电子材料行业2025年度策略：关注需求复苏、国产替代及先进技术发展

Industry Investment Rating - The report maintains a "Stronger than Market" rating for the electronic materials industry, driven by downstream demand recovery, domestic substitution, and advancements in advanced technologies [1] Core Views - The electronic materials industry is experiencing rapid downstream development, with domestic substitution progressing steadily [1] - Semiconductor materials are seeing significant changes due to AI, advanced packaging, and HBM, with domestic substitution holding profound implications [1] - OLED materials are benefiting from improving panel industry conditions, with increasing penetration rates and domestic substitution opportunities [1] Semiconductor Materials - The global semiconductor materials market reached $667 billion in 2023, down 8.2% YoY, with China's market growing 0.9% to $130.85 billion [1] - Global semiconductor manufacturing capacity is expected to grow by 6% in 2024 and 7% in 2025, reaching a record high of 33.7 million wafers per month (8-inch equivalent) [1] - China's semiconductor material localization rate is around 15%, with significant room for growth in high-end sectors [1] - The advanced packaging market is projected to grow at a CAGR of 10.6% from 2022 to 2028, reaching $786 billion, with China's market growing at a higher CAGR of 26.47% from 2020 to 2025 [1] OLED Materials - Global OLED revenue is expected to reach $44 billion in 2024, up 12% YoY, with panel shipments growing 18% [1] - China's OLED panel capacity accounted for 45.7% of the global total in 2023, with BOE and Visionox leading in AMOLED smartphone panel shipments [1] - The global OLED material market is expected to rebound in 2024, surpassing $2 billion, with China's OLED organic material market projected to grow to $9.8 billion by 2030 at a CAGR of 11% [1] Investment Recommendations - Focus on semiconductor materials benefiting from AI, advanced packaging, and HBM, with key companies including Anji Technology, Yake Technology, and Jiangfeng Electronics [1] - In the OLED sector, companies like Wanrun and Laite Optoelectronics are recommended due to increasing penetration rates and domestic substitution opportunities [1] Key Companies and Projects - BOE is constructing China's first 8.6-generation AMOLED production line, targeting mass production by 2026 [1] - Visionox is collaborating with Hefei government to invest in an 8.6-generation AMOLED production line [1] - Domestic companies are making progress in advanced packaging materials, with projects in bonding adhesives, packaging PI, and electroplating materials [1]