Futu Research | The localization rate of semiconductor materials continues to rise, and leaders are seizing the market at an accelerated pace

富途资讯 · Aug 16, 2018 15:50

精编自中信证券：《半导体材料迎接「芯」时代》

编者注：芯片产业高歌猛进，但位于芯片制造产业链上游的国内半导体材料发展失衡。半导体材料包括晶圆制造所需材料和封装所需材料，晶圆制造所需的材料是核心。随着半导体材料国产化率持续提升，一批细分行业的龙头渐渐形成并加速抢占市场。

中信证券指出，2017 年我国集成电路市场规模 14250.5 亿元，同比增长 18.9%，在芯片设计、制造、封装测试的销售额达 5411.3 亿元，5 年年均复合增速 20.2%。全球范围内，中国半导体材料的销售额占比逐年提升，2017 年大陆地区销售额 76.2 亿美元，占全球市场16.2%。

中信证券指出，在前道晶圆制造材料和后道封装材料上，国外企业均占据主导地位，2015 年，我国集成电路晶圆制造材料市场规模为 317 亿元，封装材料市场规模为 274 亿元，国产化率整体小于 20%。硅片领域，我国 6 英寸以下硅片已实现自给，8 英寸满足 10%需求，12 英寸几乎依赖进口，但目前上海新昇开始12 英寸硅片量产发货。CMP 材料领域，国产抛光垫市占率几乎为 0，17 年鼎龙股份抛光垫产品打破国外垄断，预计实现量产后国产化率有望快速提升。其它如光掩膜版、电子特种气体、靶材的国产化率分别为 20%、25%、10%。

中信证券认为，在政策和资金的双重推动下，我国突破国外对关键半导体材料的封锁势在必行。根据预测，到 2020年，我国晶圆制造材料市场规模整体可达 617 亿元，其中硅片和硅基材料 201亿元，掩膜版 74 亿元，光刻胶 40 亿元，湿电子化学品 71 亿元，靶材 17 亿元，CMP 抛光材料 47 亿元，电子气体 101 亿元。国产份额可达 278 亿元，届时我国半导体材料国产化率整体在 50%以上。而各领域的龙头企业投入研发时间久、积淀深厚，掌握一定的核心技术，更易实现国产替代。

投资方面，随着国内技术不断突破，我国部分材料龙头企业已在各自的细分领域取得进展，半导体材料的国产化率有望快速提高，在产业驱动和政策支持下，龙头企业将优先抢占国产化的市场空间，有望享受丰厚的业绩回报。中信证券推荐重点关注：1）转型进军电子化学品行业的飞凯材料；2）CMP 抛光材料龙头鼎龙股份；3）全面布局超净高纯试剂、光刻胶、功能性材料和锂电池粘结剂的晶瑞股份；4）半导体材料平台型公司雅克科技；5）高纯溅射靶材龙头企业江丰电子；6）具备长期成长性的湿电子化学品领军企业江化微。

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Edited by CITIC: "Semiconductor materials welcome the 'core' era"

Editor's note: the chip industry is advancing by leaps and bounds, but the development of domestic semiconductor materials in the upper reaches of the chip manufacturing industry chain is out of balance. Semiconductor materials include the materials needed for wafer manufacturing and packaging, and the materials needed for wafer manufacturing are the core. With the continuous improvement of the localization rate of semiconductor materials, a number of leaders in the subdivision industry have gradually formed and accelerated to seize the market.

CITIC pointed outIn 2017, China's integrated circuit market totaled 1.42505 trillion yuan, an increase of 18.9 percent over the same period last year. Sales in chip design, manufacturing, packaging and testing reached 541.13 billion yuan, with an average annual compound growth rate of 20.2 percent for five years. Globally, the proportion of sales of semiconductor materials in China has increased year by year, with mainland sales of US $7.62 billion in 2017, accounting for 16.2% of the global market.

CITIC pointed outIn the front wafer manufacturing materials and back packaging materials, foreign enterprises occupy a leading position.In 2015, the market size of integrated circuit wafer manufacturing materials in China was 31.7 billion yuan, the market size of packaging materials was 27.4 billion yuan, and the overall localization rate was less than 20%.In the field of silicon wafers, China's silicon wafers less than 6 inches are self-sufficient, 8 inches meet 10% of the demand, and 12 inches almost rely on imports.But at present, Shanghai Xinyi has begun mass production and shipment of 12-inch silicon wafers.In the field of CMP materials, the market share of domestic polishing mats is almost zero.17 years Dinglong share polishing pad products break the foreign monopoly, it is expected that the post-natal localization rate is expected to increase rapidly. The localization rates of other materials such as photomask, electronic special gas and target are 20%, 25% and 10%, respectively.

CITIC believes thatUnder the dual promotion of policy and funds, it is imperative for our country to break through the blockade of key semiconductor materials abroad. According to the forecast, by 2020, the overall market scale of wafer manufacturing materials in China will reach 61.7 billion yuan, including 20.1 billion yuan for silicon wafers and silicon-based materials, 7.4 billion yuan for masks, 4 billion yuan for photoresist, 7.1 billion yuan for wet electronic chemicals, 1.7 billion yuan for targets, 4.7 billion yuan for CMP polishing materials and 10.1 billion yuan for electronic gases. The domestic share can reach 27.8 billion yuan, and the overall localization rate of semiconductor materials in China will be more than 50%. On the other hand, the leading enterprises in various fields have invested in research and development for a long time, have a deep accumulation, and master certain core technologies, so it is easier to achieve domestic substitution.

Investment aspectWith the continuous breakthroughs in domestic technology, some leading materials enterprises in China have made progress in their respective subdivision fields, and the localization rate of semiconductor materials is expected to increase rapidly. under the industrial drive and policy support, leading enterprises will give priority to seizing the market space of localization and are expected to enjoy rich performance returns.CITIC recommends that you focus on:1) Feikai Materials transformed into the electronic chemicals industry; 2) CMP polishing materials leader Dinglong shares; 3) the comprehensive layout of ultra-clean high purity reagents, photoresist, functional materials and lithium battery binder Jingrui shares; 4) semiconductor materials platform company Jacques Technology; 5) High purity sputtering target leading company Jiangfeng Electronics; 6) with long-term growth of wet electronic chemicals leader Jianghua micro.

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富途研选 | 半导体材料国产化率持续提升，龙头加速抢占市场

Futu Research | The localization rate of semiconductor materials continues to rise, and leaders are seizing the market at an accelerated pace

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