半导体设备系列报告之光刻机：国产路漫其修远，中国芯上下求索

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the semiconductor equipment industry [1]. Core Insights - The lithography industry is undergoing an upgrade driven by light sources, numerical aperture, process coefficients, and machine capabilities. The resolution is determined by the wavelength of the light source, numerical aperture, and lithography process factors [2]. - The industry is characterized by a stable "one strong, two leaders" pattern, with new wafer fabs and production line expansions driving demand for lithography machines. EUV lithography is growing the fastest, while KrF and i-line remain the main demand types [2][3]. - Domestic companies are making strides in technology, with significant advancements in laser light sources and optical systems, indicating a potential for overcoming international monopolies [3]. Summary by Sections 01 Lithography: Core Process in Integrated Circuit Manufacturing - Lithography involves using optical-chemical reactions to transfer circuit patterns onto substrates, with key tools being lithography machines, photoresists, and masks [17]. - The lithography machine functions like a nano-level printer, projecting patterns from a mask onto a silicon wafer [18]. - Photoresists undergo chemical changes upon exposure to light, allowing for the transfer of patterns from the mask to the substrate [21]. 02 Technology: Driving Upgrades in the Lithography Industry - The resolution of lithography machines is influenced by the light source wavelength, numerical aperture, and process coefficients [2]. - Key technologies include EUV light sources, which are dominated by Cymer and Gigphoton, and advancements in optical components and manufacturing precision [2][3]. 03 Market: Demand Driven by New Wafer Fabs and Production Line Expansions - The global demand for lithography machines is expected to rise due to the establishment of new wafer fabs, particularly in China, which is projected to have 50 large fabs by the end of 2024 [3]. - The semiconductor market is anticipated to exceed $1 trillion by 2030, driven by advancements in artificial intelligence and other technologies [3]. 04 Breaking the Bottleneck: Learning from Others - ASML remains the absolute leader in the lithography machine industry, with a strong focus on R&D and strategic acquisitions to maintain its technological edge [4]. - Domestic companies are increasingly focusing on independent technology development, with several firms making significant progress in laser and optical technologies [3]. 05 Related Companies - Key players in the lithography supply chain include Chipbond Technology (direct-write lithography), Fuchuang Precision (components), and Shanghai Micro Electronics (complete machines) [5].