Core Viewpoint - Longtu Mask (688721) has made significant progress in technology and stable operations in its first year since listing on the Sci-Tech Innovation Board, contributing to the domestic semiconductor industry's self-sufficiency [1][6] Group 1: Market Position and Growth Potential - The domestic semiconductor mask market has a low localization rate of about 10%, with high-end masks at only 3%, indicating substantial room for domestic substitution [2] - Longtu Mask has achieved competitive technology levels for semiconductor masks at 130nm and above, with ongoing efforts to develop products for 130nm to 28nm nodes [2][4] Group 2: Production Capacity and Revenue Growth - The Zhuhai base, which began production in Q2 2025, is expected to reach an annual capacity of 18,000 pieces, generating an estimated output value of 540 million yuan [3] - The company anticipates significant year-on-year revenue growth in the second half of 2025, driven by the release of capacity at the Zhuhai base and a dual-engine strategy of high-end process breakthroughs and customer structure upgrades [3] Group 3: Technological Advancements and Competitive Edge - Longtu Mask has established a comprehensive independent technology system covering all production processes, creating a strong competitive moat [4] - The company has developed 14 core process technologies, enabling full control over the production of masks from layout data processing to final product inspection [4] Group 4: Product Structure Optimization - The company has optimized its product structure, focusing on power semiconductor masks while expanding into advanced packaging, MEMS sensors, optical components, and third-generation semiconductors [5] - Future product expansions are planned into RF chips, MCU chips, DSP chips, and CIS chips, reflecting a strategic diversification of applications [5]
龙图光罩上市一周年：先进工艺迭代突破驱动高质量发展