Recently, the photoresist sector market ups and downs, this Thursday photoresist sector in a number of stocks appeared up limit, the smallest increase of the stock also rose more than 1% on the day, the news is also positive. According to the application field, photoresists can be divided into PCB photoresists, semiconductor photoresists, display panel photoresists and other photoresists. The market structure of different types of photoresists in the global market is relatively balanced, basically accounting for 1/4 each, but in the domestic market, local photoresists are mainly based on PCB photoresists, accounting for nearly 90%, while the supply of photoresists for flat panel displays and semiconductors accounts for extremely low proportions.
Display photoresist is mainly used in the production of flat panel display, display, LCD, OLED, touch screen and other products, the photoresist varieties used are mainly divided into color photoresist, black photoresist, TFT array photoresist, touch screen photoresist, etc. according to different application processes. From the demand side, with the development of display panel technology and the growth of downstream demand, it is expected that the global display panel market will reach 274 million square meters in 2024. The share of domestic panel production capacity will increase from 53% in 2020 to 71% in 2025, and domestic display photoresist demand will continue to grow. According to data from Guotai Junan Securities Research Institute, it is expected that the domestic LCD photoresist market will grow to 6.8 billion yuan in 2023.
Recently, the science and technology innovation board company Alled (688378) added the concept of photoresist on the basis of OLED, and the reason given by Flush is that the company's 2023 half-year report shows that in recent years, thanks to the company's deep technology accumulation, the company has also made breakthroughs in packaging materials, PDL materials (display photoresist), evaporation machines and other "neck" products, and extended the layout of perovskite business, and the company's product structure is increasingly diversified.
The full name of Olaide (688378) is Jilin Olaide Optoelectronic Materials Co., Ltd., which is pronounced very similar to OLED, which fully shows the company's main business characteristics. However, despite the aura of the leader, Olade fell below the issue price three months after listing. According to the latest interim report, the company achieved operating income of 327 million yuan in the first half of the year, an increase of 28.80% over the same period of the previous year; The net profit attributable to shareholders of the listed company was 97.4803 million yuan, an increase of 30.71% over the same period of the previous year; The net profit attributable to shareholders of the listed company, net of non-recurring profits and losses, was 86.9234 million yuan, an increase of 34.59% over the same period of the previous year. In the first half of the year, the R&D investment was 60.3998 million yuan, accounting for 18.43% of the operating income.
From the perspective of financial indicators, the basic earnings per share of Allad in the past three years have exceeded 1 yuan, the profit margin has remained above 20%, and the dividend rate has exceeded 80%, which is the only one in the photoresist sector. The company is listed in 2020, with a cumulative dividend of 285 million yuan in the past three years. Actual controllers: Xuan Lingyi, Xuan Jingquan, Li Jixuan (shareholding ratio: 35.00%). Xuan Jingquan and Xuan Ling Yi are father-daughter relationships; Xuan Jingquan and Li Jixuan are husband and wife, and they act in unison. On August 26, Olade (688378.SH) announced that the company's 1,155,100 shares of restricted shares in its initial public offering were lifted, and the listing and circulation date is September 4, 2023.
The company's core products are organic light-emitting materials and evaporation sources, of which organic light-emitting materials are the core materials of OLED panel manufacturing, and the evaporation source is the core component of the evaporation machine of key equipment for OLED panel manufacturing. OLED preparation is mainly vacuum evaporation method, through the vacuum environment of heating organic luminescent materials, vaporizing and depositing on the substrate to obtain thin film materials, also known as vacuum coating. AMOLED panels need to be evaporated with more than ten layers of organic materials, and the thickness and uniformity of evaporation are the core indicators, which need to be controlled at the nanometer level accuracy, which directly determines the luminous efficiency, display color, yield rate, etc. of OLED panels. As the core component of evaporation, the evaporation source determines the thickness and uniformity of the coating in the evaporation process, and can be regarded as the "heart" of the evaporation equipment.
Global OLED organic light-emitting materials are mainly monopolized by enterprises in the United States, Japan, South Korea, Germany and other countries, domestic material manufacturers are mainly such as Olade, Light Optoelectronics, Heparuns, Xiahe Technology, etc., Olade is the domestic organic light-emitting material leader, domestic substitution progress leading, is one of the few domestic companies that can independently produce organic light-emitting material terminal materials. In the photoresist industry chain, the gross profit margin of panel photoresist is not high, usually in the range of 13-30%, and the gross profit margin of upstream and downstream applications is about 15-30%. In the first half of this year, Olade organic light-emitting materials achieved revenue of 141 million yuan, a year-on-year increase of 61.88%, and the gross profit margin of the business reached 52%, an increase of 22 percentage points over the same period of the previous year, indicating that the competitiveness of the product in the market has improved. Equipment gross margin was 67%, essentially flat compared to the same period last year. ”
In terms of evaporation source equipment, the 6th generation of AMOLED linear evaporation source purchased by domestic panel manufacturers has been tendered and purchased from Olaide, South Korea's YAS, Japan's Aifake, and South Korea's SNU, and the company is the only domestic enterprise that has achieved import substitution. When domestic panel manufacturers are building the 6th generation line, they mainly choose the Japanese Canon Tokki evaporation machine, with a domestic market share of about 82%, and a small number choose the evaporation machine of Japan Aifake. Japan Aifake evaporation machine is sold with the evaporation source, and customers do not need to purchase the evaporation source separately; Tokki evaporation machine does not provide evaporation source, manufacturers through the form of bidding for evaporation source procurement, the company's evaporation source products are currently only suitable for Tokki evaporation machine, the current 6th generation line construction into the end of the construction period. The OLED industry is in a stage of rapid development, and the market demand is relatively strong, but the development of technology and the improvement of the requirements of the terminal product for OLED screens will promote the OLED production line from the low generation to the high generation in advance, and the company has carried out the technology development and reserve of the G8.5 (G8.6) high-generation evaporation source in advance.
In addition, in terms of the next generation of optoelectronic material perovskite, the company has made a layout in advance, and announced in November 2022 that it will use 49 million yuan of over-raised funds to invest in the construction of perovskite projects. The company said that the main development direction is based on the company's mature technology in the field of OLED, which is used in the field of perovskite, and the core direction of research and development is the perovskite battery prepared by evaporation method in the whole process.
In response to investors on the interactive platform, Olade said that in terms of perovskite materials, the company is currently developing around hole transport materials, anchoring perovskite carrier transport layer materials, focusing on hole transport materials and electron transport materials for different perovskite device structures, and conducting research on perovskite interface materials. At present, the cavitation material has completed the development of small samples and is applying for patents; In terms of evaporation equipment, the preliminary technical design of the perovskite evaporation machine has been completed, and the relevant technical process flow is being optimized.
Ping An Securities believes that the company has gradually expanded from OLED light-emitting materials to packaging materials and PDL materials, of which packaging materials have been verified by a number of panel factories, and PDL materials are also in the testing stage, and the company's layout of these two new materials has improved its product structure and further enhanced its competitiveness in the OLED material track. In addition, the company actively carries out the technology development and reserve of G8.5 evaporation source, and with the high-generation OLED production line of the panel factory is put on the agenda, the company's evaporation source business is expected to produce a large performance increment in the future. The perovskite battery that the company is currently actively deploying is very similar to OLED in terms of device structure and working principle, and the degree of reuse of materials and equipment is also very high, so the materials and equipment technology reserved by the company in the OLED field can be easily reused on perovskite.
Author: Zhang Shu
Editor: Zhang Tianyi
Executive Producer: Wang Junji
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