国产替代新焦点：半导体设备零部件的低调崛起

Industry Investment Rating - The report highlights the semiconductor equipment components industry as a key focus for domestic substitution, indicating a positive outlook for investment in this sector [1][12] Core Views - Semiconductor equipment components are critical to the performance and reliability of semiconductor devices, with their quality and precision directly impacting device stability [2][3] - The global semiconductor equipment components market is highly fragmented, with leading companies primarily from the US, Japan, and Europe [7] - Domestic substitution of semiconductor equipment components in China is still in its early stages, with low localization rates across various product categories [8][12] - The semiconductor equipment components market in China is expected to reach $17 billion in 2024, with a growth rate of over 5% in the coming years [13][16] Industry Overview - Semiconductor equipment components are categorized into mechanical, electrical, electromechanical, vacuum, instrumentation, and optical classes, with mechanical components holding the largest market share at 27% [3][5] - The industry faces significant technical barriers due to the high precision, small batch sizes, and complex processes required for semiconductor manufacturing [17][19] - Key challenges include difficulties in sourcing raw materials, customer certification, and limited market space for individual products [18][20] Market Dynamics - The semiconductor equipment components market is closely tied to the semiconductor equipment market, with China being a major region for semiconductor equipment expenditure, accounting for 45.1% of global spending in 2024 [13] - The localization rate of semiconductor equipment components in China varies significantly by product, with some categories like quartz components and spray heads exceeding 10% localization, while others like RF power supplies and valves remain below 5% [8][10] Future Trends - Platformization and modularization are emerging as key strategies for semiconductor equipment component companies to expand their product lines and improve competitiveness [21][23] - The industry is expected to see increased M&A activity as companies seek to broaden their product offerings and achieve platform-based growth [21][24] Investment and Financing - The semiconductor equipment components sector has seen significant investment activity in 2024, with early-stage funding rounds dominating the landscape [25][27] - Notable investments include Pre-A and A rounds for companies like Ruifan Plasma, Xilis Laser, and Yasheng Semiconductor, with funding amounts ranging from millions to hundreds of millions of RMB [27] Competitive Landscape - Leading global players in the semiconductor equipment components market include ZEISS, Entegris, MKS Instrument, Altas Copco, and Trumpf, which collectively hold over 50% of the market share [7] - Domestic Chinese companies are gradually entering the market, with some achieving localization rates of over 10% in specific product categories like quartz components and spray heads [10]