Summary of Cleanroom Industry Conference Call Industry Overview - The cleanroom industry benefits from the restructuring of the semiconductor supply chain and import substitution, with major domestic semiconductor companies like SMIC planning capital expenditures that create order opportunities for cleanroom firms, indicating growth potential in the domestic market [1] - Changes in the global supply chain and rising trade protectionism are driving new investment projects in North America, Singapore, and Southeast Asia, providing overseas order opportunities for cleanroom companies, which also show growth potential in international markets [1] Core Demand Insights - The electronics industry, including semiconductors and LCD panels, is the primary source of demand for cleanrooms, accounting for over 55% of total demand. Other growing sectors include pharmaceuticals, medical devices, and renewable energy, supported by high-end manufacturing policies [1][5] - The cleanroom market is expected to maintain a growth rate of around 10% in the coming years, driven by increased investment in the healthcare sector due to an aging population and breakthroughs in innovative drugs [5] Competitive Landscape - The cleanroom industry exhibits a highly concentrated competitive landscape, with a limited number of companies capable of undertaking high-end projects. Large capital expenditure projects require extensive historical experience, solidifying the competitive position of large, qualified firms [1][6] - Deep Sanda A holds a significant share of the domestic high-end cleanroom projects, while companies like Yaxiang Integration, Shenghui Integration, and Baicheng Co. are relatively smaller in scale [1][7] Future Supply and Demand Dynamics - The supply structure in the cleanroom industry is expected to remain stable, but demand is likely to continue growing, providing substantial development space for related companies [7] - Companies such as Deep Sanda A, Yaxiang Integration, Shenghui Integration, and Baicheng Co. are analyzed, with Deep Sanda being the largest cleanroom listed company in the market [7] Investment Strategies - For domestic market focus, companies like Deep Sanda, Shenghui, Yaxiang, and Baicheng have opportunities due to anticipated growth in capital expenditures. For overseas markets, companies with Taiwanese backgrounds, such as Shenghui and Yaxiang, have advantages in international expansion [3][8] - When selecting investment targets, emphasis should be placed on companies with strong overseas capabilities, particularly those with competitive advantages and customer relationships, such as Shenghui Integration and Yaxiang Integration [9][10]