半导体材料行业：外延并购，开拓崭新成长路径

Industry Overview - The semiconductor materials industry is positioned upstream in the semiconductor supply chain, serving as the core foundation for semiconductor manufacturing processes [1][5] - Semiconductor materials can be categorized into wafer fabrication materials and packaging materials, with wafer fabrication materials including silicon wafers, electronic gases, photomasks, photoresists, and CMP polishing materials, while packaging materials include lead frames, substrates, and bonding wires [2] - In 2022, silicon wafers accounted for 33% of the global semiconductor materials market, making it the largest segment, followed by gases (14%) and photoresists (13%) [3] - The domestic semiconductor materials industry has achieved basic layout in key material fields, but still lags in high-end products, with low localization rates in areas such as silicon materials (<9%) and photoresists (<5%) [5] Investment Strategy - The industry maintains an "Outperform" rating, with a focus on companies with M&A integration capabilities [1] - Regulatory policies such as the "Sci-Tech Innovation Board Eight Measures" and "M&A Six Measures" have made "technology + M&A" a key market focus, with M&A seen as a way for companies to expand and enhance core competitiveness [1] - The industry is expected to see a 2% decline in total semiconductor capital expenditure to $166 billion in 2024, followed by an 11% increase to $185 billion in 2025, surpassing the 2022 record of $182 billion [1][137] - The recovery in capital expenditure is expected to drive increased demand for semiconductor materials, supporting industry growth [1][137] Key Companies - The A-share market has 22 listed semiconductor materials companies, with 13 on the Sci-Tech Innovation Board, 5 on the main board, 3 on the GEM, and 1 on the Beijing Stock Exchange [138][141] - Among these companies, 9 have market caps over 10 billion yuan, 7 between 5-10 billion yuan, and 6 below 5 billion yuan [138] - 8 out of 22 companies have cash and cash equivalents exceeding 1 billion yuan, accounting for 36% of the total [138] Case Studies - Debon Technology: Plans to acquire 53% of Hengsuo Huawei to expand its electronic packaging materials product portfolio, particularly in epoxy molding compounds, where Hengsuo Huawei ranks third globally in sales [142][143] - Zhongju Microelectronics: Subsidiary plans to acquire 100% of Heraeus Conamic UK Limited to expand into high-purity quartz materials for semiconductor applications [144][146] - Zhengzheng Co: Plans to acquire 99 97% of AAMI, a top-five global semiconductor lead frame supplier, to enter the semiconductor lead frame business [147]