半导体设备行业研究框架培训

Semiconductor Industry Research Summary Industry Overview - The semiconductor industry exhibits a decreasing profitability trend across its value chain, with IC design being the most profitable, followed by wafer manufacturing, and equipment and materials being relatively lower in profitability [1][4] - The semiconductor manufacturing process is divided into front-end (80% value) and back-end processes (20% value), with front-end processes including diffusion, thin film deposition, lithography, and etching, while back-end processes involve wafer packaging [1][5] - The global semiconductor equipment market is approximately $100 billion, characterized by cyclical growth that fluctuates with semiconductor demand [1][10] Key Trends and Developments - The transition from 2D to 3D chip structures is increasing transistor density and complexity, driving capital expenditure [1][8] - Advanced processes significantly increase equipment demand, with capital expenditure density rising sharply; for instance, the capital expenditure for 7nm process is about $1.2 billion per 10,000 wafers, while for 5nm it reaches $8.3 billion per 5,000 wafers [9][11] - The semiconductor industry is highly concentrated, with the top five companies holding nearly 80% of the market share, including ASML, Applied Materials, Lam Research, Tokyo Electron, and KLA [13][15] Market Dynamics - The demand for semiconductor equipment is expected to remain robust, with China’s semiconductor equipment procurement projected to exceed $40 billion in 2025 and 2026 [3][18] - The domestic semiconductor equipment companies in China are benefiting from increased demand for self-sufficiency, with a low domestic production rate in lithography machines (below 5%) but higher rates in materials [3][19][16] - The semiconductor materials market is valued at over $60 billion, with wafer manufacturing materials accounting for approximately $42.9 billion and packaging materials around $24.6 billion [20] Investment Opportunities - The semiconductor materials sector offers advantages due to its continuous and cumulative demand, which is less affected by cyclical fluctuations compared to equipment manufacturing [21] - The current phase of expansion and increased self-sufficiency in the domestic semiconductor industry presents significant investment opportunities, particularly in advanced processes [22] - Despite some market segments being overheated, semiconductor equipment and materials remain undervalued, indicating a potential growth of about 30% from a valuation perspective [22]