Jacques technology set foot in the field of electronic special gases through epitaxial mergers and acquisitions. Prior to this, the company's main business was the production and sale of organophosphorus flame retardants. In fact, from the perspective of enterprise development, Jacques Technology is a model of M&A's transformation and upgrading, and many future profitable businesses of the company have been acquired.
Jacques Technology was founded in June 1997 and listed on the small and medium-sized board in May/20 10. The company is the largest producer and exporter of organophosphorus flame retardants in China, and currently has special flame retardants, polyurethane flame retardants, engineering plastic flame retardants and other products. 20 13 Jacques technology has achieved the leap from flame retardant to composite material through the LNG ship insulation board project.
On 20 16, Jacques Technology acquired 0/00% equity of Hua Fei Electronics and entered the field of silicon micropowder manufacturing; 20 17 acquired Chengdu Kemeite Special Gas Co., Ltd. and entered the field of electronic special gas; In the same year, the acquisition of Jiangsu Xianke Semiconductor New Materials was completed. As its subsidiary, South Korea UP Chemical Company, is a supplier of spin-coated insulating medium SOD and important semiconductor material precursors, the company successfully cut into the precursor business. On 20 18, the company entered the field of photoresist by participating in Jiangsu ketemei new materials co., ltd, mainly engaged in TFT-PR and photoresist accessories. In 2020, LG Chem was acquired to further develop the photoresist field.
At present, Jacques Technology has basically formed three business divisions: new materials, new energy and electronics, and the company has also developed from a simple chemical enterprise producing flame retardants to new materials and functional materials. In fact, to some extent, Jacques Technology has also developed along the path of Shinetsu Chemical, fujifilm and LG, but at this stage, the gap between the company and the above giants is too big:
Since 20 16, Jacques technology has made many mergers and acquisitions, and successively cut into the fields of semiconductor materials and electronic special gases, and the scale effect and synergy effect have been highlighted. Revenue and net profit also increased from 894 million yuan and 68 million yuan in 216 to 21832 million yuan and 293 million yuan;
Electronic special gas is also a kind of semiconductor material, but in order to keep consistent with the disclosure, this paper discusses the semiconductor material and electronic special gas separately.
Jacques Technology's existing businesses are mainly flame retardants, insulation boards for LNG, semiconductor materials and electronic special gases. The company has three flame retardant production bases in Binhai, Yixing and Xiangshui, with a total production capacity of 93,000 tons. However, due to the water accident, the Yixing base is currently only 30,000 tons in normal operation. In 20 19, the income of flame retardant was only 536 million yuan, down 28.2% year-on-year, which had a great impact.
The demand of LNG for insulation board mainly comes from LNG ships. The company's existing capacity utilization rate is saturated, and the income of insulation board is 20 19, which is 85 million yuan. If there is no capacity expansion plan in the future, the income of insulation board is limited. Of course, judging from the order, by the end of 20 19, the company has an order of1380,000 yuan from Hudong Zhonghua Shipyard, which will be delivered in batches in 2020; It has obtained an order of about 6.66 million US dollars from Jiangnan Shipyard, and it is estimated that it will increase by about 4.74 million US dollars in 2020, reaching a total of 1 1.4 million US dollars, or about 80 million RMB. In terms of land storage tank business, the company has obtained orders of about 350 million yuan from Russian customers, which will be implemented in batches at the end of 2020 and beyond.
In the future, with the signing of an order for LNG carriers of more than 20 billion yuan between CSSC and Qatar Petroleum, COSCO Haineng will invest 600 million US dollars to build three LNG carriers, Hudong Zhonghua Shipyard will support two LNG carriers for the Malaysian LNG project, Jiangnan Shipyard will build two MARK-III FLEX LNG carriers, Beijing Gas and other LNG land storage tanks, and Jacques Technology, as the only LNG insulation board supplier in China, will surely develop rapidly.
In the semiconductor materials business, the existing production capacity of silicon micropowder is 6.5438+0.44 million tons, and the capacity utilization rate is saturated; The SOD production capacity of UP chemical in Korea is 9600 tons; The subsidiary Kemeite has a capacity of 8,500 tons of sulfur hexafluoride, and the capacity under construction is 1 10,000 tons; Carbon tetrafluoride production capacity 1200 tons, and the production capacity under construction is 2000 tons; The production capacity of nitrogen trifluoride under construction is 3500 tons. After the completion, Kemeite's special gas production capacity exceeds Nanda Optoelectronics as a whole, so Nanda Optoelectronics faces great competitive pressure.
Judging from the income structure of Jacques Technology, due to water accidents and other factors, the company's existing flame retardant production capacity is only 30,000 tons during normal production. In 2065, 438+09, the revenue of flame retardant decreased significantly, and the proportion of revenue also decreased to 29.3%. The income of insulation board for LNG increased from 37 million yuan in 20 18 to 85 million yuan, with the growth rate exceeding 100%, accounting for 4.6% of the income. In 20 18-20 19, the revenue of semiconductor chemical materials and electronic special gases increased from 274 million yuan and 257 million yuan to 503 million yuan and 395 million yuan, with year-on-year growth rates of 83.6% and 53.7% respectively, accounting for 4.9 1% of the total revenue, and semiconductor materials gradually formed.
Jacques Technology has gradually taken shape in the field of semiconductor materials, its product structure has been continuously optimized, and its profitability has been continuously improved. From 20 18 to 20 19, the gross profit margin of semiconductor materials and electronic special gases increased from 42.9% and 44.4% to 48. 1% and 50.9% respectively, and the comprehensive gross profit margin also increased from 28% to 37. 1%. From 20 17 to 20 19, the company's net interest rate and ROE have improved. Considering the same increase in expenses during the period, it can be said that the improvement of the company's profitability is mainly related to the optimization of business structure:
Jacques Technology's photoresist is mainly used for display panels. Compared with photoresist for semiconductor, technical barriers and competition barriers are lower. In the future, the company will focus on SOD+ precursors and electronic special gases. Due to the water incident, the production capacity of the flame retardant business was limited. If the limited production capacity is gradually restored in the future, the benefits of flame retardants are expected to increase again, which is not discussed here.
SOD and precursors
The market size of SOD and its precursors is about $900 million. The main participants are Merck of Germany, Air France, Versum of the United States, Soulbrain of Korea and Hansel Chemical Company of Korea. UP Chemical is a wholly-owned subsidiary of Jacques Technology, mainly engaged in the production and sales of precursors and SOD products. UP Chemical is also a major manufacturer of SOD and precursors in the world. SOD and precursor products are mainly used in isolation and thin film deposition process in integrated circuit manufacturing process, which directly affects the yield of wafers and naturally increases the competition barrier of these two products:
Of course, the advantage of Jacques Technology is that UP Chemical is a Korean enterprise, which can form a good cooperative relationship with Samsung Electronics and SK Hynix, and can also realize the mass sales of Intel, TSMC and Tiejiaxia. Benefiting from domestic substitution, the company also actively cooperates with customers such as SMIC, Hua Hong Li Hong, Changjiang Warehouse and Hefu Changxin. In the future, with the certification of more customers, SOD and precursor business is expected to grow further.
Electronic special gas
Although the cost of electronic special gas accounts for about 5% of the semiconductor manufacturing cost, it largely determines the performance of the semiconductor. According to the data of Prospective Industry Research Institute, there are 83 kinds of electronic gases used in semiconductor manufacturing, of which 35% are domestically produced, 35% are domestically produced and 30% are monopolized by foreign countries. In 20 18, 88% of the market share of China electronic specialty gas was monopolized by American air chemical industry, French liquid air and solar acid, and the domestic share was only 12%.
Jacques Technology's electronic special gases are mainly sulfur hexafluoride, nitrogen trifluoride and carbon tetrafluoride. Carbon tetrafluoride is the most used gas in semiconductors, mainly used in dry etching process, and also widely used in organic light-emitting diodes, solar cell production, laser technology, low temperature cooling, gas insulation and so on. In 20021year, the demand for carbon tetrachloride in Chinese mainland exceeded 3,000 tons, and it is expected to exceed 8,000 tons in 2025. In terms of enterprise production capacity, Jacques Technology (Kemeite) has a production capacity of 1.200 tons, a production capacity of 2,000 tons under construction and a total production capacity of 3,200 tons. Haohua Technology and the 1 10,000-ton production capacity under construction will be put into production in 202 1 year, when the total production capacity will reach10.2 million tons. Other companies have less production capacity:
Jacques Technology's sulfur hexafluoride and nitrogen trifluoride have direct competition with Nanda Optoelectronics. Sulfur hexafluoride is mainly used for dry etching and cleaning in semiconductor manufacturing. At present, the main production capacity of sulfur hexafluoride is concentrated in China, of which Nanda Optoelectronics (Shandong Yuan Fei) has a production capacity of 2,000 tons; Jacques Technology has an existing capacity of 8,500 tons of sulfur hexafluoride, and the capacity under construction is 1 10,000 tons. After completion, the production capacity will reach 1.85 million tons, with obvious competitive advantages.
Nitrogen trifluoride is mainly used for etching and cleaning semiconductors, display panels and solar cells. According to the data of Huajing Industrial Research Institute, by 20021,the global demand for nitrogen trifluoride will be about 40,000 tons, of which the demand in Chinese mainland will reach about 1.6 million tons:
Nanda Optoelectronics (Shandong Yuan Fei) currently has a capacity of 1 1,000 tons of nitrogen trifluoride, and it is estimated that it will build a capacity of 2,000 tons by the end of 2020, with a total capacity of 3,000 tons. At present, Jacques Technology has no nitrogen trifluoride production capacity, but the production capacity under construction will reach 3,500 tons, which will surpass Nanda Optoelectronics after completion and production, and its production capacity ranks among the top in China.
Silicon micropowder is a kind of silicon dioxide powder material which is made from natural mineral and molten mineral through grinding, classification and impurity removal. Mainly used for copper clad laminate, epoxy plastic packaging materials for semiconductor packaging, electrical insulation materials, adhesives and ceramics. In 20 18 years, the market size of China silica fume is1700 million yuan, and it is expected to reach 5.338 billion yuan by 2025. Hua Fei Electronics is the largest supplier of spherical silicon powder in China, and has formed a long-term supply cooperation relationship with Sumitomo Bakelite and Hitachi Chemical, the world's largest manufacturers of semiconductor plastic packaging materials, and also has a leading competitive advantage in China. Hua Fei Electronics has a production capacity of 6,543,800+0,440 tons of silicon powder and 3,000 tons of Ang Lee Ruixin materials, which has a production capacity advantage.
Finally, Jacques Technology basically bought all the businesses that seem to make money, which is amazing.