As leading wafer factories such as TSMC begin a new round of production expansion cycles, technology upgrades, the transfer of wafer production capacity to the mainland, and strong support from domestic policies, my country's semiconductor equipment and materials market will usher in a new era. rising cycle. The top five domestic semiconductor leaders are expected to fully benefit.
Total market value: 8 billion
Walter Gas was established in 1999. It is mainly engaged in the research and development and production of gases and gas equipment. Its products widely cover industrial gases, electronic industrial gases and medical Gases and other more than a dozen fields, among which, electronic special gases have covered 80% of domestic semiconductor customers. With business covering more than 50 countries and regions around the world, it is one of the largest suppliers of special gases and related equipment in China.
Thanks to the company’s nearly two decades of deep technological development, Walter Gas has not only obtained 87 authorized patents, participated in the formulation of 28 national standards, but also relied on its excellent technical strength to enter the industry including SMIC, Domestic and foreign semiconductor giants such as Texas Instruments and Hynix. It was the first to break the import restrictions on gas materials in cutting-edge fields and realize domestic substitution.
Because of this, Walter Gas was able to achieve a year-on-year increase of 45.3% in net profit in 2020, and its gross profit margin was higher than the industry average for the sixth consecutive year. As the company continues to expand its business in developed economies such as Europe and Japan, and increases its investment in research and development of new materials, Walter Gas's future development is promising.
Total market value: 11.7 billion
Pure Technology was established in 2000. Its main business is the design, processing and manufacturing, installation and supporting engineering of high-purity process systems and high-purity process equipment. We are the leader in domestic cleaning equipment by providing value-added services such as testing, factory management, calibration and maintenance.
At present, Zhichun has achieved the research and development of mid-to-high-end single-chip and tank cleaning equipment. Among them, the independently developed 8-inch and 12-inch wet-process equipment have been favored by industry leaders such as SMIC, IWC, Texas Instruments, Yandong, and China Resources. Benefiting from the new demand driven by the wave of fab construction and the iteration of semiconductor processes, relevant agencies predict that Pure Technology’s business growth rate is expected to reach 48% in the next three years.
Total market value: 13.8 billion
Founded in 2007, Anji Technology is mainly engaged in the research and development and industrialization of key semiconductor materials. The core is CMP polishing fluid and photoresist remover. It is widely used in integrated circuit manufacturing and advanced packaging fields, with a global market share of approximately 2.4. It is the leading CMP polishing solution in China.
So what is CMP polishing fluid? CMP polishing fluid is widely used in the semiconductor field. Due to its high technical threshold, it has been monopolized by American and Japanese companies for a long time.
In order to break the foreign monopoly, Anji Technology has invested in the research and development of polishing fluids from the beginning. As of 2018, the company has not only obtained 190 invention patents, but also became the only company in China that can provide 12-inch ICs. The supplier of polishing fluid has achieved import substitution, giving China an independent supply capability in this field.
Taken together, the company's CMP polishing slurry technology is at the international leading level, and the overall photoresist removal technology is at the domestic leading level. As the company deepens its cooperation with the five giant customers including SMIC, TSMC, and China Resources Micro, its performance is expected to further increase.
Total market value: 13.9 billion
Founded in December 2000, Nanda Optoelectronics is a major MO source manufacturer in the world. In 2014, NTU Optoelectronics' MO global market share reached 28.1, surpassing chemical giants such as Dow Chemical and Merck in one fell swoop, becoming the world's largest MO source manufacturer.
It is of great significance to achieve this result. Because MO sources have important strategic significance in the fields of compound semiconductors and aerospace, they have been subject to severe export restrictions by Western countries for many years.
Thanks to Nanda Optoelectronics' breakthrough in this research, it has not only won the favor of leading companies such as SMIC and BOE, but also made China the fourth country in the world to have MO source production besides the United States, Europe, and Japan. capable country.
With the self-developed ArF photoresist product passing market certification at the end of 2020, Nanda Optoelectronics’ business puzzle in the field of semiconductor front-end materials has been further improved. Against the background of the wave of domestic substitution, Bago believes that Nanda Optoelectronics is expected to achieve an annual production scale of 25 tons of 193nm photoresist products in the next few years.
Total market value: 32.8 billion
Jacques Technology was established in 1997 and is mainly engaged in the research, development and production of electronic semiconductor materials, cryogenic composite materials and plastic additive materials. It is not only a platform company that supports strategic emerging industries and solves the bottleneck of domestic strategic emerging materials. It is also a domestic semiconductor materials giant.
Thanks to its world-leading technical strength in the two fields of cryogenic composite materials and plastic additive materials, Jacques Technology has not only entered the high-end equipment preparation market represented by aviation, aerospace and navigation. In 2018, it successfully entered the field of semiconductor packaging materials through epitaxial mergers and acquisitions. The current profitability of the semiconductor materials business is significantly higher than that of the original main business. The gross profit margin in the past three years has always been higher than the industry average.
Overall, Bago believes that Yak Technology’s track, technology, and customer advantages are fully demonstrated, and the industrial moat continues to expand. Under the background of the continued growth of the domestic semiconductor industry and display industry, Yak Technology will take advantage of domestic substitution. The wind rises.