材料汇·2025-08-21 13:01Core Viewpoint - The article emphasizes the critical role of photomasks in the semiconductor manufacturing process, highlighting the high technical barriers and low domestic penetration rates in the photomask market, which presents significant investment opportunities in the context of domestic semiconductor supply chain enhancement [2][3]. Group 1: Photomask Production and Market - Photomask production has high technical barriers, and the market is vast with low domestic penetration rates [3][57]. - The photomask market is one of the top three segments in the semiconductor materials market, accounting for approximately 12% of the semiconductor materials market size [63]. - The semiconductor and flat panel display sectors are the largest application markets for photomasks, with semiconductors occupying 60% of the market share [61]. Group 2: Market Size and Growth - The global semiconductor materials market is projected to reach $67.5 billion in 2024, with a year-on-year growth of 3.8% [69]. - The domestic semiconductor photomask market is expected to approach 20 billion RMB by 2025, with wafer manufacturing photomasks estimated at 10 billion RMB [66]. - The independent third-party photomask manufacturers' market share is expected to increase, as they can leverage economies of scale and specialized technology [70]. Group 3: Investment Logic - Investing in the photomask sector is seen as a dual opportunity: it is not only a story of domestic replacement in a multi-billion scale semiconductor materials market but also an investment in companies capable of overcoming technological barriers and growing alongside China's wafer production capacity [2].