Group 1 - The company has successfully established a product system centered on ultra-pure metal sputtering targets, semiconductor precision components, and key materials for the third-generation semiconductors, achieving a leading position in both technology and market share globally [1] - In 2024, the revenue from sputtering targets is projected to be 2.333 billion yuan, representing a year-on-year growth of 39.51%, with a gross margin of 31.35%, an increase of 2.90 percentage points compared to the previous year [1] - The company has become a leading global manufacturer of semiconductor sputtering targets, supplying major chip manufacturers such as TSMC, SMIC, SK Hynix, and UMC, with a market share of nearly 40% [1] Group 2 - The revenue from precision components is expected to reach 0.887 billion yuan in 2024, showing a year-on-year increase of 55.53%, with a gross margin of 24.27% [2] - The company has successfully developed and mass-produced over 40,000 types of components, achieving full-category coverage in precision components [2] - A cooperation framework agreement was signed with KSTE INC. for the electrostatic chuck project, which will enhance the company's competitive edge in the semiconductor precision components sector [2] Group 3 - The company is expected to see revenue growth from 4.642 billion yuan in 2025 to 7.606 billion yuan in 2027, with net profits projected to be 0.525 billion yuan, 0.679 billion yuan, and 0.919 billion yuan respectively [3] - The strong demand for sputtering targets is driven by the new capacity being established by downstream manufacturers, while the precision components are benefiting from the trend of supply chain localization [3]

河南东微电子材料有限公司、上海氢枫能源技术有限公司、杭州汇萃智能科技有限公司、河南中科清能科技有限公司、深圳市芯视佳半导体科技有限公司、 北京索云科技股份有限公司、中科驭数(北京)科技有限公司、北京观微科技有限公司、北京华视诺维医疗科技有限公司、升新科技（南京）有限公司、广东 合一新材料研究院有限公司、奥克福（苏州）科技有限公司、北京芯织科技有限责任公司等13家企业纷纷亮相，各企业代表向与会嘉宾详细阐述了公司业务 布局、市场规模、未来发展战略以及投资亮点等，并与投资人展开交流。 值得一提的是，此次参与路演的有两家郑州本地企业，分别是河南东微电子材料有限公司和河南中科清能科技有限公司，展现了郑州新质生产力的澎湃动 力。 时隔一年，独角兽再度聚首郑州。6月18日-19日，2025独角兽企业创新发展大会在郑州举办。作为大会系列活动之一，6月18日下午，由郑州市工业和信息 化局主办、长城战略咨询协办的"未来独角兽企业融资路演"在郑州举行。 独角兽企业作为新经济、新业态、新模式的杰出代表，是推动新质生产力发展的核心力量，在就业、科技、社会变革等方面作用重大。据介绍，2024年，郑 州市多项经济指标在全国万亿级规模城市中 ...

Group 1: Business Progress and Market Expansion - The company's polishing pad products have penetrated mainstream domestic wafer manufacturers and are actively promoting to foreign wafer manufacturers, achieving small batch orders and expanding market growth [1] - In the semiconductor display materials sector, the company launched several key products, achieving a sales revenue of 130 million yuan in Q1 2025, representing a year-on-year growth of 85.61% and a quarter-on-quarter growth of 8.48% [3] - The company has established itself as a leading domestic supplier for YPI and PSPI products, securing a significant market share among mainstream display panel customers [3] Group 2: Research and Development Investments - In 2024, the company invested 462 million yuan in R&D, a year-on-year increase of 21.01%, accounting for 13.86% of total revenue, which supports the rapid deployment of new products and resources [2] - The company is actively expanding its semiconductor materials product lineup, including CMP polishing pads and advanced packaging materials, with ongoing client validation processes [1][2] Group 3: Production Capacity and Supply Chain - The company is enhancing its production capacity with the YPI product line in Xiantao, planning to complete the second phase of construction for an annual capacity of 800 tons [4] - The PSPI production line in Xiantao is set to begin operations in the first half of 2024, with an annual capacity of 1,000 tons [4] - The company has achieved a high degree of autonomy in its supply chain for core raw materials, which enhances production stability and cost advantages [6]

转自：推广 文 | 徐雅琳 新质生产力正以前所未有的深度和广度重塑经济格局，成为高质量发展的核心驱动力。Deepseek国产大模 型崛起、人形机器人亮相春晚、"独角兽""瞪羚"企业首次写入政府工作报告、地方规划密集出台……无不 彰显其全方位、深层次的影响力。 青岛华芯晶电科技有限公司这家成立仅12年的企业，已在国内化合物半导体材料领域实现从跟跑到领跑的 跨越。尤其是在半导体衬底材料领域打破国外垄断，其磷化铟衬底、氧化镓衬底等产品广泛应用于集成电 路、光通信、人工智能等领域。 以制造业立市、矢志向"智造"跃升的青岛，正在通过深度融合科技与产业创新，全力拥抱新质生产力，赋 能城市高质量发展。 4月，青岛重磅出台《传统优势制造业优化升级培育发展新质生产力实施方案（2025-2027年）》，瞄准高 端供给、数智赋能、绿色转型三大方向，推出21项具体举措。方案设定了清晰目标：到2027年，重点行业 先进产能占比超60%，规上工业企业关键工序数控化率超76%，工业重点领域能效标杆产能比例突破 38%。这不仅为青岛传统制造业转型升级绘制了精准路线图，更为新质生产力的蓬勃生长开辟了广阔天 地。 青岛对新质生产力的探索已初见成 ...

转债周周谈｜估值蓄力，坚守主线 20250617 摘要 四月反弹后 A 股市场出现小幅回调，主要受主题轮动加速、中美经贸谈 判预期兑现以及对关税不确定性的担忧影响。尽管中美关系缓和，但结 构性矛盾依然存在，关税冲突的边际影响将逐渐减小。 中东冲突对中国股市的实质影响较小，主要为情绪冲击。中国能源供应 多元化降低了对中东石油的依赖，但外部不确定性增加可能导致风险偏 好变化，引发权益市场调整。 当前权益市场缺乏明确主线，创新药、新消费板块表现突出，科技类板 块轮动频繁。前期上涨较多的股票交易拥挤，估值水平处于近十年中位 数以上，市场存在调整需求。 转债市场自四月初反弹后，价格和估值略有下降，性价比提升。投资者 对权益市场预期不如年初乐观，转债估值略低。平价在 90 以上偏股平 衡转债性价比更高，弹性更强。 中长期看好 2025 年权益市场，资本市场托底政策和货币宽松金融政策 有助于增量资金入市。短期内边际利好有限，存在调整需求，业绩预告 时间窗口使投资者更加谨慎。 Q&A 最近一个多月的时间里，中美经贸关系缓和对市场产生了哪些影响？ 5 月 12 日中美日内瓦会议达成协议后暂停 24%的关税 90 天，标志着中美 ...

Core Viewpoint - 恒坤新材 is a key player in the semiconductor materials industry, particularly in the development and production of photolithography materials, with a significant focus on achieving self-sufficiency in high-end products [1][7]. Company Background - 恒坤新材 was founded by 易荣坤 in 1996, initially focusing on processing electronic components for major brands like Panasonic and Sharp, with revenue growing from 80,000 yuan in the first year to nearly 20 million yuan by 2005 [2]. - The company transitioned to semiconductor materials in 2014, recognizing the need for higher value-added products and the challenges faced by non-core supply chain companies [3][4]. Industry Position - 恒坤新材 is one of the few companies in China capable of developing and mass-producing key materials for 12-inch integrated circuit wafers, with photolithography materials accounting for over 80% of its total revenue [1]. - The company has faced challenges in entering the semiconductor market due to high entry barriers and the need for significant R&D investment [4][7]. Financial Developments - In 2018, 恒坤新材 raised 65 million yuan at a valuation of 350 million yuan, followed by another round of financing of 167 million yuan in 2020, indicating strong investor confidence [6]. - The company has seen a shift in revenue from introduced products to self-developed products, with self-produced sales projected to grow from 1.24 billion yuan in 2022 to 3.44 billion yuan in 2024, while introduced products are expected to decline from 1.94 billion yuan to 1.96 billion yuan in the same period [7]. Strategic Approach - The company has adopted a strategy of "introducing, digesting, absorbing, and then innovating," which has been met with skepticism but is seen as necessary for mastering complex technologies [7][8]. - 恒坤新材 emphasizes the importance of deep collaboration with wafer fabs to develop customized products, which is critical in the semiconductor industry characterized by high R&D costs and low economies of scale [8][9]. Future Outlook - The company is preparing for future demand by expanding production capacity and developing new products, recognizing the urgency of acting ahead of market needs [9]. - 易荣坤 believes that while 恒坤新材 has established a first-mover advantage, the transition from being an "importer" to a "leader" in the industry requires sustained focus and effort [10].

点击 最 下方 关注《材料汇》 ， 点击"❤"和" "并分享 添加 小编微信 ，寻 志同道合 的你 正文 部分进口替代相关文章 目录 半导体晶圆制造材料（11种） 先进封装材料（12种） 半导体零部件材料（3种） 1、光刻胶 市场规模： 2023年，全球光刻胶市场规模约90亿美元，国内市场规模约120亿元人民币。预计到2030 年，全球市场将突破150亿美元，国内市场有望增长至300亿元人民币。 国产化率： 约 10% 。g/i 线光刻胶国产化率约 20%，KrF 光刻胶不足 2%，ArF 光刻胶不足 1%，EUV 光刻胶尚空白，高端产品依赖进口。 显示材料（11种） 高性能纤维（12种） 工程塑料（13种） 高性能膜材（6种） 先进陶瓷材料（9种） 高性能合金（4种） 一、半导体晶圆制造材料 国产替代：我国哪些新材料被"卡脖子"了？（附48页PPT） 国产替代：160页PPT详解19种"补链强链"国产新材料（附下载） 国产替代：97页PPT详解半导体材料国产替代进展 国产替代：聚酰亚胺（PI）薄膜国产化与重点企业分析（附63页PPT） 100+页PPT详解半导体零部件行业与国产替代 140页PPT详解半导体 ...

"宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 势银研究： 势银产业研究服务 势银数据： 势银数据产品服务 势银咨询： 势银咨询顾问服务 重要会议： 7月9日-10日，2025势银（第五届）光刻产业大会（安徽合肥） 点此报名 添加文末微信，加 光刻胶 群 01 彤程新材 业务情况 彤程新材2024年半导体光刻胶业务实现营业收入同比增长50.43%。ArF光刻胶已通过客户验证并开 始陆续上量产生营收，EBR等产品也开始创收；2024年面板光刻胶业务同比增长26.8%，高分辨率 OLED光刻胶以及AMOLED Touch用低温光刻胶均已实现量产销售。 研发实力 公司半导体光刻胶研发项目近50项，一半项目通过用户验证，部分进入小批量生产阶段。技术研发 方面：KrF光刻胶实现110nm分辨率突破；基于自研分级树脂的I线光刻胶开发成功；同时推出多款 厚膜先进封装用光刻胶。显示面板光刻胶方面，可适用于Array工艺所有Layer需求的4-Mask高感度 光刻胶产品出货持续增加且在不断扩展新客户中。针对AMOLED高感度高分辨率光刻胶正在抓紧 开展测试，预计今年全面量产导入。 02 艾森 ...

半导体材料：承接 Capex 后周期产能释放和需求复苏， 持续看好 Opex 业务景气度提升 20250616 2024 年全球半导体材料市场规模达 675 亿美元，同比增长 3.8%，晶 圆制造材料占比 64%，封装材料占 36%。中国大陆市场规模达 135 亿 美元，复合增速约 8%，占全球市场 20%，仅次于中国台湾，为第二大 市场。 半导体设备资本开支显著影响 Opex 业务需求。中国大陆半导体设备市 场维持高景气度，资本开支转化为 Opex 业务稳健增长。预计 2025- 2026 年产能端增速约 15%，叠加产能利用率提升，行业 Beta 系数增 速或达 20%-30%。 消费电子和汽车工业的复苏推动半导体边际需求上升。AI 普及等新兴应 用场景持续增加对底层芯片的需求，半导体需求将持续上升。华虹 IPO 项目下半年释放新产能，满足市场需求。 半导体材料中，硅片占比 38%，光刻机及辅助材料占比 12%，电子气 体与掩模板比例相近。硅片、CMP 材料及湿电子化学品国产化率已超 40%，但光刻胶、掩模板及电子气体国产化率仍有提升空间。 Q&A 半导体材料板块的未来景气度和投资机会如何？ 2024 年 ...

Investment Rating - The report maintains an "Outperform" rating for the oil and petrochemical sector [1]. Core Viewpoints - The escalation of conflicts related to nuclear issues between Israel and Iran has led to a significant increase in oil prices, with WTI crude futures rising by 13.81% and Brent oil futures increasing by 12.80% from June 6 to June 13, 2025 [6]. - Geopolitical tensions, particularly the ongoing conflict between Ukraine and Russia, have contributed to market volatility and concerns over oil supply [6]. - The report highlights that while there are short-term price increases due to geopolitical risks, there are long-term concerns regarding oversupply in the oil market [7]. Summary by Sections Oil and Petrochemical - The report notes that the geopolitical situation has led to a rise in oil prices, with specific data indicating a 13.81% increase in WTI and a 12.80% increase in Brent prices during the specified period [6]. - The U.S. has seen a notable increase in gasoline and jet fuel demand as the summer travel season approaches, despite a current oversupply in gasoline and distillate inventories [6]. - OPEC's production increase in May was below expectations, alleviating some concerns about oversupply in the short term [6]. Fluorochemical - The upcoming 618 shopping festival is expected to boost demand for air conditioning, with production of household air conditioners projected to increase by 29.3% and 22.8% year-on-year in June and July 2025, respectively [6]. - Prices for refrigerants such as R32 and R134a remain high due to strong demand and supply constraints [6]. - The report suggests that the supply of second-generation refrigerants will continue to decrease, while the production of third-generation refrigerants is limited, supporting price stability [6]. Semiconductor Materials - The semiconductor materials sector is experiencing a positive trend with inventory reduction and improving end-market conditions, suggesting a potential rebound in the industry index [7]. - The report recommends focusing on companies involved in semiconductor materials as the market shows signs of recovery [7].