Since its listing, SHAJ Semiconductor Materials Technology Group has been favored by investors from all walks of life. As an innovative high-tech enterprise with a certain reputation in the field of semiconductor subdivision materials, its continuous development of the company's performance has also set a good market model for domestic instead of imports.
Beautiful sales performance in the first quarter of 2020
SHAJ recently announced the first quarter of 2020 performance report. The report shows that the company achieved a net profit of 23,554,400 yuan in the first quarter, a year-on-year increase of 426%. With the release of the good news, the share price of Anji Technology on April 22nd was directly pursued by investors in the secondary market to the daily limit.
Leading semiconductor materials company
SHAJ Technology was established in 2000 with a registered capital of nearly 80 million yuan. The company's main business is the research and development and industrialization of key semiconductor materials, taking high-end semiconductor wafer manufacturing as a breakthrough, and continuously extending to surface treatment materials such as high-end packaging. The company's products include different series of chemical mechanical polishing solutions and photoresist removers, which are mainly used in integrated circuit manufacturing and advanced packaging. The company is the only high-tech enterprise in China that has realized mass production of high-end integrated circuit CMP polishing solution.
The company has broken the monopoly of foreign manufacturers on the chemical mechanical polishing liquid in the field of integrated circuits, and has successfully achieved domestic substitution imports, making China have independent supply capacity in this field. The company is not only a mainstream supplier of chip manufacturers in mainland China such as SMIC, Huahong Hongli, Yangtze River Storage, and China Resources Microelectronics, but also a qualified supplier of leading global chip manufacturers such as TSMC and UMC in Taiwan; at the same time, the company Work closely with Intel and other world-renowned chip companies to actively seek to expand the global market.
At present, the company's chemical mechanical polishing fluid has achieved large-scale sales at the 130-28nm technology node, which is mainly used in domestic 8-inch and 12-inch mainstream wafer production lines; 14nm technology node products have entered the stage of customer certification, 10-7nm technology node The product is under development. It is one of the very few domestic suppliers that has entered the field of 12-inch chip manufacturing. In 2018, the company's global market share of CMP polishing liquid has reached 2.44%.
Core competitiveness
Core technology is self-controllable
SHAJ is one of the domestic leading integrated circuit CMP polishing liquid and photoresist remover. The company's main layout of CMP polishing materials, target materials, electronic special gas and other subdivision products have made major breakthroughs, and some product technical standards have reached international first-class .
The company has advanced core technology with independent intellectual property rights, clear core technology ownership, leading technology level, mature and widely used in large-scale production of the company's products.
The company's core technology covers the entire product formulation and process flow, including metal surface oxidation (catalysis) technology, metal surface corrosion inhibition technology, polishing rate adjustment technology, chemical mechanical polishing wafer surface morphology control technology, metal anti-corrosion in photoresist cleaning Technology, surface cleaning technology after chemical mechanical polishing, photoresist residue removal technology, etc.
By the end of 2018, the company and its subsidiaries had obtained a total of 190 invention patents, including 140 in the mainland, 42 in Taiwan, 4 in the United States, 3 in Singapore, and 1 in South Korea. Another 224 invention patent applications have been accepted.
R & D and innovation are the driving force behind development
As the undertaker of a major national scientific and technological breakthrough project, SHAJ has completed two national "02 special projects" of "Research and Industrialization of Key Polishing Materials for 90-65nm Integrated Circuits" and "R & D and Industrialization of Key Polishing Materials for 45-28nm Integrated Circuits." project.
At present, the company is responsible for two national "02 special projects" of "Development and Industrialization of High Density Packaging TSV Polishing Liquid and Cleaning Liquid" and "CMP Polishing Liquid and Supporting Material Technology Platform and Product Series" as the subject unit.
From 2016 to 2018, the company's R & D expenses accounted for more than 21% of revenue. According to the first quarter report of 2020, the company's R & D expenses increased by 57.47% year-on-year. Combined with the proportion of total SHAJ R & D expenditures increased by 7.28% year-on-year in 2019, the growth rate of R & D innovation investment in the first quarter of this year was obvious. This laid a solid foundation for the rapid development of SHAJ in the future.
Continued R & D investment has made the company's CMP polishing liquid products penetrate into the new nanotechnology field. The 130-28nm technology node has achieved large-scale sales, the 14nm technology node has entered the customer certification stage, and the 10-7nm technology node products are also being actively developed.
Broad growth space for subdivided industries
Benefiting from the continued growth in the demand for downstream consumer electronics, computers, communications, automotive Internet of Things and other terminal applications, the global semiconductor market is booming. According to ICInsights statistics, the localization rate of semiconductors and semiconductor materials in China is low, and the main products depend on imports.
In 2018, the output value of domestic ICs was US $ 23.8 billion, accounting for 15.3% of the US $ 155 billion market in China. It is estimated that by 2023, the output value of domestic ICs will be US $ 47 billion, accounting for 20.5% of the US $ 229 billion market. The compound annual growth rate of the market is about 15%.
In the field of semiconductor manufacturing materials, the market size increased to 36.7 billion yuan in 2017, and the compound growth rate from 2012 to 2017 was about 11.1%. However, domestic companies ’semiconductor materials revenue accounted for only about 20%, and the domestic import substitution space is huge. According to Shen Wanhongyuan's research report, the current semiconductor logic chip has achieved mass production of 7nm process, and the storage 3DNAND has gradually become the mainstream of the market. The demand for advanced CMP polishing fluid types and polishing times continues to grow. For example, the critical CMP process required for logic chips below 14nm reaches more than 20 steps, and the polishing fluid used has increased from five or six kinds at 90nm to more than twenty kinds. For 2D structures, the CMP polishing step is also almost doubled. In 2018, the global CMP polishing liquid market reached 1.29 billion US dollars, and the domestic polishing liquid market size was about 1.5 billion yuan. After all domestic planned wafer production capacity is put into production, it is expected that the production capacity will be more than three times the output in 2017, and the polishing liquid market will usher in the opportunity of sustained high-speed growth.
From the product line:
In 2019, SHAJ's chemical mechanical polishing liquid achieved an operating income of 236 million yuan, a year-on-year increase of 14.9%, and a gross profit margin of 54.2%. Specifically in the field of logic chips, the company's copper series polishing liquids realize the sales of products at the 14nm technology node, and the technical development of the 10nm-7nm technology node is carried out according to plan. In the field of memory chips, the company's cooperation with leading domestic customers has become increasingly mature in the technology of tungsten polishing liquid, which has been applied to the advanced 3DNAND manufacturing process to realize the large-scale sales of tungsten polishing liquid in memory chip factories.
In 2019, SHAJ's photoresist remover achieved an operating income of 49.3 million yuan, an increase of 17.2% year-on-year, and a gross profit margin of 31.9%, a year-on-year decrease of 4.6%. The report shows that the decline in gross profit margin is mainly due to the lower gross profit margin of some products with revenue growth.
With the continuous acceleration of localization substitution actions in the IC field, as well as the application of new technologies and processes. The semiconductor material industry where SHAJ is located will usher in a very broad space for development. As the leader of the subdivision industry, the company will take the responsibility to enjoy the performance dividend brought by the market explosion.