Xin Lang Cai Jing·2025-09-28 13:11Industry Overview - The semiconductor materials sector is becoming a core focus in the capital market, with electronic chemicals playing a crucial role in the semiconductor manufacturing process, accounting for 10%-20% of total chip costs but directly influencing chip performance and yield [1] - The Chinese semiconductor market showed significant growth, reaching a scale of $113.5 billion from January to July 2025, representing an 11.1% year-on-year increase, indicating an expansion phase for upstream materials [1][2] - The global semiconductor materials market is projected to reach $70 billion by 2025, with China's key electronic materials market expected to reach 174.08 billion yuan, a 21.1% year-on-year growth [2] Core Logic - The investment value in the electronic chemicals industry is driven by its unique consumable nature and vast domestic substitution potential, ensuring stable demand as long as wafer fabs are in operation [3] - Major companies in the electronic chemicals sector, such as Anji Technology and Shanghai Xinyang, reported significant revenue growth of 43.17% and 35.67% respectively in the first half of 2025, with net profit growth rates of 60.53% and 126.31% [3] - The domestic substitution potential varies across different segments, with the photolithography sector having the largest substitution space due to long-standing foreign monopolies [3][4] Key Company Analysis - Anji Technology (688019) is a leading player in the CMP polishing liquid market, increasing its market share from 5% in 2021 to 8% in 2023, and holding a 30.8% share in the domestic market [5] - Jianghua Micro (603078) specializes in wet electronic chemicals, with a market share of approximately 4.58% and a total revenue starting at 1.03 billion yuan in 2023, indicating significant growth potential [6] - Nanda Optoelectronics (300346) is a pioneer in the photolithography sector, with over 40% market share in MO source supply and ongoing development of ArF photolithography products [7] - Huate Gas (688268) leads the electronic specialty gases market, achieving over 60% market share in domestic photolithography gases and successfully replacing imports with its products [8] - Yake Technology (002409) has a comprehensive layout in semiconductor materials, particularly in advanced precursor materials, enhancing customer stickiness through a complete product line [9][10]