The company's main business mainly includes molybdenum source, photoresist, electronic special gas and ALD precursor products.
I think we are in the same mood at the moment.
In order to understand these two English letters+1 Chinese characters, it is estimated that I have to study each concept layer by layer like peeling bamboo shoots. First of all, MO source, that is, "high purity metal organic source", is the core raw material for preparing LED, new generation solar cell, phase change memory, semiconductor laser, RF integrated circuit chip and so on. , and plays an extremely important role in semiconductor lighting, information communication, aerospace and other fields. In the year of 20 10, the domestic market share of MO sources of the company was 60%, and the global market share was 15%.
Its downstream customers, many companies with the word "photoelectric", can further understand that this thing should be mainly used in the photoelectric industry, such as LED and solar cells.
Well, although I don't know this thing, at least I can understand that it is a core basic material of semiconductors and it seems indispensable. And the company is the absolute leader of this piece (market share 60%). What can I say? )。
"MO source" is the key supporting material for the advanced metal organic chemical vapor deposition (MOCVD) process to generate compound semiconductor materials, so it is also called "precursor" of MOCVD. The quality of MO source directly determines the performance of the final device, so MOCVD process requires high quality of MO source, and purity is the key index to measure the quality of MO source. "
Vapor deposition is not difficult to understand. My personal popular understanding is that chemical gas or steam adheres to the material to form a coating. Compound semiconductors are SiC and GaN mentioned in the interpretation of Sanan Optoelectronic Annual Report. So my popular understanding of the word MO source is that in order to make the third generation semiconductors such as SiC, you have to use the vapor deposition (MOCVD) process, and in order to make good use of this process, you have to use high-purity MO source.
There are more than 60 kinds of molybdenum sources, and trimethyl gallium and trimethyl indium are the two main molybdenum sources, among which trimethyl gallium is the largest, with a dosage ratio of about 80%, and the average dosage ratio of trimethyl indium is less than 10%.
The prospectus continues:
It is much clearer to see Belin here: LED epitaxial wafer suppliers such as Sanan and Ganzhao use MOCVD technology to attach the raw materials of MO source to the substrate and epitaxially grow compound semiconductors, which is what we often call LED epitaxial wafers. In fact, more than 90% molybdenum sources are used to produce LED epitaxial wafers. Therefore, the key to judge the market prospect of MO source depends on the market prospect of LED, and its demand is directly related to MOCVD equipment.
Having said that, the future is not optimistic. Later, when LED entered the stage of overcapacity, the price of molybdenum source increased, and the gross profit also decreased from 80% to 70%, 60% and 50%, among which the gross profit margin of trimethylgallium, the largest dosage, decreased from 70% before listing to 6%.
That is to say, the electron special gas is called "particle" in the process of semiconductor production. For details, you can look at the interpretation of Walter gas annual report written by Behring.
The company set up Quanjiao Nanda Materials on 20 13, and completed the production line construction of high-purity phosphane and arsenane products on 20 16; 20 19 directly acquired Yuan Fei, Shandong Province, and obtained the production capacity of nitrogen trifluoride and sulfur hexafluoride. Special gas business has developed rapidly. Since 17, the annual turnover is 36 million, 78 million, 65,438+64 million, which is more than that of Mohuan, and the gross profit margin is also stable at about 50%.
The special gas industry doesn't know much about it, mainly because there are too many gases, and the gases used in each link are different. In the article "Interpretation of Walter Gas Annual Report", Behring made it clear that he only looked at the special gas supply company because he really didn't understand it.
On 20 16, the company took a share in Beijing kehua microelectronics materials co., ltd. after the author's research, Beijing Ke Hua should be the most powerful photoresist enterprise in China, and the only EUV photoresist developed through the "02 special project". But now we can't see Nanda Optoelectronics in the industrial and commercial information of Beijing Ke Hua, and the records show that it was transferred at the beginning of 20 19.
In 20 18, "193nm key technology development project of photoresist and supporting materials" and "ArF photoresist development and industrialization project" were officially approved by the national special project 02, and the central government allocated1300,000 yuan. The company set up a new photoresist division and established "Ningbo Nanda Photoelectric Materials Co., Ltd.".
In short, although the company has the concept of photoresist, it has not actually carried out business and is full of uncertainty. Unlike Jing Rui Co., Ltd., which started from Line G and Line I, they started to do ArF, all in the stage of "special scientific research".
It is said that business is a bit reluctant. It is a scientific research project "ALD organometallic precursor product development and safe ion implantation product development" signed by the company and the Ministry of Science and Technology on 16. Precursor is the form before a thing, just like Tyrannosaurus rex was an archaea before and a rolling beast before. Well, this is my understanding.
ALD is atomic layer deposition. As mentioned above, vapor deposition is equivalent to baking a layer of steam on the substrate to make substances adhere to it, while ALD is even more powerful, directly adhering to it layer by layer in the form of monoatomic films. ALD got it. The forerunner got it. What is the precursor of ALD? Sorry, I don't understand.
Nanda Optoelectronics is a typical high-tech company, so Belin only studied its industry to assist the recent investigation task of photoresist industry, and did not analyze its finance. In a word, Nanda Optoelectronics used to be Amoyuan, but this business has been very miserable recently. In order to get out of the predicament, the company actively laid out the electronic special gas industry. After three years of hard work, the special gas business has surpassed the old business Moyuan.
Then there is the photoresist industry I care about. As a school-enterprise of Nantah (Nanjing University Asset Management Co., Ltd., the major shareholder), the company can naturally get the national scientific research special task. As soon as I came up, I held high and played high, and developed ArF photoresist, which is a product that China can't supply at present, and Beijing Ke Hua and Rong Da Photosensitive are also under development. Of course, these companies are still in research and development, and none of them have been put on the market. Subsequently, with the help of the concept of photoresist, Nanda Optoelectronics, whose stock price fluctuated for several years, ushered in a big rise.
2019,65438+10, Nanda Optoelectronics sold its shares in Beijing Ke Hua, valued at 65438+700 million, and gained investment income of nearly 20 million, accounting for 28.87% of the total profit. What a good hen has been sold, and now the company has a competitor NB in technology. But the author is not a company executive, so it is not good to comment on this move.