电子：自主可控加速攻坚，半导体阀门或迎机遇

Industry Investment Rating - Stronger than the market (maintained rating) [4] Core Views - The US-China semiconductor sanctions are intensifying, leading to supply shortages in semiconductor valves and creating opportunities for domestic semiconductor valve companies [1][7] - Semiconductor valves are critical components in wafer production, with high technical barriers and a highly concentrated global market [2][11] - Domestic semiconductor valve companies are rapidly growing due to the urgent need for localization of core components in the semiconductor industry [2][29] Summary by Sections US-China Semiconductor Sanctions - In December 2024, the US further tightened semiconductor export controls, adding 140 Chinese entities to the export control list, marking the most stringent restrictions to date [1][7] - Japan also quickly followed suit by tightening semiconductor component export restrictions to China, exacerbating supply chain challenges for semiconductor valves [1][7] - The sanctions have led to tight delivery schedules and potential price increases for semiconductor valves, creating opportunities for domestic companies [1][7] Semiconductor Valves as Core Components - Semiconductor valves play a crucial role in wafer production, particularly in vacuum and fluid systems, requiring high precision, cleanliness, and reliability [11][12] - These valves are essential for maintaining the cleanliness and stability of the wafer production process, with applications in key processes such as CVD, lithography, and ion implantation [11] - The global semiconductor valve market is highly concentrated, with key players like VAT, Fujikin, and Parker Hannifin dominating the market [29] Domestic Semiconductor Valve Companies - Domestic companies such as Neway Valve, Jingsheng Mechanical & Electrical, and Jiutian Vacuum are rapidly growing, driven by the need for localization of core components [2][29] - Neway Valve has achieved breakthroughs in vacuum valve products and is rapidly expanding its market share in gas valves [30] - Jingsheng Mechanical & Electrical has established a comprehensive product system for semiconductor and photovoltaic equipment, with its subsidiary achieving mass production of diaphragm valves [33] Market Outlook - The global semiconductor valve and fitting market was valued at $3.081 billion in 2023 and is expected to reach $4.233 billion by 2030, with a CAGR of 4.53% from 2024 to 2030 [25] - The market is highly concentrated, with VAT holding a 75% market share in vacuum system valves, while Swagelok and Fujikin dominate the fluid system valve market [29] - Domestic companies are expected to see significant growth as the demand for localized core components increases [29]