(report producer/analyst: Zhongtai Securities Feng Sheng, Zhang Chenfei)
. The leading company in direct writing lithography equipment has rapidly grown performance .1. Deeply pursuing direct writing lithography, developing from PCB to pan-semiconductor
, deeply pursuing direct writing lithography equipment, and entering the first echelon of the industry. company was established in 2015 and specializes in the research and development and production of direct imaging equipment and direct writing lithography equipment with micro-nano direct writing lithography technology as the core.
Company has been deeply involved in the PCB field and has served more than 100 customers in total, including industry leaders such as Shennan Circuit , Jianding Technology , and the company is expanding into the field of pan-semiconductors with higher accuracy requirements. In April 2021, the company logged on Science and Technology Innovation Board and was listed on .
Company's main products include PCB series, pan-semiconductor series and other laser imaging equipment:
) PCB series: Company's products include direct imaging equipment and direct imaging online automatic line system. It can provide flexible and efficient exposure solutions for high-end PCB manufacturers such as hard boards, soft boards, and IC carrier boards;
) Pan-semiconductor series: In the semiconductor field, the company's products include mask plate making and IC manufacturing direct write lithography equipment. The lithography accuracy of the company's equipment can reach a minimum line width of 350nm, which can meet the mask plate making needs of process nodes with line width of 90nm; in the panel field, the company's main products are OLED direct write lithography equipment automatic line system, which is used in OLED display panel manufacturing, and the lithography accuracy can achieve a minimum line width of 0.7μm.
Currently, the PCB business is the company's main source of revenue, and the pan-semiconductor business is developing rapidly. The revenue share of the company's PCB and pan-semiconductor businesses in 2021 was 84.32% and 11.30% respectively. The company's pan-semiconductor business is developing rapidly. In 2021, the company's pan-semiconductor business achieved revenue of 55.6204 million yuan, and increased by year-on-year. With the company's pan-semiconductor business continuing to expand, the share of pan-semiconductor business revenue is expected to gradually increase. The company's product profitability is at a relatively high level, with the gross profit margins of PCB and pan-semiconductor businesses in 2021 being 38.70% and 62.04% respectively.
.2. Performance is growing rapidly, profitability tends to stabilize
. The company's performance is growing rapidly. From 2017 to 2021, the company's operating income increased from 22 million yuan to 492 million yuan, with a CAGR of 117.05%; the net profit attributable to shareholders increased from -6.8467 million yuan to 106 million yuan. In the first quarter of 2022, the company achieved operating income of 104 million yuan, a year-on-year increase of 28.21%; and achieved net profit attributable to shareholders of 19.6736 million yuan, a year-on-year increase of 51.19%. With the company's continued deepening of PCB direct imaging and the rapid development of pan-semiconductor lithography, the company's high performance growth trend is expected to continue.
The profitability of the company is becoming stable. From 2018 to 2021, the company's gross profit margin declined, mainly due to the large-scale purchase price given to downstream customers after a significant increase in procurement volume. Among them, the company's gross sales profit margin and net sales profit margin in 2021 were 42.76% and 21.57% respectively, down 0.65pct and 1.34pct respectively year-on-year, and its profitability tends to stabilize. With the company's continued deepening of various businesses and the proportion of revenue of the pan-semiconductor business with higher gross profit margins increases, it is expected that the company's gross profit margin will steadily increase.
has strong cost control capabilities, and the period cost rate has decreased. As the company's scale grows and the cost control capabilities strengthen, the company's period expense ratio continues to decline. From 2017 to 2021, the sum of the company's three expense ratios dropped from 49.9% to 9.16%. In 2021, the company's sales expense rate /administrative expense rate/financial expense rate was 6.06%/3.87%/-0.78%, respectively, which was at a low level.
Company attaches importance to R&D, and R&D investment is at a high level. In 2021, the company's R&D expenses were RMB 56.4798 million, a year-on-year increase of 66.39%, accounting for 11.47% of the main business revenue. Since the establishment of the company, the proportion of R&D investment in operating income has always been higher than 10%, which is at a high level in the industry.High proportion of R&D investment promotes the company's continuous technological progress. As of the end of 2021, the company has obtained a total of 120 intellectual property rights: including invention patents, invention patents, 61 utility model patents, 74 appearance design patents, and 714 software copyrights.
.3. The equity structure is stable, and equity incentives help the company to develop in the long term
. The company's controlling shareholder and actual controller are Ms. Cheng Zhuo. As of the first quarter report of 2022, Ms. Cheng Zhuo directly held 30.45% of the company's equity , and indirectly held 2.5% of the company's equity through three employee stock ownership platforms, Yago Semiconductor, NaLithography and Helising. Cheng Zhuo holds a total of 32.95% of the company's equity and is the actual controller of the company.
releases an equity incentive plan to help the company develop in the long term. On April 8, 2022, the company released the restricted stock incentive plan , intending to grant no more than 1.087 million restricted stocks to no more than 212 people, with a grant price of 26.17 yuan per share. The target value of the company's equity incentive assessment indicators is: operating income from 2022 to 2024 will not be less than 714 million yuan, 984 million yuan, and 1.329 billion yuan, respectively, or net profit will not be less than 143 million yuan, 191 million yuan and 249 million yuan, respectively. Assuming that the operating income just reaches the target value of the assessment indicators, the year-on-year growth rate of the company's operating income from 2022 to 2024 will be 45%, 38%, and 35% respectively; assuming that the net profit just meets the assessment standards, the year-on-year growth rate of the company's net profit from 2022 to 2024 will be 35%, 33%, and 31%, respectively.
. PCB direct imaging equipment is in high demand, and the domestic production continues to carry out .1. Lithography is an important process for PCB production, used for the manufacture of inner and outer layers and solder resist layer
Lithography is a high-precision patterning technology and is widely used in advanced manufacturing. photolithography technology refers to micro-nano manufacturing technology that uses the principle of optical-chemical reaction and the chemical and physical etching method to transfer the designed micro-graphic structure to the surface of wafer , glass substrate, copper clad plate and other substrates covered with photosensitive material . Lithography technology, as the core of patterning technology, is the smallest and most accurate processing technology that humans can achieve so far. It is widely used in advanced manufacturing fields such as semiconductors, display panels, mask version, printed circuit board and other advanced manufacturing fields.
lithography process is used in the manufacturing of inner layer graphics, outer layer graphics and solder resist layers of PCB, and the corresponding equipment is an exposure device. The production process of PCB mainly includes inner layer graphic production, lamination, drilling, electroplating, outer layer graphic production, solder resist production, surface treatment, etc. Among them, lithography is used in the manufacturing of inner layer patterns, outer layer patterns and solder resist layers. The main function is to transfer the designed circuit circuit patterns to the PCB substrate.
.2. Driven by in-vehicle and 5G, the PCB industry continues to grow
The global PCB industry output value has steadily grown. According to Prismark data, the global PCB industry output value in 2021 was US$80.449 billion, a year-on-year increase of 23.4%. Benefiting from the development of downstream markets such as wireless communications, new energy and intelligent driving, consumer electronics, servers and data storage, the PCB industry is expected to continue to grow in the next few years. According to Prismark data, it is expected that the global PCB industry output value will reach US$101.559 billion in 2026, and the CAGR from 2021 to 2026 will be approximately 4.8%.
China has become the world's largest PCB production market. PCB is one of the foundations of the electronic information industry. With the rapid development of the domestic electronic information industry, the domestic market has become an important production base for PCBs around the world. According to Prismark data, China's PCB output value is expected to be US$43.616 billion in 2021, accounting for 54.2% of the global market.
New energy vehicle penetration rate has increased, driving a significant increase in demand for automotive PCBs. According to the data of the "China Automobile Industry Development Annual Report 2021", the global sales of new energy vehicles in 2020 were about 3.07 million, accounting for 3.9% of global automobile sales. As countries around the world introduce relevant policies, new energy vehicles will maintain a rapid growth trend. According to PCB consultation, the increase in the automotive electrification brought to PCB mainly includes vehicle control VCU, microcontroller unit MCU and battery management system BMS.According to statistics from Zosi Automobile, taking Tesla Model 3 as an example, the total PCB value exceeds 2,500 yuan, which is 6.25 times that of ordinary fuel vehicles.
G penetration and smartphone function expansion have driven the increase in PCB demand. The complexity and diversification of mobile phone product functions and the popularization of 5G communication technology have put forward higher technical requirements for PCB wiring density, flexibility, density, etc., and the demand for HDI board using high-density interconnection technology has also been greatly improved. According to MIC data, with the continuous penetration of G, HDI demand is strong. The increase in mobile phone function modules and the trend of lightweighting and thinning has led to a gradual increase in the use of soft boards. At this stage, the soft board usage of Apple among mainstream mobile phones is the largest, the soft board usage of iPhone XS has reached 24 single-machine, and the single-machine Android phone is about 13 single-machine. The increase in functional modules is an inevitable trend in the development of electronic products, and the demand for soft boards brought about will gradually increase.
Downstream manufacturers' capital opening support continues to grow, and PCB equipment demand is strong. As demand for the PCB industry grows, domestic PCB manufacturers' capital support continues to grow. From 2010 to 2021, the cash paid by major PCB manufacturers to purchase and build fixed assets, intangible assets and other long-term assets of showed an overall upward trend. The continued growth of capital expenditure of downstream manufacturers has driven strong demand for PCB equipment.
.3. The PCB industry structure upgrades, accelerates the growth of exposure equipment demand
PCB is widely used and has a variety of types. PCB is a bridge that carries electronic components and connects circuits. As the mother of electronic products, its application fields include communication equipment , computer and network equipment, consumer electronics, automotive electronics, industrial control and medical industries. There are many types of PCBs, which can generally be divided into low- and medium-layer boards, multi-layer boards, , flexible and rigid-flex bonding boards, HDI boards and IC packaging substrates.
terminal product upgrade promotes PCB to develop towards high-end. According to Prismark data, from 2000 to 2020, the global output value of single and double-layer boards dropped from 23.6% to 12.14%; while the output value of high-end HDI, IC packaging substrates, flexible boards and rigid-flexible boards increased significantly. In 2000, the output value of the three was 5.10%, 8.60%, and 8.40%, respectively. In 2020, the output value of the three increased to 15.15%, 15.63%, and 19.15% respectively. With the continuous development of the server/data storage, automobile industry, mobile phone and communication sectors, it is expected that the proportion of high-end PCB output value will continue to increase. According to Prismark, HDI boards and IC packaging substrates will be the fastest compound growth PCB products in the next five years, with CAGRs of 4.9% and 8.6% respectively. It is expected that the proportion of HDI boards and IC packaging load boards in global PCB products will further increase in 2026.
PCB high-end trend drives a multiplier growth in demand for exposure equipment. benefits from the structural upgrade of the PCB industry, and the demand for exposure equipment has shown rapid growth. According to calculations, under the same output value, the investment in exposure equipment of the HDI production line is 1.99 times that of high multi-layer boards and 2.66 times that of low multi-layer boards. With the continued growth of the PCB industry and the increase in the proportion of high-end products, the demand for exposure equipment will grow rapidly.
The proportion of mid-to-high-end products in the domestic PCB industry has increased, promoting the rapid growth of exposure equipment. According to Prismark data, the output value of mid-to-high-end PCBs such as high-multilayer boards, HDI boards, IC packaging substrates, flexible boards and rigid-flex bonding boards in China accounted for 52.63%, while the output value of mid-to-high-end PCBs in the Americas and Japan accounted for 70.19% and 82.22% respectively. With the development and upgrading of China's electronic information industry, it is expected that the proportion of China's mid-to-high-end PCB output value will gradually increase. The structure upgrade of the PCB industry will promote the rapid growth of exposure equipment in my country.
We calculate the market size of the domestic PCB exposure equipment based on the following assumptions: (1) According to Prismark data, it is expected that the global PCB industry output value will increase from US$80.449 billion to US$101.559 billion from 2021 to 2026, with a CAGR of 4.8%; (2) Assuming that China's output value will gradually increase; (3) According to the announcements of Shenghong Technology/Chongda Technology/Jingwang Electronics and other companies, assuming that the proportion of low-end PCB exposure equipment/PCB output value is 5%; assuming that the proportion of mid-to-high-end PCB exposure equipment/PCB output value is 10%.According to estimates, the market space of China's PCB exposure equipment in 2021 is US$3.296 billion. In 2026, when the output value of mid-to-high-end PCB is 60%, 70%, and 80%, respectively, the market space of China's exposure equipment is 4.745, 5.041, and 5.338 billion, respectively, and the corresponding CAGR from 2021 to 2026 is 7.56%, 8.87%, and 10.12%, respectively.
.4, with overall performance advantages, direct imaging has become the mainstream PCB exposure equipment
PCB exposure equipment is divided into traditional exposure and direct imaging equipment. The mask version needs to be exposed to a special photosensitive film on the surface of the substrate, and then the circuit pattern is transferred to the substrate through exposure and development. Direct imaging is to focus the pattern beam onto the substrate surface of the coated photosensitive material through an optical imaging system to complete the direct imaging and exposure of the pattern. Direct imaging technology does not require the use of mask plates, so the process flow is greatly simplified.
direct imaging devices include laser direct imaging (LDI) and ultraviolet direct imaging (UVLED-DI) devices. where the light of LDI is emitted by laser , which is mainly used for exposure of the line layer, which helps to achieve smaller line width and higher alignment accuracy. The light of UVLED-DI is emitted by ultraviolet light emitting diode . It is mainly used for exposure of solder resist layer, with higher production efficiency and helps protect the surface of the circuit board.
direct imaging equipment is better than traditional exposure equipment in terms of accuracy, production efficiency, yield rate, environmental protection, etc. Currently, traditional exposure technology can achieve the highest accuracy of about 50μm, while LDI direct imaging technology can achieve the highest accuracy of line width up to 5μm. At the same time, the LDI exposure process is simple, which can greatly improve production efficiency. In addition, direct imaging equipment has obvious advantages in terms of yield rate, environmental protection, production cost, flexible production, automation level, etc.
production accuracy requirements have been improved, and direct imaging equipment has gradually become the mainstream. The production accuracy requirements of the PCB industry are constantly improving. According to the Taiwan Circuit Board Association (TPCA), the PCB production accuracy in multiple application fields will be greatly improved from 2021 to 2025. Taking multi-layer boards as an example, the exposure accuracy requirements in HPC, B5G and other fields will be increased from 25um to 10um. With the improvement of the requirements for production accuracy in the PCB industry, direct imaging equipment has gradually become the mainstream in the industry.
.5. Domestic enterprises continue to improve their technology, and domestic substitution is rapidly carried out
PCB direct imaging equipment market is still dominated by overseas companies. Currently, foreign companies such as Israeli Orbotech, Japanese ORC and other foreign companies are in the leading position in the PCB direct imaging equipment market. According to Global lnfo Research data, the market share of CR15 in PCB direct imaging equipment in 2020 is close to 98.35%, while the market share of Israel Orbotech is 51.58%.
Domestic enterprises continue to make progress in technology, and domestic replacement of direct imaging equipment is carried out quickly. In recent years, domestic PCB direct imaging equipment companies have increased their R&D investment, and enterprises represented by Xinyu Micro-Packaging have gradually approached foreign companies in terms of core performance indicators such as minimum line width and alignment accuracy. Domestic companies have market advantages and can provide better pre-sales and after-sales services, and domestic substitution in the industry is carried out quickly. (Report source: Yuanzhan Think Tank)
. The demand for direct writing lithography of pan-semiconductors has steadily increased, and domestic substitution is imperative .1. Lithography is an important process of pan-semiconductors, and the application prospects of direct writing lithography are good
lithography is widely used in the field of pan-semiconductors. lithography process is used in IC manufacturing, FPD ( flat panel display) manufacturing, and mask plate making. According to whether the mask plate is used during the lithography process, lithography technology is mainly divided into direct writing lithography and mask lithography. Among them, the requirements for photolithography accuracy of IC manufacturing and mask plates are nano-level, and the photolithography accuracy of FPD manufacturing is micro-level.
Pan-semiconductor lithography includes direct write lithography and mask lithography. The difference between is whether the mask version is used.Direct writing lithography can be roughly divided into two main types according to the different radiation sources: one is optical direct writing lithography, such as laser direct writing lithography; the other is charged particle direct writing lithography, such as electron beam direct writing, ion beam direct writing, etc. Mask lithography can be further divided into proximity/contact lithography and projection lithography according to the position of the mask plate. The advantages of direct writing lithography are that it does not require mask plates, is easy to modify the design, and has a short manufacturing cycle, but its lithography accuracy is lower than that of mask lithography, so it is suitable for areas with relatively low accuracy requirements.
direct write lithography is used in mask plate manufacturing, IC packaging and other fields:
) mask plate manufacturing: pan-semiconductor devices have diverse types and fast upgrade iterations, so the mask plate of specific models has a short service life. Direct writing lithography can meet the accuracy requirements of mask plate manufacturing and is suitable for flexible production in small batches, so it is the mainstream choice for mask plate manufacturing. Driven by the process upgrade of the semiconductor industry, demand for mask versions is strong, and demand for direct writing lithography equipment continues to grow.
) IC packaging and low-end product manufacturing: direct write lithography has comparative advantages in the production and research and development trial production of small batch and multi-variety pan-semiconductor devices. With the maturity and development of technology, pan-semiconductor has good application prospects in IC packaging, low-end IC manufacturing, and low-generation FPD manufacturing.
According to Yole Development, the application of laser direct write lithography technology in the field of advanced IC packaging will gradually mature and occupy a certain market share in the next three years, with good market application prospects.
.2. The market segment demand is strong, and direct writing lithography is developing rapidly
.2.1. Mask plate making: The high-end development of terminal products drives the market demand for mask plate making
IC and panel are the main application areas of mask plate. mask (Photomask), also known as photomask, photomask, photolithography mask, mask, etc., is a graphic transfer tool or master in the microelectronics manufacturing process, and is a carrier that carries intellectual property information such as graphic design and process technology. After the light beam emitted by the exposure light source passes through the mask plate, a line pattern requiring lithography is formed. According to data from the Forward-looking Industry Research Institute, IC, LCD, and OLED are the top three application areas of mask version, with applications accounting for 60%, 23%, and 5% respectively.
semiconductor chip mask version has a lot of market space. Driven by the rapid development of smart cars, artificial intelligence , memory market, Internet of Things, 5G communications, metaverse and other fields, the semiconductor chip industry continues to develop. According to WSTS statistics, global semiconductor sales reached US$555.9 billion in 2021, a year-on-year increase of 26.2%. China remains the largest semiconductor market, with total sales in 2021 of US$192.5 billion, a year-on-year increase of 27.1%. According to China Industry Information Network , the global semiconductor mask market size in 2019 was US$4.1 billion. With the rapid development of the semiconductor chip industry, the market space for mask versions for the semiconductor chip industry is considerable.
shows that the demand for the industry mask version continues to grow. The flat panel display market is developing steadily, driving the steady growth of mask version demand. According to Omdia's analysis, it is estimated that the global mask version sales revenue of the 8.6th generation and below flat panel display industry will be 97.2 billion yen in 2025, accounting for 88% of the global mask version sales of the 8.6th generation and below flat panel display industry will maintain a steady growth. At the same time, as related industries shift to the domestic market, the demand for mask versions in mainland China's flat panel display industry will continue to rise. It is expected that by 2024, the global demand for mask versions in mainland China's flat panel display industry will reach 60%.
.2.2. Advanced Packaging: Direct writing lithography has entered the field of advanced packaging, and packaging manufacturers are actively expanding production of
Post-Moore era advanced packaging prospects are promising. After , Moore's Law, chip performance is approaching the physical limit. The industry has begun to focus on the packaging process and further improves chip performance by flip-up, 3D packaging, system-level packaging and other methods.According to Yole, the global market size of advanced packaging is about US$35 billion in 2021, and the market size of advanced packaging is expected to reach US$42 billion in 2025.
direct write lithography technology continues to make efforts in the field of advanced packaging. In the field of advanced IC packaging, mask lithography technology is the mainstream technology applied in the industry. However, due to the certain limitations of mask lithography in terms of alignment flexibility, large-size packaging and automatic encoding, pan-semiconductor equipment manufacturers have applied laser direct write lithography technology to advanced packaging fields such as wafer-level packaging in recent years. Taking Fan-Out as an example, in the rewiring (RDL) process, the chip will be displaced during the assembly process, making it difficult to accurately locate the lithography machine using the mask version. The maskless direct write lithography device can reconnect the die through RDL after detecting displacement using software, so that the efficiency and yield rate will be improved to a certain extent. With the continuous improvement of efficiency and technology, the application of direct writing lithography equipment in advanced packaging is expected to be more common.
.2.3. Direct writing lithography has good application prospects in FPD manufacturing
FPD industry development, promoting the growth of lithography equipment demand. According to Mordor Intelligence data, the global FPD market size in 2018 was approximately US$157.85 billion, and the industry is expected to maintain a sustained growth trend. According to UBI Research data, the global OLED manufacturing equipment market size in 2019 was about US$8.31 billion, of which lithography equipment is used in the array process link, and the equipment scale in this link accounts for about 36%. This estimates that the market space of OLED lithography equipment is about US$3 billion.
direct write lithography has been used in the low-generation FPD production line. At present, FPD high-generation production lines all adopt projection lithography technology, which achieves efficient mass production while ensuring exposure accuracy requirements, meeting the needs of large-scale FPD industrialized production. However, the current industrial situation of mask plate making cycles and high costs has brought opportunities for the application of direct writing lithography technology. At present, direct writing lithography technology has been industrialized to a certain extent in FPD low-generation production lines, and can achieve lithography accuracy with a minimum line width below 1μm. With the upgrading and advancement of direct writing lithography technology, direct writing lithography equipment is expected to enter the display panel manufacturing market with higher accuracy.
.3. Pan-semiconductor lithography is still dominated by foreign companies, and domestic companies are rapidly improving
Pan-semiconductor lithography equipment market is still dominated by foreign companies:
) IC front-end manufacturing field: is currently monopolized by Netherlands ASML, Japanese Nikon, and Canon. Only domestic manufacturers can realize the industrialization of projection lithography equipment. In the field of direct writing lithography in IC manufacturing, domestic companies such as Xinci Micro Appliance and Tianjin Xinshuo can realize the industrialization of direct writing lithography equipment. Foreign competitors mainly include German Heidelberg, etc.
) IC and FPD mask plate making field: mask plate making basically uses direct writing lithography technology. In the field of direct writing lithography equipment using laser as the radiation source, the main manufacturers are Swedish Mycronic, German Heidelberg and other companies, among which Swedish Mycronic is in the world's leading position. Among domestic companies, companies such as Xinqi Micro-Packaging, Jiangsu Film Speed, and Tianjin Xinshuo can realize the industrialization of such equipment. The company's technical level in the field of laser mask plate making (key indicators such as minimum line width, capacity efficiency, etc.) has been able to compete with Germany's Heidelberg. In the field of direct write lithography equipment using charged particle beam as the radiation source, the main manufacturers are Japan JEOL, ELIONIX, NuFlare, ADVANTEST, Germany Vistec, Raith, etc.
) IC back-channel packaging field: in the field of advanced IC packaging, mask lithography technology is the mainstream technology applied in the industry. The main manufacturers are Japanese ORC and American Rudolph. Only Shanghai Microelectronics and other companies can participate in market competition among Chinese companies. In recent years, Japanese pan-semiconductor lithography equipment manufacturers such as SCREEN and USHIO have successfully developed laser direct write lithography equipment for advanced IC packaging.
) FPD manufacturing field: The main manufacturers of FPD projection lithography equipment include Japan's Nikon, Canon, American Rudolph, and domestic Shanghai Microelectronics, etc. Among them, Japan's Nikon and Canon account for the main market share of FPD's high-end lithography equipment; Xinge Micro-Pack launched the domestic OLED display panel direct write lithography automatic line system (LDW-D1) used in FPD low-generation production lines in 2018, with a lithography accuracy of up to 0.7μm, and has successfully obtained production line verification from panel customers. The main foreign competitors in this field include Germany's Heidelberg, etc.
Domestic enterprises are in the stage of technical catch-up. takes the mask plate-making laser direct writing lithography equipment as an example. The alignment accuracy of domestic Xinyu Micro-installation and Jiangsu Film Speed Equipment reaches 500nm, which is lower than 220nm of Swedish Mycronic; in terms of the equipment's engraving accuracy, Xinyu Micro-installation and Jiangsu Film Speed Equipment are 150nm and 200nm respectively, which is lower than that of Swedish Mycronic and other overseas companies. With the rapid development of the domestic pan-semiconductor industry and the continuous progress of domestic equipment companies' technology, the localization of the industry is expected to gradually advance. (Report source: Yuanzhan Think Tank)
. The company has strong technical strength, and its market share is expected to gradually increase .1, strong R&D strength, and its technical level is leading in China
. The company's R&D team is strong. As of the end of 2021, the company's total number of employees was 361, of which 152 R&D personnel were, accounting for 42.11%, an increase of 100% from the beginning of the period. The number of people with bachelor's degree or above is 224, accounting for 62.0% of the total number of employees. The company's core technical personnel are Fang Lin, He Shaofeng and CHEN DONG, all of whom have profound industry experience. Among them, Fang Lin and He Shaofeng have more than ten years of experience in the micro-nano direct writing technology industry; CHEN DONG has more than 20 years of work experience in world-class scientific instruments and semiconductor equipment companies, and has accumulated nearly 30 years of technical research and development experience in nano-instrument and precision optical testing and analytical instruments, with a deep technical background.
company's product performance parameters are leading in China. In the PCB field, the company's minimum line width covers the range of 8μm-75μm, and reaches a high level in terms of alignment accuracy, production efficiency, etc. In the field of pan-semiconductors, 's equipment has reached the domestic leading level, but it is still slightly behind overseas companies such as Sweden's Mycronic. With continuous research and development, the company's technology is rapidly improving, and with its cost-effectiveness and local service advantages, its share in the direct writing lithography equipment market is expected to gradually increase.
more key projects under development, and the company's technology is expected to continue to improve. has a number of key projects under development in the fields of PCB and pan-semiconductors, among which the PCB field is focusing on the development of direct write lithography equipment for high-end PCBs such as IC carrier boards and HDI boards; in the field of pan-semiconductors, the company is developing wafer-level direct write lithography equipment, 90nm process IC mask plate making equipment, and exposure equipment suitable for 6th generation flat panel display.
.2. The company has accumulated rich customer resources and opened up the growth space of pan-semiconductors
. The company has accumulated rich customer resources in the PCB field. After years of deep cultivation and accumulation, the company has served more than 100 customers, including leading companies in the industry such as Shennan Circuit, Jianding Technology, Shenghong Technology, Jingwang Electronics, and other leading companies, as well as research institutions such as Institute of Semiconductors of the Chinese Academy of Sciences, Laser Fusion Research Center of the Chinese Academy of Engineering Physics Research Center, University of Science and Technology of China and other scientific research institutions. The company has a strong market position in the domestic PCB direct writing lithography market.
pan-semiconductor field continues to develop. in the field of pan-semiconductors, the company continues to deepen its efforts in IC manufacturing, mask printing, packaging, panel manufacturing and other fields, and has developed high-quality customers in many industries. In 2021, the company expanded direct write lithography equipment in the field of micro LED display, and now sold it on Chenxian Optoelectronics
; at the same time, it expanded the lead frame field and realized sales to Lide Semiconductor, Longteng and other companies.
.3. IPO fundraising and investment projects are used to expand production and strengthen R&D, and ensure the company's long-term development
. The company's IPO fundraising and investment projects are used to expand production and strengthen R&D. Company issued shares in 2021 to raise funds and used them for four projects: upgrading and iteration of high-end PCB laser direct imaging (LDI) equipment, industrialization of wafer-level packaging (WLP) direct write lithography equipment, research and development of flat panel display (FPD) lithography equipment, and construction of micro-nano manufacturing technology R&D centers, with a total investment of 473 million yuan. The fundraising and investment projects are mainly used to expand production capacity and strengthen R&D, which will help ensure the company's long-term development:
(1) High-end PCB laser direct imaging (LDI) equipment upgrade and iteration project. Based on the existing LDI equipment products, upgrades and iterates the equipment performance to better meet the product needs of downstream customers. After the project reaches full production, it will have the production capacity of 200 LDI products per year.
(2) Wafer-level packaging (WLP) direct write lithography equipment industrialization project. further enriches the company's product system and expands IC packaging direct write lithography equipment. After the project reaches full production, it will have the production capacity of 6 WLP direct write lithography equipment products per year.
(3) Flat panel display (FPD) lithography equipment research and development project. is based on the company's existing OLED low-end production line direct write lithography equipment, and has developed OLED high-end production line direct write lithography equipment, laying a solid foundation for the industrialization of the company's high-end production line direct write lithography equipment.
(4) Construction project of the Micro-nano Manufacturing Technology R&D Center. builds a micro-nano manufacturing technology R&D center, comprehensively upgrade and empower existing technology R&D platforms, promote the company's continuous technological progress, and help the company's long-term development.
, profit forecast and valuation PCB business: benefited from the growth of output value of the PCB industry and the upgrading of the industrial structure, and the demand for exposure equipment has grown rapidly. According to the previous calculation, in 2026, when the output value of mid-to-high-end PCB is 70%, the market space of China's PCB exposure equipment will be US$5.041 billion respectively, and the corresponding CAGR from 2021 to 2026 is 8.87%.
Currently, direct write lithography equipment in the newly built production capacity has basically achieved the replacement of traditional exposure equipment. It is gradually replacing existing traditional exposure equipment, and the penetration rate of direct write lithography continues to increase. There is still a large space for domestic substitution in the direct writing lithography market. The company is the leader in direct writing lithography equipment. On the one hand, it replaces overseas companies such as Aobao. On the other hand, it launches mid-level models such as FAST to expand to the mid-range direct writing lithography equipment market. It is expected that the company's market share will increase rapidly.
Assume that from 2022 to 2024, the revenue growth rate of the company's PCB direct write lithography equipment will be 42%, 35%, and 30% respectively; in terms of gross profit margin, with the company's revenue growth enhanced supply chain bargaining power and continuous optimization of cost management brought about by the company's revenue scale, the company's cost control capabilities have gradually been enhanced. Considering that the promotion of mid-level models such as FAST may have an impact on the overall gross profit margin while increasing the company's profit, it is assumed that the gross profit margin of the company's PCB business will be 38.5%, 38.0%, and 37.8% respectively from 2022 to 3034.
Pan-semiconductor business: Pan-semiconductor business is the company's key development direction. The company's product technology level has been at the advanced level in the industry, and it also has local market advantages. It is expected to gradually form domestic substitution for overseas products. Assuming that the revenue growth rate from 2022 to 2024 is 90%, 65%, and 45% respectively; Pan-semiconductor direct writing lithography technology barriers are high and the market structure is good. It is expected that the company's gross profit margin will remain basically stable. Assuming that the company's pan-semiconductor business's gross profit margin will be 60%, 60%, and 60% respectively from 2022 to 2024.
expenses: (1) It is expected that the company's sales expenses will remain stable. Assuming that the company's sales expense ratio will be 6.0%, 5.9% and 5.9% from 2022 to 2024; (2) Taking into account the amortization of the company's equity incentive plan expenses, the management expenses will increase in 2022-2024. Assuming that the company's management expense ratios will be 4.9%, 4.6%, and 4.6% from 2022 to 2024: (3) The company attaches importance to R&D investment, and is expected to increase steadily. Assuming that the company's R&D expense ratios will be 10.3%, 10.5% and 10.5% from 2021 to 2023, respectively.
is expected to be RMB 723, RMB 1.006, and RMB 1.333 billion from 2022 to 2024, and the net profit attributable to shareholders will be RMB 153, RMB 212, and RMB 275 million respectively.
We selected Dazu CNC, Jingce Electronics and Dongwei Technology as comparable companies. The average PE values of comparable companies from 2022 to 2024 are 30.23, 22.36, and 17.02 times respectively.The company's PE is higher than the average of comparable companies. Considering that the company's PCB direct imaging equipment is expected to develop rapidly, the demand for the general semiconductor business is growing steadily, and domestic substitution is advancing rapidly, with good development prospects.
, risk warning risk of intensifying competition in the industry. With the advancement of domestic production of PCB equipment, domestic equipment will face direct competition from European, American and Japanese companies. At the same time, with the continued growth of my country's PCB industry and the progress of domestic substitution, more domestic special equipment companies are expected to enter, and market competition may intensify. Therefore, there is a risk of fierce competition in the company leading to a decline in market share and profitability;
risks of changes in industrial policies. The development of the PCB dedicated equipment industry is not only affected by its own industrial policies, but also by its upstream and downstream industries. In recent years, my country has provided great policy support for the related industries of PCB special equipment, but if the national policy support weakens in the future, it may have a certain negative impact on the company;
The company's technological progress is less than expected. company has entered the first echelon of direct writing lithography equipment in China, and its equipment technical parameters have reached the top level in the industry. However, if the company's technological progress or product iteration is less than expected, it may lead to a decline in the company's competitiveness, which will lead to a decline in market share;
The risk of the intensification of the new crown epidemic leading to the deterioration of the operating environment. The new coronavirus pneumonia outbreak occurred in China. If the domestic epidemic recurs and the epidemic continues abroad, the new crown epidemic may have a great impact on the company and upstream and downstream industrial chain enterprises, thereby having an adverse impact on the company's operating performance;
industry scale measurement risk. The industry scale calculation in the report is based on certain assumptions and there is a risk of being less than expected; the information used in the
research report has a risk of untimely update, etc.
——————————————————————————————————————————
Please pay attention to learn about the latest industry analysis reports every day! The report belongs to the original author and we do not make any investment advice! If there is any infringement in , please send a private message to delete it, thank you!
For more selected reports, please log in to [Original website of Yuanzhan Think Tank] or click: Yuanzhan Think Tank | Wenku - a useful knowledge platform built for 300 million people
