半导体设备国产替代趋势月度跟踪：3月招标以研磨抛光、清洗设备为主，Q1国产中标比例显著-20250512

Investment Rating - The industry investment rating is "Buy" [5] Core Viewpoints - The semiconductor equipment market is expected to expand significantly due to the continuous growth of domestic wafer production capacity, technological upgrades in semiconductor manufacturing, and accelerated domestic substitution processes [5][76] - In March 2025, the bidding was primarily for polishing and cleaning equipment, with a notable increase in the domestic winning bid ratio, reaching approximately 82% for the first quarter of 2025 [5][71] - The report emphasizes the importance of domestic semiconductor equipment manufacturers leveraging their product competitiveness and expanding service market space to benefit from the growing equipment market [5][76] Summary by Sections 1. Wafer Expansion and Domestic Substitution Drive - Semiconductor equipment is fundamental to the development of the semiconductor industry, supporting technological upgrades and the expansion of applications [12] - China's wafer production capacity is expanding faster than the global average, with a projected increase from 7.6 million wafers per month in 2023 to 8.6 million in 2024, representing a year-on-year growth of 12% and 13.2% respectively [17][18] 2. March Bidding Focused on Polishing/Cleaning Equipment - In the first quarter of 2025, there were a total of 15 bids, primarily from companies like SMIC, Huahong Semiconductor, and Yandong Microelectronics, focusing on detection, polishing, and cleaning equipment [5][63] - The domestic equipment winning bid ratio was approximately 82%, with high ratios in etching, annealing, stripping, polishing, and ion implantation equipment [5][71] 3. Investment Recommendations - The report suggests focusing on companies with strong positions in core semiconductor processes and those expanding into new product categories, including North China Innovation, Zhongwei Company, and Huahai Qingke [5][76]