掩膜版行业深度：走向更高端，国产掩膜版厂商 2.0 时代 开启 20250827 摘要 全球半导体掩膜板市场预计在 2025 年接近 90 亿美元，中国市场预计 超过 180 亿人民币，晶圆制造领域占比最大，凸显了掩膜板市场增长潜 力。 掩膜板行业具有高技术、高量产门槛和资金投入大的特点，需要高度精 准的工艺和长时间的验证，以及大量的资金投入（单条产线设备投资约 2 亿人民币）。 目前半导体和面板领域的掩膜板供应主要由日本和台湾厂商主导，国内 厂商渗透率较低，亟需提升技术水平和生产能力以增强竞争力。 国内面板行业由京东方和天马等龙头企业主导，而半导体行业仍处于起 步阶段，国产替代率和渗透率较低，仅在 10%左右，国产替代空间广阔。 行业正处于 2.0 时代，产品结构优化升级，先进制程和产能陆续推出， 如 OLED 和 130 纳米以下半导体制程的突破，将带来营收增长和毛利率 提升（中高端 OLED 掩膜板毛利率可达 35%，半导体掩膜板超过 50%）。 Q&A 掩膜板的基本情况是什么？ 掩膜板是用于配套光刻机进行电路制造的关键材料，通过光刻机将设计公司的 电路图形成最终的物理层面。掩膜板在半导体、测控和平板显 ...

Core Viewpoint - The establishment of the "Xiamen Luwei Optoelectronics High Generation High Precision Photomask" project marks a significant step in China's display industry towards breaking foreign monopolies and achieving self-sufficiency in high-end photomasks [1][4]. Group 1: Project Overview - The project is located in the Xiamen Torch (Xiang'an) Industrial Zone and has a total investment of 2 billion yuan [1]. - It aims to develop and produce high-precision photomasks for G8.6 and below AMOLED/LTPO/LTPS applications, addressing the long-standing reliance on imports for high-precision photomasks in China [2][3]. Group 2: Industry Context - Photomasks are critical consumables in the precision manufacturing chain of the electronics industry, directly affecting the accuracy and quality of chips and display panels [2]. - The technology for photomasks has been dominated by Japanese and Korean companies, creating barriers for Chinese enterprises in the high-end product sector [2]. Group 3: Strategic Importance - Xiamen is a key part of Luwei Optoelectronics' national strategic layout due to its robust electronic information industry ecosystem and advantageous location [3]. - The project will establish 11 high-end photomask production lines, enhancing the supply chain resilience and security of China's display industry [3]. Group 4: Innovation and Future Prospects - The project is seen as an innovation engine, with plans for continuous R&D investment focused on high-precision photomasks [4]. - The first phase will include the construction of 5 production lines with an annual capacity of approximately 1,500 pieces, contributing to the global display industry [4][5].

Macro Strategy - The report discusses the shift in policy focus from "controlling high prices" to "controlling low prices" to boost core CPI, suggesting that service price subsidies could increase core CPI by approximately 0.3 percentage points, offsetting declines in housing service prices [1][10][11] - Core CPI has shown a significant rebound since September of the previous year, despite four months of negative growth driven mainly by food and energy prices [10][11] - The report emphasizes the limited upward potential for core goods and housing service prices, indicating that future policy should focus on enhancing prices of other services [10][11] Industry Insights - The report highlights the new phase of controllable nuclear fusion as a potential ultimate energy solution, driven by policy and capital support, with multiple devices under construction [5][16][17] - It identifies key suppliers in the nuclear fusion sector, including West Superconducting, Lianchuang Optoelectronics, and Aikesaibo, suggesting that the industry is moving from experimental to industrial stages with significant future potential [5][16][17] - The report also discusses the trend towards lightweight robots, emphasizing the increasing application of magnesium alloys and PEEK materials, which are expected to enhance performance and reduce weight in humanoid robots [18]

Core Viewpoint - Qingyi Optoelectronics has demonstrated strong financial performance in 2024 and Q1 2025, with significant year-on-year growth in both revenue and net profit, indicating a robust position in the domestic mask plate industry [1][2]. Financial Performance - In 2024, Qingyi Optoelectronics achieved operating revenue of 1.112 billion yuan, a year-on-year increase of 20.35%, and a net profit of 172 million yuan, up 28.49% [1]. - For Q1 2025, the company reported operating revenue of 299 million yuan, reflecting a growth of 9.83%, with a net profit of 51.74 million yuan, an increase of 4.34% [1]. Industry Position - Qingyi Optoelectronics is recognized as a pioneer in the domestic mask plate industry, contributing to industry standards and domestic production capabilities [2]. - The company has played a crucial role in filling domestic gaps in the mask plate sector, including the establishment of the "Thin Film Transistor (TFT) Mask Plate Standard" in 2015 [2]. Business Segments - The revenue from the flat panel display mask plate business reached 859 million yuan in 2024, growing by 17.59%, with AMOLED/LTPS mask plates increasing by 21.75% [2]. - The semiconductor chip mask plate segment generated 193 million yuan in revenue, marking a 33.98% increase, driven by new equipment capacity and successful client development [3]. Market Share and Profitability - The company has gained market share in the domestic quartz and soda mask plate markets, with an overall gross margin of 29.44% in 2024, up 2.07 percentage points from the previous year [3]. - The gross margin for quartz mask plates was 28.40%, while soda mask plates achieved a gross margin of 42.72% [3]. Future Outlook - The company anticipates further capacity release with the completion of equipment installation at its Foshan production base [3]. - Qingyi Optoelectronics is actively investing in R&D for advanced mask plate technologies, including high-precision TFT and high-end phase-shifting mask (PSM) technologies, which are expected to drive future growth [4].