2024年中国半导体设备（1）：薄膜沉积设备（CVD&PVD）

Industry Overview - The global semiconductor market was valued at $5201 billion in 2023, a 9.4% decline from the previous year, primarily due to weak demand for memory chips. However, driven by strong demand for AI chips, the market is expected to recover in 2024, with a projected market size of$ 5884 billion [7][8] - The semiconductor industry exhibits cyclicality, with technology driving a 10-year long cycle and capital expenditure driving a 3-4-year short cycle. In 2023, global semiconductor capital expenditure decreased by 14%, but a rebound is expected in 2024 [11][13] - Semiconductor equipment investment is heavily concentrated in wafer manufacturing, accounting for over 80% of total equipment investment. Key equipment includes lithography, etching, and thin film deposition devices [14][15] - The investment in semiconductor equipment increases significantly with the advancement of process nodes. For example, building a 5nm process capacity of 10,000 wafers per month requires over $3 billion in capital expenditure [17] Thin Film Deposition Equipment Market - Thin film deposition equipment is a critical component in semiconductor manufacturing, with technologies divided into CVD, PVD, and ALD. CVD is the most widely used, with PECVD accounting for 33% of the market [21][24] - The global thin film deposition equipment market reached$ 26 billion in 2023, dominated by overseas manufacturers. The market is expected to grow to $34 billion by 2025, driven by advancements in logic chip processes and 3D NAND stacking [28] - The demand for thin film deposition equipment is increasing due to the complexity of advanced process nodes. For instance, a 3nm FinFET process requires over 100 thin film deposition steps, compared to 40 steps in a 90nm CMOS process [27] Domestic Semiconductor Equipment Substitution - The domestic substitution of semiconductor equipment in China is accelerating, with the localization rate of semiconductor equipment in Chinese fabs increasing from 21% to 35%. It is expected to reach 50% by 2025 [19] - Chinese semiconductor equipment manufacturers have achieved full coverage in the 28nm and above process nodes, with some etching and cleaning processes advancing to more advanced nodes, achieving a localization rate of over 80% [19] - In the 14nm process, Chinese equipment manufacturers have achieved over 50% coverage, with a localization rate of around 20%. However, the localization rate remains low for processes below 14nm, at approximately 10% [19] Key Companies in Thin Film Deposition Equipment - **Piotech**: A leading domestic CVD equipment manufacturer, Piotech's products are compatible with advanced 28/14nm logic chips, 19/17nm DRAM chips, and 64/128-layer 3D NAND flash wafer production lines. In 2023, Piotech achieved revenue of$ 2.7 billion, a 58.6% year-on-year increase [33] - NAURA: A state-owned enterprise and leader in PVD equipment, NAURA has also developed CVD and ALD equipment. In 2023, NAURA's revenue reached $21.37 billion, a 45.52% year-on-year increase, with new orders exceeding$ 30 billion [34] - Leadmicro: Specializing in ALD technology, Leadmicro has expanded into the semiconductor field, with products applicable to logic, memory, and 3D-IC manufacturing. In 2023, Leadmicro's revenue grew by 145.82% to $1.68 billion [35]