新莱应材: 半导体设备关键材料执掌者,业务宽广多点开花

（以下内容从天风证券《新莱应材: 半导体设备关键材料执掌者,业务宽广多点开花》研报附件原文摘录）
　　Kunshan Kinglai Hygienic Materials (300260 CH) 半导体设备关键材料执掌者，业务宽广多点开花 Initiation of coverage: semiconductor equipment materials industry leader’s full-coverage strategy TP:RMB58.98 BUY (initiation) 投资要点/Investment Thesis 投资要点/Investment Thesis 高洁净应用材料知名供应商，食品包材全产业链布局 公司产品主要应用于食品饮料、生物医药和真空与电子半导体等需要制程污染控制的领域。2018年公司收购山东碧海100%股权，由此实现从关键部件到集成设备的行业整合。山东碧海可以为液态食品企业提供前处理设备、灌装设备、后段包装设备、施工安装以及无菌包装材料等等在内的一体化服务。公司2021年前三个季度实现营收14.78亿元，同比增长50.83%，净利润为1.21亿元，同比增长92.6%。截至2021年6月底，公司食品类营收4.74亿元，同比增长65.5%；医药类营收2.28亿元，同比增长40.7%；电子洁净类营收1.95亿元，同比增长23.0%。 Full supply coverage: ultra-clean application and food packaging materials Kinglai’s products, mainly used in the F&B, biopharmaceutical and vacuum/electronic semiconductor industries, require process contamination control. It acquired 100% of GsPak in 2018, thus achieving full business coverage from key components to integrated equipment. GsPak’s integrated services for liquid food companies cover pre-treatment, filling and post-packaging equipment, construction and installation, as well as aseptic packaging materials. Kinglai generated revenue of RMB1.48bn in 1-3Q21, an increase of 50.83% yoy, and net profit of RMB121m, up 92.6% yoy. As of end-June 2021, revenue from the F&B segment was at RMB474m, up 65.5% yoy; pharmaceuticals at RMB228m, up 40.7%; and the clean electronic segment at RMB195m, up 23.0%. 晶圆厂扩产利好半导体设备商，带动高洁净应用材料需求扩容 2020Q4 以来缺芯情况严重，预计2022年才能缓解。应对产能缺口，晶圆厂商纷纷扩产。根据所收集到的数据，预计2021年国内晶圆厂扩产投资规模为1130.16亿元，可提供产能91-92万片/月。半导体设备是晶圆制造厂的最大投资项，约占整体投资总额的 75-80%，预计随着晶圆厂产能扩产项目的建设，会带来大量半导体设备需求。随着先进制程的推进、刻蚀/沉积道数的增多以及高毒性气体的大量使用，高洁净材料环节将迎来迅猛发展。半导体晶圆制造对洁净生产规格要求进一步提高，半导体设备行业持续的高涨将带动高洁净材料需求扩容。 公司高洁净应用材料主要是以零部件的形式出售，服务于设备端和厂务端，我们估算2022年中国大陆半导体零部件市场空间为570.32亿元。 Wafer fab expansion benefits semiconductor equipment manufacturers, driving demand growth of ultra-clean application materials The core shortage in the market since 4Q20 is widely expected to ease in 2022E. In response to the capacity shortage, wafer fabs have expanded production. Based on the data we have gathered, China’s wafer fab market expansion had an investment scale of RMB113.02bn in 2021, which provides capacity of 910,000-920,000 wafers per month. Semiconductor equipment account for the largest proportion of investments in wafer fabrication plants at 75-80% of the total. The construction of wafer plant capacity expansion projects implies that a high volume of semiconductor equipment will be required. With advanced manufacturing processes, etching/deposition channel increases and the large-scale use of highly toxic gases, ultra-clean materials have high growth potential. Semiconductor wafer manufacturing requirements for clean production specifications would rise, and with it, the semiconductor equipment industry would drive higher demand for ultra-clean materials. The company‘s ultra-clean application materials are mainly sold as parts and components to the equipment and factory markets. We estimate China’s potential market for semiconductor parts at RMB57.03bn in 2022E. 技术壁垒+客户资源构建行业地位护城河 公司高洁净应用材料产品对材质和工艺有很高的要求，这些应用产品在各个领域获得了广泛的国际资质认证，达到国内外先进水平。此外公司还是目前国内同行业中少数拥有完整技术体系的厂商之一，覆盖开发设计、精密机械加工、表面处理、精密焊接、洁净室清洗与包装等一系列核心技术。 公司拥有丰富的客户资源，在半导体领域，与美国排名前二的半导体设备厂商美商应材、拉姆研究有合作关系；在医药领域，国内前二的制药机械企业东富龙与楚天科技已经与公司深度合作近二十年；在食品领域，山东碧海获得了许多知名客户的认可，例如三元乳业、完达山乳业、康师傅集团、可口可乐、雀巢等企业。 Competitive barriers: tech know-how and customer resources The company‘s ultra-clean application material products have stringent material and process requirements. The advanced-level application products have passed extensive international qualification certifications in various fields at home and abroad. Kinglai is also one of the few domestic manufacturers with a complete industry tech coverage, including the core areas of development and design, precision machining, surface treatment, precision welding, clean rooms and packaging. The company has a wealth of customer resources. In the semiconductor field, it has ties with two top US semiconductor equipment manufacturers, US Applied Materials and Lam Research. In the field of medicine, it has nearly two decades of collaboration with the top two domestic pharmaceutical machinery companies, Tofflon Science and Technology Group and Truking Technology. In F&B, GsPak is recognized by well-known customers such as Sanyuan Dairy, Wonder Sun Dairy, Master Kong Group, Coca-Cola and Nestlé. 重点推荐/Recommendation 投资建议： 预计公司2021-2023年归母净利润分别为1.71亿元，3.48亿元，4.76亿元，YOY分别为+106.75%、+104.12%、+36.46%。基于半导体市场规模持续扩张和公司的产业链战略布局，估计2022年目标市值133.61亿人民币，对应目标价58.98元，首次覆盖予以“买入”评级。 Valuation and risks We expect net profit of RMB171m/348m/476m in 2021/22/23E, increasing 106.75%/ 104.12%/ 36.46% yoy. With an expanding semiconductor market and Kinlai’s strategic supply chain buildout, we expect market value to reach RMB13.36bn in 2022E, corresponding to our target price of RMB58.98. We initiate coverage with a BUY rating. 风险提示：国际政治环境变化，新冠疫情持续时间较长，户外行业增速放缓、市场竞争加剧，第一大客户销售占比较高，近期曾出现股价异动，跨市场可比公司存在估值偏差等风险。 Risks include: Risks include: industry policy risks; exchange rate fluctuations; environmental protection and production safety risks; deviations in potential market calculations; and we note the company’s share price volatility over the past six months. 以下为研报节选，查看更多请联系天风国际销售团队或访问天风国际研报网页。 The following is an extract. For the full report, please contact our sales team or visit the TFI report website. 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