新材料投资：化工新材料投资逻辑分析（附PPT）

Core Viewpoint - The article emphasizes the potential for domestic substitution in high-performance materials, particularly in the semiconductor and renewable energy sectors, driven by technological advancements and policy support in China [7][14]. Group 1: Electronic Chemicals - The semiconductor industry is experiencing a shift towards domestic production of electronic chemicals, particularly photoresists and specialty gases, due to high technical barriers and the need for self-sufficiency amid international restrictions [8][14]. - The global semiconductor market is projected to reach $632.8 billion in 2024, with a year-on-year growth of 20.2%, indicating a recovery phase for the industry [14]. - China's semiconductor materials market is expected to grow significantly, with a market size of 102.4 billion RMB in 2023, reflecting a year-on-year increase of 12.02% [20]. Group 2: OLED Materials - The global OLED market reached $45.5 billion in 2022 and is expected to grow to $54.7 billion by 2025, driven by increased penetration of flexible OLED technology [17]. - The penetration rate of OLED in smartphones is projected to reach 50.8% in 2023 and exceed 60% by 2026, indicating strong demand for OLED materials [17]. - Domestic companies are actively expanding their production capacities for OLED materials, benefiting from the construction of new production lines [24]. Group 3: Specialty Gases - The electronic specialty gas market in China is expected to grow from 21.6 billion RMB in 2021 to over 43.5 billion RMB by 2025, with a compound annual growth rate (CAGR) of 19.13% [34]. - Major global players dominate the electronic specialty gas market, but domestic companies are beginning to capture market share through local production [35]. - Companies like Huate Gas and Jinhong Gas are leading the domestic market, focusing on high-purity specialty gases for semiconductor applications [35]. Group 4: Wet Electronic Chemicals - The wet electronic chemicals market in China reached 13.1 billion RMB in 2021, with a compound annual growth rate of 14.21%, significantly outpacing global growth [44]. - The domestic market is characterized by a high dependency on foreign technology, with major players from Japan and the US holding significant market shares [44]. - Companies such as Jianghua Micro and Glinda are positioned to benefit from the increasing demand for high-purity wet electronic chemicals as the semiconductor industry expands [42]. Group 5: Polishing Materials - The global polishing pad market is experiencing continuous growth, with demand for polishing liquids in China growing at a rate higher than the global average [45].