Wuhan Jingce Electronic (SZ:300567)2026-01-19 02:29Summary of Semiconductor Measurement Equipment Conference Call Industry Overview - The domestic semiconductor measurement equipment market is close to 40 billion RMB, with a localization rate below 20% [1][2] - KLA, a US company, holds a market share of 70-80%, indicating significant potential for domestic alternatives [1][2] Key Companies - Zhongke Feimeng: Focuses on dark field defect detection equipment, primarily serving storage clients [1][2] - Jingce Technology: Specializes in bright field defect detection equipment, targeting logic clients [1][2] Market Segmentation - Defect detection accounts for approximately 60% of the market, while size measurement constitutes about 30% [1][2] - Nano-level defect detection (both bright and dark field) represents the highest technical barrier and demand [1][2] Financial Performance and Projections - KLA's net profit margin is between 35-36%, significantly higher than competitors like Applied Materials and Lam Research, which have margins around 25-30% [3] - Domestic leading companies are expected to reach profit margins of around 30%, potentially generating about 12 billion RMB in profits from the 40 billion RMB market [3] - The total market capitalization for this sector could reach approximately 480 billion RMB [3] Growth Drivers - Logic chips and foundry demand contribute 60% of the semiconductor equipment industry's revenue, with TSMC's advanced process demand growing rapidly [4] - TSMC has increased capital expenditures, positively impacting equipment suppliers like KLA [4][5] Domestic Market Dynamics - Domestic companies like Zhongke Feimeng and Jingce Technology are entering a rapid growth phase, driven by increased capital expenditures from clients like SMIC and Changchun [6][7] - The competitive landscape is favorable, with both companies targeting different customer segments and experiencing growth [7] Investment Insights - Jingce Technology is currently viewed as having a higher cost-performance ratio due to significant market expectation discrepancies and a lack of sufficient attention [8] - Recent orders from storage and advanced logic clients indicate a substantial turning point for Jingce Technology, suggesting continued order fulfillment and acceleration [8] - The combined market capitalization of both companies is close to 100 billion RMB, with substantial growth potential compared to the overall market [8]