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鼎龍股份:加速KrF/ArF產業化布局,完善半導體材料矩陣(華金證券研報)

每日經濟新聞(wen) 2024-01-02 21:52:38

每經AI快(kuai)訊,2024年1月2日,華金證券發布研(yan)報點評(ping)鼎龍(long)股份(300054)。

事件點評:2023年(nian)12月25日(ri),鼎龍股(gu)(gu)份(fen)發布《關(guan)于全資(zi)(zi)子公司實施(shi)增(zeng)資(zi)(zi)擴(kuo)股(gu)(gu)并(bing)與員工持(chi)股(gu)(gu)平臺共(gong)同投資(zi)(zi)建(jian)設(she)年(nian)產(chan)(chan)(chan)300噸(dun)KrFArF光(guang)刻膠產(chan)(chan)(chan)業化(hua)項目的(de)(de)公告》。公司對潛(qian)江新(xin)(xin)(xin)材(cai)料(liao)(liao)實施(shi)增(zeng)資(zi)(zi)并(bing)以增(zeng)資(zi)(zi)擴(kuo)股(gu)(gu)方式引入兩家員工持(chi)股(gu)(gu)平臺及一家新(xin)(xin)(xin)進投資(zi)(zi)方共(gong)同投資(zi)(zi)建(jian)設(she)年(nian)產(chan)(chan)(chan)300噸(dun)KrF/ArF光(guang)刻膠產(chan)(chan)(chan)業化(hua)項目。本次增(zeng)資(zi)(zi)后,公司持(chi)有潛(qian)江新(xin)(xin)(xin)材(cai)料(liao)(liao)的(de)(de)股(gu)(gu)權比例將由100%變更為75%,公司仍(reng)為潛(qian)江新(xin)(xin)(xin)材(cai)料(liao)(liao)的(de)(de)控股(gu)(gu)股(gu)(gu)東,潛(qian)江新(xin)(xin)(xin)材(cai)料(liao)(liao)仍(reng)納入公司合并(bing)報表范圍(wei)。

布(bu)局高端光(guang)(guang)(guang)(guang)(guang)(guang)刻(ke)(ke)膠(jiao)(jiao)(jiao)(jiao)(jiao)(jiao),加速(su)(su)(su)KrF/ArF光(guang)(guang)(guang)(guang)(guang)(guang)刻(ke)(ke)膠(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)產業(ye)(ye)(ye)化(hua)(hua)(hua),打造(zao)新增長極。根據(ju)TECHET數據(ju),2021年(nian)(nian)(nian)全(quan)球半(ban)(ban)(ban)導(dao)(dao)體(ti)(ti)光(guang)(guang)(guang)(guang)(guang)(guang)刻(ke)(ke)膠(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)市(shi)場(chang)中,合(he)成(cheng)(cheng)橡膠(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)(JSR)、東京應(ying)化(hua)(hua)(hua)(TOK)、信越、杜邦、住(zhu)友(you)化(hua)(hua)(hua)學(xue)、富士等(deng)企業(ye)(ye)(ye)占據(ju)的(de)(de)市(shi)場(chang)份額合(he)計(ji)(ji)超(chao)過90%,用于先進(jin)(jin)工(gong)藝的(de)(de)KrF、ArF、EUV光(guang)(guang)(guang)(guang)(guang)(guang)刻(ke)(ke)膠(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)基本由外(wai)(wai)資(zi)廠商(shang)壟斷(duan)。近年(nian)(nian)(nian)來,國(guo)(guo)內廠商(shang)已實(shi)(shi)現(xian)(xian)g/i線光(guang)(guang)(guang)(guang)(guang)(guang)刻(ke)(ke)膠(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)量(liang)產,但在(zai)更為(wei)(wei)先進(jin)(jin)的(de)(de)KrF、ArF、EUV光(guang)(guang)(guang)(guang)(guang)(guang)刻(ke)(ke)膠(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)領域尚(shang)未實(shi)(shi)現(xian)(xian)大(da)規(gui)模(mo)(mo)量(liang)產。在(zai)國(guo)(guo)際市(shi)場(chang)技(ji)術封(feng)鎖(suo)、國(guo)(guo)內半(ban)(ban)(ban)導(dao)(dao)體(ti)(ti)產業(ye)(ye)(ye)加速(su)(su)(su)發展大(da)背景下(xia),KrF、ArF光(guang)(guang)(guang)(guang)(guang)(guang)刻(ke)(ke)膠(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)因其(qi)(qi)覆蓋從(cong)0.25μm到7nm主要(yao)半(ban)(ban)(ban)導(dao)(dao)體(ti)(ti)先進(jin)(jin)制造(zao)工(gong)藝,是現(xian)(xian)階段(duan)迫切需要(yao)實(shi)(shi)現(xian)(xian)國(guo)(guo)產化(hua)(hua)(hua)技(ji)術突破(po)的(de)(de)半(ban)(ban)(ban)導(dao)(dao)體(ti)(ti)關鍵(jian)材料。KrF、ArF光(guang)(guang)(guang)(guang)(guang)(guang)刻(ke)(ke)膠(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)作為(wei)(wei)半(ban)(ban)(ban)導(dao)(dao)體(ti)(ti)光(guang)(guang)(guang)(guang)(guang)(guang)刻(ke)(ke)膠(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)的(de)(de)主流產品,尚(shang)未實(shi)(shi)現(xian)(xian)大(da)批量(liang)國(guo)(guo)產化(hua)(hua)(hua);因此,抓住(zhu)當(dang)前外(wai)(wai)部(bu)環境帶來契機實(shi)(shi)現(xian)(xian)搶(qiang)位發展,鎖(suo)定國(guo)(guo)內晶圓(yuan)制造(zao)廠供應(ying)商(shang)份額,將(jiang)為(wei)(wei)中國(guo)(guo)光(guang)(guang)(guang)(guang)(guang)(guang)刻(ke)(ke)膠(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)企業(ye)(ye)(ye)帶來快速(su)(su)(su)發展機遇。據(ju)CEMIA統計(ji)(ji),2022年(nian)(nian)(nian)中國(guo)(guo)集(ji)成(cheng)(cheng)電(dian)路晶圓(yuan)制造(zao)用光(guang)(guang)(guang)(guang)(guang)(guang)刻(ke)(ke)膠(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)市(shi)場(chang)規(gui)模(mo)(mo)為(wei)(wei)33.58億(yi)元,較2021年(nian)(nian)(nian)的(de)(de)29.59億(yi)元增長13.48%;其(qi)(qi)中2022年(nian)(nian)(nian)KrF光(guang)(guang)(guang)(guang)(guang)(guang)刻(ke)(ke)膠(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)市(shi)場(chang)規(gui)模(mo)(mo)為(wei)(wei)14.06億(yi)元,ArF和ArFi光(guang)(guang)(guang)(guang)(guang)(guang)刻(ke)(ke)膠(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)市(shi)場(chang)規(gui)模(mo)(mo)為(wei)(wei)8.11億(yi)元,KrF與(yu)ArF光(guang)(guang)(guang)(guang)(guang)(guang)刻(ke)(ke)膠(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)合(he)計(ji)(ji)占比超(chao)過66%。預(yu)計(ji)(ji)到2025年(nian)(nian)(nian),中國(guo)(guo)集(ji)成(cheng)(cheng)電(dian)路晶圓(yuan)制造(zao)用光(guang)(guang)(guang)(guang)(guang)(guang)刻(ke)(ke)膠(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)市(shi)場(chang)規(gui)模(mo)(mo)將(jiang)達到37.64億(yi)元,KrF與(yu)ArF光(guang)(guang)(guang)(guang)(guang)(guang)刻(ke)(ke)膠(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)市(shi)場(chang)規(gui)模(mo)(mo)將(jiang)同步(bu)(bu)增長,預(yu)計(ji)(ji)2025年(nian)(nian)(nian)市(shi)場(chang)規(gui)模(mo)(mo)將(jiang)達到25.01億(yi)元。在(zai)加速(su)(su)(su)推(tui)進(jin)(jin)半(ban)(ban)(ban)導(dao)(dao)體(ti)(ti)材料自主可(ke)控國(guo)(guo)產化(hua)(hua)(hua)進(jin)(jin)程背景下(xia),國(guo)(guo)產半(ban)(ban)(ban)導(dao)(dao)體(ti)(ti)光(guang)(guang)(guang)(guang)(guang)(guang)刻(ke)(ke)膠(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)一旦進(jin)(jin)入合(he)格供應(ying)商(shang)名(ming)單(dan)(dan)且開(kai)始批量(liang)出貨后,訂單(dan)(dan)預(yu)計(ji)(ji)較為(wei)(wei)持續穩定,從(cong)而帶來可(ke)觀(guan)經(jing)濟(ji)效益。項目實(shi)(shi)施完(wan)畢后,公司將(jiang)建成(cheng)(cheng)年(nian)(nian)(nian)產300噸的(de)(de)KrF/ArF光(guang)(guang)(guang)(guang)(guang)(guang)刻(ke)(ke)膠(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)生產線,從(cong)而實(shi)(shi)現(xian)(xian)“卡脖(bo)子”的(de)(de)高端光(guang)(guang)(guang)(guang)(guang)(guang)刻(ke)(ke)材料產業(ye)(ye)(ye)化(hua)(hua)(hua),推(tui)動高端光(guang)(guang)(guang)(guang)(guang)(guang)刻(ke)(ke)膠(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)國(guo)(guo)產替代進(jin)(jin)程。將(jiang)進(jin)(jin)一步(bu)(bu)豐富公司業(ye)(ye)(ye)務(wu)板塊、步(bu)(bu)入高端光(guang)(guang)(guang)(guang)(guang)(guang)刻(ke)(ke)膠(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)關鍵(jian)賽道,有利(li)(li)于公司進(jin)(jin)一步(bu)(bu)優(you)化(hua)(hua)(hua)半(ban)(ban)(ban)導(dao)(dao)體(ti)(ti)材料業(ye)(ye)(ye)務(wu)產品結構(gou)、擴大(da)市(shi)場(chang)份額、新增利(li)(li)潤增長點(dian)。

相關(guan)材(cai)(cai)料(liao)(liao)(liao)(liao)技術(shu)/產(chan)(chan)(chan)(chan)(chan)(chan)業(ye)(ye)化(hua)經驗(yan)(yan)(yan),塑(su)造KrF/ArF光(guang)(guang)(guang)刻(ke)(ke)(ke)(ke)(ke)(ke)(ke)膠(jiao)(jiao)(jiao)(jiao)(jiao)項目(mu)核(he)心競(jing)爭力。(1)具備(bei)高(gao)(gao)端(duan)(duan)(duan)(duan)晶(jing)(jing)圓(yuan)光(guang)(guang)(guang)刻(ke)(ke)(ke)(ke)(ke)(ke)(ke)膠(jiao)(jiao)(jiao)(jiao)(jiao)原(yuan)(yuan)(yuan)料(liao)(liao)(liao)(liao)自主(zhu)合(he)成(cheng)(cheng)的(de)(de)(de)(de)(de)(de)(de)(de)技術(shu)能(neng)(neng)力:光(guang)(guang)(guang)刻(ke)(ke)(ke)(ke)(ke)(ke)(ke)膠(jiao)(jiao)(jiao)(jiao)(jiao)全流(liu)(liu)程(cheng)(cheng)開(kai)(kai)(kai)發(fa)(fa)(fa)包(bao)括原(yuan)(yuan)(yuan)料(liao)(liao)(liao)(liao)合(he)成(cheng)(cheng)和(he)(he)配方開(kai)(kai)(kai)發(fa)(fa)(fa),其(qi)中(zhong)(zhong)光(guang)(guang)(guang)刻(ke)(ke)(ke)(ke)(ke)(ke)(ke)膠(jiao)(jiao)(jiao)(jiao)(jiao)原(yuan)(yuan)(yuan)料(liao)(liao)(liao)(liao)的(de)(de)(de)(de)(de)(de)(de)(de)合(he)成(cheng)(cheng)和(he)(he)純(chun)化(hua)技術(shu)難度(du)極大,也(ye)是國(guo)內產(chan)(chan)(chan)(chan)(chan)(chan)業(ye)(ye)鏈相對(dui)(dui)薄(bo)弱的(de)(de)(de)(de)(de)(de)(de)(de)環(huan)節(jie)。公(gong)司(si)(si)(si)擁有超20年有機合(he)成(cheng)(cheng)、高(gao)(gao)分子聚合(he)、材(cai)(cai)料(liao)(liao)(liao)(liao)工程(cheng)(cheng)化(hua)、純(chun)化(hua)等技術(shu)積(ji)累(lei)(lei),已具備(bei)獨立開(kai)(kai)(kai)發(fa)(fa)(fa)高(gao)(gao)端(duan)(duan)(duan)(duan)晶(jing)(jing)圓(yuan)光(guang)(guang)(guang)刻(ke)(ke)(ke)(ke)(ke)(ke)(ke)膠(jiao)(jiao)(jiao)(jiao)(jiao)功能(neng)(neng)單(dan)體(ti)(ti),主(zhu)體(ti)(ti)樹(shu)(shu)脂(zhi)和(he)(he)含(han)氟(fu)樹(shu)(shu)脂(zhi)(浸(jin)(jin)沒(mei)式(shi)(shi)ArF光(guang)(guang)(guang)刻(ke)(ke)(ke)(ke)(ke)(ke)(ke)膠(jiao)(jiao)(jiao)(jiao)(jiao)的(de)(de)(de)(de)(de)(de)(de)(de)核(he)心組分),光(guang)(guang)(guang)致產(chan)(chan)(chan)(chan)(chan)(chan)酸(suan)劑(ji)、淬滅(mie)劑(ji)及(ji)(ji)其(qi)它助劑(ji)等光(guang)(guang)(guang)刻(ke)(ke)(ke)(ke)(ke)(ke)(ke)膠(jiao)(jiao)(jiao)(jiao)(jiao)上(shang)游原(yuan)(yuan)(yuan)材(cai)(cai)料(liao)(liao)(liao)(liao)的(de)(de)(de)(de)(de)(de)(de)(de)能(neng)(neng)力。公(gong)司(si)(si)(si)通過實(shi)現(xian)高(gao)(gao)端(duan)(duan)(duan)(duan)晶(jing)(jing)圓(yuan)光(guang)(guang)(guang)刻(ke)(ke)(ke)(ke)(ke)(ke)(ke)膠(jiao)(jiao)(jiao)(jiao)(jiao)原(yuan)(yuan)(yuan)料(liao)(liao)(liao)(liao)自主(zhu)合(he)成(cheng)(cheng),為公(gong)司(si)(si)(si)產(chan)(chan)(chan)(chan)(chan)(chan)品(pin)(pin)(pin)(pin)(pin)高(gao)(gao)效(xiao)開(kai)(kai)(kai)發(fa)(fa)(fa)及(ji)(ji)未來產(chan)(chan)(chan)(chan)(chan)(chan)業(ye)(ye)化(hua)穩定快速放量(liang)(liang)奠定堅實(shi)基(ji)(ji)礎。(2)具備(bei)進(jin)(jin)口替代類(lei)關(guan)鍵(jian)光(guang)(guang)(guang)刻(ke)(ke)(ke)(ke)(ke)(ke)(ke)膠(jiao)(jiao)(jiao)(jiao)(jiao)產(chan)(chan)(chan)(chan)(chan)(chan)品(pin)(pin)(pin)(pin)(pin)成(cheng)(cheng)熟(shu)(shu)的(de)(de)(de)(de)(de)(de)(de)(de)開(kai)(kai)(kai)發(fa)(fa)(fa)經驗(yan)(yan)(yan):公(gong)司(si)(si)(si)成(cheng)(cheng)功開(kai)(kai)(kai)發(fa)(fa)(fa)出多款(kuan)(kuan)(kuan)(kuan)“卡脖子”進(jin)(jin)口替代類(lei)關(guan)鍵(jian)材(cai)(cai)料(liao)(liao)(liao)(liao),并在其(qi)中(zhong)(zhong)的(de)(de)(de)(de)(de)(de)(de)(de)OLED顯示(shi)用(yong)(yong)光(guang)(guang)(guang)刻(ke)(ke)(ke)(ke)(ke)(ke)(ke)膠(jiao)(jiao)(jiao)(jiao)(jiao)PSPI和(he)(he)封裝(zhuang)光(guang)(guang)(guang)刻(ke)(ke)(ke)(ke)(ke)(ke)(ke)膠(jiao)(jiao)(jiao)(jiao)(jiao)的(de)(de)(de)(de)(de)(de)(de)(de)開(kai)(kai)(kai)發(fa)(fa)(fa)和(he)(he)應(ying)用(yong)(yong)過程(cheng)(cheng)中(zhong)(zhong)積(ji)累(lei)(lei)了(le)豐(feng)富經驗(yan)(yan)(yan),熟(shu)(shu)悉光(guang)(guang)(guang)刻(ke)(ke)(ke)(ke)(ke)(ke)(ke)膠(jiao)(jiao)(jiao)(jiao)(jiao)產(chan)(chan)(chan)(chan)(chan)(chan)品(pin)(pin)(pin)(pin)(pin)的(de)(de)(de)(de)(de)(de)(de)(de)開(kai)(kai)(kai)發(fa)(fa)(fa)、應(ying)用(yong)(yong)流(liu)(liu)程(cheng)(cheng)及(ji)(ji)客(ke)(ke)戶(hu)(hu)應(ying)用(yong)(yong)需求,幫助公(gong)司(si)(si)(si)快速推進(jin)(jin)高(gao)(gao)端(duan)(duan)(duan)(duan)晶(jing)(jing)圓(yuan)光(guang)(guang)(guang)刻(ke)(ke)(ke)(ke)(ke)(ke)(ke)膠(jiao)(jiao)(jiao)(jiao)(jiao)產(chan)(chan)(chan)(chan)(chan)(chan)品(pin)(pin)(pin)(pin)(pin)的(de)(de)(de)(de)(de)(de)(de)(de)開(kai)(kai)(kai)發(fa)(fa)(fa)和(he)(he)客(ke)(ke)戶(hu)(hu)端(duan)(duan)(duan)(duan)驗(yan)(yan)(yan)證(zheng)。截至2023年12月25日,公(gong)司(si)(si)(si)已開(kai)(kai)(kai)發(fa)(fa)(fa)出13款(kuan)(kuan)(kuan)(kuan)高(gao)(gao)端(duan)(duan)(duan)(duan)晶(jing)(jing)圓(yuan)光(guang)(guang)(guang)刻(ke)(ke)(ke)(ke)(ke)(ke)(ke)膠(jiao)(jiao)(jiao)(jiao)(jiao)產(chan)(chan)(chan)(chan)(chan)(chan)品(pin)(pin)(pin)(pin)(pin),包(bao)括6款(kuan)(kuan)(kuan)(kuan)浸(jin)(jin)沒(mei)式(shi)(shi)ArF光(guang)(guang)(guang)刻(ke)(ke)(ke)(ke)(ke)(ke)(ke)膠(jiao)(jiao)(jiao)(jiao)(jiao)和(he)(he)7款(kuan)(kuan)(kuan)(kuan)KrF光(guang)(guang)(guang)刻(ke)(ke)(ke)(ke)(ke)(ke)(ke)膠(jiao)(jiao)(jiao)(jiao)(jiao)產(chan)(chan)(chan)(chan)(chan)(chan)品(pin)(pin)(pin)(pin)(pin),并有5款(kuan)(kuan)(kuan)(kuan)光(guang)(guang)(guang)刻(ke)(ke)(ke)(ke)(ke)(ke)(ke)膠(jiao)(jiao)(jiao)(jiao)(jiao)產(chan)(chan)(chan)(chan)(chan)(chan)品(pin)(pin)(pin)(pin)(pin)已在客(ke)(ke)戶(hu)(hu)端(duan)(duan)(duan)(duan)進(jin)(jin)行送樣,其(qi)中(zhong)(zhong)包(bao)括1款(kuan)(kuan)(kuan)(kuan)能(neng)(neng)夠達(da)到ArF極限(xian)分辨率(lv)(lv)37.5nm的(de)(de)(de)(de)(de)(de)(de)(de)光(guang)(guang)(guang)刻(ke)(ke)(ke)(ke)(ke)(ke)(ke)膠(jiao)(jiao)(jiao)(jiao)(jiao)產(chan)(chan)(chan)(chan)(chan)(chan)品(pin)(pin)(pin)(pin)(pin)和(he)(he)1款(kuan)(kuan)(kuan)(kuan)能(neng)(neng)達(da)到KrF極限(xian)分辨率(lv)(lv)120nm L/S和(he)(he)130nm Hole的(de)(de)(de)(de)(de)(de)(de)(de)光(guang)(guang)(guang)刻(ke)(ke)(ke)(ke)(ke)(ke)(ke)膠(jiao)(jiao)(jiao)(jiao)(jiao)。(3)具備(bei)豐(feng)富的(de)(de)(de)(de)(de)(de)(de)(de)半導(dao)(dao)(dao)體(ti)(ti)材(cai)(cai)料(liao)(liao)(liao)(liao)產(chan)(chan)(chan)(chan)(chan)(chan)業(ye)(ye)化(hua)經驗(yan)(yan)(yan)并已同(tong)步(bu)進(jin)(jin)行產(chan)(chan)(chan)(chan)(chan)(chan)業(ye)(ye)化(hua)布局:基(ji)(ji)于對(dui)(dui)公(gong)司(si)(si)(si)高(gao)(gao)端(duan)(duan)(duan)(duan)光(guang)(guang)(guang)刻(ke)(ke)(ke)(ke)(ke)(ke)(ke)膠(jiao)(jiao)(jiao)(jiao)(jiao)產(chan)(chan)(chan)(chan)(chan)(chan)品(pin)(pin)(pin)(pin)(pin)開(kai)(kai)(kai)發(fa)(fa)(fa)、驗(yan)(yan)(yan)證(zheng)進(jin)(jin)度(du)的(de)(de)(de)(de)(de)(de)(de)(de)信心,公(gong)司(si)(si)(si)實(shi)行技術(shu)研(yan)發(fa)(fa)(fa)和(he)(he)品(pin)(pin)(pin)(pin)(pin)質(zhi)管控、量(liang)(liang)產(chan)(chan)(chan)(chan)(chan)(chan)線建設的(de)(de)(de)(de)(de)(de)(de)(de)同(tong)步(bu)推進(jin)(jin)模(mo)式(shi)(shi),已提前(qian)儲(chu)備(bei)多臺光(guang)(guang)(guang)刻(ke)(ke)(ke)(ke)(ke)(ke)(ke)膠(jiao)(jiao)(jiao)(jiao)(jiao)關(guan)鍵(jian)量(liang)(liang)產(chan)(chan)(chan)(chan)(chan)(chan)設備(bei),其(qi)中(zhong)(zhong)包(bao)含(han)多臺浸(jin)(jin)沒(mei)式(shi)(shi)ArF光(guang)(guang)(guang)刻(ke)(ke)(ke)(ke)(ke)(ke)(ke)膠(jiao)(jiao)(jiao)(jiao)(jiao)不可替代的(de)(de)(de)(de)(de)(de)(de)(de)量(liang)(liang)產(chan)(chan)(chan)(chan)(chan)(chan)設備(bei),為公(gong)司(si)(si)(si)在國(guo)內率(lv)(lv)先量(liang)(liang)產(chan)(chan)(chan)(chan)(chan)(chan)浸(jin)(jin)沒(mei)式(shi)(shi)ArF光(guang)(guang)(guang)刻(ke)(ke)(ke)(ke)(ke)(ke)(ke)膠(jiao)(jiao)(jiao)(jiao)(jiao)提供了(le)有利(li)保障。目(mu)前(qian),公(gong)司(si)(si)(si)已基(ji)(ji)本(ben)完成(cheng)(cheng)單(dan)體(ti)(ti)、樹(shu)(shu)脂(zhi)、光(guang)(guang)(guang)致產(chan)(chan)(chan)(chan)(chan)(chan)酸(suan)劑(ji)、淬滅(mie)劑(ji)合(he)成(cheng)(cheng)的(de)(de)(de)(de)(de)(de)(de)(de)小規模(mo)混配線建設;公(gong)司(si)(si)(si)年產(chan)(chan)(chan)(chan)(chan)(chan)300噸KrF/ArF光(guang)(guang)(guang)刻(ke)(ke)(ke)(ke)(ke)(ke)(ke)膠(jiao)(jiao)(jiao)(jiao)(jiao)產(chan)(chan)(chan)(chan)(chan)(chan)業(ye)(ye)化(hua)項目(mu)有望在2024年第四(si)季(ji)度(du)建設完成(cheng)(cheng)。(4)具備(bei)半導(dao)(dao)(dao)體(ti)(ti)行業(ye)(ye)的(de)(de)(de)(de)(de)(de)(de)(de)深厚理解和(he)(he)客(ke)(ke)戶(hu)(hu)基(ji)(ji)礎:公(gong)司(si)(si)(si)已與高(gao)(gao)端(duan)(duan)(duan)(duan)晶(jing)(jing)圓(yuan)光(guang)(guang)(guang)刻(ke)(ke)(ke)(ke)(ke)(ke)(ke)膠(jiao)(jiao)(jiao)(jiao)(jiao)產(chan)(chan)(chan)(chan)(chan)(chan)品(pin)(pin)(pin)(pin)(pin)的(de)(de)(de)(de)(de)(de)(de)(de)下(xia)游客(ke)(ke)戶(hu)(hu)—國(guo)內主(zhu)流(liu)(liu)晶(jing)(jing)圓(yuan)廠(chang)建立良好客(ke)(ke)情關(guan)系(xi),下(xia)游客(ke)(ke)戶(hu)(hu)對(dui)(dui)公(gong)司(si)(si)(si)產(chan)(chan)(chan)(chan)(chan)(chan)品(pin)(pin)(pin)(pin)(pin)開(kai)(kai)(kai)發(fa)(fa)(fa)及(ji)(ji)穩定生產(chan)(chan)(chan)(chan)(chan)(chan)的(de)(de)(de)(de)(de)(de)(de)(de)能(neng)(neng)力具有很強(qiang)的(de)(de)(de)(de)(de)(de)(de)(de)信心,對(dui)(dui)新產(chan)(chan)(chan)(chan)(chan)(chan)品(pin)(pin)(pin)(pin)(pin)開(kai)(kai)(kai)發(fa)(fa)(fa)、驗(yan)(yan)(yan)證(zheng)評估及(ji)(ji)未來量(liang)(liang)產(chan)(chan)(chan)(chan)(chan)(chan)導(dao)(dao)(dao)入提供有力支(zhi)持(chi)。

投資建議(yi):2023年(nian),全球半(ban)(ban)導體(ti)市(shi)場(chang)陷入(ru)低(di)迷,終端市(shi)場(chang)需求(qiu)疲軟,下游需求(qiu)低(di)于預期(qi),導致半(ban)(ban)導體(ti)各(ge)環節(jie)業(ye)績(ji)承壓。我們調整對公司(si)原有業(ye)績(ji)預測,2023年(nian)至(zhi)2025年(nian)營業(ye)收入(ru)由原來30.69/35.43/41.69億(yi)元調整為(wei)26.19/30.29/37.47億(yi)元,增速分(fen)別(bie)為(wei)-3.8%/15.7%/23.7%;歸母凈利潤由4.73/6.07/8.11億(yi)元調整為(wei)2.82/4.53/6.22億(yi)元,增速分(fen)別(bie)為(wei)-27.8%/60.6%/37.4%;對應PE分(fen)別(bie)為(wei)78.2/48.7/35.4倍。考慮到鼎(ding)龍(long)股份在有機(ji)合成平臺和高(gao)分(fen)子合成平臺上多年(nian)的技術(shu)積(ji)累,以(yi)及OLED顯示用光(guang)敏(min)聚酰亞(ya)胺PSPI的研發(fa)和產(chan)(chan)業(ye)化經(jing)驗,布(bu)局開(kai)發(fa)高(gao)端KrF和ArF光(guang)刻膠產(chan)(chan)品,豐富半(ban)(ban)導體(ti)材料品種,推(tui)進(jin)公司(si)在半(ban)(ban)導體(ti)材料相關(guan)產(chan)(chan)業(ye)鏈延(yan)伸(shen)拓(tuo)展,并(bing)積(ji)極開(kai)拓(tuo)新(xin)業(ye)務增長點,維(wei)持買入(ru)-A建議(yi)。

風(feng)險(xian)提示:宏觀經(jing)濟環境(jing)變化風(feng)險(xian);新業(ye)務布局效(xiao)果不(bu)及預(yu)期(qi)風(feng)險(xian);新業(ye)務需(xu)求不(bu)及預(yu)期(qi);國(guo)產(chan)替代進(jin)程不(bu)及預(yu)期(qi)。

(來源:慧博投研)

免責聲明:本文內容與數據僅供參考,不構(gou)成投資(zi)建議(yi),使用前請(qing)核(he)實。據此操作,風險自擔。

(編輯 曾健輝)

 

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