中银国际：看好下游快速发展、先进技术迭代以及国产替代带来的材料需求增长

Core Viewpoint - The electronic materials sector is experiencing significant growth opportunities due to rapid development in downstream industries, continuous technological advancements, and the backdrop of domestic substitution [1]. Semiconductor Materials - The global semiconductor materials market is projected to reach $67.5 billion in sales in 2024, representing a year-on-year growth of 3.8%, with an expected market size exceeding $87 billion by 2029, reflecting a CAGR of 4.5% from 2024 to 2029 [2]. - China's overall localization rate for semiconductor materials is approximately 15%, with wafer manufacturing materials below 15% and packaging materials below 30%, indicating a heavy reliance on imports, especially in high-end sectors [2]. - Domestic companies are steadily increasing capacity and technological research in key semiconductor materials, which is expected to lead to gradual growth in scale and technological iteration, enhancing the localization rate [2]. PCB Materials - The PCB industry is evolving towards high-frequency and high-speed applications, with demand for electronic resins and electronic fabrics increasing [3]. - The global market size for electronic resins and electronic fabrics used in PCB production is estimated at approximately $33.02 billion and $24.13 billion, respectively, in 2023, with the Chinese market contributing around $24.18 billion and $17.67 billion [3]. - The rapid development of 5G technology, automotive intelligence, and the demand for data centers and cloud computing are driving the PCB industry towards high-frequency and high-speed advancements, with domestic companies accelerating localization efforts [3]. OLED Materials - The global OLED panel shipment volume is steadily increasing, with penetration rates in smartphones, tablets, laptops, and automotive applications expected to rise [4]. - The global OLED display materials market is projected to reach $2.44 billion in sales in 2024, with an anticipated growth to $8.498 billion by 2031, reflecting a CAGR of 19.8% from 2025 to 2031 [4]. - The localization rate for general auxiliary OLED materials is about 12%, while terminal materials are below 5%, with domestic manufacturers making breakthroughs in localization as the market expands [4]. Investment Recommendations - The electronic materials sector is expected to continue benefiting from rapid downstream industry growth and technological advancements, with a focus on semiconductor materials, PCB materials, and OLED materials [5]. - Recommended companies in semiconductor materials include Anji Technology, Yake Technology, Dinglong Co., Jiangfeng Electronics, Hushi Silicon Industry, Debang Technology, and Yanggu Huatai; companies to watch include Tongcheng New Materials, Huate Gas, and Lianrui New Materials [5]. - In PCB materials, recommended companies include Shengquan Group, Dongcai Technology, and Zhongcai Technology, with a focus on macro technology [6]. - For OLED materials, recommended companies include Lite-On Technology and Wanrun Co., with companies to watch including Aolaide and Ruile New Materials [6].