ninjaturtlearcadegame| Oulai New Materials (688530.SH) is about to land on the Science and Technology Innovation Board: Focusing on high-performance sputtering targets, the net profit of the parent company will increase by nearly 40%
Go through more than half a monthNinjaturtlearcadegameThe window for the purchase of new shares, April 25 A-shares finally ushered in the purchase of new shares Oulai new materials.
Oulai New Materials is a leader in the field of high-performance sputtering targets, and it is also the second batch of key "Little Giant" enterprises supported by national "specialized and special new" enterprises and central financial support.
In the current IPO trend, it is about to successfully land on the Kechuang board, which to some extent shows that the company has a solid foundation.
Sputtering target is the key to promote the process of localization and the development of new quality productivity.
Oulai New Materials was founded in 2010 and has accumulated in the field of sputtering targets.NinjaturtlearcadegameWith more than ten years of experience, it is the leading sputtering target leader in China, and its products are mainly used in high-end manufacturing industries such as semiconductor display, touch screen, integrated circuit packaging, new energy cells and solar cells.
Sputtering target is the core material of these high-end manufacturing industry, and its technological progress is the key to promote the process of localization and the development of new quality productivity. According to the authoritative statistics of SEMI, sputtering targets account for nearly 3% of the global semiconductor manufacturing and packaging test materials market.
At present, the eastward shift of the global industrial chain has brought new development opportunities for the sputtering target industry. Different from the previous stage of low-end manufacturing moving eastward, the current interpretation of the global electronics industry, photovoltaic industry and other supply chains gradually transferred from Europe and the United States, South Korea, Japan and Taiwan and other manufacturers to Chinese mainland manufacturers. Industrial opportunities with higher technological content and greater profit margins have emerged.
At the same time, the wave of domestic substitution has also brought unprecedented development opportunities for domestic manufacturers.
The domestic substitution of sputtering target industry has a huge market space. For a long time, the global sputtering target market has been dominated by large manufacturers in the United States, Japan and Europe, who occupy the vast majority of the market by virtue of strong patent protection and technological leadership. According to the forward-looking Industrial Research Institute, in 2021, Japan's Nippon Mineral Metals and Dongcao, as well as Honeywell and Plax of the United States, four target giants accounted for 80% of the global target market.
Although the sputtering target industry in China started relatively late, it has shown a strong momentum of development in recent years. As national security and scientific and technological self-reliance have become the core strategy of the country, the pace of domestic substitution is accelerating day by day. Oulai's prospectus points out that (domestic manufacturers) have formed import substitution for the domestic market share of foreign manufacturers, and achieved some exports, ensuring the self-control and supply security of key raw materials upstream of key domestic industries.
The overall scale expansion and structural change have jointly promoted the vigorous development of the Chinese market. According to the statistics of the prospective Industrial Research Institute, the market of high-performance sputtering targets in China has a broad prospect from 2021 to 2026. It is expected that the market will grow to 65.3 billion yuan in 2026, with an annual compound growth rate of 15%.Ninjaturtlearcadegame.0%, which means it will double in five years. On the other hand, the sputtering target industry for sub-area plane display is growing faster and is expected to reach 39.5 billion yuan in 2026. You know, the annual growth rate of the semiconductor industry is basically less than 5% in single digits, in contrast to the vitality of the industry.
In this context, enterprises with leading technology, such as Oulai New Materials, are ushering in their golden period of development.
Start the signal gun of domestic science and technology independence.
However, although the number of sputtering target manufacturers has increased in recent years, there is still a large gap between the overall technical level and the international cutting-edge level, and there are still only a handful of enterprises that can make breakthroughs in the high-end market.
This situation is closely related to technical barriers. Sputtering target is the core material in the process of physical vapor deposition (PVD). In the process of sputtering, the atoms of the target are released by the impact of high-energy particles, and then deposited on the wafer or other substrate to form a thin film. The fabrication of sputtering targets involves high-precision technical requirements, which integrates the knowledge of many disciplines, such as electron optics, engineering, material science, physics and chemistry. Its production process covers many professional and technical fields, such as microstructure control, target structure design, metal powder preparation, high-precision molding, machining, bonding welding, cleaning and packaging, etc., so it forms a high technical threshold.
Huajin Securities Research Institute pointed out that the company is one of the early domestic enterprises to enter the semiconductor display sputtering target industry. Benefiting from the first-mover advantage, Oulai Xincai has accumulated rich technical experience and gradually broke the foreign technology monopoly.
From the perspective of technological innovation, the company has made remarkable achievements in the field of semiconductor display. Among them, the company has successfully developed molybdenum tube targets suitable for flat display high generation lines, and adopted core technologies such as hot isostatic pressing special treatment to prepare molybdenum targets suitable for high generation lines; the company has also made further breakthroughs in molybdenum alloy targets and successfully developed a raw material formula for molybdenum alloy film to meet the requirements of 8K ultra-high definition display.
From the perspective of technology application, the company's outstanding performance in the Gaoshi line display market is sufficient to prove its technical strength. The company has not only realized the G8NinjaturtlearcadegameThe mass production and supply of sputtering targets for display of high-generation semiconductors such as .5, G8.6, G10.5 is a breakthrough in the field of G11 ultra-high generation line. According to the certificate of China Electronic Materials Industry Association, the core technical indicators of many products such as G8.5, G10.5 planar copper target and G10.5 planar ITO target have reached the advanced level of similar products at home and abroad.
In terms of technology, Oulai New Materials has broken through the encirclement of foreign manufacturers and fired the signal gun of domestic science and technology independence; in terms of market supply chain, Oulai New Materials has also successfully entered the international advanced supply chain system, and has gradually replaced similar foreign products.
The company's main products such as copper target, aluminum target, molybdenum and molybdenum alloy target and ITO target have been used in batch in TFT-LCD products of downstream well-known semiconductor display panel manufacturers such as Beijing Oriental, Huaxing Optoelectronics, Huike Co., Ltd., beyond Horizon, Rainbow Optoelectronics, Shenzhen Super Optoelectronics and CLP Panda. According to DISCIEN data, in terms of global LCD TV panel shipments, BOE, Huaxing Optoelectronics and Huike ranked in the top three, with a combined market share of more than 60 per cent. This means that the company has entered the top supply chain in the world.
Source: DISCIEN
At the same time, Oulai New Materials has shown strong market competitiveness in many fields, such as touch screen, architectural glass, decorative coating, integrated circuit packaging, new energy cells and solar cells. Oulai has successfully penetrated into the supply chains of leading touch screen companies such as Ultrasonic, Leibao Hi-Tech, Southern Glass Group, Changxin Technology and TPK, as well as the supply chains of construction glass giants such as AGC, Southern Glass Group, Pilkington (Pilkington) and Chibin Group. At the same time, it has also entered the integrated circuit packaging material supply system of semiconductor manufacturers such as Vietnam Semiconductor and SK Hynix, as well as the supply chain of core manufacturers of new energy battery composite current collector materials and coating equipment, such as Wanshun New Materials, Baoming Technology, Tengsheng Technology, etc.
With the continuous efforts in technology research and development and market development, the company is in a leading position in the domestic sputtering target industry. According to the prospectus, the company's sputtering target business income ranked fourth among domestic sputtering target manufacturers in 2022, and sputtering target business revenue ranked second among domestic sputtering target manufacturers in 2021.
Homing net profit increased by 39.69% compared with the same period last year.
Although there are periodic fluctuations in the downstream industry, Oulai new materials with a favorable external environment and their own capabilities, still maintain a relatively steady growth trend.
In 2023, the company's operating income reached 476 million yuan, a year-on-year increase of 21.50%. At the same time, the return net profit also reached 49 million yuan, an increase of 39.69% over the same period last year. Based on the high income base at the top of the 2021 cycle, the company's compound annual growth rate between 2021 and 2023 is still as high as 24.63%, showing a strong growth momentum.
Looking to the future, the company's growth path is relatively clear:
1. From the product end, the company has made remarkable new progress in the fields of ITO targets, molybdenum and molybdenum alloy targets. In the field of semiconductor display, Oulai's products passed the first set of product testing of Rainbow Optoelectronics in June 2023 and are about to enter the stage of mass supply, and have entered the first set of product testing processes of Huike, Huaxing Optoelectronics, beyond the horizon and other manufacturers; in the field of solar cells, the company's products have been in the certification process of Huasheng New Energy, Giant Power and other photovoltaic enterprises.
In terms of new molybdenum alloy targets, Oulai New Materials has produced the first set of products ahead of its competitors and has entered the product certification stage of Huike, BOE and other manufacturers; this product can effectively prevent the thermal diffusion of copper atoms and meet the film characteristics requirements of 8K UHD display.
In addition, the company also extends to the upstream core raw material high purity oxygen-free copper field, through vertical expansion to achieve industrial chain integration. According to the prospectus, high-purity oxygen-free copper is the core raw material for the company's product manufacturing. At present, the company has successfully prepared small high-purity oxygen-free copper plate samples.
With the continuous progress of products, the sales volume of Oulai new materials related business is expected to gradually increase.
2. From the point of view of the demand side, flat display is the downstream application industry at the core of the company's products, and the proportion of related income is maintained at more than 70% during the reporting period. In the field of flat panel display, the company's sputtering targets account for more than 95% of the revenue of high-generation production line products above G8.5.
Open source Securities Research Institute believes that with the Japanese JOLED filing for bankruptcy reorganization, the global OLED panel industry competition pattern may be further concentrated in China and South Korea. Tianfeng Securities Research Institute pointed out that Samsung, BOE layout background, the industry is expected to start a new round of 8.6 generation OLED production line investment boom. This provides a broad market space for the future development of the company.
Looking forward to the future, under the tide of new quality productivity and independent control of science and technology, Oulai New Materials will continue to accelerate innovation and iteration. With strong technical strength and market competitiveness, coupled with the financial support obtained from listing, the commercialization and performance of the company in the future are also worth looking forward to.
