Core Viewpoint - The article discusses the critical role of electronic paste in the modern electronics industry, highlighting China's significant market share and the challenges faced by domestic companies in high-end electronic paste production [6][11]. Group 1: Market Overview - The electronic paste market in China is projected to exceed 35 billion yuan in 2024, accounting for 60% of the global market share, driven by the growth of the electronics industry [6]. - Despite the large market, Chinese companies have historically lacked influence in the high-end electronic paste sector, with domestic production rates for key materials like nickel paste being less than 1% before 2020 [7][11]. Group 2: Challenges and Innovations - The production of electronic paste requires extremely high precision, and any deviation can lead to significant product failures, making it a high-stakes industry [9][10]. - A company named Huasheng has made significant strides by achieving a 100% self-manufacturing rate for core production equipment, breaking the overseas equipment monopoly [8]. - Huasheng's nickel paste product achieved a production yield increase from 80% to 99.9%, nearing the levels of leading global competitors [9]. Group 3: Breakthroughs and Achievements - In 2023, Huasheng secured its first bulk order from a leading domestic MLCC manufacturer, marking a significant milestone in domestic high-end electronic paste production [9][10]. - The company has also successfully entered the automotive supply chain, becoming the first domestic nickel paste manufacturer to achieve automotive-grade certification [10]. Group 4: Market Dynamics and Competition - The COVID-19 pandemic accelerated the domestic substitution process for electronic paste, as international logistics disruptions led to a supply crisis for imported materials [11]. - Huasheng's nickel paste was priced at half the cost of imported products, allowing it to penetrate the market despite aggressive price cuts from foreign competitors [11]. Group 5: Future Outlook - The company aims to expand into other high-end fields, including high-frequency communication and semiconductor materials, while maintaining a strong growth trajectory with a revenue compound annual growth rate exceeding 150% [11][12]. - Huasheng emphasizes the importance of quality and consistency in production, which is critical for maintaining customer trust and market position [10][28].

这种以金属粉末为主材，搭配有机载体与功能性添加剂，经过纳米级精度配比调制而成的关键功能性复 合材料，正是支撑电子元器件核心功能的"工业血液"——电子浆料。 据中国电子元件行业协会及公司内部数据显示，2024年中国电子浆料市场规模已突破350亿元，占据全 球60%的份额，已然成为全球电子浆料市场的核心。巨大的市场需求背后，是中国电子产业蓬勃发展的 强劲动力，从日常消费的电子产品，到关乎国家战略的通信、能源、航天等领域，电子浆料的身影无处 不在，支撑着整个电子工业的运转,它被视为电子工业中门槛最高、国产化率最低的"隐形战场"。 然而，在电子浆料的高端领域，中国企业却长期缺乏话语权。以被誉为"电子工业大米"的多层陶瓷电容 器（MLCC）为例，这种基础元件的生产精度堪称极致——单颗需交替叠印上千层陶瓷介质与金属电 极，而作为其核心材料的镍浆，在2020年之前国产化率不足1%，90%以上依赖进口，且进口价格高达 百万元/吨；更严峻的是，半导体封装浆料、陶瓷基板浆料等高端品类，国产化率近乎为零，核心技术 与市场主导权牢牢掌握在海外企业手中。 作者 | 林晴晴 编辑 | 袁斯来 在现代电子工业的微观世界里，电子浆料扮演着极 ...