摩根士丹利：半导体生产设备_ADMETA 报告_WoW、CoW 设备中更大商机的前景

Investment Rating - The semiconductor production equipment industry in Japan is rated as Attractive [2]. Core Insights - The adoption of advanced etching technologies, such as cryo etching, is expected to significantly enhance processing capacity for 3D-NAND, with companies like Lam Research and Tokyo Electron leading the charge [2][4]. - The recent ADMETA conference highlighted the growing business opportunities in metal wiring and semiconductor technologies, particularly with the introduction of CoWoW structures and PUC in 3D-NAND production [2][5][6]. - New etching equipment has demonstrated a reduction in greenhouse gas emissions by 84% and electricity consumption by 43% compared to conventional solutions, indicating a shift towards more eco-friendly manufacturing processes [3]. Summary by Sections Industry Overview - The semiconductor production equipment industry is experiencing rapid advancements, particularly in etching technologies, which are crucial for the production of 3D-NAND [2][3]. Key Players - Tokyo Electron is making strides in cryo etching equipment, while Lam Research is launching competing solutions, indicating a competitive landscape [2][4]. - Kioxia is mass-producing BiCS8 with 218 layers and has adopted the PUC structure, which may create further business opportunities for companies like DISCO and Tokyo Seimitsu [5]. Technological Developments - The introduction of faster etching rates allows for more efficient processing of 3D-NAND stacks, reducing the number of steps required in the etching process [3]. - Sony's announcement of a CoWoW-based CMOS Image Sensor is expected to drive demand for advanced dicing technologies, presenting additional opportunities for DISCO [6]. Market Trends - The industry is witnessing a trend towards eco-friendly solutions, with new technologies significantly lowering emissions and energy consumption [3]. - The need for more dicing processes in CoWoW structures compared to traditional methods may lead to increased demand for specialized equipment [6]. Stock Ratings - Key companies in the semiconductor production equipment sector have varying ratings, with Advantest, DISCO, and Tokyo Electron rated as Overweight, while Nikon is rated Underweight [20].