八亿时空回复称，公司已具备高端半导体KrF光刻胶树脂全系列研发生产能力，并与多家头部光刻胶厂 家合作。终端供应链市场，因未与终端晶圆厂直接建立合作关系，公司不直接掌握供应终端客户的具体 情况信息。后续公司将持续推进产品验证与市场拓展。 格隆汇12月18日｜有投资者在互动平台向八亿时空提问：目前八亿时空光刻胶树脂是不是已经间接切入 中芯国际、华虹集团的终端供应链市场？ ...

Group 1 - In Q3 2025, a notable change occurred in the shareholder list of a domestic photoresist company, with Goldman Sachs, JPMorgan Chase, UBS, and Morgan Stanley collectively purchasing nearly 5 million shares despite the company's stock price plummeting from 30 yuan to 4.4 yuan, marking a 1700% drop in net profit in the mid-2025 report [1][3] - The foreign investment strategy reflects a significant bet on domestic substitution, as these institutions entered the top ten shareholders for the first time, with acquisition costs concentrated in the 6-7 yuan range, resulting in over 30% floating profit by early December [3][9] - The company has a total market value of 4.8 billion yuan, with its photoresist business accounting for 62% of revenue and a gross margin of 32%, despite an overall decline in performance [3] Group 2 - Photoresist is a critical consumable in semiconductor manufacturing, with the global market dominated by Japanese and American companies, which hold 87% of the market share, particularly in high-end sectors where domestic production is less than 1% for ArF photoresists and completely reliant on imports for EUV photoresists [5] - The Chinese semiconductor photoresist market is projected to reach 5.63 billion yuan in 2024, reflecting a 42.25% year-on-year growth, driven by increased demand from wafer fabs like SMIC and Huahong Group adopting domestic materials [5] - Domestic photoresist companies are advancing in production capabilities, with firms like Nanda Optoelectronics and Tongcheng New Materials achieving mass production of ArF/KrF photoresists, while others focus on specific segments like PCB photoresists [7] Group 3 - Foreign investors are betting on photoresist companies based on three clear logics: high certainty of domestic substitution due to Japanese export controls, low historical valuation with a price-to-book ratio of 1.2 compared to the industry average of 3.54, and the potential for significant performance improvement in small-cap stocks upon technological breakthroughs [9] - Similar cases have emerged where companies with traditional chemical businesses, like Xilong Science, have seen foreign investment despite poor performance, indicating a trend of foreign capital seeking opportunities in the photoresist sector [9]

Core Viewpoint - The company, 8 Billion Space (688181.SH), is focusing on the development and mass production of semiconductor photoresist resin, which is currently dominated by foreign companies due to high technical barriers [1] Group 1: Company Development - The company has established a specialized R&D team for photoresist resin, leveraging its systematic advantages and experience in chemical synthesis, material purification, and lean management [1] - The company is concentrating on the research and production of key raw materials for KrF photoresist, specifically PHS resin and its derivatives, based on its accumulated experience in liquid crystal materials [1] Group 2: Industry Collaboration - The company has developed the capability to research and produce a full range of high-end semiconductor photoresist (KrF) resins and is collaborating with several leading photoresist manufacturers to develop multiple high-performance resins [1] - These efforts contribute to the domestic substitution of photoresist materials in the industry [1]

Core Viewpoint - The domestic high-end photoresist resin materials are entering a significant development period, with the successful establishment of the first domestic 100-ton semiconductor KrF photoresist resin production line, breaking the market monopoly of international giants [2][19]. Industry Background - The photoresist industry is categorized into three main types: new display photoresists, integrated circuit photoresists, and PCB photoresists, with integrated circuit photoresists having the highest technical barriers and market potential [3]. - The global market for integrated circuit photoresists is expected to exceed $40 billion by 2025, reflecting a year-on-year growth of 9% [3]. Market Dynamics - The global photoresist market is dominated by a few companies from Japan and the US, with a market concentration of about 90% in the integrated circuit sector [7]. - As of 2024, China's self-sufficiency rate for KrF/ArF photoresists is less than 5% [8]. - Japanese companies, including TOK, JSR, and Shin-Etsu Chemical, hold approximately 70%-80% of the global market share in high-end integrated circuit photoresists [9]. Domestic Production Capacity - China's production capacity for photoresists is primarily focused on PCB and new display products, with a low proportion of integrated circuit photoresists [5]. - The domestic market share for KrF photoresists is about 5%, while ArF photoresists account for approximately 2% [10]. Technological Challenges - The production of photoresists requires high purity and stability of raw materials, which include resins, photoinitiators, solvents, and monomers [11]. - The domestic industry is lagging in the industrialization capabilities of monomers, which are crucial for resin synthesis [13]. Market Growth Potential - The market size for KrF and ArF photoresists has grown from 1.47 billion yuan in 2019 to 3.67 billion yuan in 2023, with projections to reach 10.69 billion yuan by 2028 [17]. - The domestic company, Eight Billion Space, has successfully entered the "100-ton" supplier tier, providing critical support for domestic semiconductor materials [19].

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]