In the field of semiconductor chips, glass substrates have superior mechanical, physical, and optical properties, enabling the construction of higher-performance multi-chip SiPs with 50% more die on the chip.
This article is the "Profitability" part of the enterprise value series, and a total of 18 glass substrate companies are selected as research samples, and the return on net assets, gross profit margin, net profit margin, etc. are used as evaluation indicators.
Data is based on history and does not represent future trends; It is for static analysis only and does not constitute investment advice.
Top 10 companies in terms of profitability of glass substrates:
10th Lehman Optoelectronics
Profitability: Return on equity 0.11%, gross margin 24.57%, net profit margin -0.16%
Main products: LED display is the main source of revenue, accounting for 64.77% of revenue, gross profit margin of 28.42%
Company Highlights: The Lehman PM driver glass-based Micro LED display launched by Lehman Optoelectronics uses Vogel Optoelectronics' TGV glass substrate and the company's unique new COB packaging patented technology.
9th De'Longhi Laser
Profitability: Return on equity 8.57%, gross profit margin 49.02%, net profit margin 11.51%
Main products: precision laser processing equipment is the main source of income, accounting for 71.94% of revenue, gross profit margin of 44.88%
Company Highlights: De'Longhi laser integrated circuit advanced packaging applies existing laser fine microprocessing equipment such as glass through hole (TGV), laser slotting (low-k), wafer marking, module drilling (TMV), laser debonding, and auxiliary welding.
No. 8 Sai Microelectronics
Profitability: Return on equity 2.05%, gross profit margin 35.33%, net profit margin 2.21%
Main products: MEMS wafer manufacturing is the main source of revenue, accounting for 38.38% of revenue and gross profit margin of 34.07%
Company Highlights: Sai Microelectronics has a comprehensive process technology reserve covering the MEMS field, TSV, TGV, SilVia, MetVia, DRIE and wafer bonding technology modules are leading in the industry.
7th Rainbow Shares
Profitability: Return on equity 3.31%, gross profit margin 14.95%, net profit margin 5.80%
Main products: LCD panel is the main source of revenue, accounting for 88.69% of revenue, gross profit margin of 14.32%
Company highlights: Rainbow Co., Ltd.'s main business is substrate glass and display panels, and has formed the world's only industrial layout with the linkage effect of "panel + substrate" upstream and downstream industries.
No. 6 Guangli Technology
Profitability: Return on equity 7.24%, gross profit margin 53.44%, net profit margin 14.70%
Main products: Semiconductor packaging and testing equipment products are the main source of revenue, accounting for 51.81% of revenue and gross profit margin of 39.74%
Company Highlights: The semiconductor cutting and dicing machine produced by Guangli Technology is widely used in integrated circuits, power semiconductor devices, MiniLED, sensors and other products, which can meet the cutting needs of glass substrates.
5th Riyard
Profitability: Return on equity 5.09%, gross profit margin 30.56%, net profit margin 4.70%
Main products: intelligent display is the main source of revenue, accounting for 85.36% of revenue, gross profit margin of 29.49%
Company Highlights: Leyard has partnered with glass processing companies to develop glass substrates for LED displays.
4th Tiancheng Technology
Profitability: Return on equity 15.88%, gross profit margin 31.93%, net profit margin 14.62%
Main products: Immersion copper specialty chemicals are the main source of income, accounting for 77.13% of revenue, and gross profit margin of 24.44%
Company Highlights: Tiancheng Technology is in the first echelon of TGV in the industry, and has R&D and technical reserves for through-hole filling of related glass substrates.
No. 3 Kaisheng New Energy
Profitability: Return on equity 9.89%, gross profit margin 15.84%, net profit margin 8.58%
Main products: new energy glass is the main source of income, accounting for 96.80% of revenue, gross profit margin of 11.70%
Company Highlights: Kaisheng New Energy is the earliest enterprise in China to start R&D and commercial production of ultra-thin float glass products.
2nd Voge Optoelectronics
Profitability: Return on equity -8.51%, gross margin 21.52%, net profit margin -7.23%
Main products: optoelectronic display devices are the main source of revenue, accounting for 46.98% of revenue, gross profit margin of 12.66%
Company Highlights: Vogel optoelectronic glass substrates can be applied to the vertical packaging substrate interposer of CPO 2.5D/3D packaging and the packaging substrate below to realize the interconnection of optical modules and chips.
1st Deere Laser
Profitability: Return on equity 17.25%, gross profit margin 46.96%, net profit margin 30.01%
Main products: solar cell laser processing equipment is the main source of income, accounting for 84.99% of revenue, gross profit margin of 45.74%
Company Highlights: Deere Laser's TGV laser microporous equipment realizes micro-hole and micro-groove processing of glass substrates of different materials through precision control system and laser modification technology.
The top 10 companies in terms of glass substrate profitability have achieved return on net assets, gross profit margin and net profit margin in the past three years:
