【基础化工】AI拉动半导体材料需求增长，25H1行业上市公司业绩向好——半导体材料行业动态跟踪（赵乃迪/周家诺）

Core Viewpoint - The global semiconductor industry is experiencing growth driven by increased demand in AI computing, data centers, and smart driving, with significant sales increases projected for 2025 and beyond [4]. Group 1: Market Growth - In the first half of 2025, global semiconductor sales are expected to reach approximately $405 billion, representing a year-on-year growth of 20.4%, with China's semiconductor sales around $113.5 billion, up 11.1% [4]. - The World Semiconductor Trade Statistics (WSTS) forecasts that the global semiconductor market will reach $700.9 billion in 2025, a year-on-year increase of 11.2%, with the Asia-Pacific market expected to grow by 9.8% to approximately $370.6 billion [4]. - By 2026, the global semiconductor market is projected to further increase to $760.7 billion, reflecting an 8.5% year-on-year growth [4]. Group 2: Wafer Capacity Expansion - The construction of wafer capacity is accelerating, particularly in advanced processes, with SEMI predicting that global 12-inch wafer monthly capacity will reach 11.1 million pieces by 2028, corresponding to a CAGR of about 7% from 2024 to 2028 [5]. - The monthly capacity for advanced processes of 7nm and below is expected to grow from 850,000 pieces in 2024 to 1.4 million pieces in 2028, with a CAGR of approximately 14% [5]. - The expansion of wafer capacity is expected to drive an increase in semiconductor materials demand, with the global semiconductor materials market projected to reach about $70 billion in 2025, a year-on-year growth of 6% [5]. Group 3: Subsector Growth - The market for photoresists in China is projected to reach approximately 6.8 billion yuan for integrated circuits, 6.7 billion yuan for new displays, and 4.4 billion yuan for PCBs in 2025, with respective year-on-year growth rates of 4.49%, 3.09%, and 17.25% [6]. - The total demand for wet electronic chemicals in China is expected to reach 4.685 million tons in 2025, a year-on-year increase of 3.9%, with demand in integrated circuits and display panels growing by 23.1% and 10.1%, respectively [6]. - The global market for electronic specialty gases is anticipated to reach $6.4 billion in 2025, reflecting a year-on-year growth of 6.7%, while the Chinese market is expected to reach 27.9 billion yuan, up 6.3% [7]. Group 4: Company Performance - In the first half of 2025, semiconductor materials companies achieved a total revenue of 110.17 billion yuan, marking an 11.0% year-on-year increase, with net profit attributable to shareholders reaching 3.95 billion yuan, up 40.5% [8]. - For Q2 2025, revenue was 58.94 billion yuan, reflecting a year-on-year growth of 17.2% and a quarter-on-quarter increase of 15.0%, while net profit was 2.20 billion yuan, up 78.7% year-on-year and 26.0% quarter-on-quarter [8]. - R&D expenditures in the first half of 2025 totaled 5.70 billion yuan, a year-on-year increase of 14.4%, with an R&D expense ratio of approximately 5.2%, up 0.2 percentage points [8].