海外半导体设备巨头巡礼系列：先晶（ASM）深耕薄膜沉积&外延设备，专业化布局的半导体设备龙头

Industry Investment Rating - The report provides a positive outlook on the semiconductor equipment industry, particularly highlighting the growth potential in ALD (Atomic Layer Deposition) and SiC (Silicon Carbide) epitaxy equipment markets [3][4][113] Core Views - ASM International (ASM) is a global leader in ALD equipment, with a market share exceeding 50% in the ALD sector, and is well-positioned to benefit from the increasing demand driven by AI and advanced semiconductor processes [2][3][54] - The SiC epitaxy market is expected to grow significantly, driven by the rapid expansion of the electric vehicle (EV) market, with ASM being a key player in this space through its acquisition of LPE [4][113][114] - The ALD market is projected to grow from $2.6 billion in 2022 to $4.2-5.0 billion by 2027, with a CAGR of 10-14%, making it one of the fastest-growing segments in the semiconductor wafer equipment market [3][54][113] Company Overview - ASM, founded in 1968, has evolved from a CVD (Chemical Vapor Deposition) equipment provider to a global leader in ALD and SiC epitaxy equipment, with significant market shares in both sectors [7][10][15] - The company's revenue in 2023 was €2.634 billion, with ALD contributing 55% of the total revenue, followed by silicon epitaxy at 14% and SiC epitaxy at 5% [10][20] - ASM's ALD and epitaxy equipment are widely used in advanced semiconductor processes, including 3D NAND, DRAM, and logic chips, with the company holding a dominant position in the ALD market and a strong presence in the SiC epitaxy market [15][54][113] ALD Equipment Market - The ALD market is driven by the increasing complexity of semiconductor manufacturing processes, particularly in advanced nodes like GAA (Gate-All-Around) and 3D NAND, where ALD technology is essential for precise thin-film deposition [38][42][50] - ASM's ALD product portfolio includes both thermal ALD (T-ALD) and plasma-enhanced ALD (PEALD) systems, with the Pulsar XP being a flagship product that has set industry standards for high-k dielectric deposition [58][62][65] - The company's ALD technology is critical for the transition from FinFET to GAA structures, with ASM estimating that GAA technology will add $400 million in revenue for every 100,000 wafers produced [42][54][65] SiC Epitaxy Market - The SiC epitaxy market is expected to grow from $200 million in 2022 to $780 million by 2027, driven by the adoption of 800V fast-charging systems in EVs and the need for high-performance power devices [113][114][116] - ASM, through its acquisition of LPE, has become the second-largest player in the SiC epitaxy equipment market, with a 25% market share in 2023, trailing behind Aixtron [113][114][116] - The SiC epitaxy market is highly concentrated, with the top three players (Aixtron, ASM, and TEL) accounting for 72% of the market in 2023, indicating significant barriers to entry for new competitors [113][114][116] Silicon Epitaxy Market - The global silicon epitaxy market is expected to grow steadily, with ASM being the second-largest supplier of silicon epitaxy equipment, holding a 16% market share in 2022 [146][147] - The company's silicon epitaxy products, such as Epsilon and Intreprid, are widely used in advanced transistor and memory applications, with ASM continuing to innovate in this space [147][148] - The silicon epitaxy market is driven by the increasing demand for high-quality silicon wafers in advanced semiconductor processes, with ASM well-positioned to capitalize on this growth [146][147][148] Domestic Market and Localization - The report highlights the potential for domestic players like Micro-Nano, Jingcheng Electromechanical, and North Huachuang to lead the localization of ALD and SiC epitaxy equipment in China, with significant progress already made in certain areas [4][152][153] - Domestic companies are expected to benefit from the growing demand for semiconductor equipment in China, particularly in the ALD and SiC epitaxy segments, where local players are rapidly closing the technology gap with international competitors [4][152][153] - The localization of ALD and SiC epitaxy equipment is seen as a key driver for the growth of China's semiconductor industry, with domestic companies expected to play a significant role in the coming years [4][152][153]