弘则研究 科技前言：晶圆代工行业调研 20250716 摘要 陶二在全球拥有以色列、日本、美国和意大利多个生产基地，但国内无 实体工厂，各基地稼动率差异大，受地缘政治影响，以色列稼动率约为 60%-70%，美国德州酒厂稼动率不足 50%。 中国市场，陶二主要服务射频前道（卓胜微电子、韦尔股份）和硅光领 域（Inernet、新易盛）客户，海外晶圆代工各地区产能饱满程度不一， 日本 12 寸合资厂交付周期相对较短且稳定。 中国晶圆代工市场竞争激烈，国内厂商如中芯国际、华虹等积极提升产 能和技术，主要从 55/65 纳米 CMOS 工艺起步，价格战持续，模拟类 产品领域尤为激烈，或将出现更多并购。 地缘政治推动国产替代，大型终端客户要求供应链一定比例放在国内， 国内大体量公司逐渐成为二供或三供，手机射频需求观望，新兴市场如 汽车电子和 AI 光模块尚未完全替代。 下游需求疲软导致晶圆厂降价，8 寸 CMOS 领域，斯尼克良品率高，成 本优势显著，客户无意转场；12 寸产品线竞争激烈，晶圆代工厂可根据 市场情况调整产能配置。 Q&A 陶二在全球拥有多个生产基地，但国内没有实体工厂，仅有一家合作分测。其 主要生产基地包 ...

Group 1: New Lai Materials - New Lai Materials specializes in clean application materials and high-purity materials, with projected revenue of 2.849 billion yuan in 2024, representing a year-on-year growth of 5.08% [1] - The company benefits from the trend of semiconductor localization, with a forecasted revenue decline of 2.33% in Q1 2025 [1] - The semiconductor market is expected to reach 611.2 billion USD in 2024, while the sterile packaging market is projected to reach 19.49 billion USD by 2031 [1] - New Lai Materials has entered the sterile packaging market through the acquisition of Shandong Bihai and is now part of the supply chain for top domestic and international companies [1] - The company aims to continue promoting domestic substitution, focusing on the semiconductor equipment and component market, and adheres to a "equipment + packaging materials" model [1] Group 2: China Resources Microelectronics - China Resources Microelectronics is focusing on high-growth areas such as automotive electronics and new energy, with expected growth rates of 15% for MOSFETs and 50% for IGBTs [2] - The gross margin is projected to decline by 1.1 percentage points in Q1 2025 due to increased depreciation from the launch of a high-end mask factory and a decrease in IC product prices [2] - The company anticipates capital expenditures of 2 billion yuan in 2025, primarily for capacity ramp-up and equipment investment in packaging and testing [2] - The utilization rate of the 12-inch production line in Chongqing is 70%, while the Shenzhen 12-inch production line is in the capacity ramp-up phase [2] - The product mix includes automotive electronics (21%), new energy (20%), home appliances (18%), industrial equipment (16%), and communication equipment (9%) [2] - The silicon carbide product line is expanding, with automotive-grade SiC MOS and SiC modules undergoing testing with automotive companies [2] - The industry is showing a mild recovery trend, with product prices expected to stabilize within a certain range [2]