Zhong Guo Neng Yuan Wang·2025-12-03 02:03Industry Perspective - Semiconductor equipment is the cornerstone of the semiconductor industry, with significant growth potential driven by storage expansion and domestic substitution [1] - According to SEMI, the semiconductor equipment market will maintain a 33.2% share as the largest single market globally in the first half of 2025, with leading domestic companies showing impressive performance [1] - The combined revenue of eight leading domestic companies is expected to grow by 37.3% year-on-year, while net profit attributable to shareholders is projected to increase by 23.9% in the first three quarters of 2025 [1] Investment Logic - The global semiconductor market has entered a strong recovery cycle, with the market expected to grow by 18.9% year-on-year in the first half of 2025 and 15.4% for the entire year [2] - AI technology is driving a surge in storage demand, with significant supply-demand gaps pushing prices higher; NAND and DRAM prices are expected to rise by 5-10% and 13-18%, respectively, by Q4 2025 [2] Domestic Storage Leaders - Domestic storage companies are accelerating capacity expansion, with Longxin Storage starting its IPO process and Jiangsu Changjiang Storage's third-phase project being officially established [3] - The introduction of 3D DRAM technology and advancements in NAND stacking are expected to significantly increase the market for etching and thin-film deposition equipment, with projected growth of 1.7 times and 1.8 times, respectively [3] Investment Recommendations - 2025 is anticipated to be a significant year for order growth and performance realization in the domestic semiconductor equipment sector [4] - Key beneficiaries include companies like Zhongwei Company, which is expected to benefit from storage expansion and 3D technology iterations [4] - Other recommended companies include North Huachuang, which has a broad product line, and Huahai Qingke, Zhongke Feice, and Jingce Electronics, which are rapidly increasing their domestic market share in specific segments [4]