Industry Overview - Photomasks are critical in microelectronics manufacturing, serving as the master template for transferring circuit patterns to substrates in industries like semiconductors, flat panel displays, and touchscreens [2][5] - The photomask industry is driven by capacity shifts and technological advancements, with China becoming a dominant player in TFT LCD production and rapidly increasing its share in OLED [2][11] - The semiconductor photomask market in China was valued at 1.778 billion in 2023, representing a 14.27% YoY increase [2] Flat Panel Display Photomasks - China's flat panel display industry is expected to account for 60% of global photomask demand by 2026, driven by the expansion of high-generation production lines and OLED adoption [2][20] - The demand for 8.6G and below flat panel display photomasks is expected to grow steadily, with OLED photomasks shifting towards larger sizes as manufacturers invest in bigger production lines [2][26] - High-resolution displays and LTPO technology are increasing the complexity and layer count of photomasks, with LTPO OLED shipments growing 31.9% YoY in 2023 [28] Semiconductor Photomasks - The global semiconductor photomask market is projected to grow from 5.098 billion in 2023, with China's market expanding rapidly due to wafer fab capacity growth [37] - Independent third-party photomask manufacturers hold 35% of the global market, dominated by US and Japanese companies, while Chinese players are gradually breaking through technological barriers [39][40] - Semiconductor photomasks face increasing technical challenges as feature sizes shrink, requiring advanced techniques like OPC and PSM to address diffraction and interference issues [44][46] Key Companies Qingyi Optoelectronics - Qingyi Optoelectronics achieved RMB 924 million in revenue in 2023, a 21% YoY increase, with semiconductor photomask revenue growing 41.04% to RMB 144 million [48][53] - The company has mass-produced 180nm node semiconductor photomasks and is developing 130nm-65nm PSM and OPC processes, with plans for 28nm node capabilities [53] - Qingyi is investing RMB 3.5 billion in a new production base in Foshan, focusing on high-precision and high-end semiconductor photomasks [59] Luwei Optoelectronics - Luwei Optoelectronics achieved RMB 672 million in revenue in 2023, with a 24% YoY increase in net profit to RMB 149 million [62] - The company is the only domestic manufacturer capable of producing G2.5-G11 photomasks, ranking third globally in G11 photomask sales with a 21.5% market share [65] - Luwei has invested RMB 2 billion in a 130nm-28nm semiconductor photomask production line through its industrial fund, targeting advanced semiconductor packaging and device applications [67] Investment Recommendations - The report recommends focusing on Qingyi Optoelectronics and Luwei Optoelectronics as key players in the photomask industry [71] - Qingyi Optoelectronics is projected to achieve RMB 185 million in net profit in 2024, with a forward PE ratio of 32x [71] - Luwei Optoelectronics is expected to reach RMB 210 million in net profit in 2024, trading at a forward PE ratio of 25x [71]
半导体行业跟踪报告之十六：掩膜版国产替代空间广阔，龙头企业蓄势待发
光大证券·2024-06-12 12:31