半导体设备行业系列报告之九：自主可控向上游深化，半导体零部件有望复刻设备成长

Investment Rating - The report maintains a positive outlook on the semiconductor equipment industry, particularly focusing on the growth potential of domestic semiconductor components due to the trend of domestic substitution [2][3]. Core Insights - The semiconductor component market is expected to experience rapid growth, driven by the increasing domestic substitution rate and the expansion of the semiconductor equipment market [3][4]. - The semiconductor components are crucial in the supply chain, accounting for nearly 90% of the operating costs of semiconductor equipment, indicating a significant market potential [4][30]. - The report highlights the importance of domestic manufacturers in achieving self-sufficiency in semiconductor components, especially in light of international trade restrictions [19][24]. Summary by Sections 1. Semiconductor Components Benefiting from Domestic Substitution - Semiconductor components are positioned upstream in the chip manufacturing supply chain, with a growing demand for self-sufficiency [17]. - The domestic market for semiconductor components is projected to grow rapidly, with local suppliers expected to increase their market share significantly [3][4]. 2. Detailed Analysis of Component Types - Mechanical components represent the largest market share, accounting for 20-40% of equipment costs, with a wide variety of products [20][36]. - Electrical components, particularly RF power supplies, are critical for etching and deposition equipment, with a market share of approximately 10-20% [20][36]. - Mechatronic components, gas/liquid/vacuum systems, and other categories also play significant roles in the overall equipment functionality [20][36]. 3. Key Companies in the Sector - Jiangfeng Electronics is noted for its strong resource accumulation in target materials, driving growth in its component business [3][4]. - Kema Technology has made breakthroughs in high-tech ceramic components, while Xianfeng Precision is recognized for its metal components and strong customer recognition [3][4]. - New Lai Ying Material and Zhengfan Technology are highlighted for their potential in vacuum valves and gas supply systems, respectively [3][4]. 4. Market Dynamics and Growth Projections - The global semiconductor component market is estimated to be around 34 billion USD in 2023, with significant growth expected in the coming years [34]. - The report emphasizes the fragmented nature of the global semiconductor component market, providing opportunities for new entrants to gain market share [31][32].