CFMEE(SH:688630) Xin Lang Cai Jing·2025-12-18 00:28Core Viewpoint - The company is a leading manufacturer of direct imaging lithography equipment in China, with significant growth potential driven by strong industry demand and domestic substitution trends [1] Group 1: Company Overview - The company primarily operates in the PCB sector, focusing on exposure processes for circuit layers and solder mask layers, and is expanding from mid-to-low-end PCB markets to high-end markets such as substrate-like PCBs and IC substrates [1] - In the broader semiconductor field, the company's applications span IC packaging, advanced packaging, FPD panel displays, IC mask plate production, new displays, and renewable energy photovoltaics [1] - The company holds a 15.0% market share in the PCB direct imaging equipment market for 2024, ranking first among global suppliers [1] Group 2: Industry Trends - The PCB industry is expected to experience growth driven by advancements in AI, with downstream applications such as electric vehicles and cloud computing anticipated to flourish, leading to sustained PCB demand growth [1] - The global PCB market is projected to have a compound annual growth rate (CAGR) of 5.5% over the next five years [1] - The domestic PCB industry is facing a trend towards mid-to-high-end products, which is likely to accelerate the penetration of direct imaging lithography equipment [1] Group 3: Growth Opportunities - The expansion of the semiconductor industry is expected to drive a new wave of growth, with direct imaging technology maturing and extending its applications from IC mask plate production and IC manufacturing to FPD manufacturing and wafer-level packaging [1] - The advanced packaging and IC substrate sectors within the semiconductor field are anticipated to enter a rapid growth phase, providing significant benefits to the company's semiconductor business and driving a new round of performance growth [1]