Changzhou Fusion New Material (SH:688503) 材料汇·2025-09-26 13:03Core Viewpoint - The acquisition of SKE's Blank Mask business by Juhe Materials represents a strategic move to enhance domestic capabilities in semiconductor core materials, particularly in the context of increasing demand and low domestic production rates [2][12][13]. Group 1: Blank Mask Overview - Blank Mask is a core material in semiconductor photolithography, essential for transferring circuit designs onto substrates or wafers, directly impacting the yield of downstream products [3][4]. - The domestic market for Blank Mask is currently dominated by Japanese and Korean companies, with significant market share held by firms like Hoya and S&S Tech [4][9]. Group 2: Market Potential and Growth - The semiconductor materials market is projected to reach approximately $67.5 billion in 2024, with China accounting for about $13.5 billion, representing around 20% of the total market [7]. - The revenue potential for the domestic photomask market is estimated at around 7.2 billion RMB in 2024, with Blank Mask expected to contribute approximately 1.4 to 1.5 billion RMB [9][11]. Group 3: Strategic Acquisition and Future Plans - Juhe Materials plans to stabilize its technology and operations by retaining key personnel from SKE and enhancing its R&D capabilities through knowledge transfer [14]. - The company aims to expand its production capacity in mainland China to meet growing market demands while also pursuing global market opportunities [14]. Group 4: Competitive Landscape - The global photomask market is highly concentrated, with major players like Photronics, Toppan, and DNP controlling over 80% of the market share [86]. - Domestic photomask manufacturers are in a phase of rapid development, focusing on improving their technological capabilities to catch up with international standards [87][89]. Group 5: Industry Challenges and Opportunities - The semiconductor industry is facing challenges due to trade tensions and supply chain disruptions, which have created opportunities for domestic manufacturers to increase their market share [4][66]. - The shift of semiconductor production capacity to China is expected to further boost the demand for domestic photomasks, as new fabs are established [64].