化工新材料：自主可控，哪些时不我待？

Industry Investment Rating - The report maintains a "Positive" investment rating for the chemical materials industry, emphasizing the urgency of domestic substitution in key materials [4] Core Viewpoints - The report highlights the critical need for domestic substitution in chemical materials due to the potential resurgence of trade protectionism under the Trump administration, which could lead to stricter export controls and trade barriers [3][4] - It identifies several high-import-dependency chemical materials, such as semiconductor photoresists, electronic special gases, and wet electronic chemicals, as key areas for domestic substitution [5][26] - The report suggests that domestic companies in these sectors could significantly benefit from the ongoing trend of localization, leading to market share expansion [5][6] Key Areas of Focus Semiconductor Photoresists - Semiconductor photoresists are identified as a critical "bottleneck" material in chip manufacturing, with high technical barriers and low domestic production rates, especially for KrF and ArF photoresists [29][34] - The domestic market for semiconductor photoresists is expected to grow significantly, with projections reaching 3.9 billion CNY in 2024 and 4.4 billion CNY by 2025 [29] - Key domestic players like Tongcheng New Materials and Jingrui Electric Materials are making progress in mass production and commercialization of advanced photoresists [37][38] Electronic Special Gases - The electronic special gases market is dominated by foreign companies, with domestic players like Jinhong Gas and Huate Gas focusing on niche products to compete [39][45] - The report predicts a gradual shift towards domestic substitution in this sector, driven by the growing demand for localized supply chains [39] Wet Electronic Chemicals - Wet electronic chemicals are crucial for industries like semiconductors, display panels, and solar photovoltaics, with a global market size of 68.4 billion CNY in 2023 [50] - Domestic companies like Xingfa Group and Zhongju Semiconductor are rapidly expanding production capacities to capture market share [53] Semiconductor Cooling Fluids - The exit of 3M from the fluorinated fluids market is expected to create opportunities for domestic companies like Sinochem Lantian and Juhua Group to fill the gap [56][58] COC/COP Materials - COC/COP materials, used in optical applications, are entirely imported, but domestic companies like Aike Li are making breakthroughs in production, offering cost advantages [59][67] Honeycomb Ceramics - Honeycomb ceramics, essential for exhaust gas treatment, are dominated by foreign companies like Corning and NGK, but domestic players like Guoci Materials are making strides in technology and production [68][72] OLED Emitting Materials - OLED emitting materials have a low domestic production rate, with only 5% of emitting layer materials and 12% of general layer materials being domestically produced [81][84] - Domestic companies like Allightec and Lighttec are making progress in this field, with potential for significant market share growth [85] Lubricant Additives - The global lubricant additives market is highly concentrated, with four major international companies controlling 85% of the market [89] - Domestic leader Ruifeng New Materials is expanding its production capacity and transitioning to higher-value compound additives [89] Automotive Coatings - The automotive coatings market is dominated by foreign brands, but domestic companies like Songjing Co and Guangxin Materials are making inroads, particularly in the electric vehicle sector [90][94] Nucleating Agents - Nucleating agents, critical for high-performance plastics, are largely imported, but domestic companies like Chenghe Technology are leading the way in domestic substitution [98][99] Investment Recommendations - The report recommends focusing on domestic substitution opportunities in key materials, highlighting companies like Tongcheng New Materials, Jinhong Gas, Xingfa Group, and Guoci Materials as potential beneficiaries [102]