说实话，这些半导体材料的整体国产化率，其实是低于20%的，大多依赖进口，特别是先进工艺使用的材料，进口比例就更高。 但如果说国产化率最低的，可能是光刻胶了，国产率可能只有10%，并且较为严峻的是，我们70%以上是依赖日本的，最近这个形势大家都懂的啊，不用我 多说。 先给大家看一下整体的前端半导体材料（前端是指芯片制造这一块，后端指芯片封测这一块）方面，日本到底有多强了，这是权威机构电子信息产业网提供 的数据啊，不是我杜撰的，可以看到光刻胶日本占全球的份额高达72%。 而这些光刻胶又分种类的，并不是就一种，也是对应着芯片工艺的。 在芯片制造中，半导体设备重要，半导体材料也一样重要。 设计是工具，材料是原料，只有工具，没的原料，同样是不可能将芯片制造出来的。 在所有的半导体材料，价值占比最高的5种，分别是硅片（33%）、特种气体（14%）、光掩膜（13%）、光刻胶辅助材料（7%）和 CMP抛光材料 （7%）。 至于EUV光刻胶，就更加不用说了，国内没这个技术，还制造不出来，日本在EUV光刻胶方面，占了95%以上的比例。 为什么光刻胶我们会落后这么多，原因是多方面的，光刻胶其实是化学制剂，与化学是相关的，主要由感光 ...

基础化工 2025 年 11 月 23 日 强于大市（维持评级） 一年内行业相对大盘走势 行 业 研 究 基础化工 新材料周报：光刻材料龙头上市，阿克苏诺贝尔 和艾仕得合并剑指全球第二 团队成员 分析师： 孙范彦卿 (S0210524050021) sfyq30569@hfzq.com.cn 投资要点： 相关报告 行 业 定 期 报 告 本周行情回顾。本周，Wind 新材料指数收报 4834.46 点，环比下跌 7.34%。 其中，涨幅前五的有晨光新材(16.37%)、彤程新材(14.75%)、上海新阳(9.42%)、 南大光电(8.47%)、八亿时空(2.96%)；跌幅前五的有奥克股份(-19.58%)、三祥 新材(-15.92%)、皖维高新(-15.33%)、中环股份(-14.85%)、斯迪克(-14.74%)。 六个子行业中，申万三级行业半导体材料指数收报7153.92点，环比下跌7.08%； 申万三级行业显示器件材料指数收报 1053.67 点，环比下跌 5.9%；中信三级行 业有机硅材料指数收报 7320.73 点，环比下跌 5.41%；中信三级行业碳纤维指 数收报 1417.19 点，环比下跌 8 ...

Group 1 - Dongjin Semichem, a leading company in the semiconductor and LCD chemical materials sector in South Korea, announced a large-scale exit from the Chinese market by planning to sell its 10 subsidiaries in China [1][3] - The subsidiaries being sold include companies located in Beijing, Ordos, Sichuan, Wuhan, Qidong, Chengdu, Hefei, Chongqing, Huizhou, and Fuzhou, which primarily produce chemical materials used for cleaning glass substrates in the LCD exposure process [3] - The transaction is expected to be completed by May 31, 2026, with Dongjin Semichem anticipating to receive approximately 273.5 billion KRW (around 1.42 billion RMB) [3] Group 2 - The main reasons for this divestment include the increasing localization rate of the semiconductor and display materials industry in China and the shift of Chinese panel manufacturers from LCD to OLED, which is reducing the market share for traditional LCD chemical materials [3] - The sale will not be a simple asset transfer but will involve a complex structure through the establishment of a Special Purpose Vehicle (SPV), where Dongjin Semichem will transfer 70% of the shares to Chinese buyers while retaining 30% for continued cooperation or revenue rights [3][4] - In terms of financial recovery, Dongjin Semichem expects to gain 94 billion KRW from the sale, which includes 62.1 billion KRW from the sale price, 11.1 billion KRW from technical support fees, and 20.8 billion KRW from production technology localization support [4] Group 3 - Dongjin Semichem was established in 1973 and its main business includes electronic materials such as photoresists for semiconductor and TFT-LCD exposure processes, with major clients including Samsung Electronics, SK Hynix, and LG Display [4] - In 2004, Dongjin Semichem invested 2.9 billion KRW to establish Beijing Dongjin Semichem Technology, marking its entry into the Chinese market to supply products for JD Group's Beijing factory [5] - The latest financial report indicates that Dongjin Semichem achieved a cumulative sales revenue of 884.9 billion KRW and a quarterly net profit of 64.8 billion KRW in the third quarter of this year [5]

（文章来源：每日经济新闻） 申万宏源证券指出，半导体材料方面，重点关注关键材料自主可控，关注国产替代、OLED两大方向。 成长领域重点关注半导体材料、面板材料、封装材料等关键环节的国产化进程。随着全球供应链重构及 技术升级，半导体产业链的自主可控需求持续提升，相关材料领域有望迎来发展机遇。此外，面板材料 中OLED技术的渗透率提升也将带动相关需求增长。整体来看，电子及半导体行业在技术突破和政策支 持下，长期成长性较为明确。 集成电路ETF（159546）跟踪的是集成电路指数（932087），该指数从市场中选取涉及半导体设计、制 造、封装测试及相关材料设备等业务的上市公司证券作为指数样本，以反映集成电路相关上市公司证券 的整体表现。成分股具备高技术含量和成长性，体现了集成电路行业的整体发展趋势。 ...

Core Viewpoint - Dinglong Co., Ltd. has shown significant growth in both revenue and net profit in the third quarter of 2025, indicating a successful transition to semiconductor materials as a primary growth driver [1][2]. Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 2.698 billion yuan, a year-on-year increase of 11.23%, and a net profit attributable to shareholders of 519 million yuan, up 38.02% year-on-year [1]. - For Q3 2025, the company reported a revenue of 967 million yuan, reflecting a year-on-year growth of 6.57% and a quarter-on-quarter increase of 6.49%. The net profit for the same quarter was 208 million yuan, marking a year-on-year increase of 31.48% and a quarter-on-quarter growth of 22.54% [1]. Business Segments - The semiconductor segment generated a revenue of 1.534 billion yuan, a year-on-year increase of 41.27%, increasing its share from 46% in 2024 to 57% in 2025 [2]. - In Q3, the CMP polishing pads generated 320 million yuan in revenue, up 25% quarter-on-quarter and 42% year-on-year. CMP polishing liquids and cleaning liquids achieved 84.32 million yuan, with a quarter-on-quarter increase of 33% and a year-on-year increase of 33% [2]. - Sales of semiconductor display materials reached 143 million yuan, showing slight growth quarter-on-quarter and a 25% increase year-on-year [2]. Market Position and Growth Drivers - The company benefits from the ongoing domestic semiconductor material localization process and its accumulated technological advantages, leading to rapid growth across all product lines [3]. - Advanced packaging materials and photoresists face inherent technical challenges, but the company is on track with its validation schedule, with potential strong order inflow expected in Q4 2025 [3]. - The expansion of production capacity by leading domestic storage manufacturers is anticipated to further increase demand for upstream raw materials, benefiting Dinglong Co., Ltd. [3]. Investment Outlook - As a leading supplier of semiconductor materials, the company has a rich product matrix and has entered the ramp-up phase for several scarce products. The self-supply capability for upstream materials is expected to enhance profit margins [4]. - Projected net profits for 2025, 2026, and 2027 are estimated at 719 million yuan, 866 million yuan, and 1.139 billion yuan, respectively, with corresponding PE valuations of 48, 40, and 30 times [4].

Core Insights - Anhui Hechen New Materials Co., Ltd. has completed over 100 million RMB in B-round financing, led by Guotai Junan Innovation Investment and CRRC Guochuang Fund, with participation from other institutions [1][2] - The raised funds will primarily be used for expanding production capacity of 8.6 generation blank mask plates and advanced semiconductor polishing pads, as well as increasing collaborative R&D efforts with strategic customers [1] Company Overview - Established in 2016, Hechen New Materials focuses on the R&D and production of new display and semiconductor precision polishing materials, including blank mask plates and polishing pads [1] - The company has completed the construction of a cleanroom production line with a ten-level cleanliness standard for G6 and G8.6 generation blank mask plates, with some products already in mass production [1][2] Market Position - Blank mask plates and CMP (Chemical Mechanical Polishing) pads are core materials in semiconductor manufacturing and display panel processes, traditionally dominated by Japanese and Korean companies, resulting in a low domestic production rate [1] - Since 2021, Hechen New Materials has been focusing on the localization of semiconductor display blank masks and advanced polishing pads, with some products already in mass production and key customers including QY Optoelectronics and Luy Optoelectronics [1] Project Development - The G8.6 generation blank mask plate project, which started in January this year, completed the installation of coating equipment in August and has begun debugging, expected to enhance the company's capacity and delivery capabilities in high-generation blank mask plates [2] Financing History - Hechen New Materials has completed multiple rounds of financing since its establishment, including 70 million RMB in A-round financing in December 2020, an undisclosed A+ round in July 2021, an undisclosed Pre-B round in April 2022, and the recent B-round financing of 100 million RMB in January 2023 [2]

Core Insights - Xi'an Yiswei Materials Technology Co., Ltd. has officially listed on the STAR Market, marking a significant milestone as the first company to go public under the new "growth tier" and the first hard tech company to successfully IPO with an "unprofitable" status after the release of the "STAR Market Eight Policies" [2][4] - The company raised a total of 4.636 billion yuan, the largest fundraising amount among new listings on the STAR Market this year and the second largest among all new A-share listings [2] - Xi'an Yiswei specializes in the research, development, manufacturing, and sales of 12-inch electronic-grade silicon wafers, which are essential for various applications in electronics and new energy vehicles [6][7] Company Overview - Xi'an Yiswei is a leading provider of 12-inch silicon wafers, with a monthly shipment volume accounting for approximately 6% of the global market and 30% of the domestic market, ranking sixth globally and first in China [9] - The funds raised from the IPO will be used entirely for the second phase of the Xi'an Yiswei silicon industry base project, aimed at expanding production capacity and enhancing technological capabilities [9] - By 2026, the company expects to achieve a production capacity of 1.2 million wafers per month, with a projected global market share exceeding 10% [9] Industry Context - The silicon wafer is considered the "foundation" of chip manufacturing and is the most demanded material in wafer production, resonating with the global semiconductor market [7] - The successful listing of Xi'an Yiswei represents a significant breakthrough in the localization process of semiconductor materials in China [7] - The upcoming 2025 Heterogeneous Integration Annual Conference, organized by TrendBank, aims to focus on advanced packaging technologies and foster collaboration between industry and academia to drive innovation [10]

Core Viewpoint - Xi'an Yiswei Material Technology Co., Ltd. officially listed on the Sci-Tech Innovation Board, marking a significant milestone for hard technology enterprises in Xi'an and showcasing the capital market's support for core technology companies [1][3][20] Group 1: Company Overview - Xi'an Yiswei is the first hard technology enterprise to successfully go public with an "unprofitable" status after the release of the "Eight Policies" for the Sci-Tech Innovation Board [3] - The company raised 4.636 billion yuan, making it the second-largest IPO in A-shares this year and the largest IPO in Shaanxi Province since 2025 [7] - Xi'an Yiswei specializes in the research, production, and sales of 12-inch silicon wafers, a core material for chip manufacturing, and has established a comprehensive core technology system covering five major processes [7][8] Group 2: Market Position - As of the end of 2024, Xi'an Yiswei's average monthly shipment volume accounts for approximately 6% of the global market and 30% of the domestic market, ranking sixth globally and first in China [8] - The company holds 799 authorized invention patents domestically, leading the 12-inch silicon wafer sector in China, indicating a significant leap from technology catch-up to competing with international giants [8] Group 3: Regional Impact - Xi'an Yiswei's listing contributes to Xi'an's reputation as a national hub for hard technology, with the city having nurtured 13 listed companies on the Sci-Tech Innovation Board, ranking fifth among 15 sub-provincial cities in China [12] - The success of Xi'an Yiswei reflects the city's ability to seize opportunities in the national strategy for technological self-reliance and resilience [12] Group 4: Capital Support - The growth of Xi'an Yiswei has been supported by a multi-level capital system, including national and provincial funds, which have provided continuous financial support to tackle critical technological challenges [16] - The National Integrated Circuit Industry Investment Fund and local investment platforms have played significant roles in the company's development, illustrating a model of "early investment, small investment, and investment in hard technology" [16] Group 5: Future Outlook - The establishment of the Sci-Tech Innovation Board's growth layer opens new avenues for unprofitable but promising hard technology companies like Xi'an Yiswei to access capital markets [20] - The listing signifies a new level of inclusivity in China's capital market for hard technology, potentially paving the way for more companies in similar stages of development [20]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 42.34 CNY, indicating an expected return of over 20% within the next six months [8][19]. Core Insights - The company is experiencing steady growth in its CMP polishing pad business, with a 51% year-on-year increase in revenue for the first three quarters of 2025, establishing its leading position in the domestic market [2]. - The sales of CMP polishing liquids and cleaning liquids have also shown robust growth, with a 42% increase in revenue compared to the same period last year, contributing to overall sales growth [3]. - The company is expanding its semiconductor display materials product line, with significant market share gains and positive client feedback on new products [4]. - Initial sales of advanced packaging materials are beginning to ramp up, and the company is making progress in its photolithography business, aligning with its expectations [5]. - The company is positioned to become a high-end materials platform enterprise, with future growth driven by advancements in optoelectronic semiconductor materials [2][6]. Financial Summary - The company forecasts revenues of approximately 9.45 billion CNY for Q3 2025, representing a year-on-year growth of about 4.20%. The net profit attributable to the parent company is expected to be between 190 million and 220 million CNY, reflecting a growth of 19.89% to 38.82% [1]. - For the fiscal years 2023 to 2027, the company anticipates a steady increase in revenue, with projections of 2.67 billion CNY in 2023, growing to 5.69 billion CNY by 2027 [7][13]. - The net profit attributable to the parent company is expected to rise from 222 million CNY in 2023 to 1.21 billion CNY in 2027, indicating a compound annual growth rate of approximately 27.93% [7][14].

Core Insights - Xi'an Yicai, a leading domestic 12-inch semiconductor wafer company, is set to debut on the Sci-Tech Innovation Board next week with a pre-listing market value of 34.806 billion yuan [1] - The company is expected to raise 4.9 billion yuan through its IPO, primarily for the construction of a second factory, which will significantly increase its monthly production capacity to 1.2 million wafers [1][2] - The global market for 12-inch wafers is projected to reach $22 billion by 2025, with a compound annual growth rate of over 15% [2] Company Overview - Founded by Wang Dongsheng, known as the "Father of China's Semiconductor Display Industry," Xi'an Yicai has rapidly risen in the 12-inch semiconductor wafer sector, achieving a revenue of 2.121 billion yuan in 2024 [1] - The company ranks first in 12-inch wafer shipment and production capacity in mainland China and sixth globally, holding approximately 7% of global capacity and 6% of monthly shipments [1] - Xi'an Yicai's products are widely used in advanced technologies such as 2YY-layer NAND flash memory chips and logic chips below 7nm, and it has begun bulk supply to leading foundries like UMC and GlobalFoundries [1] Industry Context - The demand for semiconductor chips is surging due to the explosive growth of emerging technologies like AI and 5G, creating a significant gap in the 12-inch wafer market [2] - Currently, China's self-sufficiency rate for 12-inch wafers is below 30%, but government policies are increasingly supporting the localization of semiconductor materials [2] - The listing of Xi'an Yicai is expected to enhance the autonomy of the domestic semiconductor supply chain [2] Investment Insights - Shaanxi Guotou A holds a 0.218% stake in Xi'an Yicai, with a pre-listing market value of approximately 75.87 million yuan, and is projected to see a book profit of between 150 million yuan and 227 million yuan on the first day of trading [2] - Several institutions predict that Xi'an Yicai's stock price may increase by 200%-300% on its debut, based on historical data from similar IPOs on the Sci-Tech Innovation Board [2] - Shaanxi Guotou A has shown stable performance, with a net profit of 996 million yuan in the first three quarters of 2025, reflecting a year-on-year growth of 6.6% [3]