如果您希望可以时常见面，欢迎标星收藏哦~ 来源 ：内容来自 technews 。 CMP 是芯片制造过程中多次出现的角色： 绝缘层平坦化： 在浅沟槽隔离（STI）结构中，填入氧化层后透过CMP 磨除多余部分，让表面与 周围平齐。 金属层平坦化： 在导线间的接触孔或通孔填入金属（如钨、铜）后，CMP 将表面多余金属磨掉， 只保留孔内部分。 多层制程过渡： 每铺上一层介电层或金属层，都需要CMP 让表面恢复平整，确保后续曝光与蚀刻 精准进行。 在CMP 制程中，研磨液（slurry）是关键耗材之一，品质优良的研磨液才能让晶圆表面研磨得光 滑剔透。根据晶圆材质与期望的平坦化效果，会选用不同类型的研磨液。 在制作芯片的过程中，有一道关键工序常常默默发挥着不可替代的作用— CMP 化学机械研磨。它 不像曝光、蚀刻那样容易被人记住，但却是每颗先进芯片能顺利诞生的重要推手。 芯片的制作就像盖摩天大楼，一层层往上堆叠。问题是，每盖完一层，地面——也就是晶圆表面— 会变得凹凸不平。如果不先刨平，下一层就会失去平衡。这时，CMP 就像一位专业的「地坪师 傅」，负责把晶圆打磨得平滑，让后续制程精准落位。 CMP，全名是「化学机械研 ...

Core Viewpoint - The recent supply disruption of CMP slurry, specifically DST slurry produced by AGC in Taiwan, has accelerated the pace of domestic alternatives in the semiconductor industry, highlighting the urgency for local manufacturers to innovate and adapt [1][2]. Group 1: Importance of CMP Slurry - CMP slurry is essential for the chemical mechanical polishing process in semiconductor manufacturing, akin to smoothing and leveling surfaces in construction [2]. - The slurry consists of ultra-fine abrasives, chemical agents, and water, and is crucial for achieving the required surface smoothness in logic and memory chip production [2]. Group 2: Market Dynamics - The CMP slurry market is predominantly controlled by American and Japanese companies, with Cabot Microelectronics holding 33% of the global market share, while Japanese firms account for an additional 23% [3]. - Domestic manufacturers currently hold a market share of 25-30%, which is even lower in high-end processes (e.g., below 28nm) [3]. - The global CMP slurry market was valued at $1.89 billion in 2021 and is projected to exceed $2.6 billion by 2026, with a compound annual growth rate (CAGR) of approximately 6% [3]. - In China, the CMP slurry market is expected to grow from approximately 2.3 billion yuan in 2023 to 4.6 billion yuan by 2028, reflecting a CAGR of 15% [3]. Group 3: Demand Surge Factors - The demand for CMP slurry is increasing due to the growing complexity of high-end processes, with the number of CMP steps for 14nm logic chips doubling, requiring more types of slurry [3]. - The rise of 3D NAND memory chips, with increasing stacking layers, necessitates more intricate polishing processes, leading to a significant increase in CMP slurry usage [3]. Group 4: Domestic Players - Anji Technology has been a leader in CMP slurry since 2006, achieving a market share of over 5% globally and increasing its share in China from 20.9% in 2020 to 30.8% in 2021 [4]. - Sanhe New Materials focuses on diamond polishing liquids for hard materials and is gradually increasing its market share by supplying to companies like SMIC [4]. - Dinglong Co. is a key player in the domestic polishing pad market, offering a comprehensive solution that includes polishing liquids, cleaning liquids, and polishing pads, enhancing its competitive edge [5].

Group 1: Semiconductor Sector - The semiconductor sector has recently gained attention from institutions, with companies like Zhongwei Semiconductor, Weicai Technology, and Naxin Micro being upgraded from "hold" to "buy" due to accelerated domestic substitution and surging AI demand [3] - Weicai Technology turned profitable in Q1, attracting positive ratings as it focuses on high-performance chip testing, indicating strong order backlogs [3] - Dinglong Co., a leader in polishing pads, reported over 70% profit growth in Q1, leading to a "buy" recommendation from Zhongyin Securities, highlighting the long-term logic of domestic semiconductor material substitution [3] Group 2: Food and Beverage Sector - The food and beverage sector, particularly liquor stocks, has seen increased institutional interest, with companies like Kweichow Moutai, Jinshiyuan, and Qingdao Beer being heavily researched [3] - Kweichow Moutai's recent shareholder meeting announced a dividend of 34.6 billion, showcasing its strategic resilience and ecosystem [3] - CITIC Securities has suggested focusing on segments like snacks and beverages, driven by consumer recovery and high earnings certainty, with companies like Dongpeng Beverage and Bairun Co. receiving rating upgrades based on consumption upgrades and channel innovation [3] Group 3: Investment Strategy - The core strategy behind recent institutional upgrades is betting on domestic substitution and consumer recovery, with a focus on selecting companies with technological breakthroughs in semiconductors and leading firms in the food and beverage sector [5] - Investors are advised to consider buying on dips rather than chasing high valuations, especially in the semiconductor sector where valuations are already high, with leading stocks like SMIC and Cambrian having P/E ratios above 70 [4][5] - In the food and beverage sector, competition remains fierce, particularly in the liquor industry, necessitating a focus on companies with solid dividends and low inventory pressure [4][5]

Core Viewpoint - Wuhan is positioning itself as a key strategic hub for innovation and economic development in central China, leveraging its educational resources, technological advancements, and transportation networks to drive growth and competitiveness in various industries [4][5][6]. Group 1: Technological Innovation - Wuhan's optical electronics industry has reached a scale of over 750 billion yuan, establishing a world-class industrial cluster and a supportive mechanism for original innovation [9]. - The high-tech enterprise count in Wuhan has surpassed 16,000, doubling in three years, indicating a robust growth in the technology sector [7]. - Huagong Technology has secured a project worth over 100 million USD for a heating component from a well-known European automotive company, showcasing the company's global market reach [6]. Group 2: Talent and Research Infrastructure - Wuhan is home to 92 universities and over 1.3 million students, providing a rich talent pool and top-tier research platforms that support innovation in high-tech enterprises [7]. - The establishment of the Jiufengshan Laboratory has created the largest and most advanced research and pilot platform for the global compound semiconductor industry, fostering collaboration among over 30 innovative companies [8]. Group 3: Trade and Logistics - Wuhan's import and export value reached 138.81 billion yuan in the first four months of the year, a year-on-year increase of 27.5%, highlighting its growing role in international trade [12]. - The city has developed a comprehensive transportation network, including rail and air hubs, enhancing its position as a logistics center that connects domestic and international markets [11]. Group 4: Business Environment and Ecosystem - The local government is actively improving the business environment by implementing policies that support high-quality development and innovation, such as the "technology vice president" initiative [15]. - Xiaomi's investment in a smart home appliance factory in Wuhan is part of a broader strategy to enhance supply chain efficiency by clustering with key suppliers in the region [15][16]. Group 5: Strategic Development Initiatives - Wuhan is promoting the integration of emerging industries and traditional sectors, focusing on the "light, chip, screen, terminal, and network" framework to drive economic growth [13]. - The city is also facilitating the return of entrepreneurs from Hubei, creating a favorable environment for investment and collaboration, with over 200 promotional events planned [16].

Core Viewpoint - Huawei is fostering a local semiconductor chemical company, Zhuhai Jishi Technology, to compete with global leaders and establish a self-sufficient domestic semiconductor supply chain [1]. Group 1: Company Development - Zhuhai Jishi Technology aims to become an "end-to-end" chemical materials supplier, competing with major international firms like Shin-Etsu Chemical, JSR, Merck, DuPont, and Dow [1]. - The company is not focused on developing just one or two types of chemical materials but aims to create a comprehensive "turnkey solution" that covers nearly all key materials required for chip manufacturing [1]. Group 2: Market Context - The high-end photoresist market has long been dominated by Japanese companies such as Shin-Etsu Chemical, JSR, and Tokyo Ohka Kogyo [2]. - The chemical mechanical polishing (CMP) slurry and polishing pad markets have been controlled for years by companies like Fujimi, Dow, and DuPont [2]. Group 3: Industry Motivation - There is a strong motivation for China to develop local chemical materials, as the country possesses a robust chemical industry but has not yet reached the high-end standards required for semiconductor manufacturing [3].

Summary of Dinglong Co., Ltd. Conference Call Company Overview - Dinglong Co., Ltd. reported a revenue of over 800 million yuan in 2024, with a net profit of 142 million yuan, marking a historical high. However, new business incubation and stock incentive plans diluted profits by 120 million yuan, leading to an adjusted product profit of approximately 650 million yuan [2][5][3]. Financial Performance - In 2024, Dinglong achieved an operating income of 3.337 billion yuan, a year-on-year increase of 25%, and a net profit of 521 million yuan, up 134% from the previous year. The first quarter of 2025 saw revenues exceeding 800 million yuan with a net profit of 142 million yuan [3][2]. - The company is optimistic about 2025, projecting a net profit exceeding 700 million yuan, potentially surpassing expectations [2][7]. Business Expansion and Production Capacity - Dinglong is expanding production in its industrial parks located in Wuhan, Qianjiang, and Xiantao. The Xiantao industrial park has successfully commenced mass production of display materials PSPI, with the YPI Phase II project expected to gradually release 800 tons of capacity by mid-2025. The polishing pad capacity is set to increase from 30,000 to 500,000 pieces per month [2][6]. - The polishing pad business generated 220 million yuan in revenue in Q1 2025, approaching a 50% market share. The sales target for 2025 is set at 1 billion yuan, with an expected market share of over 70% in domestic wafer factories by year-end [2][8][9]. New Business Development - New businesses, including CMP polishing pads and flexible display materials, have seen significant growth, with year-on-year increases exceeding 80% for polishing pads and over 180% for polishing liquids [3][4]. - The semiconductor materials business has a gross margin exceeding the industry average by over 10 percentage points, although consumables' gross margin has fallen below 30% [4][16]. Market Strategy and Competition - Dinglong is actively exploring overseas markets and has received positive feedback from foreign clients, particularly in the polishing pad sector. The company aims to reduce reliance on domestic enterprises by targeting foreign manufacturers in China and new semiconductor materials [12][13]. - The company maintains a strong competitive position in the polishing pad industry, asserting that no domestic competitors will surpass them in the next five years due to the complexity of the products involved [10][11]. Supply Chain and Localization - Dinglong emphasizes the localization of raw materials to enhance supply chain security and economic efficiency. The company has achieved nearly complete localization of its core materials, which is increasingly important to clients [19][20]. - The impact of U.S. tariffs on imported products has led to a greater emphasis on domestic production among clients, with a notable shift in attitude towards local products [19][20]. Future Outlook - The management is confident in achieving its profit targets and has implemented measures such as a 1.5 billion yuan share buyback to reduce costs [7]. - The company is also investing in R&D, particularly in polishing liquids and photoresists, to strengthen its market position and meet customer demands [28][31]. Challenges and Considerations - Dinglong faces challenges in the verification process for its photoresist products, with clients demanding strict adherence to original product specifications. The company is working to address these concerns as it scales up production [26][27]. - The company anticipates that the ongoing geopolitical tensions may affect the speed of product validation and market entry, but it remains optimistic about future growth opportunities [15][20]. This summary encapsulates the key points from Dinglong Co., Ltd.'s conference call, highlighting its financial performance, business expansion, market strategy, and future outlook.