profit margin decreased by 2.23pp to 29.85%; optical sensors and optical devices achieved revenue growth of 18.95% year-on-year to 315 million yuan, accounting for 22.55%, and the gross profit margin increased by 1.74pp to 55.33%.
2020 revenue of 361 million yuan, accounting for 25.85%.
. Core indicator
017-2020, the gross profit margin fell from 39.73% to the 2018-year low of 28.19%, and then increased year by year to 36.79%; the period expense rate dropped from 23.66% to the 2018-year low of 13.47%, and then rose year by year to 19.21%, among which sales expense rate fell from 4.04% to the 2017-year low of 2 .00%, then rose to 3.90%, and the administrative expense ratio dropped from 15.14% to 7.58% in 2018, and then rose to 9.85%, and the financial expense ratio dropped to 1.62% in 2016, and then rose to 5.46%. The profit margin increased to 17.21% in 2016, and then fell to 4.67% in 2018, and then rose to 18.66%, and weighted ROE16, and then fell to 16.76% in 2018, and then fell to 7.71% in 2018, and then rose to 16.03%.
. DuPont analysis
Network asset return =profit margin*Asset turnover rate *Equity multiplier
From the chart and data, the return on net assets mainly changes with the profit margin.
. R&D expenditure
In 2020, the company's R&D investment was 150 million yuan, accounting for 10.76%, capitalization was 54.8266 million yuan, and the capital rate was 36.47%; as of the end of 2020, the company had 231 R&D personnel, accounting for 17.96%.
. Valuation indicator
PE-TTM 25.42, located at the lowest level in the past three years.
According to institutional consistency forecast, Zhizhu Technology's performance growth rate in 2023 will be around 16.27%, with an EPS of 1.46 yuan, and a 5-year compound growth rate of 70.20% in 2018-23. The current stock price is 28.00 yuan, corresponding to the valuation of PE in 2023 of about 19.22 times and PEG is around 1.18.
Highlights:
single-piece wet method equipment has received multiple orders from important domestic users, further filling the gap in domestic equipment in the field of wet method cleaning; with the commercial promotion of multiple models of single-piece cleaning equipment independently developed, the company's investment value and potential have been further highlighted.
