Bayi Space(SH:688181) 财联社·2025-11-18 01:00Core Viewpoint - The domestic high-end photoresist resin materials are entering a significant development period, with the successful establishment of the first domestic 100-ton semiconductor KrF photoresist resin production line, breaking the market monopoly of international giants [2][19]. Industry Background - The photoresist industry is categorized into three main types: new display photoresists, integrated circuit photoresists, and PCB photoresists, with integrated circuit photoresists having the highest technical barriers and market potential [3]. - The global market for integrated circuit photoresists is expected to exceed $40 billion by 2025, reflecting a year-on-year growth of 9% [3]. Market Dynamics - The global photoresist market is dominated by a few companies from Japan and the US, with a market concentration of about 90% in the integrated circuit sector [7]. - As of 2024, China's self-sufficiency rate for KrF/ArF photoresists is less than 5% [8]. - Japanese companies, including TOK, JSR, and Shin-Etsu Chemical, hold approximately 70%-80% of the global market share in high-end integrated circuit photoresists [9]. Domestic Production Capacity - China's production capacity for photoresists is primarily focused on PCB and new display products, with a low proportion of integrated circuit photoresists [5]. - The domestic market share for KrF photoresists is about 5%, while ArF photoresists account for approximately 2% [10]. Technological Challenges - The production of photoresists requires high purity and stability of raw materials, which include resins, photoinitiators, solvents, and monomers [11]. - The domestic industry is lagging in the industrialization capabilities of monomers, which are crucial for resin synthesis [13]. Market Growth Potential - The market size for KrF and ArF photoresists has grown from 1.47 billion yuan in 2019 to 3.67 billion yuan in 2023, with projections to reach 10.69 billion yuan by 2028 [17]. - The domestic company, Eight Billion Space, has successfully entered the "100-ton" supplier tier, providing critical support for domestic semiconductor materials [19].