Core Viewpoint - The article emphasizes the critical role of materials in industrial manufacturing, highlighting the challenges and progress in the localization of key materials in China, particularly in the semiconductor sector, amidst global supply chain restructuring and technological competition [2]. Semiconductor Wafer Manufacturing Materials - The global photoresist market is projected to reach approximately $15 billion by 2030, with a domestic market expected to grow to 30 billion RMB. The current domestic localization rate is about 10% [6][11]. - The global silicon wafer market is expected to exceed $20 billion by 2030, with the domestic market projected to reach 50 billion RMB. The current localization rate is around 15% [11][12]. - The global electronic specialty gases market is anticipated to reach $12 billion by 2030, with a domestic market expected to grow to 35 billion RMB. The current localization rate is about 20% [14][15]. - The global target materials market is projected to exceed $20 billion by 2030, with a domestic market expected to reach 40 billion RMB. The current localization rate is around 30% [17][18]. - The global CMP materials market is expected to grow to $4 billion by 2030, with a domestic market projected to reach 7 billion RMB. The current localization rate is about 15% [23][24]. - The global wet electronic chemicals market is projected to reach $9 billion by 2030, with a domestic market expected to grow to 20 billion RMB. The current localization rate is around 35% [27][28]. - The global photomask market is expected to exceed $7 billion by 2030, with a domestic market projected to reach 12 billion RMB. The current localization rate is about 20% [30][31]. - The global GaN materials market is projected to reach $5 billion by 2030, with a domestic market expected to grow to 8 billion RMB. The current localization rate is around 30% [34][35]. - The global SiC materials market is expected to reach $3.5 billion by 2030, with a domestic market projected to grow to 6 billion RMB. The current localization rate is about 25% [36][37]. - The global ALD/CVD precursors market is projected to exceed $3 billion by 2030, with a domestic market expected to reach 6 billion RMB. The current localization rate is around 10% [38][39]. Advanced Packaging Materials - The global high-performance epoxy molding compound market is projected to reach $3.5 billion by 2030, with a domestic market expected to exceed 6 billion RMB. The current localization rate is about 30% [39][40]. - The global chip adhesive market is expected to reach $1.2 billion by 2030, with a domestic market projected to grow to 1.8 billion RMB. The current localization rate is around 25% [40][41]. - The global underfill materials market is projected to reach $3 billion by 2030, with a domestic market expected to exceed 5 billion RMB. The current localization rate is about 25% [42]. - The global thermal interface materials market is expected to exceed $12 billion by 2030, with a domestic market projected to reach 20 billion RMB. The current localization rate is around 35% [44][45]. - The global advanced packaging electroplating materials market is projected to reach $4.5 billion by 2030, with a domestic market expected to exceed 8 billion RMB. The current localization rate is about 15% [46][47]. Semiconductor Components - The global electrostatic chucks market is projected to reach $2.5 billion by 2030, with a domestic market expected to grow to 4 billion RMB. The current localization rate is around 10% [56][57]. - The global quartz products market for semiconductors is expected to reach approximately 40.2 billion RMB by 2030, with a current localization rate of less than 10% [58]. - The global etching silicon components market is projected to reach $2.26 billion by 2030, with a current localization rate of less than 20% [60].

Investment - The article discusses various investment opportunities in new materials, semiconductors, and renewable energy sectors, highlighting the importance of understanding market trends and technological advancements [1][4]. Semiconductor - It covers a wide range of semiconductor materials and technologies, including photolithography, electronic specialty gases, and advanced packaging materials, emphasizing the growth potential in these areas [1][3]. - The article mentions the significance of third and fourth generation semiconductors, such as silicon carbide and gallium nitride, which are crucial for future electronic applications [1][3]. New Energy - The focus is on the advancements in lithium batteries, solid-state batteries, and hydrogen energy, indicating a shift towards sustainable energy solutions [1][3]. - It highlights the importance of materials like silicon-based anodes and composite current collectors in enhancing battery performance [1][3]. Photovoltaics - The article outlines the components of the photovoltaic industry, including solar glass, back sheets, and perovskite materials, which are essential for improving solar energy efficiency [1][3]. New Display Technologies - It discusses the evolution of display technologies such as OLED, MiniLED, and MicroLED, along with the materials used in these displays, indicating a trend towards higher resolution and energy-efficient screens [3]. Fibers and Composites - The article emphasizes the role of advanced fiber materials like carbon fiber and aramid fiber in various applications, including aerospace and automotive industries, showcasing their lightweight and high-strength properties [3]. New Materials - It covers a broad spectrum of new chemical materials, including adhesives, silicones, and engineering plastics, which are vital for various industrial applications [1][3]. - The article also mentions the significance of advanced ceramics and metal alloys in high-performance applications [1][3]. Notable Companies - The article lists key players in the industry, such as ASML, TSMC, and Tesla, highlighting their contributions to technological advancements and market leadership [1][4].

Group 1 - The core point of the article highlights the significant cost structure of the target material industry, with raw materials, particularly lead, being the largest cost component [1][2] - In 2024, the raw material cost proportion for companies like Aishi Chuang and Longhua Technology exceeds 80%, while Oulai New Materials stands at 60.17% [1] - Labor costs are relatively low, ranging from 3.5% to 8%, while manufacturing expenses fluctuate between 5% and 30% [1] Group 2 - The pricing of target materials in China is influenced by supply-side factors, manufacturing costs, value-added premiums, and consumer demand elasticity [6] - The cost structure of Aishi Chuang's target materials shows that direct materials account for around 85% from 2019 to 2024, indicating a significant impact from raw material price fluctuations [2] - Manufacturing costs have been rising, with a proportion between 9% and 16%, while direct labor costs remain below 5% [2] Group 3 - The value chain of the target material industry in China exhibits a "high middle, low ends" trend [8] - The upstream of the target material industry consists of raw material and production equipment suppliers, while the midstream includes metal, ceramic, and alloy target materials [9] - The downstream applications are primarily in emerging fields such as semiconductors, flat panel displays, and photovoltaics [9] Group 4 - The gross profit margin levels in the upstream raw materials show differentiation, with high-purity metals and ceramic materials reaching up to 85%, while the gross margin for downstream applications is projected to decline to below 15% in 2024 [11] - Midstream target material manufacturing companies can achieve gross margins between 15% and 35%, with industry leaders like Jiangfeng Electronics and Longhua Technology maintaining margins above 20% in their target material businesses [11]

Investment Rating - The investment rating for the semiconductor industry is "Positive" (maintained) [1] Core Insights - The semiconductor industry is expected to see a recovery in downstream demand, leading to improved market conditions [3] - The domestic high-end semiconductor packaging and testing leader, Shenghe Jingwei, has entered the guidance acceptance stage for its IPO, focusing on mid-stage silicon wafer manufacturing and advanced packaging [3] - The global semiconductor packaging materials market is estimated to be approximately $21.98 billion in 2023, with a domestic localization rate of about 15% for semiconductor materials and less than 30% for packaging materials [4] Summary by Sections - **Shenghe Jingwei's IPO**: Shenghe Jingwei's IPO guidance status has changed to acceptance, with its 12-inch high-density bumping processing and packaging capabilities reaching world-class levels. The company is also developing advanced three-dimensional system integration chip business [3] - **Market Size and Localization**: The global semiconductor packaging materials market is valued at $21.98 billion, with significant portions allocated to various materials. The localization rate for semiconductor materials in China is around 15%, and for packaging materials, it is less than 30% [4] - **Key Materials and Beneficiaries**: Various materials critical to advanced packaging processes are identified, including electroplating solutions, PSPI, photoresists, polishing materials, masks, and target materials, with specific companies highlighted as beneficiaries [6]

Group 1 - The core viewpoint of the articles highlights a strong upward trend in the semiconductor materials and equipment sector, with significant gains in the index and individual stocks, indicating a robust market sentiment [1][2] - The semiconductor materials ETF (562590) closely tracks the CSI Semiconductor Materials and Equipment Theme Index, which includes 40 listed companies deeply involved in the semiconductor materials and equipment sectors [2] - Key companies in the index, such as Northern Huachuang and Zhongwei Company, have made technological breakthroughs in etching equipment, while companies like Hushi Silicon Industry and Nanda Optoelectronics have disrupted overseas monopolies in critical materials [2] Group 2 - As of June 23, the CSI Semiconductor Materials and Equipment Theme Index rose by 2.92%, with notable individual stock performances including Jing Technology hitting the daily limit and Zhongke Feimeng increasing by 6.30% [1] - The top ten weighted stocks in the index, which account for 61.33% of the total, include Northern Huachuang, Zhongwei Company, Hushi Silicon Industry, and Nanda Optoelectronics, reflecting the focus on core industry tracks and the trend of domestic autonomy in the semiconductor supply chain [2]

Semiconductor Wafer Manufacturing Materials - The global photoresist market is projected to reach approximately $9 billion in 2023, with the domestic market around 12 billion RMB. By 2030, the global market is expected to exceed $15 billion, and the domestic market may grow to 30 billion RMB [4]. - The domestic photoresist localization rate is about 10%, with g/i line photoresist at approximately 20%, KrF photoresist below 2%, ArF photoresist below 1%, and EUV photoresist currently non-existent [4]. - Major foreign companies in the global g/i line photoresist market include Tokyo Ohka Kogyo, Dow Chemical, and Sumitomo Chemical, holding a combined market share of 60% [5]. - Domestic companies such as Beijing Kehua and Suzhou Ruihong are making strides in g/i line and KrF photoresist production, with varying levels of success in ArF and EUV photoresist [6]. Silicon Wafers - The global silicon wafer market is estimated to be around $13 billion in 2023, with the domestic market at approximately 20 billion RMB. By 2030, the global market is expected to exceed $20 billion, and the domestic market may reach 50 billion RMB [10]. - The domestic silicon wafer localization rate is about 15%, with larger wafers having lower localization levels [11]. - Key foreign players include Shin-Etsu Chemical and SUMCO, with significant market shares [11]. Electronic Specialty Gases - The global electronic specialty gas market is projected to be around $7 billion in 2023, with the domestic market at approximately 15 billion RMB. By 2030, the global market is expected to reach $12 billion, and the domestic market may grow to 35 billion RMB [12]. - The localization rate for electronic specialty gases is about 20%, with some specialty gases still requiring imports [13]. - Major foreign companies include Air Products, Linde, and Air Liquide, which dominate the market [13]. Target Materials - The global target materials market is estimated to be around $15 billion in 2023, with the domestic market at approximately 20 billion RMB. By 2030, the global market is expected to exceed $20 billion, and the domestic market may reach 40 billion RMB [15]. - The localization rate for target materials is about 30%, with mid-to-low-end products being more localized [16]. - Major foreign companies include JX Nippon Mining & Metals and Honeywell, which hold a significant market share [16]. Chemical Mechanical Polishing (CMP) Materials - The global CMP materials market is projected to be around $2.5 billion in 2023, with the domestic market at approximately 4 billion RMB. By 2030, the global market is expected to reach $4 billion, and the domestic market may grow to 7 billion RMB [21]. - The localization rate for CMP materials is about 15%, with high-end products still largely imported [22]. - Key foreign suppliers include Cabot and Hitachi, which dominate the market [23]. Wet Electronic Chemicals - The global wet electronic chemicals market is estimated to be around $6 billion in 2023, with the domestic market at approximately 10 billion RMB. By 2030, the global market is expected to reach $9 billion, and the domestic market may grow to 20 billion RMB [24]. - The localization rate for wet electronic chemicals is about 35%, with better localization in mid-to-low-end products [25]. - Major foreign companies include BASF and Merck, which hold significant market shares in China [25]. Photomasks - The global photomask market is projected to reach approximately $5 billion in 2023, with the domestic market around 8 billion RMB. By 2030, the global market is expected to exceed $7 billion, and the domestic market may grow to over 12 billion RMB [28]. - The localization rate for photomasks is about 20%, with high-end products still heavily reliant on imports [28]. - Major foreign players include Toppan and Photronics, which dominate the market [27]. Gallium Nitride (GaN) Materials - The global GaN materials market is estimated to be around $2 billion in 2023, with the domestic market at approximately 3 billion RMB. By 2030, the global market is expected to reach $5 billion, and the domestic market may grow to 8 billion RMB [30]. - The localization rate for GaN materials is about 30%, with progress in power device applications but high-end RF devices still relying on imports [30]. - Key foreign companies include Cree and Sumitomo Electric, which hold significant market shares [30]. Silicon Carbide (SiC) Materials - The global SiC materials market is projected to be around $1.5 billion in 2023, with the domestic market at approximately 2.5 billion RMB. By 2030, the global market is expected to reach $3.5 billion, and the domestic market may grow to 6 billion RMB [31]. - The localization rate for SiC materials is about 25%, with high-end products still dependent on imports [31]. - Major foreign players include Cree and II-VI, which dominate the market [31]. Semiconductor ALD/CVD Precursors - The global semiconductor ALD/CVD precursors market is estimated to be around $2 billion in 2023, with the domestic market at approximately 3 billion RMB. By 2030, the global market is expected to exceed $3 billion, and the domestic market may reach 6 billion RMB [32]. - The localization rate for ALD/CVD precursors is about 10%, with high-end products largely dominated by foreign companies [32]. - Key foreign companies include SK Materials and Merck, which hold significant market shares [32]. Advanced Packaging Materials - The global high-performance epoxy molding compound market is projected to reach approximately $2.5 billion in 2023, with the domestic market around 4 billion RMB. By 2030, the global market is expected to grow to $3.5 billion, and the domestic market may exceed 6 billion RMB [35]. - The localization rate for epoxy molding compounds is about 30%, with mid-to-low-end products being more localized [35]. - Major foreign companies include Sumitomo Bakelite and Henkel, which dominate the market [35]. Semiconductor Components - The global electrostatic chucks market is estimated to be around $1.5 billion in 2023, with the domestic market at approximately 2 billion RMB. By 2030, the global market is expected to reach $2.5 billion, and the domestic market may grow to 4 billion RMB [53]. - The localization rate for electrostatic chucks is about 10%, with high-end products being largely imported [54]. - Major foreign players include Applied Materials and Lam Research, which dominate the market [54]. Display Materials - The global OLED materials market is projected to reach approximately $6 billion in 2023, with the domestic market around 8 billion RMB. By 2030, the global market is expected to exceed $10 billion, and the domestic market may reach 20 billion RMB [61]. - The localization rate for OLED materials is about 20%, with high-end materials still reliant on imports [61]. - Key foreign companies include Universal Display Corporation and Merck, which hold significant market shares [61].

广东欧莱高新材料股份有限公司 2024 年年度股东大会会议资料 证券代码：688530 证券简称：欧莱新材 广东欧莱高新材料股份有限公司 会议资料 二○二五年五月 广东欧莱高新材料股份有限公司 2024 年年度股东大会会议资料 目 录 广东欧莱高新材料股份有限公司 2024 年年度股东大会会议资料 广东欧莱高新材料股份有限公司 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证大 会的顺利进行，根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东大会规则》 以及《广东欧莱高新材料股份有限公司章程》（以下简称"《公司章程》"）、《广 东欧莱高新材料股份有限公司股东大会议事规则》等相关规定，特制定广东欧莱高 新材料股份有限公司（以下简称"公司"）2024 年年度股东大会会议须知： 一、为确认出席大会的股东或其代理人或其他出席者的出席资格，会议工作人 员将对出席会议者的身份进行必要的核对工作，请被核对者给予配合。 二、为保证本次大会的严肃性和正常秩序，切实维护股东的合法权益，务必请 出席大会的股东或其代理人或其他出席者准时到达会 ...

Overall Industry Performance - The semiconductor sector in A-shares shows a strengthening recovery trend, with 74 out of 122 companies reporting profit growth in Q1, representing 60% of the companies [2][5] - The total net profit for these companies reached 9.967 billion yuan in Q1, an increase from 9.409 billion yuan in the same period last year, indicating improved industry conditions [2][5] High-Performing Companies - Among the 74 companies with profit growth, 23 achieved a net profit increase of over 100%, with notable performers including Youyan New Materials, Changchuan Technology, and Shenkong Co., which reported a staggering profit growth of 14,698.12% [2][3] - Youyan New Materials attributed its growth to strong performance from its subsidiary, which focused on high-value-added products, leading to a significant increase in sales and profit [2] Market Demand and Client Expansion - Companies with high profit growth reported increased customer orders and market expansion, driven by demand from downstream integrated circuit manufacturers [3][5] - For instance, Shenkong Co. experienced a 1,850.7% increase in net profit, benefiting from rising demand for its silicon materials [3] Internal Disparities - Despite the overall recovery, 48 companies reported a decline in net profit, with 13 companies transitioning from profit to loss [7][10] - Companies like Mingwei Electronics and Liyang Chip saw net profit declines exceeding 1,000%, highlighting significant internal disparities within the sector [7][10] Common Challenges - The decline in profits for some companies was attributed to increased R&D expenses, depreciation, and rising fixed costs, which affected their overall profitability [8][10] - Companies like Mingwei Electronics faced intense market competition, leading to price pressures and inventory valuation losses [8][9] Sector-Specific Trends - The design segment of the semiconductor industry, particularly companies like Zhuosheng Micro and Canxin Co., experienced significant performance variations due to uneven recovery in downstream markets [10] - The demand for specialized integrated circuits remains in a phase of adjustment, while other sectors like industrial and automotive electronics are witnessing steady recovery [10]

Group 1 - The importance of enhancing the quality of laborers is emphasized as crucial for national and ethnic development, aiming to build a knowledgeable, skilled, and innovative workforce to support high-quality development [2] - The manufacturing industry is highlighted as a key area where skilled labor plays a vital role in transformation and upgrading, with workers expressing commitment to improving their skills and contributing to national manufacturing [3] - The significance of respecting labor, knowledge, talent, and creativity is underscored as essential for advancing socialism with Chinese characteristics [4] Group 2 - The 100th anniversary of the All-China Federation of Trade Unions is marked by a call to focus on worker-centered initiatives, enhancing services for workers, and addressing their urgent needs [5] - The role of trade unions in maintaining harmonious labor relations is stressed, with a focus on protecting workers' rights and interests, as well as providing legal assistance [6]

Core Insights - The company reported strong financial results for 2024 and Q1 2025, with significant year-on-year growth in revenue and net profit [1][2][3] - The semiconductor components business is rapidly growing, contributing to a larger share of total revenue, and is expected to benefit from domestic substitution trends [2][3] Financial Performance - In 2024, the company achieved revenue of 3.6 billion, a year-on-year increase of 38.6%; non-recurring net profit was 300 million, up 94.9%; and net profit attributable to shareholders was 400 million, an increase of 56.8% [1] - For Q1 2025, revenue reached 1 billion, a 29.5% increase year-on-year; net profit attributable to shareholders was 160 million, up 163.6%; and non-recurring net profit was 90 million, a 30.4% increase [1] - The company recorded investment income of 68.07 million in Q1 2025 from the partial transfer of equity in an associate, significantly boosting net profit [1] Business Segments - The high-end target material business generated revenue of 2.333 billion in 2024, a 39.5% increase, with the company expanding its global market share in sputtering target materials [1] - The semiconductor components business achieved revenue of 887 million in 2024, a 55.53% increase, and accounted for 24.6% of total revenue, up 2.7 percentage points year-on-year [2] - The company’s components are widely used in key semiconductor processes, and there is significant potential for domestic substitution in the supply chain [2] Future Outlook - The company has raised its profit forecasts and maintains a "buy" rating, expecting revenue for 2025-2027 to be 4.56 billion, 5.75 billion, and 7.35 billion respectively, with year-on-year growth rates of 26.4%, 26.2%, and 27.8% [3] - Net profit for the same period is projected to be 520 million, 670 million, and 920 million, with growth rates of 29.0%, 29.7%, and 37.9% respectively [3]