天承科技 -PCB专用化学品行业领先积极开发高端应用领域

thedisclaimer30Jul2023PCB应用领域izedChemicalsIndustryLeadingActivelyDevelopingHighendApplicationFieldsiseccom热点速评FlashAnalysis(PleaseseeAPPENDIX1forEnglishsummary)公司主要产品为水平沉铜专用化学品和电镀专用化学品。公司产品主要包括水平沉铜专用化学品、电镀专用化学品、铜面处理专用化学品等，应用于沉铜、电镀、棕化、粗化、退膜、微蚀、化学沉锡等多个生产环节。公司的水平沉铜专用化学品应用于深南电路、方正科技等客户，主要应用于5G通讯、服务器、汽车电子等领域。2020-2022年公司沉铜类专用化学品收入占比平均为80.39%，其中水平沉铜专用化学品、垂直沉铜专用化学品、载板沉铜专用化学品占沉铜类专用化学品比例分别为91.89%、8.06%、0.05%。公司的产品持续研发升级，开发应用于封装载板等更高端PCB的专用电子化学品。全球水平沉铜专用化学品主要供应商包括安美特、超特、陶氏杜邦等，其中安美特处于领先地位。根据公司援引CPCA的统计，中国大陆的PCB厂商2021年在高端PCB生产投入的水平沉铜线约为250条，截至2022年12月31日公司为54条高端PCB水平沉铜线供应产品，市场占有率仅次于安美特。2015年公司着手开发封装载板沉铜专用化学品，目前公司研发的沉铜专用化学品可以应用于封装载板的生产，达到外资企业同类产品水平，产品应用于中国科学院微电子研究所和江阴芯智联电子科技有限公司等公司的生产中。募集资金扩产专项电子化学品及开发高端产品，提升公司的核心竞争力。2023年公司募集资金7.1亿元，计划投资建设年产3万吨用于高端印制线路板、显示屏等产业的专项电子化学品(一期)项目，项目预计建设期为24个月，销售单价参考公司现有产品的价格，公司预计达产年营业收入为2.7亿元，净利润为3367.61万元。同时公司建设研发中心项目，计划在原有产品和核心技术的基础上，扩大类载板、载板等更高端PCB的应用，同时以非金属材料化学镀、电镀、铜面表面处理等核心技术为基础，努力开发应用于在其他领域的产品，例如触摸屏、显示屏、半导体，光伏面板，锂电铜箔等。风险提示。扩产项目投产不及预期；下游需求不及预期；新产品进展不及预期。230Jul20232APPENDIX1SummaryThecompany'smainproductsarespecializedchemicalsforhorizontalcopperdepositionandelectroplating.Thecompany'sproductsmainlyincludespecializedchemicalsforhorizontalcopperdeposition,electroplating,andcoppersurfacetreatment,whichareappliedinmultipleproductionprocessessuchascopperdeposition,electroplating,browning,roughening,filmremoval,microetching,andchemicaltindeposition.Thecompany'sspecialchemicalsforhorizontalcopperdepositionareusedinShennanCircuit,FounderTechnologyandothercustomers,mainlyin5Gcommunication,servers,automotiveelectronicsandotherfields.From2020to2022,theaverageproportionofthecompany'srevenuefromspecializedchemicalsforcopperdepositionwas80.39%,withtheproportionofspecializedchemicalsforhorizontalcopperdeposition,verticalcopperdeposition,andcarrierplatecopperdepositionaccountingfor91.89%,8.06%,and0.05%,respectively.Thecompany'sproductscontinuetobedevelopedandupgraded,developingspecializedelectronicchemicalsforpackaginghigherendPCBssuchascarrierboards.MajorsuppliersofspecialchemicalsforcoppersinkingatthegloballevelincludeAtotech,Chaote,DowDuPont,amongwhichAtotechisintheleadingposition.AccordingtothestatisticscitedbyCPCA,PCBmanufacturersinChineseMainlandwillinvestabout250horizontalcoppersinkwiresinhigh-endPCBproductionin2021.AsofDecember31,2022,thecompanyhassuppliedproductsfor54horizontalcoppersinkwiresforhigh-endPCB,anditsmarketshareisonlysecondtoAtotech.In2015,thecompanystartedtodevelopspecialchemicalsforcoppersinkingofpackagingcarrierplates.Atpresent,thespecialchemicalsforcoppersinkingdevelopedbythecompanycanbeusedintheproductionofpackagingcarrierplates,reachingthelevelofsimilarproductsofforeign-fundedenterprises.TheproductsareusedintheproductionofcompaniessuchastheInstituteofMicroelectronicsoftheChineseAcademyofSciencesandJiangyinCoreZhilianElectronicTechnologyCo.,Ltd.Raisefundstoexpandtheproductionofspecializedelectronicchemicalsanddevelophigh-endproductstoenhancethecompany'scorecompetitiveness.In2023,thecompanyraisedacapitalofRMB710mnandplanstoinvestintheconstructionofaspecialelectronicchemical(PhaseI)projectwithanannualoutputof30000tonsforhigh-endprintedcircuitboards,displayscreens,andotherindustries.Theprojectisexpectedtohaveaconstructionperiodof24months,andthesalesunitpriceisbasedonthecompany'sexistingproductprices.TheexpectedannualoperatingrevenueisRMB270mnandthenetprofitisRMB33.6761mn.Atthesametime,thecompanyisbuildingaresearchanddevelopmentcenterproject,planningtoexpandtheapplicationofhigh-endPCBssuchascarrierboardsandcarrierboardsonthebasisofexistingproductsandcoretechnologies.Atthesametime,basedoncoretechnologiessuchasnon-metallicmaterialchemicalplating,electroplating,andcoppersurfacetreatment,effortswillbemadetodevelopproductsappliedinotherfields,suchastouchscreens,displayscreens,semiconductors,photovoltaicpanels,lithiumcopperfoils,etc.Risks.Theproductionexpansionprojecthasnotbeenputintooperationasexpected;Downstreamdemandislowerthanexpected;Theprogressofthenewproductisnotasexpected.3下下m45678