原文：
Was just doing more research into Nippon Chemical since my post on disrupting the optical supply chains with:
NCI red phosphorus (#1 in the world w/ Rasa) -> $AXTI + InP substrate -> $IQE / $TSEM | $LITE / $COHR etc.
There's the MLCC chain with high purity barium carbonate / barium titanate:
-> TDK (they have a JV for ceramics)
-> MLCC (current bottleneck)
and they have relationships with Murata, high confidence for MLCC too. Apparently they own ~.05% of Murata? Which I found hilarious, since it's now worth ~$55M. And 280,000 shares of Adeka.
Then there's phosphine gas:
-> Goes into Entegris
-> Kioxia/ $MU / Sk Hynix / $TSM type fabs.
this also likely ends up in $IQE, Landmark, VPEC, $COHR as well so dual exposure there.
Looking into phosphoric acid, which likely is involved in NAND/Kioxia processes + ADEKA partnership.
Basically I found this company back at $180m or so, which is pretty interesting that it could easily break so many different supply chains?
Feels like one of the most important companies in the world lol.
But all these different downstream bottlenecks leads to close to little material revenue/operating profit growth.
Just due to Japanese cultural reasons of not wanting to hike prices.
Still doing a lot of research though, companies like $SIVE or NCI are much more interesting to me, just to see how far the rabbit hole goes.
翻译：
刚刚对日本化学公司进行了更多的研究，因为我之前发表了关于破坏光学供应链的帖子：
日本化学公司的红磷（全球排名第一，与Rasa合作）-> $AXTI + InP基板 -> $IQE / $TSEM | $LITE / $COHR 等。
还有高纯度的碳酸钡/钛酸钡的MLCC链：
-> TDK（他们在陶瓷领域有合资企业）
-> MLCC（当前的瓶颈）
他们与村田制作所有关系，对MLCC也很有信心。显然，他们拥有村田制作所大约0.05%的股份，我觉得很有趣，因为现在这已经价值约5500万美元了。他们还拥有28万股Adeka的股份。
然后还有磷化氢气体：
-> 流向Entegris
-> Kioxia/ $MU / Sk Hynix / $TSM类型的晶圆厂。
这也可能最终流向 $IQE, Landmark, VPEC, $COHR等公司，因此有双重曝光。
正在研究磷酸，这可能参与NAND/Kioxia的工艺以及与ADEKA的合作。
基本上，我在公司市值大约1.8亿美元时发现了这家公司，这很有趣，因为它可以轻松打破这么多不同的供应链？
感觉像世界上最重要的公司一样。
Was just doing more research into Nippon Chemical since my post on disrupting the optical supply chains with:
NCI red phosphorus (#1 in the world w/ Rasa) -> $AXTI + InP substrate -> $IQE / $TSEM | $LITE / $COHR etc.
There's the MLCC chain with high purity barium carbonate / barium titanate:
-> TDK (they have a JV for ceramics)
-> MLCC (current bottleneck)
and they have relationships with Murata, high confidence for MLCC too. Apparently they own ~.05% of Murata? Which I found hilarious, since it's now worth ~$55M. And 280,000 shares of Adeka.
Then there's phosphine gas:
-> Goes into Entegris
-> Kioxia/ $MU / Sk Hynix / $TSM type fabs.
this also likely ends up in $IQE, Landmark, VPEC, $COHR as well so dual exposure there.
Looking into phosphoric acid, which likely is involved in NAND/Kioxia processes + ADEKA partnership.
Basically I found this company back at $180m or so, which is pretty interesting that it could easily break so many different supply chains?
Feels like one of the most important companies in the world lol.
But all these different downstream bottlenecks leads to close to little material revenue/operating profit growth.
Just due to Japanese cultural reasons of not wanting to hike prices.
Still doing a lot of research though, companies like $SIVE or NCI are much more interesting to me, just to see how far the rabbit hole goes.
翻译：
刚刚对日本化学公司进行了更多的研究，因为我之前发表了关于破坏光学供应链的帖子：
日本化学公司的红磷（全球排名第一，与Rasa合作）-> $AXTI + InP基板 -> $IQE / $TSEM | $LITE / $COHR 等。
还有高纯度的碳酸钡/钛酸钡的MLCC链：
-> TDK（他们在陶瓷领域有合资企业）
-> MLCC（当前的瓶颈）
他们与村田制作所有关系，对MLCC也很有信心。显然，他们拥有村田制作所大约0.05%的股份，我觉得很有趣，因为现在这已经价值约5500万美元了。他们还拥有28万股Adeka的股份。
然后还有磷化氢气体：
-> 流向Entegris
-> Kioxia/ $MU / Sk Hynix / $TSM类型的晶圆厂。
这也可能最终流向 $IQE, Landmark, VPEC, $COHR等公司，因此有双重曝光。
正在研究磷酸，这可能参与NAND/Kioxia的工艺以及与ADEKA的合作。
基本上，我在公司市值大约1.8亿美元时发现了这家公司，这很有趣，因为它可以轻松打破这么多不同的供应链？
感觉像世界上最重要的公司一样。
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