Investment Rating - The report gives an investment rating of "Positive" for the semiconductor materials industry, specifically focusing on photoresists [5]. Core Insights - Photoresists are critical materials in the photolithography process, with the domestic market expected to recover in 2024, driven by advancements in artificial intelligence and a cyclical recovery [2][17]. - The domestic production of mature process technology is accelerating, providing more opportunities for domestic photoresist manufacturers to enter the supply chain [3][21]. - The photoresist market is currently dominated by Japanese and American companies, but domestic manufacturers are making significant progress in replacing imported products [4][24]. Summary by Sections 1. Photoresists as Core Materials - Photoresists are essential in the photolithography process, where patterns are transferred onto substrates through photochemical reactions [10][11]. 2. Global and Domestic Market Growth - The global photoresist market is valued at over 10.16 billion, growing by 6.4%, while China's market reached 19.07 billion yuan, increasing by 8.5% [15][16]. 3. Acceleration of Domestic Mature Process Expansion - In 2023, China's wafer production capacity reached 6.5872 million pieces per month, a year-on-year increase of 13.8%. The 12-inch capacity accounted for 56.9% of this, primarily using ArF and KrF photoresists [19][20]. 4. Market Monopoly and Domestic Breakthroughs - The photoresist market is monopolized by Japanese companies, with over 90% of advanced photoresists for 8-inch and 12-inch wafer production still relying on imports. However, domestic manufacturers are achieving breakthroughs in g/I line and KrF photoresists, with ArF photoresists also progressing [4][25][26]. 5. Key Companies - Tongcheng New Materials: A leading domestic semiconductor photoresist company, with significant market share in g-line photoresists and nearing international standards in I-line photoresists. The company reported a revenue of 2.196 billion yuan in the first three quarters of 2023, up 18.89% year-on-year [27][28]. - Huamao Technology: Engaged in the semiconductor photoresist business through its subsidiary, which has secured orders from domestic 12-inch wafer fabs. The company achieved a revenue of 1.458 billion yuan in the first three quarters of 2023, a 31.50% increase year-on-year [29][30]. 6. Investment Recommendations - The report suggests focusing on companies like Tongcheng New Materials and Huamao Technology, as the domestic photoresist market is expected to grow due to increased production capacity and a shift towards domestic sourcing [31].
半导体材料行业研究系列一：国内加快成熟制程扩产，光刻胶国产替代加速突破
源达信息·2024-04-24 09:00