I. Main business of the Company during the reporting period
(I) Introduction of PVD industry
Physical vapor deposition (PVD) is a branch of vacuum coating technology. Compared with traditional electroplating, electroless plating and heat treatment, PVD has the following advantages: (1) uniform film formation, high hardness and resistance to extreme use environment; (2) The colors are diversified, and the colors can be adjusted at will on the basis of the three primary colors of red, yellow and blue; (3) The material has a wide range of applications, especially for non-conductive materials; (4) Environmental protection, and no heavy metal pollution such as chromium ions.
PVD technology is divided into evaporation method, sputtering method and ion plating method. The three methods have their own advantages and disadvantages: fast evaporation speed, good uniformity of sputtering method and strong ion plating ability. The choice of different ways mainly depends on the product use and application scenarios.
From the application point of view, PVD coating, as a surface treatment technology, has a very broad application space, and different applications have different requirements. For example, semiconductors and flat-panel photovoltaics have higher requirements for the texture of coating materials, optics and anti-counterfeiting have higher requirements for film design, and electromagnetic+sensing has higher requirements for raw materials. PVD equipment mainly includes vacuum system (main pump, Roots pump, mechanical pump and maintenance pump), coating system (sputtering source and evaporation source), power supply and auxiliary system. In China, Guangdong, Chengdu, Lanzhou, Shanghai, Shenyang and other traditional state-owned vacuum equipment manufacturers and their extension manufacturers are the main ones, but the overall technical strength is still far behind the international first-line manufacturers such as Alfaco and Applied Materials (AKT).
(2) Introduction of 2)PVD materials
According to different coating equipment and application scenarios, targets can be divided into evaporation materials (evaporation targets), plane targets, rotating targets and so on. The evaporation material (evaporation target) is suitable for evaporation coating, and the heating methods include resistance, induction and electron beam. Plane target and rotating target are suitable for sputtering coating, and ion source bombardment is adopted.
The production of PVD materials can be divided into powder metallurgy and metal casting. Powder metallurgy (including spraying) is suitable for refractory metals, compounds and alloy targets, and metal casting (including extrusion) is suitable for ordinary fusible metals. The common performance indexes of target include purity 1, grain size and orientation (texture), density, etc. The technical barriers of PVD materials are reflected in equipment matching and correction, process manufacturing, application understanding and so on.
(1) Equipment end: High-precision PVD equipment requires extremely high consistency of targets, so the supplier replacing the original factory should not only have the target manufacturing ability, but also need the fine-tuning ability of the equipment to adapt to the equipment in different environments;
(2) Process end: The difficulty of metal casting process mainly lies in the texture link, that is, the microstructure with uniform grain size and consistent crystal orientation is obtained through forging, rolling and heat treatment, and the difficulty of powder technology lies in the particle uniformity in the milling link, the temperature curve in the sintering link, the airflow control and the sintering atmosphere.
(3) Application: The excellent environmental protection, film forming and multi-color of PVD make the application space of PVD wider, and the target suppliers need to expand the application scenarios of PVD from a strategic perspective.
From the perspective of industrial chain, the upstream of PVD industry is high-purity metal or compound raw materials, and the downstream is various application manufacturing scenarios, such as panels and semiconductors. In the past, the main markets of PVD materials were concentrated in flat panel display, semiconductor, optics, decoration and other fields. In recent years, the market competition is fierce, which has expanded a wider application field.
The purity of 1 metal target is mainly determined by high-purity metal suppliers, and the target manufacturers mainly check the performance indexes such as material and density.
Scenery is the strategic starting point of PVD material enterprises.
(III) Main business of the company
Ashichuang was established in 2002, headquartered in Fuzhou, Fujian, with production bases in Fujian, Jiangsu and Taiwan Province provinces. The company specializes in the research and development, production and sales of PVD coating materials, and independently develops more than 200 kinds of high-end coating materials, covering optics, photovoltaics, semiconductors, flat panel displays and other fields. Ashi Creative is one of the leading enterprises in PVD coating industry in China with complete equipment, advanced technology and diversified products. It has obtained more than one patent authorization 100, and was awarded the honor of "small giant enterprise specializing in innovation" by the national high-tech enterprise and the Ministry of Industry and Information Technology.
At the R&D end, ASHI has more than 250 sets of main production equipment such as vacuum coater, sintering system, plasma spraying equipment and electron beam welder, and more than 0/00 sets of research and testing equipment such as GDMS mass spectrometer, scanning electron microscope, spectrometer and vacuum coater. The company has set up an R&D center integrating R&D and testing, including high-end foreign experts 1 person from the Ministry of Science and Technology, experts 1 person from the provincial "Hundred Talents Program", 2 high-level talents from ABC province and 2 young scientific and technological talents from the city. In recent years, the company has won the second prize of National Technological Invention in 2020 and the first prize of China Nonferrous Metals Industry Science and Technology.
(D) the company's core competitiveness
Since its establishment, the company has been focusing on PVD coatings. The company was established in 2002, and began to dabble in optical coating materials. In 2005, it entered the automotive glass coating materials, 20 10, in the field of sputtering targets, 20 13, in Apple's supply chain, 20 15, and the self-developed high-purity molybdenum targets were introduced into the first-line panel factory, 2010.
1.20 Over the past 20 years, the company has served more than 400 customers worldwide, covering optical communication, flat panel display, energy-saving glass, LED, photovoltaic and other industries, and has become strategic partners with dozens of well-known customers such as BOE, Innolux, Huaxing Optoelectronics, Shentianma, Fuyao Glass, xinyi glass, Lance Technology, Crystal Optoelectronics, Yu Shun Optics and Epson.
2. In the past 20 years, the company has maintained good communication not only with the material side, but also with the equipment side, Japan Aifaco, American AKT and many domestic vacuum manufacturers. 3. In the past 20 years, the company has accumulated rich experience in membrane design and membrane system analysis, laying a broad foundation for future applications.
To sum up, the comprehensive understanding and comprehensive application ability of PVD coating equipment, technology and materials are the core competitiveness of Ashichuang at present, and also the core support for Ashichuang to broaden PVD application scenarios and build new PVD application projects in the future.
(V) Operating results in the first half of 2022
In the first half of the year, the company achieved revenue of 336 million yuan, a year-on-year increase of 39.4 1%. In terms of products, with the improvement of capacity utilization rate of airport factories, the gross profit margin of sputtering targets in the first half of the year has been significantly improved. In the second half of the year, the company will continue to seek more profits from the most upstream production link of the target-smelting. Evaporation materials have been greatly improved because of precious metal evaporation materials, which makes the gross profit margin decrease. In the second half of the year, the company plans to expand the small and medium-sized evaporation equipment market.
(VI) Business plan for the second half of 2022
In terms of business, Ashtron currently covers flat panel display, optics, energy-saving glass and other fields, and promotes the work in the second half of the year by field:
(1) In the field of flat panel display, the independent melting of raw materials such as copper and aluminum targets has been realized, and the whole process coverage of metal target preparation process has been realized; Promote ITO expansion plan, realize one-stop supply of ITO, molybdenum, copper and aluminum targets for flat panel display, and promote differentiated supporting services;
(2) In the photovoltaic field, taking the release of photovoltaic HJT capacity as an opportunity, we will promote the verification of ITO target expansion;
(3) in the field of semiconductors, accelerate the process of verification and import;
(4) In the optical field, guide customers to use the company's superior products and accelerate the construction of qualified suppliers of sketch products.
On the strategic side, broadening the application scenarios of PVD coating technology is the overall strategic task at present. The company retained the project of composite copper foil and composite aluminum foil for lithium battery current collector and the project of preparing pearl powder by PVD. In the second half of the year, the company will speed up the construction of pilot lines for related projects, and strive to achieve sample delivery verification within the year or early next year.
Two. For the analysis of core competitiveness, please refer to "Section III Management Discussion and Analysis, I. Main Business of the Company during the Reporting Period" of this report.
Three. For details of risks faced by the Company and countermeasures, please refer to "Important Tips, Contents and Explanations, Risk Tips in Section 1" of this report.