光掩模：科技战重点方向

Core Insights - The photomask is a critical material in chip production, enabling the transfer of nanometer-level circuit patterns onto silicon wafers through photolithography technology [1][2] - The photomask industry chain consists of three main segments: upstream, midstream, and downstream, with significant market concentration and high entry barriers [4][9] Industry Chain - Upstream: High-purity quartz glass is the core material, with 90% of high-end quartz substrates monopolized by Japanese companies. The price of a single G11 photomask substrate exceeds $50,000, and manufacturing equipment can cost up to $30 million [4] - Midstream: The photomask manufacturing structure resembles a pyramid, with top-tier foundries like TSMC and Samsung at the top, while Japanese and American companies dominate the middle layer, holding 85% market share [4] - Downstream: The photomask is essential across various fields, with the semiconductor sector accounting for 60% of demand, followed by LCD at 23% [4] Market Landscape and Prospects - The photomask is crucial for chip manufacturing, with increasing demand driven by the shrinking process nodes and the rise of applications in automotive electronics, AI, and 5G. The global photomask market is projected to reach $6 billion by 2025 [9] - Display technology upgrades are also driving photomask demand, with new display technologies requiring higher precision and more layers. China is the largest panel production base, accounting for over 60% of global capacity, providing significant market opportunities for local photomask companies [9] - There is substantial room for domestic substitution in the photomask market, as high-end photomask technology has long been dominated by a few international giants. The domestic high-end photomask market has a low penetration rate of about 3% [10] Key Companies - Qingyi Optoelectronics is one of the earliest and largest photomask manufacturers in China, specializing in high-precision photomasks. The company achieved a revenue of 1.112 billion yuan in 2024, with a year-on-year growth of 20.35% [11][12] - The company has developed advanced photomasks for AMOLED displays, achieving a minimum line width of 1.5μm and precision control within ±0.08μm [12] - Longtu Photomask focuses on semiconductor photomask R&D and production, covering various specialty semiconductor fields and forming a core technology system across the entire process [17][20]