On January 22, 2024, Hubei Xingfu Electronic Materials Co., Ltd. (stock abbreviation: Xingfu Electronics, stock code: 688545) was successfully listed on the Science and Technology Innovation Board of the Shanghai Stock Exchange. On its first day of listing, Xingfu Electronics demonstrated strong market performance, with a significant increase of 185.53% at the opening and a final closing price of 27.39 yuan per share, an increase of 134.50%. This brilliant achievement not only marks Xingfu Electronics entering a new stage in the capital market, but also demonstrates the rising trend of domestic wet electronic chemicals in the global market.
Technological leadership, breaking down international barriers
As one of the earliest domestic enterprises engaged in the research and development of wet electronic chemicals, Xingfu Electronics has always regarded technological innovation as its core driving force. Through continuous technological breakthroughs and innovation, the company has successfully broken through the technological barriers of foreign enterprises and achieved comprehensive leadership in electronic grade phosphoric acid, sulfuric acid and other fields. The technical indicators of its core products have reached the highest level of international SEMI standards, successfully replacing imported products and providing key support for the development of the domestic integrated circuit and display panel industry chain.
The technological advantages of Xingfu Electronics are not only reflected in product performance, but also in the efficiency and environmental friendliness of production processes. The closed-loop production process independently developed by the company recovers and reprocesses electronic grade phosphoric acid waste liquid into reusable products. This green technology solution not only meets the environmental protection needs of downstream customers, but also further consolidates the company's market position.
Market expansion, winning international recognition
Driven by technological innovation, Xingfu Electronics' market competitiveness continues to improve. The company's customers include well-known integrated circuit and display panel manufacturers both domestically and internationally. With high-quality products and stable supply capabilities, Xingfu Electronics has established long-term cooperative relationships with customers. This not only brings stable orders and revenue sources to the company, but also earns it widespread recognition in the international market.
According to statistics, Xingfu Electronics has rapidly increased its domestic market share of electronic grade phosphoric acid from 39.25% to 69.69% between 2021 and 2023, maintaining its position as the market leader for three consecutive years. The market share of electronic grade sulfuric acid has steadily increased from 9.97% to 31.22%, demonstrating strong growth momentum. This significant improvement not only reflects Xingfu Electronics' leading position in technology, but also verifies the enormous potential of domestic brands in the field of wet electronic chemicals.
Continuous innovation, laying out the future industrial chain
Faced with the trend of the global semiconductor industry evolving towards advanced processes, Xingfu Electronics has keenly seized the market opportunity. The company aims to meet future market demand through new product development and capacity expansion, and plans to establish an electronic chemical research and development center through fundraising projects to further enhance the adaptability of products in advanced processes. From process nodes of 28 nanometers to 5 nanometers or even lower, Xingfu Electronics will provide high-performance chemical solutions for global semiconductor manufacturing enterprises.
At the same time, the company is actively laying out new product lines such as electronic grade ammonia water and ammonia gas to seize higher value-added markets and expand the depth and breadth of its technological coverage. Through continuous technological innovation and market expansion, Xingfu Electronics will continuously enhance its international competitiveness and contribute more to the development of the global wet electronic chemical industry.
Financial stability, laying a solid foundation
Xingfu Electronics' financial performance is also remarkable. According to the prospectus, the company's main business revenue continued to grow during the reporting period (2021-2024), with net profits of 99.8451 million yuan, 191.4088 million yuan, 123.994 million yuan, and 85.3232 million yuan, respectively. After deducting non recurring gains and losses, the net profits attributable to the shareholders of the parent company were 92.5322 million yuan, 146.1275 million yuan, 103.9213 million yuan, and 82.0919 million yuan, respectively, maintaining a high level of profitability. Meanwhile, the company's asset liability ratio has consistently remained within a healthy range, demonstrating its robust financial management capabilities.