Walter (A19090): Pioneer of Special Gas Localization Enters Global Mainstream Semiconductor Supply Chain

Walter (A19090): Pioneer of Special Gas Localization Enters Global Mainstream Semiconductor Supply Chain

The company took the lead in breaking the benchmark for gas imports in advanced fields such as integrated circuits and is committed to providing one-stop gas application solutions.

The company’s main business is special gas as its core, supplemented by general industrial gas and related gas equipment and engineering business, providing one-stop comprehensive application solutions for gas.

The products can be widely integrated in integrated circuits, display panels, photovoltaic energy, fiber optic cables, new energy vehicles, medical, environmental protection and other fields. Its main products are high-purity hexafluorooxide, high-purity trifluorocarbonate, and high-purity octafluorooxide.Products, high-purity oxycarbons, Ar / F / Ne and other gas mixtures and series products break through the import distortion for the first time.

Mr. Shi Pingxiang and Ms. Shi Sihui are joint actual controllers of the company and directly hold the company20.

12% of the shares, held indirectly through Walt Investment, etc. 28.

83% of shares, a total of 48 controlling companies.

95% stake.

Mr. Shi Pingxiang is the chairman of the company and Ms. Shi Sihui is the vice chairman of the company.

Revenue and profit grew rapidly, and product categories continued to expand.

Benefiting from the company’s advanced research and development achievements in the field of special gases, rapid development of the downstream integrated circuit field, and supply-side reforms, the supply of general industrial gases has decreased, market prices have risen, and the company’s revenue and profits have maintained steady growth.

The company’s operating income for 2016-18 was 6, respectively.

57 and 7.

87, 8.

1.8 billion, net profit attributable to mother 0.

39, 0.

48, 0.

680,000 yuan, net profit after deduction is 0.

30, 0.

47, 0.

62 trillion, the non-performance growth in the past two years are more than 30%.

Gross profit margins were 32.

80%, 33.

27%, 32.

91%, maintaining stability.

Affected by the company’s development stage, industry characteristics, business structure, etc., the proportion of R & D expenses in revenue decreased by 2 respectively.

46%, 2.

42%, 2.


If the R & D income accounts for the core technology product revenue, the R & D expense ratio is 4.

64%, 5.

01%, 5.


The company’s fundraising project will help expand the product range. It has begun to participate in the research and development and production of products including germane and hydrogen selenide. In this fundraising project, it plans to purchase relevant research and development and production equipment to accelerate the import substitution of domestic special gasesprogress.

Special gas production technology is leading, recognized by first-line customers in downstream integrated circuits and other fields.

The company is the first domestic company to break through high-purity hexafluorotoluene, high-purity trifluoromethane, high-purity octafluorosulfate, high-purity carbon dioxide, high-purity carbon monoxide, high-purity nitric oxide, Ar / F / Ne mixed gas, Kr / NeGas companies importing mixed gas, Ar / Ne mixed gas, Kr / F / Ne mixed gas and other products, and took the lead in realizing the import substitution of nearly 20 products, and is the pioneer in the localization of special gas in China.

The company’s four gas mixtures, Ar / F / Ne, Kr / Ne, Ar / Ne and Kr / F / Ne, passed the product certification of the world’s largest lithography machine supplier ASML in 2017.

At present, the company is the only gas company that has passed the certification of ASML, and it is also one of the only four gas companies in the world that all of the above 4 products have passed its certification.
The company has achieved more than 80% customer coverage for domestic manufacturers of integrated circuits above 8 inches, and solved SMIC, Huahong Grace, Yangtze River Storage, Wuhan Xinxin, China Resources Microelectronics, TSMC (China), and Hejian, Silan Microelectronics, Rouyu Technology, BOE and other customers a variety of gas materials, and entered, Micron Technology, Texas Instruments and other global leading semiconductor company supply chain system.
The company meets the first set 淡水桑拿网 of listing standards and can be estimated using PE / PEG methods.

The company satisfies and selects 2 of the “Shanghai Stock Exchange Science and Technology Innovation Board Stock Listing Rules”.


2 (I) ‘s “Estimated market value is not less than RMB 10 million, the net profit conversion in the last two years is positive and gradually the net profit is not less than RMB 50 million, or the estimated market value is not less than RMB 1 billion,The profit is positive and the operating income is not less than RMB 10,000 “as the listing standard.

Considering the stable profitability of the company and the rapid growth of revenue and profits, the PEG method can be used to estimate, or a semiconductor material company can be selected as a comparable company to replace the PE valuation of the comparable company.

Risk warning: product quality problems, product price and gross profit margin reduce risk