屹唐半导体：多产品线平台化半导体设备龙头，核心产品打入5nm逻辑量产生产线

Core Viewpoint - The semiconductor equipment industry is the foundation of semiconductor manufacturing and the entire electronic information industry, with equipment investment accounting for approximately 75-80% of total investment in a semiconductor production line, driven by the rising demand in consumer electronics and PCs [1] Group 1: Industry Overview - The semiconductor equipment market is experiencing growth, with China's market share expected to reach 42.3% by 2024, despite a currently low overall domestic equipment localization rate [1][12] - The domestic equipment manufacturers have made significant progress, particularly in the photoresist removal equipment sector, achieving a localization rate of over 90% [1][12] Group 2: Company Profile - Yitang Semiconductor, established in 2015, specializes in the research, production, and sales of wafer processing equipment for integrated circuit manufacturing, and ranks second globally in the market share of dry photoresist removal and rapid thermal processing equipment [2][4] - The company serves major global chip manufacturers, including TSMC, Samsung, and SMIC, and has a cumulative installed base of over 4,800 units by the end of 2024 [4][3] Group 3: R&D and Technological Advancements - Yitang Semiconductor has a strong R&D focus, with 29.28% of its workforce dedicated to research, and has invested significantly in R&D, with expenses rising from approximately 52.99 million yuan in 2022 to 71.69 million yuan in 2024 [6][5] - The company holds 445 invention patents and has developed core technologies that enhance its competitive edge in the market [6][7] Group 4: Financial Performance - The company has seen steady revenue growth, with total revenues of approximately 476.26 million yuan in 2022, 393.14 million yuan in 2023, and 463.30 million yuan in 2024, with core technology products contributing significantly to these figures [7][8] - Gross profit has also increased, with a compound annual growth rate of 12.93% from 2022 to 2024, indicating improved profitability [7][8] Group 5: Market Trends and Future Outlook - The integrated circuit market in China is projected to grow from 0.88 trillion yuan in 2020 to 1.45 trillion yuan in 2024, with a compound annual growth rate of 13.3%, indicating a robust demand for semiconductor equipment [9] - The global semiconductor equipment sales are expected to reach 117.1 billion USD in 2024, driven by increased investments from leading foundries to expand capacity [10] Group 6: Strategic Initiatives - Yitang Semiconductor plans to raise 2.5 billion yuan through its IPO to enhance its R&D and manufacturing capabilities, addressing capacity constraints and expanding its product offerings [14][13] - The company aims to leverage its technological advancements to develop next-generation equipment and enhance its position in the global semiconductor equipment market [14]