20230830_太平洋证券_电子行业电子化学品系列报告：湿电子化学品高端产品国产进程有望加速_51页.pdf
请务必阅读正文后的重要声明|2023 8 30 E-MAIL:S1190523010001 E-MAIL:S1190522120001 E-MAIL:S1190123020025 2 AI OLED N 2021 54.28 130.94 2018-2021 14.21%2.21%23%10%603078:603931:TMAH SEMI G5 XVCXvMrMnOrQrPmPsPqPqR7N9R7NtRrRnPmPkPqQuNjMmMpO6MrQoOwMrNyRwMsPmP 3 47 99.99%Process Chemicals Wet Chemicals 1 SEMI 99.99%99.8%99.7%99.5%4 2 99.99%BOE 3 5 PC 6 4 LED 5,88.2%6 2022,70%2%4%6%8%10%12%14%16%18%15.31%26.47%30.06%0%5%10%15%20%25%30%35%8 7 8,9 10 1975 SEMI G1G5 10-11 10-6 10-9 1.0 10-9 1.O 10-10 9 SEMI SEMI G1 G2 G3 G4 G5 g/L 1ppm 10ppb 1ppb 0.1ppb 10ppt m 1.00 0.50 0.50 0.20/mL 25.00 25.00 5.00 IC m 1.20 0.80-1.20 0.20-0.60 0.09-0.20 0.09 LED LED 10 11 2022,11 12 2-3 12 13 13:14 47 14 15 2021 2021 42%30%21%AI 5nm OLED P Perc N Topcon/HJT N 1542%30%21%7%16 16 2022,7%SEMI G3 G4 G5 8 17 12 G5 11000/G5 8500/G1 6000/G2 1800/18,17,33%14%13%7%4%CMP 7%6%3%13%02,0004,0006,0008,00010,00012,00014,00016,000/G2 G3 G4 G5 G1 G2 G3 G4 G5 12 KnometaResearch,2023 12 13 4 2 46%12 239.82/8 4.6 6 7.9 G5 17 20 2023 12 KnometaResearch,19 12 KnometaResearch,-4-2024681012140501001502002502008200920102011201220132014201520162017201820192020202120222023E2024E2025E2026E2027E 12 Runxin Microelectronics GF Fab 7H Fab 6 Intel Fab 34-1 Mitsubishi Power Device Works Fab P5 Samsung Fab P3,Phase 2 ST/GF/ST/Tower Agrate R3 Toshiba Kaga Toshiba Fab 18,Phase 6/18 4%TCL Forst&Sullivan 2020 9110 2016-2020 CAGR 20.23%2024 1.165 23 LCD 22 LCD IHS,21 Forst&Sullivan 0%10%20%30%40%50%020406080100120140 17%16%14%11%8%8%7%6%IC5%4%4%LCD OLED OLED 2021 OLED 2632 31.3%Omdia 2026 OLED 49.04%OLED LCD 7 LCD 5 10.5 OLED OLED 25 OLED Omdia,24 LCD OLED 192.517.905101520LCD OLEDkg/m2 P Perc N Topcon/HJT P N G1 G2 26,27 20-60%-30%0%30%60%90%120%150%01020304050607080901002015 2016 2017 2018 2019 2020 2021 2022 GW 29 2021 54.28 130.94 2018-2021 14.21%2.21%2021 213.5 2025 369.6 21 28 30-10-505101520010203040506020112012201320142015201620172018201920202021 051015202530350204060801001201402015 2016 2017 2018 2019 2020 2021 54 70 80 100 106 107 58 78 96 117 138 150 44 65 86 93 103 113 0501001502002503003504002020 2021 2022 2023E 2024E 2025E 22 47 32%39%2019 35%Stella 28%16%10%9%31 2021 23 32 2019 32%29%16%12%10%1%35%28%16%10%9%2%34 2022 24 33 Stella Stella TFT-LCD 3-4 Soul-brain Soul-brain 9.39 28%TMAH 8.48 30%/8.27 14%6.28 21%5.80 38%5.56 36%LED 3.23 36%6.78/SEMI G3 SEMI G4-G5 23%8 20%6 40%OLED 10%35 2020 36,25 37,23%40%99%0%10%20%30%40%50%60%70%80%90%100%95%50%10%0%10%20%30%40%50%60%70%80%90%100%3.5 G4.5 G5 G6 G882%20%0%10%20%30%40%50%60%70%80%90%6 8 38 2006 2(2006-2020);2015 3(2015)();2019 10(2019)2020 7 2022 1(2021)2022 3,.2023 01 26 2022 1(2021 20 70 2005 2006 2009 2010 40 G5 G5 G5 39 20 70-2005 2006-2009 G1 G2 2010 27 28 40 2022,0.47 4.95%98 13.94%44 831 SL SL SL SL VL UL SL SL SL SL EL C-400 UL EL 2 SL UL UL/UL UL EL UL SL VL UL DHF SL ITO VL/EL 3 UL SL SL SL UL VL VL UL VL N-UL UL UL 0.53 6.70%93 14.37%31 211 IC 0.005ppb 0.1ppb 1ppb 1ppb N-5ppb Poly 5ppb 5ppb 5ppb BOE 0.1ppb 5ppb EBR 5ppb 2 100ppb 0.39 4.57%54 31.21%8 20 TMAH G5 G2/G3 0.7 3.99%121 18.64%51 56 G5 BOE G3 G4 0.6 7.47%84 15.36%47 11 1.24 10.36%198 25.68%117+17/1 TSV Bumping 2 3 90-14nm 20-14nm 28nm 1.84 6.32%574 26.72%529 23 12 5.37 5.56%823 22.00%171 711 10ppt 1ppt 2 IGZO Mo ITO ITO/Ag/ITO Al BOE 0.1ppb 3 C-CL N-C4ME C5ME C6ME 4 5 6 0.1ppb 0.16 3.03%49 17.13%36 221 G4 2 G5 BOE 12.36 4.08%252 11.01%277 587 3/6/1/3/3000/5 4.05%1259 15.90%187 5425,1 3 Grade 5)3 1.61 14.99%180 45.69%240+10/8 12 41 292018 3 2020,eurs1512,2018 2018 4(USTR)301,7 2018 5,2018 6,2018 11 USTR 2018 12,44 2019 1,CFO,2019 5,2019 8 90,2019 10 8,2019 12,2020 2020 1 11,2020 2020 5,2020 5 2020,2020 9,2020 12,41 302021 1,2021 5;,2021 10,2021 12,2022 1 527,36,20222022 2 2022 3,2022 8 5272022 10 BIS 2022 12 36 2023 3 3 1 1 2 3 10 2023 3 3 21 10 390 2022 8 2022 8 2023 3 3 28-31 2023 5 2023 5 21 DRAM/NAND 23%11%2022 33+35%11%15%32 47 42 2022 Wind,43 2022 Wind,603078 2001 2021 2022 67%69%3367%31%2%69%30%1%44 Wind,45 Wind,2022 2022 9.39 18.56%1.06 87.19%2023 4.99 6.14%0.65 5.25%34-20-100102030405002004006008001,000-50050100150200250300020406080100120 46 Wind 2022 30.06%26.47%15.31%8-12 Al 47 Wind,3502040602014 2015 2016 2017 2018 2019 2020 2021 2022%01020304050%-48,9/2020 3.5/G3-G4 6 6 8 5.8/2023 G2-G3 36 8 4.5 2012 G2-G391.71%1.6-1 2018 G2-G3 8 3.5 2020 G3-G4 6 6 2021 G2-G3()31.67%3 0.2 3.2 2023 2/22.8 0.7 5.8 2022 5 2023 5 3 0.5 0.3 G4-G5 76.55%22.8 0.7 10/G4-G5/22.8 0.7 7/G4-G5/50,4.510.5-6-8 12 IGBT TiN 12 12 PM/PMA EBR Profile 2023 30 37 49,22283239443844506483111110204060801001201402018 2019 2020 2021 2022 0123456010203040502014 2015 2016 2017 2018 2019 2020 2021 2022 51 2022,LED LED 2023 Profile B4 G4G5 8-12 NMP 38 LED 39 LED G2-G4 G5 2023/2024/2025 1.53/2.08/2.84 42.89/31.58/23.12 52 Wind,12 31 2022 2023E 2024E 2025E 939.16 1,218.20 1,606.98 2,154.48%18.56%29.71%31.91%34.07%105.78 153.32 208.22 284.39%87.19%44.94%35.81%36.58%EPS/0.27 0.40 0.54 0.74 P/E 62.16 42.89 31.58 23.12 P/B 4.01 3.73 3.34 2.92 53 2022 Wind,54 2022 Wind,40(603931)TMAH 2001 10 17 2022 8.48 8.72%1.63 16.26%2023 3.40 25.30%0.78 16.45%-30-20-100102030400246810%-40-2002040600.00.51.01.5%57 Wind,55 2022 Wind,56 2022 Wind,41 TMAH 2022 95.71%2022 31.45%2022 24%,95.71%,2.16%,1.64%,0.49%0102030405060702016 2017 2018 2019 2020 2021 2022%92.80%89.49%75.09%7.03%10.13%24.44%0.17%0.38%0.47%0%10%20%30%40%50%60%70%80%90%100%2020 2021 2022 42 TMAH LCD OLED TMAH BOE 58 2022,TMAH CF BOE BOE N-59,60 2022 Wind,43 2022 8 20 6 5 8 2022 31.21%2004 TMAH SEMI G5 2023 5 56 67815 1518 181920455666555555444478010203040502020.6.2020.12 2021.6 2021.12 2022.6 2022.12 0.01.02.03.04.05.00.000.100.200.300.400.502016 2017 2018 2019 2020 2021 2022 61,62,44 11/75.93%100kt/a 4 TMAH 0.5 1.5 BOE 9 TMAH 2 75.93%1 TMAH 0.2 BOE 0.4 CF 0.25 KOH 100 CF 0.3 0.35 N-3 0.3 ITO 0.25 0.1/7 1.6 TMAH 4 TMAH 0.5 1.5 BOE 2022-63,64,45 2022 6.3 74.38%LG 2023()()BOE Thinner 0102030405060708090012345672017 2018 2019 2020 2021 2022 46 TMAH SEMI G5 LG 4 TMAH 0.5 1.5 BOE 2023/2024/2025 2.31/3.36/4.78 23.42/16.12/11.33 65 Wind,12 31 2022 2023E 2024E 2025E 847.60 1,072.42 1,495.83 2,045.86%8.72%26.52%39.48%36.77%163.39 231.29 336.21 478.33%16.26%41.56%45.36%42.27%EPS/0.82 1.16 1.68 2.40 P/E 33.16 23.42 16.12 11.33 P/B 4.04 3.55 2.91 2.32 47 47 48 1 6 300 5%6 300 5%5%6 300 5%2 6 300 15%6 300 5%15%6 300-5%5%6 300-5%-15%6 300-15%13910596682 18519233712 13269957563 13522888135 18811735399 13564966111 17305260759 17267491601 18846036786 18616165006 13122990430 021-58502206 13524364874 18565481133 13554982912 13527560506 13728975701 100044 D 91530000757165982D
