国产高端光刻胶树脂材料 将迎来重大发展时期 日前,八亿时空宣布由公司投建的国内首条百吨级半导体 KrF光刻胶树脂高自动化柔性/量产双产线顺利建成,打破 国际巨头市场垄断。 光刻胶产业背景 01 光刻胶主要分为三种类型: 新型显示 光刻胶 集成电路 PCB 光刻胶 光刻胶 光刻胶 其中,集成电路光刻胶技术壁垒最高、市场空间最大。 2025年全球集成电路光刻胶: 市场规模预计突破 同比增长 40亿美元 9% 全球集成电路用光刻胶市场(亿美元) 一 43.2 50 39.7 39.6 369 35.2 ● 40 35 20 10 nnon onor 0 nnon 1017 nnni ZULL 2 ZULI ZUZS ZUZ4 ZUZSF * 数据来源: CEMIA 截至2024年. 中国光刻胶生产能力主要集中在PCB和新型 显示领域产品. 而集成电路光刻胶产品占比较低。 主要由日本、欧美 全球光刻胶市场 等少数企业主导 竞争格局呈现高 中国等新兴市场正 度集中、区域分布 加速追赶 ▲ f ▲ 不均衡的特点: 集成电路领域用光刻胶方面,主要被日本和美国企业所垄 断,包括日本JSR、信越化学、TOK、住友化学,美国陶氏 ...

Core Viewpoint - The establishment of the first domestic 100-ton semiconductor KrF photoresist resin production line by Eight Billion Space is expected to generate over 100 million yuan in revenue upon reaching full capacity [1][3]. Group 1: Company Overview - Eight Billion Space, a wholly-owned subsidiary of Beijing Eight Billion Space Liquid Crystal Technology Co., Ltd., focuses on semiconductor materials and display panel materials, particularly in photoresist raw materials and photo-sensitive polyimide [5]. - The company has established a comprehensive quality management system covering product development to production control, ensuring the provision of high-quality products and services in the domestic semiconductor materials industry [7]. Group 2: Production Capacity and Plans - Eight Billion Space plans to gradually expand its production capacity based on market conditions, aiming for an annual production capacity of 200-300 tons of high-end photoresist resin within the next five years [2]. - The company has designed two fully autonomous production lines to meet the differentiated needs of the entire industry lifecycle, with expectations of achieving tens of millions in revenue by the second half of 2025 as production capacity is gradually released [3]. Group 3: Production Lines and Technology - The high-flexibility R&D pilot line is designed to meet the "small batch, multiple varieties" R&D iteration and pilot verification needs of domestic photoresist manufacturers and research institutions, enabling rapid switching of different formulations and processes [4]. - The high-capacity mass production line focuses on efficiency and stability, ensuring high consistency between product batches and providing strong material support for the large-scale application of domestic high-end photoresists [4]. Group 4: Product Development and Capabilities - Eight Billion Space has developed multiple technologies for the development of photoresist resins, capable of independently developing KrF and ArF series resins, and has conducted resin procurement verification with several leading companies in the photoresist sector [7]. - The company is also engaged in the synthesis and mass production of electronic-grade monomers and PAG photo acids for KrF, ArF, and PSPI photoresist resins, with capabilities for custom synthesis [10].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a significant improvement in Q1 performance, with a revenue of 2.14 billion yuan, representing a year-on-year increase of 19.21% and a quarter-on-quarter increase of 13.39% [2][3] - The global panel industry is expected to experience steady growth in 2025, driven by new capacity releases and technological innovations, which will benefit the company as a core supplier of liquid crystal materials [2] - The company has achieved mass production of KrF resin and is preparing for ton-level production in 2025, indicating strong growth potential in the semiconductor materials sector [3] Financial Summary - In 2024, the company achieved a revenue of 737 million yuan, a decrease of 7.77% year-on-year, and a net profit of 77 million yuan, down 28.27% year-on-year [4] - For 2025, the company is projected to achieve revenues of 888 million yuan and a net profit of 129 million yuan, reflecting a year-on-year growth of 20.47% and 67.86% respectively [4] - The gross profit margin for Q1 2025 was reported at 42.63%, an increase of 0.81 percentage points year-on-year [2]