A-share subscription | Ultrapure Material (301717.SZ) opens subscription is one of the few domestic suppliers of core components for semiconductor etching equipment with processes of 5nm and below
The Zhitong Finance App learned that on July 31, the subscription for Ultra Pure Materials (301717.SZ) began. The issuance price was 65.99 yuan/share, and the subscription limit was 50,000 shares, with a price-earnings ratio of 36.38 times. It belongs to the Shenzhen Stock Exchange, and Huatai United Securities is its sponsor.
According to the prospectus, Ultrapure Materials is a national-level specialty, “little giant” enterprise focusing on special coating processes and related technologies and materials. It mainly targets chip manufacturing, precision optics, etc., and provides precision parts products and services after material modification, precision surface processing, precision cleaning, and special coating processes. The company is one of the few suppliers of core components for semiconductor etching equipment with a process of 5nm and below in China.
Semiconductor equipment is the most important capital expenditure in semiconductor manufacturing. According to Gartner statistics, semiconductor equipment investment in semiconductor factories generally accounts for 70%-80% of the capital expenditure in the semiconductor manufacturing sector, far exceeding the capital expenditure of land and plants, and with the improvement of process processes, the share of equipment investment will also increase accordingly. When the integrated circuit process reaches 16-14 nanometers, the share of equipment investment can reach 85%.
The steps of semiconductor manufacturing are numerous and detailed, and the application fields of semiconductor equipment in the industrial chain can be divided into two main categories: front-end wafer manufacturing and back-end packaging testing. Among them, the Qiandao wafer manufacturing process is the largest capital expenditure for integrated circuit manufacturing, accounting for about 80% of the investment in semiconductor equipment. The main equipment involved includes heat treatment equipment, lithography equipment, glue development/glue removal equipment, etching equipment, ion implantation equipment, film deposition equipment, cleaning equipment, etc. Among them, etching equipment, film deposition equipment, and lithography equipment are called the three major front-end wafer manufacturing equipment, and are the most valuable types of equipment among front-end equipment.
According to SEMI data, the global semiconductor equipment market grew from US$59.6 billion in 2019 to US$117.1 billion in 2024, with an average compound growth rate of 14.46% in 2019-2024. Influenced by the layout of the global semiconductor industry in 2023, the global semiconductor equipment market stagnated for a short time, regained its growth potential in 2024 and set a new record high. The market size is expected to maintain its growth trend from 2025 to 2027, and continue to grow to US$133 billion, US$145 billion, and US$156 billion.
According to SEMI data, in 2020, mainland China first became the largest market for semiconductor equipment in the world with sales of 18.7 billion US dollars. It will continue to maintain the largest market position until 2025, and will continue to maintain this market position until the predictable period of SEMI data (2027). From 2013 to 2024, sales of semiconductor equipment in mainland China increased by 46.1 billion US dollars, with a compound annual growth rate of 27.68%, far exceeding the global market growth rate during the same period. In 2024, the size of the semiconductor equipment market in mainland China will reach US$49.55 billion, up 35.38% year on year, further increasing the growth rate; in 2024, mainland China's market share of the global market has reached 42.31%, an increase of about 7.88 percentage points over 2023.
On the financial side, in 2023, 2024, and 2025, the company achieved operating income of about 169 million yuan, 257 million yuan, and 496 million yuan respectively; in the same period, it recorded net profit of about 64.8052 million yuan, 82.63 million yuan, and 185 million yuan, respectively.
