Donghai Securities·2025-05-28 11:12Investment Rating - The industry investment rating is "Market Weight" indicating that the industry index is expected to perform within -10% to 10% relative to the CSI 300 index over the next six months [7]. Core Insights - The exit of Japan's Mitsui Chemicals from the NF3 business highlights the increasing competitiveness of China's electronic gases, suggesting potential for market share expansion [6]. - The global electronic specialty gas market is projected to reach USD 6.023 billion by 2025, with China's electronic gas market expected to be around RMB 20 billion in 2024 [6]. - China's production capacity for NF3 is 25,000 tons per year, with an output of approximately 24,000 tons in 2023, indicating a high utilization rate of 93% [6]. Summary by Sections Industry Overview - Mitsui Chemicals announced the cessation of its NF3 production due to rising costs and intense competition, with operations expected to halt by March 2026 [6]. - NF3 is a critical material in semiconductor manufacturing, known for its excellent etching rates and selectivity in microelectronics [6]. Market Dynamics - The electronic gas market is dominated by four major international suppliers, which hold nearly 70% of the global market share [6]. - China's NF3 has become a net export product, with exports in 2023 reaching 2,545.42 tons, significantly outpacing imports of 344.23 tons [6]. Investment Recommendations - The report suggests focusing on listed companies in the electronic gas sector, such as Nanda Optoelectronics, China Shipbuilding Special Gas, and others, as they are expected to benefit from the market dynamics following Mitsui's exit [6].