【私募调研记录】熙山资本调研冠石科技

Group 1 - The core viewpoint of the news is that Xishan Capital has conducted research on Guanshi Technology, which is expanding into the semiconductor photomask manufacturing sector, indicating strong growth potential in the industry [1] - Guanshi Technology, established in 2002, specializes in semiconductor display devices and special adhesive materials, with major clients including BOE Technology Group [1] - The company is implementing a "one large and one small" strategy and plans to start production of photomasks in October 2023, with expected revenue of 1.359 billion yuan in 2024, representing a year-on-year growth of 51.95% [1] Group 2 - The photomask manufacturing project has an investment of 1.6 billion yuan and a construction period of 60 months, aiming for an annual production capacity of 12,450 photomasks upon completion [1] - Currently, the domestic photomask production rate in China is about 10%, with high-end photomasks at only 3%, indicating significant room for growth and domestic substitution [1] - The global semiconductor market is continuously growing, and photomasks are critical materials, with independent photomask manufacturers gaining market share [1]