Changzhou Fusion New Material (SH:688503) Changjiang Securities·2025-09-24 23:30Investment Rating - The industry investment rating is "Positive" and maintained [10] Core Insights - The report highlights that the acquisition of SKE's blank mask business by the company is a strategic move to enter a market with low domestic production rates, especially in the context of increasing trade tensions and macroeconomic uncertainties [2][4][6] - The blank mask is identified as a core material in semiconductor photolithography, crucial for transferring circuit designs onto substrates or wafers, with a significant opportunity for domestic production [5][31] - The report emphasizes the importance of achieving self-sufficiency in blank masks for the development of the domestic semiconductor industry, as current production is heavily dominated by Japanese and Korean companies [6][21] Summary by Sections Acquisition Details - The company announced the acquisition of SKE's blank mask business for approximately 350 million RMB, which includes land, facilities, inventory, equipment, patents, and personnel [4][18] - The acquisition aims to enhance the company's capabilities in high-end DUV blank masks, which have already been validated by several semiconductor wafer manufacturers [7][38] Market Opportunity - The global semiconductor materials revenue is projected to be around 67.5 billion USD in 2024, with China's share estimated at 13.5 billion USD, representing about 20% of the total market [5][27] - The domestic market for photomasks is expected to reach approximately 7.2 billion RMB, while the revenue for blank masks is projected to be between 1.4 to 1.5 billion RMB in 2024 [31][35] Strategic Plans - The company plans to solidify its technological and operational foundation by retaining key personnel from SKE and enhancing R&D capabilities [7][37] - Future strategies include expanding production capacity in mainland China to meet market demand and increasing brand influence through a dedicated sales team [7][37]