非金属新材料行业深度研究：光刻胶材料攻坚：国产替代进行时，色浆最具预期差

Investment Rating - The industry rating is maintained as "Outperform the Market" [3] Core Insights - The report focuses on the progress of domestic substitution of upstream materials for photoresists, particularly in the context of the semiconductor industry's increasing emphasis on self-sufficiency following the U.S. elections. The demand for domestic materials is becoming more urgent due to external pressures, leading to closer collaboration between upstream and downstream companies to accelerate testing and certification processes [3][5]. Summary by Sections 1. Photoresist Basics - Photoresists are light-sensitive etching-resistant films composed of resins, photosensitizers, solvents, and additives. They can be categorized based on exposure wavelength, display effect, and photochemical reaction types [19][20][21]. 2. PCB Photoresists - The global PCB photoresist market was approximately $2 billion in 2020, projected to grow to $2.66 billion by 2025. China's PCB photoresist market is expected to increase from 8.5 billion yuan in 2020 to 10.64 billion yuan by 2025, with a market share exceeding 50% [26][27]. 3. Display Photoresists - China accounted for 73% of global LCD panel production in 2023. The report highlights the need for upstream material substitution as the display panel industry continues to shift towards domestic production [31][32]. 4. Semiconductor Photoresists - The report indicates that the domestic production rate for high-end semiconductor photoresists is low, with significant reliance on imports. The market share for various types of photoresists is dominated by foreign companies, with domestic companies primarily producing lower-tier products [60][67]. 5. Investment Recommendations - The report suggests three investment strategies: focusing on "0-1" materials like color photoresist color paste, "1-N" materials such as mid-to-high-end photoresist monomers, and platform-type enterprises with strong R&D capabilities [6].