半导体行业专题 空白掩模版：光刻工艺核心原料，国产化亟待突破 2025 年 10 月 10 日 ➢ 掩模版是半导体材料自主可控的关键一步。掩模版是半导体生产制造过程中 不可或缺的材料，其基本工作原理是将设计好的电路图形通过光刻刻蚀等工艺绘 制在掩模版上，随后将掩模版承载的电路图形通过曝光的方式转移到硅晶圆等基 体材料上。半导体掩模版是技术要求最高的掩模版品类，同时也是最大的掩模版 应用市场，IC 制造生产占据掩模版下游 60%的份额，而高端半导体掩模版主要 被美国和日韩厂商垄断，因此其国产化突破对国产半导体产业链具备重要战略意 义。 ➢ 全球掩模版市场空间广阔，增长动力强劲。半导体掩模版作为核心半导体材 料之一，2021 年占全球半导体材料市场的 12%，仅次于硅片和电子特气。根据 SEMI、CEMIA 数据，全球半导体掩模版市场规模有望在 2025 年达到 60.79 亿 美元，同比增长 7%。中国大陆半导体掩模版市场规模快速增长，从 2017 年的 9.12 亿美元增至 2022 年的 15.56 亿美元，2017-2022 年复合增速达到 11.3%。 随着中国大陆在先进制程领域不断突破，掩模版市场规模 ...

Group 1: Company Overview - The company held its 2025 semi-annual performance briefing on September 19, 2025, via an online interactive format [2] - Key executives including the Chairman, General Manager, and Financial Director participated in the briefing to address investor inquiries [2] Group 2: Product Development and Market Position - The company focuses on the research and market expansion of electronic specialty gases, leveraging over 50 years of technological accumulation [3] - The company has a total production capacity of specialty gases in the tens of thousands of tons, with some products holding a domestic market share of up to 60% [3] - The company has developed and commercialized eight types of products, including electronic-grade hexafluorobutylene and bromine, achieving significant technological advancements [4] Group 3: Production Capacity and Future Plans - The company has a production capacity of 1,200 tons/year for hexafluorobutylene, 5,000 tons/year for trifluorine, and 1,500 tons/year for hexafluorine, with plans to expand hexafluorine capacity to 6,000 tons/year [4] - A new 6,000 tons/year trifluorine facility is under construction, with the first phase of 3,000 tons expected to be operational within the year [4] Group 4: Market Trends and Regulatory Environment - The company anticipates a sustained demand for refrigerants due to strong growth in downstream sectors like automotive and air conditioning, despite high prices for fluorocarbon chemicals [7] - The company has developed over 40 ODS alternatives and holds a leading position in HFC production quotas, with several products ranking among the top globally [7] Group 5: Research and Development - The company is actively pursuing the development of fourth-generation refrigerants and has established collaborative relationships with refrigerant users for system development [8] - The company is also focusing on the production of environmentally friendly insulating gases, such as perfluoroisobutylene, which is seen as a promising alternative to hexafluorine [9] Group 6: Financial Performance and Challenges - The company's subsidiary, Shuguang Institute, has reported losses due to increased costs and ongoing trials for its aviation tire products, which are still in the validation phase [10]

Core Viewpoint - Xiamen Hengkang New Materials Technology Co., Ltd. has successfully obtained the IPO registration approval from the Shanghai Stock Exchange, marking a significant milestone for the company and injecting new technological strength into the Sci-Tech Innovation Board [1] Group 1: Company Overview - Hengkang New Materials focuses on the semiconductor materials sector, primarily in two core categories: photoresist materials and precursor materials [2] - The company has developed into one of the few in China capable of R&D and mass production of key materials for 12-inch integrated circuit wafers, successfully covering major domestic 12-inch wafer manufacturers [2] - As of the end of 2024, the company has obtained 89 patent authorizations, including 36 invention patents, showcasing its strong technical innovation capabilities [2] Group 2: R&D Investment - The company maintains a high level of R&D investment, with the proportion of R&D expenditure to operating income being 13.28%, 14.59%, and 16.17% for the years 2022 to 2024, respectively [3] Group 3: Industry Context - The Sci-Tech Innovation Board aims to provide a financing platform for hard technology enterprises, particularly supporting key sectors such as integrated circuits and biomedicine [4] - Hengkang New Materials is recognized as a national-level "specialized, refined, and innovative" small giant enterprise, undertaking multiple national research tasks and recently adding important projects in collaboration with various ministries [4] Group 4: Future Prospects - The company is expected to leverage the IPO to enhance its development opportunities, with raised funds primarily directed towards the "Phase II Project of Integrated Circuit Precursors" and "Advanced Materials for Integrated Circuits" [5] - The implementation of these fundraising projects is anticipated to drive innovation in product development and application, improve product structure, and enhance the level of domestic production, thereby increasing the company's core competitiveness [5]

Core Insights - The company Shanghai Xinyang expects its semiconductor industry revenue to reach no less than 1.3 billion yuan in 2025, with consolidated revenue projected to exceed 1.7 billion yuan [2] - The company has established a comprehensive research and production platform for various types of photoresists, including I-line, KrF, ArF dry, and ArF immersion photoresists, leveraging its technological advantages and continuous R&D investment [2] - Shanghai Xinyang has become a key player in the domestic photoresist supply chain, with its KrF photoresists already achieving mass sales and ArF immersion photoresists receiving sales orders [2] Financial Performance - In the first half of the year, Shanghai Xinyang achieved a revenue of 899 million yuan, representing a year-on-year growth of 35.67% [2] - The net profit attributable to shareholders reached 133 million yuan, a significant increase of 126.31% compared to the same period last year [2] - After excluding non-recurring gains and losses, the net profit was 127 million yuan, reflecting a year-on-year growth of 58.07% [2] Market Position - As of the first half of 2025, Shanghai Xinyang has become the baseline material for 56 12-inch integrated circuit production lines and 23 8-inch integrated circuit production lines in China, accounting for over 70% and 60% of the respective markets [2]

Core Viewpoint - Shanghai Xinyang Semiconductor Materials Co., Ltd. held a specific investor survey with 35 institutions, discussing the company's business performance and future plans in the semiconductor industry [1] Company Business Overview - Shanghai Xinyang focuses on five core business areas: electroplating, cleaning, photolithography, grinding, and etching, providing key process materials and supporting equipment for integrated circuit manufacturing and advanced packaging [1] - In the first half of 2025, the semiconductor industry revenue reached 709 million yuan, a year-on-year increase of 53.12%, supplying over 120 semiconductor packaging companies and more than 100 chip manufacturers [1] Capacity Planning - The current capacity at the Songjiang headquarters is 19,000 tons per year; the Hefei Xinyang Phase I expansion will increase capacity to 43,500 tons per year [1] - New projects include a 50,000 tons per year capacity at the Songjiang headquarters and a 30,500 tons per year project in the Shanghai Chemical Industry Zone, both progressing normally [1] Photolithography Business Progress - The company has established a complete R&D and production platform for photolithography materials, with several products already industrialized and achieving advanced optical data metrics [1] - KrF photolithography products are being sold in bulk, and ArF immersion photolithography products have received orders [1] Grinding Liquid Product Development - Series products such as STI slurry, Poly slurry, and W slurry have completed client testing and are entering mass production, with rapid sales growth [1] - The company aims to target domestic market gaps and meet customer technology iteration needs [1] Financial Performance - The gross margin for the semiconductor business declined due to increased production costs from the Hefei Xinyang project and depreciation expenses [1] - The coating segment's revenue was 187 million yuan in the first half of 2025, a year-on-year decrease of 5.29% due to slow recovery in the construction industry [1] Revenue Targets - The company achieved a total revenue of 897 million yuan in the first half of 2025, with semiconductor revenue at 709 million yuan [1] - The company aims for semiconductor revenue of no less than 1.3 billion yuan and total revenue of no less than 1.7 billion yuan for the full year 2025 [1] Product Advantages and Industry Position - With over 20 years of experience, the company covers all technology nodes from 90nm to 14nm for chip copper interconnect processes, making it a leading domestic enterprise [1] - As of the first half of 2025, the company has become the baseline for 56 12-inch and 23 8-inch integrated circuit production lines, accounting for over 70% and 60% respectively [1]

Group 1 - The core viewpoint of the news is that Xi Tai Investment has conducted research on a listed company, specifically focusing on the performance and capabilities of the company in the quartz electronic fabric and semiconductor materials sectors [1] - The company, Feili Hua, achieved sales revenue of 13.1248 million yuan in the first half of 2025, indicating it is in the client small-batch testing and end-customer certification phase [1] - Feili Hua possesses a complete industrial chain capability from quartz sand purification to quartz electronic fabric production, with significant technical accumulation [1] Group 2 - In the photomask substrate area, Feili Hua has production capabilities ranging from G4.5 to G10.5 generations, with the Hefei project already in bulk supply and the Jinan project having completed line connections and optimized processes [1] - The company is advancing in the localization of semiconductor materials, with high-purity synthetic quartz sand entering the pilot test phase and multiple products achieving stable or bulk production [1] - In the aerospace sector, Feili Hua has seen a recovery in quartz fiber orders, with several composite material projects successfully developed and some projects entering bulk production [1]

Investment Rating - The industry rating is "Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 to 12 months [50]. Core Insights - The Wind New Materials Index closed at 4754.11 points, reflecting a week-on-week increase of 3.72%. Among the six sub-industries, the semiconductor materials index rose by 0.13%, while the organic silicon materials index fell by 0.85% [2][8]. - Key companies such as Longyang Technology and Aolaide saw significant weekly gains of 22.84% and 19.01%, respectively, while Aladdin experienced a notable decline of 14.44% [22][24]. - Shandong Guoci Functional Materials Co., Ltd. announced a joint venture to enter the solid-state battery materials sector, focusing on the development and production of solid-state battery sulfide materials [3][26]. - Xiamen Hengkang New Materials Technology Co., Ltd. successfully passed the IPO review, indicating strong financial health and compliance, and is set to issue stocks on the stock exchange [3][27]. - The semiconductor materials sector is experiencing accelerated domestic production, with significant expansion in downstream wafer factories, highlighting the competitive advantage of leading companies [3][26]. Summary by Sections Overall Market Review - The Wind New Materials Index increased by 3.72% this week, with notable performances in various sub-indices, including a 5.04% rise in the carbon fiber index [2][8]. Key Company Performance - The top gainers this week included Longyang Technology (22.84%), Aolaide (19.01%), and Guoci Materials (11.58%), while Aladdin faced the largest drop at -14.44% [22][24]. Recent Industry Highlights - Shandong Guoci's joint venture for solid-state battery materials aims to enhance its business scope, with a registered capital of RMB 10 million [3][26]. - The successful IPO of Xiamen Hengkang marks a significant milestone for the company, reflecting its readiness for public investment [3][27]. - The semiconductor materials sector is poised for growth, driven by increased production capacity and demand for high-performance materials [3][26].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][19]. Core Insights - The company has experienced significant revenue and profit growth in the first half of 2025, with a revenue increase of 43.17% year-on-year and a net profit increase of 60.53% [1][2]. - The company is benefiting from the domestic semiconductor materials localization process, with a steady increase in market share for its polishing liquids [3][9]. - The company is expanding its product lines in functional wet electronic chemicals, achieving rapid growth and solidifying its competitive advantage [8][9]. Financial Performance Summary - Revenue is projected to grow from 1,238 million yuan in 2023 to 3,719 million yuan in 2027, with a compound annual growth rate (CAGR) of 18.1% [1]. - Net profit is expected to increase from 403 million yuan in 2023 to 1,219 million yuan in 2027, reflecting a CAGR of 19.9% [1]. - The company's earnings per share (EPS) is forecasted to rise from 2.39 yuan in 2023 to 7.24 yuan in 2027 [1]. Market Position and Product Development - The company has made significant progress in acquiring new orders, customers, and applications, leading to an optimized product structure and customer distribution [2]. - The sales of chemical mechanical polishing liquids and functional wet electronic chemicals have shown remarkable growth, with increases of 38.23% and 75.69% year-on-year, respectively [2]. - The company is actively developing advanced technology nodes for its silicon nitride polishing liquids, with successful client validations and increasing sales [3][8].

Investment Rating - The report maintains an "Outperform the Market" rating for the company [5][9][32]. Core Views - The company experienced steady revenue growth in the first half of 2025, with revenue reaching 1.314 billion yuan, a year-on-year increase of 6.65%. However, the net profit attributable to shareholders decreased by 48.63% to 82.2013 million yuan due to increased competition and price pressure in the specialty gas segment [10][5]. - The company is focusing on the domestic production of semiconductor materials, successfully replacing imports with products such as ultra-pure ammonia and high-purity nitrogen oxide, and has added 18 new semiconductor customers in the first half of 2025 [24][2]. - The company is actively expanding its helium resources and has established strategic partnerships to enhance helium storage and transportation capabilities, ensuring a stable supply for various customer needs [25][3]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 1.314 billion yuan, up 6.65% year-on-year, while net profit fell by 48.63% to 82.2013 million yuan. The revenue structure includes bulk gases (41.5%), specialty gases (31.6%), on-site gas production and rental (13.0%), and gas (9.3%) [10][5][29]. - The company has adjusted its profit forecasts for 2025-2027, expecting revenues of 2.877 billion, 3.201 billion, and 3.521 billion yuan, respectively, with net profits of 220 million, 285 million, and 349 million yuan [5][29]. Business Development - The company is enhancing its integrated strategy in the bulk gas business, with significant growth in newly acquired regions such as Hunan, where revenue increased by 11.14% and net profit surged by 646.89% [27][4]. - The company has made substantial progress in on-site gas production, securing multiple large-scale projects and completing the acquisition of Jin Hong Jie Meng, which boosts its market coverage [27][4]. Market Positioning - The company is deepening its product matrix in electronic gases, achieving import substitution for several key products and enhancing its service capabilities in the electronic bulk gas sector [24][2]. - The company is strategically positioning itself in the helium market by diversifying its helium import sources and establishing partnerships to innovate in helium extraction and purification technologies [25][3].

Core Viewpoint - Xiamen Hengkang New Materials Technology Co., Ltd. (Hengkang New Materials) faces multiple challenges on its IPO journey, including increasing revenue without profit growth, high customer concentration, and negative gross margins on self-produced products [1][3]. Financial Performance - Hengkang New Materials has seen continuous revenue growth over the past three years, increasing from 322 million yuan in 2022 to 548 million yuan in 2024. However, net profit has declined during the same period, with figures of 101 million yuan, 89.84 million yuan, and 96.92 million yuan respectively [4]. - In the first half of 2025, the trend of "increasing revenue without increasing profit" became more pronounced, with revenue rising by 23.74% to 294 million yuan, while total profit and net profit decreased by 8.96 million yuan and 2.52 million yuan, respectively, representing declines of 16.76% and 5.71% [5]. - The company is highly dependent on government subsidies, which accounted for over 15% of total profit during the reporting period, with subsidies of 19.12 million yuan, 16.76 million yuan, and 16.24 million yuan received [6]. Business Model Concerns - Hengkang New Materials' business is divided into self-produced and imported products, with revenue from imported products recognized using the net method. This accounting treatment has raised regulatory concerns [7]. - The proportion of revenue from self-produced products increased from 28.22% in 2021 to 63.77% in 2024, but gross profit from imported products still accounted for 65.86% of total gross profit, indicating reliance on imported products for profitability [8][9]. Customer Concentration Issues - The company has a very high customer concentration, with the top five customers accounting for 99.22%, 97.92%, and 97.20% of sales revenue in the respective reporting periods [10]. - The number of customers has been decreasing, with reductions of 2, 9, and 9 customers in the reporting periods, leading to increased reliance on the top two customers (Customer A and Customer B) [12][13]. Technical Dependencies - Despite claims of independent R&D capabilities, Hengkang New Materials relies on imports for 30%-50% of the resin used in its photolithography materials, with self-developed resins still in the collaborative development stage [14]. - The company's patent portfolio raises questions, as over half of its 36 patents were applied for after 2021, coinciding with the IPO preparation period, which casts doubt on the sustainability and advancement of its technology [15]. Investment and Capacity Utilization - The company plans to raise 1.007 billion yuan through its IPO for projects related to integrated circuit precursors and advanced materials [23]. - However, the current capacity utilization for self-produced products is below 50%, raising concerns about the rationale and necessity of large-scale expansion when existing capacity is not fully utilized [24]. Conclusion - Hengkang New Materials' IPO journey reflects the typical challenges faced by semiconductor material companies, balancing the benefits of domestic substitution policies with issues of core technology deficiencies, high customer concentration, and unstable profitability [25].