How to support the valuation of 17.5 billion yuan after Deltech, a new material company, launched the A-share listing?

Who would have thought that there could be a new energy material unicorn in the valley.
According to the public data, the listing guidance filing of Fujian Del Technology Co., Ltd. (hereinafter referred to as “Del Technology”) was accepted by the Securities Regulatory Commission on November 24, and the A-share listing was started. The guidance agency was Shenwan Hongyuan Securities.
How to support the valuation of 17.5 billion yuan after Deltech, a new material company, launched the A-share listing?
Source: Science and Technology Innovation Board Daily.
According to the official website, Deltech was founded in 2014 with a registered capital of 1.024 billion yuan. It is positioned in the field of electronic and chemical materials in the semiconductor chip industry. It is mainly engaged in the research, development, production and sales of chemical basic materials, fluorine-containing electronic gases, semiconductor high-purity reagents, new energy materials and other series of fluorine-containing new materials. Its products are widely used in semiconductor chips, LED chips, flat panel displays, communication optical fibers, power and energy storage batteries UHV power transmission and transformation, photovoltaic power generation, etc.
At present, Deltech’s products have served global high-end customers such as Samsung in Korea, Toshiba in Japan, Intel, TSMC, Liandian, Meguiar, Linde Gas in Germany, Air Liquide in France, SMIC International, Changxin Storage and China Home Appliance Network.
With the increasing popularity of the new material track, Deltech has also attracted the attention of the capital, and behind it is a gathering of star investment institutions with a prosperous lineup. After the pre-IPO round financing of 2.036 billion yuan just completed in September this year, Deltech’s valuation also soared to 17.5 billion yuan.
According to the Securities Times, the reason for investing in Deltech is that investors generally believe that, “The integrated circuit industry is a strategic and basic industry that supports the national economic and social development. Ultra-high purity electronic chemicals are indispensable key basic materials for chip manufacturing, with great market potential and high barriers. The technical team, product characteristics and overall industrial chain layout of Delphi Technology present a very unique scarcity in the global market”.
How good is this new energy material unicorn? What supports the valuation of nearly 20 billion yuan?
01
Fluorine chemical industry: “Tianshi”
Undoubtedly, one of the important supports for Deltech’s overvaluation is to sit on “Tianshi”.
As we all know, Deltech is committed to the layout of the whole fluorine chemical industry chain. Now, under the strong support of the policy, the prosperity of the fluorine chemical industry will still maintain a high momentum.
What is fluorine chemical industry? As the name implies, it refers to the chemical sub-industry containing fluorine elements in the molecular structure of products. It can be further subdivided into inorganic fluorine chemical industry and organic fluorine chemical industry. The former mainly includes fluorine-containing refrigerants (currently mainly used), fluorine-containing polymers and fluorine-containing fine chemicals; The latter mainly includes fluoride salts and fluorinated special gases, many of which are widely used in new energy and semiconductor industries.
How to support the valuation of 17.5 billion yuan after Deltech, a new material company, launched the A-share listing?
Source: Shenwan Hongyuan Research Report.
Indeed, policy is one of the key factors that affect the trend of the industry. Specifically, the fluorine chemical industry will continue to develop at a high speed in the future with the help of policies.
At present, the fluorine chemical industry has become an important part of the national strategic emerging industry, and it is also the necessary supporting materials for the development of other strategic emerging industries such as new energy and the upgrading of traditional industries. It plays a very important role in promoting the structural adjustment and product upgrading of China’s manufacturing industry, and is fully in line with the national industrial policy guidance.
According to the official website, Deltech is mainly engaged in the research and development of new products such as chlorine trifluoride, phosphorus pentafluoride and fluorine nitrogen mixture.
How to support the valuation of 17.5 billion yuan after Deltech, a new material company, launched the A-share listing?
Source: Deltech official website.
Among them, chlorine trifluoride can be used as fluorination agent, combustion agent, oxidant in propellant, cutting oil for high-temperature metal, etc. In the semiconductor industry, chlorine trifluoride is used to clean the reaction chamber of chemical vapor deposition. It has the advantage that the semiconductor material attached to the bulkhead can be removed without disassembling the reaction chamber. Unlike other substitutes, chlorine trifluoride does not need to undergo plasma activation before use, because the residual heat in the reaction chamber is enough to make it decompose and react with semiconductor materials.
Phosphorus pentafluoride is often used for gas generation and polymerization catalyst.
Fluorine-nitrogen mixture has a wide range of applications and prospects. It is the raw material of atomic energy industry, fluorine-containing electronic special gases, fluorinated graphite, various fluorides, pharmaceutical intermediates, etc., and is also an ideal material for surface modification of some special materials. As one of the ideal etching gases today and fluorine gas will not cause greenhouse effect, it is applied to the production of integrated circuits and various electronic components. The cleaning of CVD chamber in semiconductor manufacturing process has great market potential in the semiconductor field.