光掩模：国产替代需求旺盛！

Industry Overview - The global and domestic wafer production lines have been expanding, creating significant growth opportunities for the semiconductor mask industry [2] - The semiconductor photomask market is highly monopolized by companies from the US and Japan, with self-owned mask factories of wafer manufacturers holding 66% of the market share in 2022 [2] - Key materials required for mask production, such as substrates, photoresists, and optical films, are also dominated by foreign companies [2] Domestic Market Dynamics - In the context of international trade tensions and the reverse globalization of the semiconductor industry, accelerating domestic substitution has become a national strategic priority [3] - Domestic manufacturers have made progress in the mid-to-low-end product market of photomasks and need to enhance R&D capabilities to catch up with overseas competitors [4] Photomask Functionality and Types - Photomasks play a crucial role in microelectronics manufacturing by transferring circuit designs onto substrates or wafers, directly impacting the yield of downstream products [5] - Photomasks can be categorized into quartz masks, soda masks, and other types, with quartz masks widely used in flat panel display and semiconductor manufacturing [5] Industry Chain Analysis - The photomask industry chain consists of upstream supply, midstream manufacturing, and downstream applications, with a wide range of end-use sectors including consumer electronics, home appliances, automotive electronics, and IoT [6] Market Prospects - The photomask manufacturing industry has high entry barriers due to its capital and technology intensity, with equipment prices ranging from tens of millions to over a hundred million [8] - The global photomask market has been growing steadily, reaching $5.2 billion in 2022, while the Chinese market is also expanding, with a projected market size of 12.436 billion yuan in 2023 [8] Domestic Substitution Potential - There is significant potential for domestic substitution in the semiconductor materials sector, with the import value of integrated circuit products in China reaching $154.61 billion in the first half of 2020 [11] - The domestic photomask market is expected to approach 10 billion yuan in the flat panel sector over the next 3-5 years, with a current domestic substitution rate of about 20% [11] Listed Companies in Photomask Sector - Qingyi Optoelectronics (688138) is one of the earliest and largest domestic photomask manufacturers, focusing on R&D, design, production, and sales [12] - Luvi Optoelectronics (688401) has developed into the only domestic photomask company capable of covering all generations from G2.5 to G11, providing comprehensive services for flat panel manufacturers [15] - Longtu Photomask (688721) is a rare independent third-party semiconductor photomask manufacturer, focusing on technology development and product iteration for specialty process semiconductors [17]