Investment Rating - The report maintains a "Recommended" rating for the semiconductor equipment industry, indicating an expectation of strong performance relative to the market benchmark index over the next 6-12 months [8]. Core Insights - The semiconductor equipment industry is entering a new upward cycle, with global sales projected to reach 128 billion in 2025 (yoy +13.3%) [4]. - Domestic semiconductor equipment companies are benefiting from the deepening process of domestic substitution, with significant advancements in the coverage and market share of various equipment types [5]. - The report highlights the importance of platform-based strategies in navigating industry cycles, as demonstrated by Applied Materials' extensive product line and stable market share [6]. Summary by Sections Industry Overview - The semiconductor equipment market is expected to see a recovery in 2024, with a record high sales figure of 128 billion in 2025, driven by AI and increased capital expenditure in 12-inch wafer fabs [4]. Domestic Market Dynamics - Domestic semiconductor equipment companies have rapidly developed, achieving a domestic market share of 55%-65% in etching equipment and 5%-20% in PVD/CVD/ALD equipment, while the domesticization rate for coating and measurement equipment remains below 10% [5]. Company Analysis - North China Huachuang is positioned as a leading domestic semiconductor equipment supplier, with a comprehensive product range covering etching, thin film deposition, and cleaning processes. The company is actively pursuing acquisitions to enhance its equipment portfolio, particularly in the coating and developing sectors [7]. Investment Recommendations - The report suggests focusing on leading domestic semiconductor equipment companies like North China Huachuang, which are expected to benefit from the ongoing domestic substitution process, particularly in areas with lower domesticization rates [7].
半导体行业跟踪报告：北方华创加码平台化布局，国产半导体设备迎新一轮机遇
诚通证券·2025-03-12 02:13