光掩模：高壁垒材料，国产化率低，下游新应用打开成长新空间

Investment Rating - Industry rating: Outperform the market (maintained rating) [2] Core Viewpoints - The global photomask market has been growing steadily, reaching a size of $5.2 billion by 2022, driven by increasing downstream demand [3] - The photomask industry in China is currently lagging behind, with upstream equipment and raw materials heavily reliant on imports, and domestic manufacturers holding a small market share [3][4] - The photomask industry exhibits a counter-cyclical property, where sales of photomasks can increase during downturns in the panel industry as manufacturers invest in new product development to maintain competitiveness [4] - The semiconductor photomask market is dominated by American and Japanese companies, with a strong demand for domestic alternatives [4] Summary by Sections 1. Photomask: High Barriers to Entry, Dominated by US and Japanese Manufacturers - Photomasks are critical materials in the microelectronics manufacturing process, used to transfer circuit designs onto substrates or wafers [15] - The photomask production process involves multiple precise steps, requiring high levels of technical expertise and equipment [26][48] 2. Panel Photomasks are Mature, Exhibit Counter-Cyclical Properties, IC Photomasks Urgently Need Domestic Production - The market size for photomasks in China has been increasing, from 7.412 billion yuan in 2019 to 12.436 billion yuan in 2023, with a projected 7.123 billion yuan in the first half of 2024 [64] - The demand for IC photomask glass substrates in China has grown significantly, surpassing that for flat panel display (FPD) photomask glass substrates for the first time [65] 3. Domestic Photomask Companies to Focus on Product Technology Development - Domestic photomask companies need to enhance their R&D capabilities through acquisitions and mergers to catch up with international competitors [5] - Key domestic players include Qingyi Optoelectronics, Luwei Optoelectronics, Longtu Photomask, Wuxi Disi, and Haoya Optics, each with unique strengths in the photomask manufacturing sector [6]