从“研磨粒子”向下扎根：鼎龙股份如何捅破抛光液国产化天花板？

Core Viewpoint - The article emphasizes the critical role of CMP (Chemical Mechanical Polishing) materials in semiconductor manufacturing, particularly as the industry approaches advanced process nodes like 3nm and 2nm. It highlights the shift from single-point replacement to system assurance in the domestic supply chain, with a focus on the key category of polishing liquids, where the company Dinglong is making significant advancements [1][6]. Group 1: Importance of CMP Materials - CMP materials account for approximately 7% of the integrated circuit manufacturing material costs, with polishing pads, polishing liquids, and cleaning liquids together making up over 85% of the CMP system [2]. - Polishing liquids are described as the "engine" of the CMP process, essential for achieving a flat wafer surface through controlled chemical processes and precise material removal [4][6]. Group 2: Dinglong's Strategic Moves - Dinglong has transitioned from producing polishing pads to entering the polishing liquid market, aiming to become a platform player in CMP materials. This move is seen as a natural extension of its existing business and a key component of its semiconductor materials ecosystem [7][19]. - The company has established a three-stage strategy for entering the polishing liquid market, starting with the successful production of polishing pads, followed by cleaning liquids, and now advancing into polishing liquids [6][19]. Group 3: Competitive Landscape and Challenges - The global CMP polishing liquid market is projected to reach nearly $2 billion, with major international players holding significant market power, creating challenges for domestic suppliers like Dinglong [6][19]. - Dinglong aims to avoid low-level competition and instead focus on high-barrier segments of the polishing liquid market, which are currently dominated by foreign giants [7][19]. Group 4: Technical Innovations and Capabilities - Dinglong's approach to polishing liquids involves self-research and production of core raw materials, such as nano abrasive particles, which are critical for performance and cost structure [9][10]. - The company has developed seven technical platforms to support its R&D efforts, enabling it to transition from trial-and-error to engineering-focused development [10][21]. Group 5: Key Battles and Market Penetration - Dinglong has engaged in three significant battles to secure its position in the market, including the development of polishing liquids for 28nm HKMG, FinFET tungsten gate, and polysilicon/silicon nitride processes, each requiring extensive validation and collaboration with clients [12][19]. - The successful introduction of these products has led to increased orders and established stable supply relationships with major domestic clients [19][20]. Group 6: Future Outlook and Strategic Direction - The company is positioned to benefit from trends such as AI and HBM driving wafer demand, alongside the acceleration of domestic substitution in high-end polishing liquids [29]. - Dinglong's investment in its manufacturing base in Xiantao, which includes advanced production facilities for abrasive particles and polishing liquids, is expected to support its growth and scalability in the semiconductor materials market [20][21].