铭科精技机构调研报告 调研日期: 2026-01-30 铭科精技控股股份有限公司是一家专业从事汽车精密冲压模具和汽车零部件冲压、焊接及组装的企业,其集团拥有先进的模具制造技术和精密冲压技术 ,为客户提供精密冲压模具和汽车零部件的一体化解决方案。集团在国内拥有十多家制造基地,全面覆盖国内六大汽车产业集群。自设立以来,铭科精技一 直将自主研发和技术创新作为发展的持续动力,现已被认定为"国家高新技术企业"、"东莞市市级倍增企业"、"东莞市上市企业",并被中国模具工 业协会评为"中国汽车零部件冲压模具重点骨干企业"、"2017-2020年度模具出口重点企业"等。铭科精技的汽车零部件业务逐步彰显规模,并获得 了多家全球知名汽车零部件一级供应商的认可,服务于宝马、奔驰、奥迪、日产、本田、丰田、通用、小鹏汽车、赛力斯等品牌汽车,为其提供精密汽车 冲压模具及汽车零部件。铭科精技的业务范围分布在美国、西班牙、法国、德国、捷克、英国、墨西哥、日本等国家。 | 2026-01-30 | 副董事长、总经理 杨国强,独立董事 郁京凯,副总经理、董事会秘书 蔡玲莉 ,华林证券保荐代表人 李露,证券事务 代表 张尧 | | --- | - ...

Core Viewpoint - The critical material "photoresist" is predominantly controlled by Japanese companies, with 75.9% of the global market share, posing a significant risk to China's semiconductor industry if supply is disrupted [1][3][7]. Group 1: Market Control and Dependency - Japanese companies dominate the global photoresist market, with Tokyo Ohka Kogyo holding a 22.8% market share, followed by JSR, Sumitomo Chemical, and Shin-Etsu Chemical [7][13]. - The photoresist market is characterized by its high dependency on specific formulations and the inability to quickly substitute materials, making it a critical bottleneck for chip manufacturing [3][5][11]. Group 2: Supply Chain Vulnerability - Photoresist has a short shelf life of six months, making it impractical for stockpiling, which increases vulnerability to supply disruptions [1][11]. - The 2019 export restrictions imposed by Japan on key semiconductor materials, including photoresist, nearly crippled companies like Samsung and TSMC, highlighting the risks associated with reliance on Japanese suppliers [1][3][7]. Group 3: Technological and Strategic Implications - The advanced photoresist products are subject to strict export controls under the Wassenaar Arrangement, limiting China's access to essential materials for semiconductor manufacturing [7][13][15]. - Chinese companies are still in the early stages of developing competitive photoresist technologies, with significant gaps in high-end photoresist products, particularly in the EUV segment [15][19]. Group 4: Domestic Efforts and Future Outlook - Companies like Xiamen Hengkang New Materials are making strides in the photoresist market, with plans to invest in advanced materials and production capabilities [19][21]. - China's strategy is shifting from chasing EUV technology to establishing a foothold in mature processes, focusing on I-line and KrF photoresists before advancing to DUV and EUV technologies [21].