民生证券：全球掩模版市场空间广阔 空白掩模版国产化亟待突破

Core Insights - The domestic production of photomasks is crucial for the semiconductor industry in China, reducing reliance on foreign suppliers and enhancing supply chain stability [1][4] - The global photomask market is projected to reach $6.079 billion by 2025, with a growth rate of 7% [2] - The blank photomask is a key component in semiconductor manufacturing, accounting for a significant portion of the costs associated with photomasks [3] Group 1: Importance of Photomasks - Photomasks are essential materials in semiconductor manufacturing, enabling the transfer of circuit designs onto silicon wafers [1] - The high-end photomask market is dominated by American and Japanese manufacturers, making domestic production a strategic priority for China [1] Group 2: Market Growth Potential - The global semiconductor photomask market accounted for 12% of the semiconductor materials market in 2021, second only to silicon wafers and electronic gases [2] - The market for semiconductor photomasks in mainland China grew from $912 million in 2017 to $1.556 billion in 2022, with a compound annual growth rate (CAGR) of 11.3% [2] Group 3: Blank Photomask Details - Blank photomasks are the primary cost component of photomasks, with their share of raw material procurement decreasing from 64% in 2021 to 53% in 2023 [3] - The global market for blank photomasks is estimated to be around $1.8 billion in 2024, with the mainland China market expected to reach $400 million [3] Group 4: Need for Domestic Production - Japanese companies dominate the global blank photomask market, with HOYA holding a significant share in the EUV blank photomask segment [4] - Domestic companies like Juhua Materials are seeking to enter the blank photomask market through acquisitions to address the gap in high-end blank photomasks [4]