路维光电：核心要点-半导体重掩膜升级至先进制程，国内产能持续扩张

Summary of Newway Photomask's Conference Call Company Overview - Company: Newway Photomask (688401.SS) - Industry: Semiconductor and panel photomask manufacturing - Key Products: Photomasks used in semiconductor manufacturing and panel production Key Points 1. Capacity Expansion - Newway is expanding its semiconductor and panel photomask capacity in Xiamen and Suzhou plants, indicating a positive outlook on shipment growth ahead [1][7] - The company aims to build new high-precision photomask production lines for Gen-8.6 and below panels, including AMOLED and next-generation display technologies [7] 2. Technology Migration - Newway is transitioning from 130nm+ semiconductor photomasks to 90nm, 40nm, and 14nm process nodes, leveraging its experience in photomask design and precision manufacturing [8] - The 90nm process node photomask has passed client product verification in the first half of 2025, with plans to achieve verification for the 40nm photomask in 2026 [8] 3. Localization Trends - The current localization rate for photomasks is low, but there is rising demand from local panel and semiconductor suppliers for more local suppliers' photomasks [9] - Newway is narrowing the technology gap with global peers and can provide timely after-sales service, which is expected to help secure more orders in the local market [9] 4. Market Outlook - Management's positive tone regarding Newway's growth in the local semiconductor photomask market aligns with expectations for China's semiconductor capital expenditure to grow from US$43 billion to US$45 billion in 2025-2027, and further to US$45 billion to US$46 billion annually from 2028-2030 [2] 5. Competitive Position - Newway is positioned as a local leader in photomask manufacturing, with products compatible across all generations of panel production lines, from G2.5 to G11 [2] Additional Insights - The company is actively working to capture growth opportunities in the local market by enhancing its product offerings and expanding its manufacturing capabilities [1][9] - The management's focus on localization and technology advancement is expected to support revenue growth and improve competitive positioning in the semiconductor supply chain [2][9]