On the 4th, SK Securities analyzed that Purit continues to have expectations for increased sales of semiconductor materials and new business prospects. No investment opinion or target price was provided.
Founded in 2010, Purit is a semiconductor materials company that produces chemical products such as cleaning solution raw materials necessary for semiconductor manufacturing processes. Je-min Park, a researcher at SK Securities, stated, "Sales are expected to decline compared to the previous year due to reduced operating rates and investments by domestic integrated semiconductor manufacturers (IDMs), the end customers, last year," but added, "However, favorable industry changes are anticipated with increased operating rates, expansions, and more patterning process cycles due to miniaturization."
There is also potential for additional sales from customer expansion. He said, "Sales to Samsung Electronics are expected to grow due to the dual sourcing of thinner raw materials from Dongjin Semichem," and "In particular, the supply of materials to the newly expanded P4 process line has been confirmed."
He continued, "It is also encouraging that additional customers such as DuPont and Intel were secured in 2023," emphasizing, "Especially for DuPont, sales are supplied with photoresist raw materials instead of the existing thinner raw materials, which is expected to serve as a good reference for future portfolio expansion."
Park's analysis also highlights ongoing expectations for new businesses. He said, "Purit is entering the secondary battery materials industry and is currently in discussions with customers," adding, "The regenerative structure business model is being expanded to semiconductors, and sales, which were previously in the 10 billion KRW range mainly from MLCC and industrial sectors, are expected to expand into semiconductors, strengthening the lock-in effect with existing customers and enabling the acquisition of new customers."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
