Flashlights & Torches

In -depth research on the photoresal glue industry: the pearl in the crown of semiconductor materials, ushered in the opportunity of domesticization

(Reporter/Author: Tianfeng Securities, Pan Yan, Zhang Jian)

1. Optical glue: core materials of pan -semiconductor industry, high value & high barriers

1.1. Optical glue: core materials of pan -semiconductor industry, pearl on the crown of semiconductor materials

Optical glue, also known as the “photoresistate”, has photochemical sensitivity. By using the optical chemical response, the required micro -graphic is transferred from the mask to the processing substrate to be processed by the photochemical process. Optical glue is widely used in the processing and production of micro -graphical lines of the photoelectric information industry. It is a key material for micro -processing technology. It can be used in downstream fields such as PCB, LCD and integrated circuits.

Light -engraved glue is mainly a mixed liquid -sensitive liquid to light -sensitive light -sensitive light -sensitive liquid composed of photochemical agents (including light -enlarged sensors, photoreplasia agents), photoresal resin, monomer (active diluing), solvent and other additives. Resin and light -induced agents are the core part of the photoresal glue. The resin plays a supporting role in the entire photorettic glue, so that the photorettic glue has the resistance to etching resistance; reaction.

Lightscar glue is widely used in the field of downstream pan -semiconductor fields such as IC, panel display and PCB.

Since being invented in 1959, lithography has become the core craft material of the semiconductor industry; then the photorettic glue was improved and used to the manufacturing process of printed circuit boards, becoming an important material for PCB production; in the 1990s, in the 1990s, in the 1990s, The processing and production of the light -engraved glue to the LCD device has played an important role in promoting the large -size, high refinement, and color of the LCD panel. After decades of continuous development and progress of lithography, the field of application has continued to expand, and there are many types.

In IC (integrated circuit) industry:

The photoresal process is the process of copying the curd version of the circuit structure to the silicon wafer, and the photoresist is an important material in the photoresal process. The cost of lithography is about 35%of the entire chip manufacturing process, and the time consumption accounts for about 40%-60%of the entire chip process. You can make an analogy as an analogy. The photo can be “seal” on the shot of the lens. The photoresistic process is to “engravrate” the circuit diagram and electronic component on the “negative”.

In the LCD panel industry:

The light -engraved glue applied to the display panel industry can be used as a photoresistic glue with photoresistic glue and filter with photoresal adhesive by use.

(1) TFT uses photorettic glue: It is used to manufacture the field effect tube (FET) on the glass substrate. Each TFT is used to drive the liquid crystal under a sub -pixel, so it requires high accuracy.

(2) The touch screen is used for the optical adhesive: used to take the opportunity to ITO on the glass substrate, so as to make a graphical touch electrode.

(3) Filter filter uses photorettic glue: used to make color filter, and it is divided into color photochemical glue and black photoresal glue.

In the PCB (printed circuit board) industry:

PCB manufacturing is currently manufactured more than 90%. Early circuit boards were transformed to the copper covering plate with a screen printing method to form a circuit pattern, and then corroded the circuit board with corrosion liquid. However, due to the advantages of high accuracy, fast speed, and relatively low cost, the optical technology has basically replaced the wire printing method to manufacture the circuit board.

1.2. Optical carvings & lithography glue -semiconductor Moore’s law development core driving force

In the 1960s, Gordon Moore, the founder of Intel Company, put forward the famous “Moore’s Law” in 1959-1965’s integrated data on the chip on the chip – The number of transistors will double, that is, the function and processing speed of the processor will double, but the cost will be reduced by half. The rapid improvement of electronic components on the chip is an important reason for the improvement of integrated circuit performance and decrease in price.

So far, the scale integrated circuits have been processed by photocolian technology. The width limit and accuracy of the light carvings directly determine the integration, reliability and cost of the setting road.

According to Moore’s Law, due to the linear relationship between the wavelength of the light source and the processing line of processing, this means that the light source adopts a shorter wavelength will obtain a smaller pattern and achieve higher electronic component integration in the unit area, so that the chip performance may be presented The index increased, but the cost fell sharply.

The miniature of graphics requires shortening the wavelength of the exposure to achieve the evolution of the technical node, so there is the evolution of the optical carvings technology to support the progress of the entire digital age. With the exposure of the light carvings, the light source develops to the deep ultraviolet light, the processing line is close to 10nm, and even less than 7nm. At the same time, the system and focusing system of the light source also face greater challenges to create the energy required for the exposure of the same illumination of light sources. Consumption and processing costs also increased in index.

To continue the law of Moore in the semiconductor industry, the innovation of materials such as light -engraving and the disruptive transformation of photocalism technology is needed.

Belly -carved glue can be divided into UV light carvings (300 ~ 450nm), deep ultraviolet light carvings (160 ~ 280nm), extremely UV light carvings (EUV, 13.5nm), electronic beam glue, ion beam beam, ionic beam beams (160 ~ 450nm) Lightscar glue, X -ray lithographic glue, etc. Generally speaking, the shorter the wavelength, the better the processing resolution. The X -ray exposure can reach the accuracy of about 50nm. The exposure accuracy of the deep ultraviolet light source is about 100nm. Due to the smaller electron wavelength, the processing accuracy of the electronic beam light is possible. Without 10nm.

The advanced technology evolution of the advanced optical technology of different exposure wavelengths requires the collaborative optimization of the photocalcut machine and the photoresist to ensure the launch of each technical node on time.

Since the 1950s, lithography technology has gone through UV spectrum (300-450nm), G-line (436nm), I line (365nm), deep ultraviolet (248nm and 193nm), extremely ultraviolet (13.5nm) and electronic beams In the six stages, in addition to the continuous advancement of the light carvings corresponding to the wavelength of each exposure, the photoresist and its components also change with the development of the photoresist technology.

Taking ARF photoresmal glue as an example, at the beginning of this century, the 90nm node logic device began to use ARF 193nm lithography glue, which has been used to 65/55nm nodes; The limit resolution of the photocolian technology is 10nm (the crystal density is equivalent to 7nm of TSMC). As one of the key factors that break through the bottleneck of Moore’s law, EUV has become a key weapon for manufacturing 7nm, 5nm, and 3nm logical integrated circuits. By correspondingly, EUV photoresistic glue also needs to be used with optical technology on these process nodes.

1.3. Optical glue industry chain: resin & monomer and other raw materials, optical glue products -high value & high barriers

1.3.1. Global Optical Jelly Industry Chain: Japan’s monopoly

The photoc jica industry chain can be divided into three links: upstream raw materials, midstream manufacturing and downstream application. The upstream includes raw materials such as photosensitive resin, monomer, light causes, and additives. The midstream includes PCB photoresistic glue, panel photoresmal glue and semiconductor lithography.

In the upstream raw material links, the industry represents companies such as DuPont, Fuji Films, BASF and Powerful New Materials. The world’s major manufacturers are distributed in Japan, the United States, China, South Korea, the United Kingdom, and the Netherlands. The ratio is 49%.

The number of Chinese companies accounted for 29%, but the output and norms of various enterprises on the special chemicals of lithographic glue are small, the specifications are relatively single, and the distribution is extremely uneven. In the upstream raw materials of PCB lithography with relatively low technical content, enterprises in various countries are relatively balanced, and the upstream of panel display and semiconductor photoresal glue is monopolized by manufacturers such as Japan, South Korea, and the United States. Factors such as small scale and limited capital investment, the market share is very low.

In the midstream optical glue manufacturing session, the global light -engraved glue supply market is highly concentrated. Core technology is in the hands of large international companies such as Japan and the United States.

光刻胶行业深度研究:半导体材料皇冠上的明珠,迎来国产化机遇

Japan’s JSR, Tokyo Yinghua, Shinyue Chemical and Fuji Film account for more than 70%of the world’s market share, and are in a market monopoly position. In the global semiconductor lithography market, Japanese companies are absolutely monopolized.

1.3.2. China Optical Jelly Industry Chain: Insufficient upstream layout, midstreams are rising

The domestic optical glue industry chain can be divided into upstream raw materials from top to bottom, midstream optical glue manufacturers and downstream terminal application vendors.

Upstream:

The raw material market has been monopolized by Japanese and Korean manufacturers for a long time. There are fewer suppliers engaged in the research and development and production of photoresistic raw materials in China. Optical glue manufacturers mainly depend on imports for photoresal raw materials, and their bargaining ability in raw materials links is weak. As for the supplier of light -inspiring plastic preparation, it mainly relies on the United States, Japan, the Netherlands and other countries. The domestic equipment market in the upstream equipment is weak. It is not as good as foreign equipment manufacturers.

Midstream:

The middle reaches of the domestic optical glue industry is mainly responsible for the research and development, manufacturing and sales of optical glue. Beijing Kehua Microelectronics and Suzhou Ruihong are domestic photoresistic manufacturing leading enterprises. In the field of high -end semiconductors.

Downstream:

The lower reaches of the domestic light glue industry mainly include the three major areas of semiconductors, tablet display and PCB and its terminal applications. With the rapid development of 5G applications, the rapid development of the new energy vehicle industry, the high prosperity of consumer electronics industries, and the gradual movement of the semiconductor industry and the tablet display industry, the domestic demand for the domestic photoresses industry is expected to continue to be strong.

1.4. Optical glue and supporting chemicals accounted for 12% of the output value of semiconductor materials

As an important semiconductor material, the optical glue and its supporting chemicals account for 12%of the cost of chip manufacturing materials. It is the third largest IC manufacturing material after wafer and electronic gases.

光刻胶行业深度研究:半导体材料皇冠上的明珠,迎来国产化机遇

In recent years, the Chinese semiconductor material market has been in sharp contrast to the global market, and global semiconductor materials will gradually shift to the Chinese continental market.

In recent years, the global semiconductor material market has been greaterly affected by periodicity, especially in Taiwan and South Korea. The North American and European markets are almost zero -growth, and Japan’s semiconductor materials have been in a negative growth state for a long time. Globally, only the Chinese semiconductor material market in mainland China is in a long-term growth state. In 2016-2018, the growth rate of more than 10%for three consecutive years. From 2007 to 2018, the sales of semiconductor materials in my country increased significantly from 7.5%globally to 16.2%. The effective prevention and control of China’s new crown epidemic in 2020 also helped Chinese semiconductor companies to resume production rapidly, stabilized demand and supply, and further enlarged the gap with Western countries.

Semiconductor materials have a large alternative space, and the demand for replacement in high -end fields is even more prosperous.

In 2019, Mainland China is the only growth market in various regions. The sales are 8.69 billion US dollars, accounting for 17%of the global semiconductor material market share. Compared with the domestic electronics industry’s global proportion, it is not enough. Under the circumstances, although there are currently major semiconductor materials in major categories of major categories, domestic enterprises are involved in, but the overall foreign dependence is still above 60%. Semiconductor materials rely on the exterior to more than 90%, and the future domestic alternative room for improvement is large.

The localization rate of semiconductor material industry has steadily increased, and IC photoresmal glue is expected to benefit fully.

In 2019, my country’s semiconductor material production enterprises used in the field of semiconductor wafer processing in China reached 13.8 billion yuan, an increase of 4.4%year -on -year, and the overall localization rate increased to 23.8%, which fully showed the improvement of corporate comprehensive strength in recent years. In the future, with the steady increase in the domestic production rate of the semiconductor material industry, the optical glue and its supporting chemicals are expected to benefit.

光刻胶行业深度研究:半导体材料皇冠上的明珠,迎来国产化机遇

1.5. Technology & Customer barriers are high, the industry continues to make high profitability

The lumic glue can be divided into semiconductor glue, panels to display photoresis and PCB photoresal adhesive according to the use. The technical difficulty is reduced step by step.

光刻胶行业深度研究:半导体材料皇冠上的明珠,迎来国产化机遇

In the upstream raw material session, there are raw material barriers; in the midstream photoresal preparation process, there are formula barriers, quality control barriers, and equipment barriers. After the optical glue preparation is completed, it is also facing downstream customer certification barriers.

Technical barriers and customer certification barriers are the main barriers of the photoresistic glue industry.

(1) Technical barriers: The optical glue process is complicated, the degree of customization is high, and it is difficult to reverse analysis and imitation of the product of the photoresist. At present, the core technology of the photoresistic glue is monopolized by Japanese, European and American companies. The development of global light -engraved rubber development patents is mainly distributed in Japan and the United States, accounting for 82%of the total;

(2) Customer certification barriers: The review and certification cycle of light carvings in downstream enterprises is long (1-3 years), and the test verification cost is high.

Due to the high technical barriers in the photoresal industry, it is known as the pearl in the crown in the field of semiconductor materials, which has also maintained a high profitability of the photoresistic glue industry.

According to the benefits of the Shanghai New Sunshine Jelly Project, after the project stabilizes the income of production, the gross profit margin and net interest rate of the project are expected to reach more than 55%and 40%, respectively.

1.6. EUV lithography glue & electron beam -carved glue: important technological development direction

With the continuous decrease in the design size of the integrated circuit chip, the optical optical light is getting closer to the limit of its physical resolution. Although technologies such as 193nm immersion, dual exposure, and dual graphics can be exposed to 10nm craft nodes, the process The complexity and costs are getting higher and higher, and EUV lithography has emerged as the next -generation lithography technology. EUV light carvings can not only increase the fineness of the photocolian, but also reduce the cost of the chip.

The EUV lithography is the development trend of the advanced process of integrated circuits. At present, the most advanced chip on the market adopts a 5 -nanometer process. TSMC and other manufacturers are working to commercialize the 3nm process. The most critical way. According to the TechCET forecast, the market size of EUV lithography glue will exceed 10 million US dollars by 2020, and the average growth rate of 2023 is expected to reach more than 50%. At present, the market of EUV lithography has almost been monopolized by Japan’s TOK, Shinyue Chemistry and JSR.

At the same time, electronic beam light is also one of the most watched next -generation lithography technologies.

As mentioned earlier, the important factor restricting ultraviolet light resolution is the wavelength of the light source, and the light source with a smaller wavelength is facing huge challenges. Electronic beams are like ultraviolet light, which can cause some polymers to generate a link or cross -linking response, so as to form a corresponding graphic during the development process. Therefore, the electronic beam light engraving technology is also gradually developing.

Electronic beam light is the most resolution technology so far. Because it is a direct writing method, it does not require expensive and time -consuming models. The cost is relatively low, and it is easy to control and modify flexibly, which has attracted widespread attention. The response mechanism of electronic beam light carvings is similar to UV light carving, but due to the characteristics of light sources -for example, the electron beam will generate scattering during the reaction process, resulting in much more complicated processes than ultraviolet light.

In terms of markets, the current market of EUV lithography glue is almost monopolized by Japan’s Tok, Shinyan Chemistry and JSR. Japan has a very obvious technical advantage in the field of EUV -carved glue. The research level of foreign electronic beam -light technology has been processed by 2.2nm width, and electronic beam light carving glue has long been put into mass production. In China, the R & D and production capacity of EUV and electronic beam glue is not yet available. This aspect still needs to break through.

2. The supply and demand does not match, the IC, FPD field KRF, ARF and other photoresia urgently need to be domestically produced

2.1. Market scale calculation: The development speed of the Chinese market is much higher than the world, and the focus is gradually moving eastward

From the perspective of lower reaches, the main use of the panel industry, the main use of the photorettic glue is color and black photoresal glue, the LCD touch screen with photoresis, TFT-LCD positive lithography glue, etc. In the PCB industry, the main use of photoresia Dry membrane photoresmal glue, wet membrane photoresmal glue, sensitivity weld ink, etc.; In the semiconductor integrated circuit manufacturing industry, G/I line light -engraved glue, KRF photoresal glue, ARF photoresal glue, etc.

The size of the global light -engraved glue market is expected to break the billions of dollars, and the Chinese market is rising.

光刻胶行业深度研究:半导体材料皇冠上的明珠,迎来国产化机遇

According to CISION data, the global optical glue market size is expected to be about 9.1 billion US dollars in 2019. From 2010 to 2019, CAGR is about 5.4%. It is expected that the market will still increase at an average annual rate of 5%from 2019 to 20122 to 2022 to 2022 The global light -engraved glue market will exceed $ 10 billion. In 2019, the size of the China Lightscape Platform market is about 8.8 billion yuan. It is expected that the market will still increase at an average annual rate of 15%from 2019-2022. By 2022, the scale of the Chinese lithography glue market will exceed 11.7 billion yuan.

Semiconductor Lights Equipment

The scale of the global semiconductor material market has gradually increased. It is expected to reach 53.9 billion U.S. dollars in 2020, an increase of 5%in 2021. As an important semiconductor material, semiconductor lithography gum is important. After 2018, the market size will exceed 1.6 billion US dollars (about RMB 11.2 billion). On the other hand, the market size of EUV light -engraved glue exceeds 10 million US dollars (approximately RMB 70 million) in 2020, and the average growth rate of more than 50%by 2023 will reach more than 50%. At the same time, from 2020 -2022, the Rounde Factory of Mainland China will usher in the peak period of production. The growth of downstream production capacity will bring high demand for upstream light -engraving and other materials.

According to the construction speed and planning of domestic wafers, the domestic semiconductor lithography market in 2022 is twice as much as 2019. The semiconductor lithography glue market ushered in rapid development, about 5.5 billion yuan.

光刻胶行业深度研究:半导体材料皇冠上的明珠,迎来国产化机遇

From the perspective of different exposure wavelengths, at present, G Line/I Light -polling still occupies the largest market share. With the continuous expansion of power semiconductor, sensor, and LED markets in the future, the I -line light -engraving market will continue to grow, and the increase in refined demand will promote the growth of KRF lithography and gradually replace the I wire light engraving. The integrated circuit process node corresponding to the ARF lithography glue is the most advanced, and with the use of double/multiple exposure technology, the market of ARF lithography glue will grow rapidly. In addition, although there is currently a test of the use of EUV to achieve higher resolution micro -processing technology, because the introduction of new micro -processing technology requires huge amounts of equipment investment, the pace of semiconductor chip manufacturers to import EUV processing technology has not been fully opened.

PCB light carvings

PCB lithography has benefited from the continuous improvement of China’s PCB industry prosperity. PCB photoresal glue (including dry membrane photoresal glue and welding ink -striped glue) industry has been basically completed.

In 2015, China ’s PCB lithography output value has accounted for more than 70%of the world’s. The compound annual growth rate of China’s PCB output value in 2015-2020 was 3.5%, which was higher than the global growth rate.

As the PCB board develops towards high density, high -precision, and multi -layered, the quality and quantity of PCB lithography glue will become higher and higher.

Panel light carvings

Color -shaped glue -key chemicals in the production process of LCD panels have a high proportion of cost.

During the processing of the LCD panel, color filter is a key device for the color display of the LCD display, accounting for 14-16%of the panel cost. Glossom and black photoresal glue is the core material for preparing color filter. In the cost of color filter materials, color photochemical gums and black photocolian glue account for about 27%of the overall cost.

The market structure of the global panels of the global panel is relatively stable, and the demand for colored light -engraved glue is the largest.

2.2. Lightscape glue in the PCB field basically exceeded domesticization

光刻胶行业深度研究:半导体材料皇冠上的明珠,迎来国产化机遇

With the rapid progress of the development of the electronic information industry, the total demand of the photoresal market has continued to increase. The demand for the Chinese light -engraved rubber market is higher than that of the international average, but the supply of China is only about 10%of the global supply, which has more room for development.

In the global market, the supply structure of semiconductors, LCDs, and PCB is relatively balanced; but in the Chinese market, local supply is mainly PCB with photoresistic glue, and the supply of LCD and semiconductors is extremely low.

With the transfer of PCB photoresistic manufacturers to China’s industry, the market share and industry status of PCB photochemical electronic chemical suppliers are gradually changing. Prior to 2002, all the dry membrane photoresmal and light imaging welding ink required in China all needed to be imported. There were no production manufacturers with PCB photochemical electronic chemicals. After 2002, dry membrane light glue and light imaging welding ink manufacturers in Japan and Taiwan have begun to establish production plants in China. At this time, enter the construction of factories in mainland China.

The industry concentration of the PCB lithography glue market is high. In terms of dry membrane photoresmal glue, Taiwan Changxing Materials, Japanese Asahi, Japan, and Japan Hitachi have occupied more than 80%of the world’s market share; Japanese solar ink occupies about 60%of the world’s market share, and the top ten companies account for more than 80%of the market share.

At present, the current domestic photocopies in China are mainly concentrated in low -end PCB photoresal, and the domesticization rate is about 50%.

2.3. IC, FPD fields such as KRF, ARF and other photorettic adhesives have high existence, and they need to be localized in urgent

In sharp contrast to the high localization rate of low -end PCB photoresia, high -end LCD lithography glue and semiconductor photoresal glue fields basically depend on imports, such as color photobladed glue in the panel field, the semiconductor field KRF photoresal glue domesticization of localization The rate is about 5%, the ARF photoretimeter share of the semiconductor field is about 1%, and the EUV is all imported.

In the field of LCD lithography glue, Chinese companies have gradually become competitive. Most of China’s photoresistic glue companies involve the field of panel, but the comprehensive national production rate of LCD lithography glue is still at a lower level of about 5%. There is a large import alternative space; and the level of optical glue technology in China semiconductor has a larger gap between the international advanced level, and there is still a gap between the world’s advanced level 2-3 generations.

China Semiconductor Lights Equipment: There is a large gap between technical level and international advanced level

Semiconductor lithography represents the highest level of light carvings.

At present, ARF immersion light adhesives, which are mainly oriented by 45nm processes below 45nm, are internationally mainstream and are mastered by the main market participants. Domestic manufacturers have not yet achieved mass production in this field. In the field of more advanced EUV light -carved glue, JSR and Tokyo should already be capable of supplying EUV photoresal glue for the semi -conductor process below 10nm. In many fields such as technology accumulation, production capacity construction, and brand image. At present, there are currently a large gap between Chinese manufacturers and international competitors.

High -end light glue, represented by KRF photoresal glue and ARF photoresal glue, is currently the highest internationally used semiconductor lithography, which accounted for 41%and 22%in the global semiconductor photoresal market.

Among them, the KRF photoresal glue can be used for production and manufacturing of 3D NAND and other products. At present, KRF thick membrane photoresal glue is mainly provided by Japan, South Korea, Europe and the United States, and the domesticization rate is less than 5%. Even the integrated circuit manufacturing process of 7nm technology nodes is widely used in high -end chip manufacturing, such as logic chips, AI chips, 5G chips, and cloud computing chips. Alfs in China rely on imports, and more than 90%are made of Japanese manufacturers.

KRF lithography glue and ARF photorettic glue have a very high degree of exterior dependency, which is urgently needed to be localized. At present, the self -sufficiency rate of KRF photoresal for 8 -inch silicon wafers in China is less than 5%, and ARF lithography that is suitable for 12 -inch silicon wafers is basically imported, and domestic alternative space is very large.

Domestic manufacturers have deployed KRF photochemical glue and ARF photoresal glue. For example, Suzhou Ruihong High -end KRF (248nm) lithography glue completed the second test of the CSR shares subsidiary Suzhou. China Trial Demonstration Line; Nanda Optoelectronics ARF Optical Plastic Products passed customer certification at the end of 2020, becoming the first domestic ARF photoresal glue that has passed product verification. and many more.

Panel Light -engraved glue: There are many layouts of manufacturers, and the domesticization rate is still low

Color photochemical glue and black photoresal glue are key materials in the manufacturing of color filter. The production of colored photoresal and black photocolian glue is currently led by Japan and South Korean companies. The monopoly by manufacturers has only begun to achieve breakthroughs and enter the field in recent years.

光刻胶行业深度研究:半导体材料皇冠上的明珠,迎来国产化机遇

The global supply of LCD lithography is concentrated in Japan, South Korea, Taiwan and other regions, and the market share of overseas enterprises exceeds 90%.

Among the core materials, the pigment and pigment dispersing technology required for color filter are mainly controlled by Japanese painting manufacturers such as Sakada ink and the royal pigment. The core technologies of color photochemical and black photochemical glue are basically monopolized by Japanese and Korean companies. With the active layout of mainland Chinese companies in the field of LCD glue glue, it can now be able to be competitive in terms of TFT positive glue and other products. Essence

The upstream materials used in color -luster glue and black light carvings are also highly monopolized by large international companies, such as pigment, light -induced agent, resin and other raw materials. The performance requirements are special, the quality requirements are harsh, and the degree of monopoly is higher.

For example, the high -performance light trigger market has long been monopolized by BASF for a long time, and LCD photoresal resin is mainly supplied by Japanese suppliers.

3. Development history: Origin of the United States, Japan dominates, attaches importance to the laws of lithography+light carvings linking the industry law

3.1. The United States occupies the first -mover advantage, the birthplace of the photoresses, and the realization of industrialization

It originated in the United States, Kodak KTFR photoresmal glue is the pioneer of the lithography glue industry, and the lithographic glue follows the law of Moore.

The 1950s Bell Lab tried to develop the first integrated circuit, and the semiconductor lithography was born and became the main system of the semiconductor industry in the 1960s and 1970s. Logic support follows the law of Moore, and the photoresmal glue continues to promote industrial evolution. The industrialization of line I/G Line -carved glue began in the 1970s, and the industrialization of KRF lithography glue was completed by IBM as early as the 1980s.

Affected by the transfer of semiconductor industry, a total of three large -scale transfer has occurred since its birth.

Because the semiconductor industry is transferred from the United States-Japan-South Korea, Taiwan, China, and mainland China, at the same time, due to the transfer and diffusion of downstream market demand and the transfer of supporting industries such as photoc. The global photoc jica industry has roughly experienced the “origin of the United States-Origin- Japan’s hegemony-China’s rise “three stages.

The strong economic, scientific and technological foundation, semiconductor first -mover advantages and large -scale integrated circuit demand have spawned the US optical industry.

Based on the support of strong economic and technological advantages in the United States, the absorption and cultivation of talents, the complete policy guidance, and the support of the American Science Fund, the United States has strong R & D investment capital, making the United States occupy a premium in the semiconductor field. At the same time, due to the United States, the United States is large The demand for scale integrated circuits has accelerated the world’s first batch of light -engraving industries.

The US IBM company has continuously promoted the evolution of photoresal glue, and occupied the early market in the light -engraved glue.

The American IBM company continues to break through the photoresist’s material and use TBOC lithography as a proprietary intellectual property material. The chemical enlargement of TBOC photoresis makes IBM the first company to use deep ultraviolet manufacturing technology, which gives IBM a significant competitive advantage. In the era of chemical zooming in light, it firmly occupied the market leading position.

Why is the American light glue industry gradually weakened:

(1) 70s-90s of the 20th century, the US optical engraved industry has declined, and the lithography machine is occupied by Nikon and Canon in Japan. After losing the supporting optical carved industry industry, the American photoresmal glue industry has gradually shown a slump;

(2) In the 1990s, other light -engraved glue industry launched its own chemical enlargement of deep ultraviolet light glue, breaking the monopoly of IBM’s materials.

(3) Computer giants actively participate in semiconductor manufacturing. Most companies (including IBM) tend to obtain manufacturing equipment (lithography machines) and materials (lithography gum) from professional external suppliers. The second and third -generation chemical enlarged light -engraved glue was transferred to the outside world, which accelerated the transfer of the American photoresmal glue industry.

Summarize the logic behind the “American Origin-Japan Contest-China’s Rise” Industrial Transfer.

(1) Follow the transfer of the overall market of the semiconductor;

(2) Transferred by the overall R & D strength and the transfer of technology;

(3) Affected by the global trade environment, such as Japan and South Korea’s trade friction promoted the transfer of light -engraved glue in Japan;

(4) Affected by the optical carved machine industry;

(5) Affected by the country’s attention, support for the emphasis on the photoresal glue industry, support, and the national economic and technological strength of the country.

3.2. The rise of downstream demand, Japan gradually monopolizes the global light -engraved glue industry chain

Interpretation of the rise of the Japanese light carved industry: In the 1950s and 1950s, the Japanese semiconductor industry gradually sprouted. Under the effect of scientific research investment and downstream demand, the Japanese lithography industry successfully risen in the 1970s and 190th.

The demand for the transfer of downstream home appliances in the semiconductor assembly industry has gradually sprouted the Japanese semiconductor industry.

After the war, Japan’s economy was mainly based on the labor -intensive textile industry. In the 1950s, the semiconductor assembly industry of the US labor -intensive industry began in the 1950s and the IC manufacturing industry. The industrial structure continued to transform and upgrade, and the post -war economy developed rapidly. Subsequently, the prosperity of the Japanese home appliance industry drove the rise of the upstream semiconductor industry.

The birth of Japan’s “production, learning, and officials” was born, laying a foundation for the competitiveness of the Japanese semiconductor industry in one fell swoop.

From 1976 to 1979, Japan began to establish the “VLSI Technology Research Institute”, which was invested by the government of 32 billion yen, and enterprises raised 40 billion yuan to jointly set up national scientific research institutions in unison, NEC, Fuji, Mitsubishi, and Toshiba. Relying on the national system, the first market share in the semiconductor industry in Japan in 1986 was super beautiful.

光刻胶行业深度研究:半导体材料皇冠上的明珠,迎来国产化机遇

After the second industrial transfer of the semiconductor, Japan’s light -engraved glue still occupies a monopoly position in the high -end market with high technical barriers and market barriers.

With the second industrial transfer of the semiconductor, the Japanese lithography glue industry, which has collaborated with the optical carved equipment market, has established a steady position in the high -end ARF and EUV lithography glue market with many years of accumulated technical barriers. Japanese manufacturers have further consolidated the dominant position.

At present, Japan’s light -engraved glue still maintains a leading advantage, and the number of companies accounts for about half of the world.

According to TREND Bank investigations of industrial research and consultants, there are 44 major manufacturers of global light -engraved glue, solvents, film resins and monomers, of which the company is the most in Japan, occupying the world, occupying the world, occupying the world, occupying the world, occupying the world, occupying the world 49%of the number of photoresistic raw materials production enterprises. At the same time, foreign companies have obvious advantages in production scale and product specifications, and have wider coverage.

3.3.

Optical glue is the core consumables of the photoresal machine. Both the photoresal and the photoresist have a certain synergy effect in terms of new product development and product sales.

Essence Lights is a key step in the birth of the chip to the key. The complexity is high. The photocalist and the photoresistic need to be used. The lithography process needs to go through the surface of the silicon wafer clean and dry, apply the base, coat the light carvings, and apply the light carvings, and the light carvings, and the light carved glue, and the light carvings. Several processes such as soft baking, alignment exposure, post -baking, development, hard baking, etching, and detection were finally completed.

Similar to the transfers of the photoc jica industry, the global optical engraving industry has gone through three stages: “Early-ASML Rise”.

The early stage of the shift of the lithography machine industry is consistent with the pace of the shift of the photoresal glue industry, mainly from the United States to Japan. In the 1980s, ASML, which was jointly established by Philips and the Netherlands International Advanced Semiconductor Materials Company, became a black horse in the industry. A high -end light carved machine market is unique, forming ASML, Nikon, and Canon’s three -point situation.

Interpretation of Japan: The rise of the Japanese light carved machine in the 1970s and 1980s has led to the development of Japan’s lithographic glue. After the second semiconductor industry transfer, the Japanese lithography machine company Nikon declined, but the light carved glue firmly occupied the high -end market. Monopoly.

Light carvings brought by the development of lithography machines: coordinated development:

光刻胶行业深度研究:半导体材料皇冠上的明珠,迎来国产化机遇

(1) Optical glue is an important upstream material for the photocride machine, which has a vital role in the development of the optical engraving industry. The rise of the 70S-90S Japan-Nikon and Canon has led to the development of the light-engraved glue industry in the upper reaches of Japan’s light engraving. The Japanese JSR entered the field of lithography, and Tokyo Yinghua developed Japan’s first positive light-engraving glue.

(2) The rise of Japan’s photoresters and photoresal glue is the result of the transfer of semiconductor industry.

(3) The prosperity of the Japanese home appliance industry has the rise of the upstream semiconductor industry, and the increase in downstream demand has led to the coordinated exhibition of the upstream materials of the optical carved machine and the light carved machine.

After the lithography machine declines, the light carvings still stand still:

(1) Because Nikon’s selection of dry projection technology abandon the immersion photochemical technology, compared with ASML in terms of the wavelength and cost of the lithography machine, it has gradually declined;

(2) Based on JSR and other Japanese companies, they have developed products such as ARF photoc jica, ARF immersion lithography glue, etc., and realize the mass production of EUV photoresal glue, attach importance to R & D investment, and the target market has expanded to Europe, the United States, South Korea, Taiwan, Taiwan, Taiwan, Taiwan, Taiwan, Taiwan, China Mainland China and Japan have a stable production base in China to develop and provide cutting -edge materials around the world. Therefore, Japanese companies can still use high technical barriers and market barriers to account for high -end markets for light -carved glue.

Interpretation of the Netherlands: ASML seized the optical carvings market in the process of strengthening technology research and development and continuous acquisitions and investment, occupying 80% of the market share, becoming the leader in the field of lithography machines, and there is no good photoc jica supporting industry.

Why can ASML optical carved machine become a market leader:

(1) Modular division of labor outsourcing collaboration, centralized energy system development and integration, reducing the risk of industrial fluctuations;

(2) The appropriate product update strategy, the four major milestones of PAS 5000, dual workbench, immersed light carvings, and EUV lithography machines have gradually made ASML’s position in the field of optical carvings gradually unshakable;

(3) Appropriate business management strategies, build a stable interest relationship with Philips, TSMC and Intel, and enthusiastically acquire American companies and expand overseas markets.

Why is there no matching light -inside glue supporting industry in the Netherlands:

光刻胶行业深度研究:半导体材料皇冠上的明珠,迎来国产化机遇

(1) Japan’s light -engraved glue occupies a high degree of technical barriers and market barriers in high -end ARF and EUV -carved glue markets, which is difficult to break through related barriers;

(2) In order to share the industrial fluctuations and partners, the joint research and development of overcoming technologies, filling the blank funds and meeting the needs of capital talents, 90%of the ASML light engraving machines are purchased for global procurement, so there is no supporting lithography glue industry.

On the other hand, China: Under the rapid development of the country’s efforts to support the semiconductor industry, the semiconductor industry’s transfer background, and the rapid development of the Chinese semiconductor consumer market, the Chinese lithography industry is gradually developing.

The development of China Optical Equipment Industry: The China Optical Equipment Industry has built a 248nm lithography glue production line, and developed mid -to -high -end lithography materials such as EUV, but it still has a large gap with Japanese companies.

Mainland Beijing Kehua Micro Electronics has a mid -to -high -grade photoc jica production base, with 100 tons of circular rubber system ultraviolet negative photoresis and thousand -ton negative photoretimeter supporting reagent production line, G/i line positive glue production line (500 tons/year) and the production line of positive glue supporting reagents (1,000 tons/year), a hundred tons of 248nm photoc jica production line; Taiwan Changxing Chemical Industry Co., Ltd. and Taiwan Changchun Chemical Group in Taiwan. A place.

Dispute by the downstream electronic terminal consumer goods market, the domestic light glue industry has developed rapidly, and it is in its infancy.

As of May 2019, a total of 305 companies in my country have engaged in the production and research and development of photoresses, and the large number of provinces or municipalities are Jiangsu (86), Guangdong (59), Shanghai (32), Beijing (20) To. The low -end optical glue industry has basically achieved national production, and the research and development of semiconductor lithography glue is still in its infancy. Strong -powerful listed companies are still in their starting state in the research and development of KR F and AR F line technology, and there is still a large gap between overseas companies (especially Japanese companies).

The development of China Optical Engraving Industry: Domestic optical engines depend on imports, and TSMC, Taiwan has achieved certain achievements, but China and continent are still a considerable distance from localization.

Overall, China Lights is developing at a high speed. The rise of lithography is expected to drive the rise of domestic optical engine companies, and it is expected to achieve the coordinated development of lithography machines and lithography.

4. Domestic breakout: Grasp the maturity process, the integration of core materials is the key, optimistic about the leading advantage leader

4.1. Demand downstream demand is strong: panel manufacturing capacity gathered to the mainland, and the mature semiconductor production process expands significantly

The downstream demand is strong, the middle and upstream high -end manufacturing industries are “lack of core and less screens”, the government vigorously supports, and the semiconductor and panel industry chain show the same characteristics -the strong downstream demand is forcing the upstream industry to progress. Push the mainland semiconductor & panel manufacturing vigorously.

5G, artificial intelligence, the Internet of Things, big data, smart manufacturing, smart transportation, smart grids and other technologies have developed rapidly in China, becoming a key driving force for the sustainable development of the global semiconductor industry. The strong demand for downstream high -tech products in mainland China has a natural advantage compared with Japan and South Korea and Taiwan. China is also gradually turning from low -cost manufacturing to system solutions, to technological innovation, and gradually becomes an important partner of the global industrial ecological chain.

4.1.1. Panel manufacturing: LCD panel production capacity gathers to the mainland

Global display panel production capacity is moving towards the mainland.

Looking back at the development of the global LCD industry, the production capacity has gone through the process of “the origin of the United States -Japan Development -South Korea’s surpassing -the rise of Taiwan -Taiwan”: the first time the United States successfully developed LCD technology, Japanese manufacturers industrialized LCD technology. In 1988, Sharp launched the world’s first 14 -inch LCD display, and then Japan almost monopolized the world’s LCD panel industry. After the 1990s, South Korea and Taiwan’s Taiwan panel companies rose, successfully surpassed Japanese companies, and dominated the entire market for a long time. After 2009, mainland LCD panel manufacturers began to work hard. After ten years of hard work, LCD panel manufacturers represented by companies such as BOE, Huaxing Optoelectronics, Huike, China Panda, and Tianma Microelectronics The production capacity also shifted from Japan and South Korea and Taiwan to mainland China.

In 2020, due to Korean manufacturers ‘production capacity withdrawal policy, the market share of Chinese manufacturers’ market capacity has continued to rise.

In terms of large-scale, looking at the current trend, Korean LCD TV panel manufacturers may eventually exit the LCD TV panel business and transfer their market share to Chinese competitors; The panel factories include the top three in TV panel shipments, which account for more than 50 % of the shipments of LCD TV panels. In terms of medium size, according to the preliminary statistics of TrendForce Ji State Consultation, the number of panel shipments in 2021, the market share of Mainland China Panel Factory at Monitor (Monitor) increased from 39%in 2020 to 52%; laptop panel market The accounting rate increased from 36%to 39%.

The LCD panel industry has obvious heavy asset characteristics. Each production line investment requires tens of billions of funds. At present, mainland manufacturers have occupied a favorable position in the high generation line. At the forefront, the 10+ generation lines invested in the future are also mainly mainland manufacturers, leading in other regional manufacturers.

According to Qunzhi Consulting Research Data, from the planning of the 2019-2022e global TV panel production line, the new production capacity and the high generation line mainly comes from mainland China, and the global LCD panel manufacturing capacity is gathering to mainland China.

光刻胶行业深度研究:半导体材料皇冠上的明珠,迎来国产化机遇

4.1.2. Semiconductor: The mature process expand production significantly, 28nm and other technologies will usher in the outbreak of the window explosion in the domestic supply and demand chain

The scale of my country’s integrated circuit industry continues to grow, and the compound growth rate of 2011-2017 far exceeds the global level.

According to WSTS data, from 2011 to 2017, the global integrated circuit market sales increased from US $ 247.1 billion to US $ 343.3 billion, with a compound annual growth rate of only 6%. At the same time, under the strong demand of downstream and the promotion of national policies, my country’s integrated circuit market has developed rapidly. In 2014, the market size exceeded trillion yuan. According to data from the China Semiconductor Market Association, from 2011 to 2017, the scale of China’s integrated circuit industry market doubled, from 806.6 billion yuan to 1670.9 billion yuan; sales expanded by nearly two times, from 193.4 billion yuan to 541 billion yuan. The average annual compound growth rate is as high as 19%.

The development process of my country’s “Later” in the display panel industry provides experience and confidence in the development of the semiconductor industry.

In advance, the design & manufacturing subsequently, my country’s integrated circuit industry structure transformed into high value -added and high -tech content, and put forward higher requirements for the entire industry chain.

In the three major integrated circuits industries in design, manufacturing, and sealing and testing, the added value of the seal and testing is low, and the design and manufacturing technology content is relatively high. According to statistics from the Industry Association, in 2004, my country’s sealing and testing industry accounted for 52%of the sales of integrated circuits. By 2019, this number had dropped to 31%. Since 2004, the CAGR of the three sub -industries in design, manufacturing, and sealing and testing has reached 27%, 18%, and 15%, respectively. In 2017, the domestic integrated circuit industry included 1380 design enterprises, 58 manufacturing companies, and 89 sealing and testing companies. Hong Hongli ranks among the top 20 manufacturing companies. Four companies including Jiangsu New Chao, Nantong Huada, and Tianshui Huatian rank in the top 10. The rapid development of the integrated circuit industry has also put forward higher requirements for all aspects of the entire industry chain and manufacturers.

In terms of production capacity, the domestic mature programs have expanded significantly.

At present, the domestic mature process foundry is still based on SMIC and Huahong. SMIC has a perfect foundry capabilities of mature craft nodes, which can fully meet the downstream needs. In the future The production capacity of the factory, Tianjin 8 -inch factory, and Shenzhen 8 -inch factory have been expanded, and the Ningbo 8 -inch factory is put into production. In addition to SMIC and Hua Hong, the existing mature production lines such as Yuexin, Shanghai Advanced (Jishi Semiconductor), and Silan Jixin Mi have corresponding production capacity expansion plans. The demand for domestic foundry in the subsequent wafer foundry is still strong. It is expected that the domestic wafer fabrics and the expansion of production will last at least 2-3 years.

According to SEMI data, from 2017-2021 Global 200nm wafer production capacity is expected to increase by about 1268k/month, CAGR is about 4.5%; according to the semiconductor industry observation and company announcement data, the 200mm wafer production capacity in my country is expected to increase 287K tablets during the same period. Cagr is about 9.6%.

光刻胶行业深度研究:半导体材料皇冠上的明珠,迎来国产化机遇

According to IC INSIGHT data, overall, in 2017, 200nm wafer capacity in mainland China lags behind Taiwan and Japan, and is at the same level as European Europe. In 2017, the ratio of 200mm production capacity in mainland China to the world’s total production capacity was about 13.1%. However, in 2017-2021, the increase in production capacity of mainland China accounted for about 22.6%.

According to the company’s announcement and observation of the semiconductor industry, through our calculations, the 8-inch production capacity of mainland China’s wafer leader in 2021 will reach about 358K tablets/month, and the CAGR between 2017-2021 has reached 18%.

In summary, the mainland region is the main contribution area in recent years. According to IC Insights prediction, mainland China is expected to become the second market in the world in 2022, and wafer capacity will be second only to Taiwan, China.

光刻胶行业深度研究:半导体材料皇冠上的明珠,迎来国产化机遇

Semiconductor technology has continued to evolve, and the advanced process has reached 5-7nm mass production phase, but from the perspective of terminal product demand, the technology market in the cooked process (28nm, etc.) is still very extensive.

According to OMDIA data, in terms of communication, various communication base stations and facilities in the 5G era are spread, and more than 80%of chip dosage can be completed by mature processes of 28nm and above. The above technology; under the Internet of Things, IC use increases, but it does not need to be produced in 7nm and 5nm. The 28nm process can meet most needs.

The 28nm mature process has insufficient capacity. Driven by downstream demand, 28nm global wafer foundry has entered a period of rapid expansion.

SMIC has announced the completion of 28nm HKMG in 2018. In the March announcement of this year, SMIC said that it will carry out project development and operations on SMIC, focusing on the production of 28 nanometer and above integrated circuits. It started production in the year and eventually formed the capacity of about 40,000 pieces of 12 -inch wafers per month. In terms of cooperation between the global wafer fab and China semiconductor design company, domestic wafer foundry companies have been able to provide a considerable proportion of wafer foundry business for semiconductor design companies in China, and they are mainly concentrated in 28nm and 28nm and 28nm and Cooperation in the above mature process.

As a key node, 28nm has a certain amount of production capacity in the domestic crystal factory. With the expansion of domestic mature processes, the independent control of the entire industry chain ushered in the window period.

According to OMDIA data, from the perspective of the development of the domestic 28nm industry chain, most of the devices and materials have basically no technical problems at 28nm nodes. Taking the light carved machine as an example, Shanghai Microelectronics plans to deliver the first domestic 28nm IMMMERSION lithography machine in 2021. This also means that the domestic 28nm industry chain is autonomous and can make relatively large progress.

Especially in the case of changing the trade environment, the improvement of the domestic industrial chain may help 28nm in China to achieve better development. OMDIA believes that the key links of 28nm wafer foundry technology will gradually complete the supply chain autonomy in China in 2021, and the 14nm autonomous controllable industry chain will be realized around 2022. Provide a window period for domestic upstream materials and equipment industry development.

4.2. The upstream core materials & equipment are independent and controllable weaknesses of the entire industry chain. Japan restricts the supply of photoresia for domestic catalysts

The semiconductor industry has high technical difficulty, long industrial links, and extensive downstream applications. Among them, semiconductor materials and equipment are located on the upper reaches of the semiconductor industry chain, and are supportive industries for chip manufacturing and sealing and testing.

The supply capacity and quality of semiconductor equipment and materials are directly related to the integrity of my country’s integrated circuit industry chain. The independent “core” means the development of the semiconductor industry chain; Must require.

The start of major industries in my country is later than developed countries such as Europe, America, Japan, and South Korea. Although it has formed a post -development advantage, the development level of emerging industries such as the interconnection of my country is at the forefront, but the most basic hardware manufacturing industry lags behind developed countries.

The “stuck neck” problem represented by the chip is the most prominent problem of my country’s industrial upgrading, autonomous controllable and controllable. As far as the semiconductor industry is concerned, its biggest development problem lies in the imbalance of the industry chain, and the weakest link of the entire industry chain is the upstream semiconductor materials and equipment links.

4.3. The development of the industrial chain hug group, accelerate product introduction, large -scale mass production, and new technology research and development

The history of the development of the light carved machine ASML and the history of the domestic alternative development of Huawei supply chain, and the history of the development of the optical carved glue and the advanced material industry cluster, all reveal the importance of upstream and downstream collaboration and industrial chain hug group development to the development of advanced manufacturing industries.

4.3.1. Re -invent ASML Innovation Ecosystem: Highly divided production, coordinated upstream and downstream, and completed technological transitions

Highly outsourced, the industrial chain layout is global, and the innovation ecosystem with ASML as its core.

The cost of 85% of ASML photoresses is provided by external suppliers and cooperated with more than 700 suppliers worldwide, of which 40 core suppliers suppliers accounted for over 80% of the outsourcing costs. About 50%of the more than 700 first, second and third -level suppliers come from the Netherlands, and most of the rest are from the European Union and the United States.

ASML is the leader of this huge supplier network, but at the same time, it also shared its core position with several other companies with key professional knowledge (especially Zeiss). The specialty of Zeiss is precision optical and precision machinery. The projection lens produced is the core component of the lithography machine;

ASML focuses on the needs and design of photocalism equipment from the perspective of system and integration; the actual modules and components provide as much as possible to suppliers.

One of the most important technical transitions in ASML history -the birth of an infiltrated light -engraving machine is the result of the coordinated development of the upstream and downstream of the industrial chain.

The early idea of ​​immersion light carvings was first proposed by TSMC engineer Lin Benjian. ASML keenly captured this idea. In 2002, it began to study the liquid light carvings. Since then, through the cooperation with Philips, TNO, Zeiss, and ASML in the Veldhoven Research Center in the Netherlands and the Tongli of the Wilton Research Center in the United States, it creatively solves the technical challenges faced by immersive projects, completed the concept verification of immersion light engraving technology from concept verification Go to the process of product delivery.

Under the high outsourcing cooperation model, the stability of the supplier’s finances and investment in R & D and operating capabilities are essential to support ASML’s technological innovation. Strengthening the innovation cooperation with key enterprises is part of the unit of ASML technology leading strategy. According to the “product roadmap” and “technical roadmap”, ASML enhances innovative cooperation through equity acquisitions of related businesses related to key suppliers outside the Netherlands, so that it can concentrate resources in accordance with ASML planning nodes.

Equity exchange or acquisition is an effective way to strengthen innovation cooperation. ASML’s equity investment is not only reflected in cooperation with upstream suppliers, but also in cooperation with downstream customers. In 2012, ASML launched the “Customer Common Investment Plan”. TSMC, Samsung and Intel three chip manufacturers jointly injected capital, the industrial chain developed the development of the group, and accelerated the development of new technology. Investment of the carrier, 5%is an investment in EUV), TSMC subscribed for 5%, and Samsung subscribed 3%(renounced 2%).

4.3.2. Repeated Huawei supply chain domestic alternative: terminal manufacturers accelerate the cultivation of upstream industrial clusters, and the design field realizes Davis double -click

Trade friction accelerated domestic replacement, and the IC design section ushered in Davis double -click.

Since the beginning of 2019, in the context of the intensified international trade friction and the supply chain is limited by US companies, the domestic semiconductor sector fell first and then rose. The chip design companies on the chain, such as radio frequency, fingerprints, optical fields, the design company benefits from downstream domestic alternative demands. The performance of these domestic alternative companies is released and the stock price performed well, such as Saint -State.

From the perspective of corporate revenue, Sanbang’s annual performance performance in the first three quarters of 2019 and the first three quarters of 2020 has achieved a quarterly increase in single -quarter revenue. In 2019, revenue in 2019 increased by 38.5%year -on -year. In terms of profitability, the net profit attributable to Mother’s mother in 2020 to maintain a year -on -year growth, and the growth rate was more than 40%.

From the perspective of the trend of the stock price, the stock price of Shengbang Company (simulated chip) has risen very significantly since 2020.

We see the needs of important domestic machinery manufacturers such as Huawei, and the manufacturer of Sanbang, a manufacturer of simulated chip supply chains, achieved excellent financial performance in 2019 and 2020. In fact, for domestic suppliers, it is for domestic suppliers. If the domestic replacement can be achieved on the supply chain, the transition of value and the improvement of the industry status will make domestic companies usher in a round of Davis.

The mainland terminal brand manufacturers represented by Huawei will accelerate the cultivation of the upstream industrial clusters of the mainland, especially the key links of the upstream.

4.3.3. Reproduced Japan ’s photoresistic glue industry logic: closely grasp the demand for downstream, highly divide labor collaboration, establish a photoc jica industry cluster

Semiconductor material companies often develop with the rise of the semiconductor industry. After long -term technical accumulation or merging acquisition, a technical barrier is established, a oligopoly competition pattern is formed, and a stable cooperative relationship with downstream manufacturing companies. Capital densely, high barriers to technology, and long introduction cycle. These characteristics jointly determine that it is not good for solo, and the industrial chain holding a group -downstream application manufacturers to support upstream optical glue finished products. The industrial chain coordinated development.

Taking Japan as an example, in the past 40 years, Japan’s photocolian glue industry has formed a highly divided industrial cluster. A group of large, small and medium -sized enterprises around PCB lithography, panels, IC light glue, IC light glue, and upstream resin, lithographs, and solvent & monomers have emerged.

Summarizing the formation experience of the Japanese material industry cluster, we can make the following summary:

光刻胶行业深度研究:半导体材料皇冠上的明珠,迎来国产化机遇

Grasp the needs of the lower reaches, accompanied by the rise of the national semiconductor manufacturing industry simultaneously.

Interpret the rise of the Japanese light -carved glue industry:

(1) The rise of the Japanese light carved machine Nikon and Canon has led to the rise of the upstream core materials of the optical carvings of the upstream;

(2) The United States IBM actively transferred the second and third -generation chemical enlargement of light -engraving, abandoning the development opportunities of light -engraving glue, and the decrease in industry competition pressure;

(3) Tokyo should realize the commercialization of KRF lithography in 1995. It coincides with the limits of the semiconductor process process nodes to gradually touch the limits of the light carvings of the I line.

Attach importance to continuous technology development and accumulation, and the development of materials in advance.

For material enterprises, technology needs to be verified by long -term production practice. In 2000, Japanese material companies accounted for 70%of the share. In the case of gradually turning out of the downstream semiconductor manufacturing industry, it can still maintain more than 50%in 2015. Its enterprises attach importance to continuous technology development and synchronize with the development of semiconductor industry.

At the same time, with the continuous evolution of Moore’s law, it is required that the material industry is developing advanced. The requirements for its accuracy, purity, and quality are getting higher and higher, and the upstream and downstream companies of Japan’s lithography have long been laid out in advance EUV lithographic glue to achieve advanced development. From the perspective of the number of profits, the top 10 Japanese companies in the world’s main applicants are ranked among the top 10 in the global EUV light -engraved glue field. The number of Japanese companies and their patents is much higher than that of other companies and head effects. The first -ranking Fuji film has 422 related patents.

Subdivided markets, large R & D investment, each has its own technical advantages, realizing large -scale division of labor.

The lithography glue market has a strong “customized” attribute. Various products can be called niche, and the verification cycle is long, and the development of enterprises is not easy. There are many materials categories and various specifications. For light -engraved glue companies, they do not use a unified technical route. Each company has its own technical advantages. On the basis of technical accumulation Essence Under the guidance of this development idea, the Japanese photoresmal glue industry has formed a highly divided industrial cluster. As an example, the materials of the materials of the materials of the above reasons are examples. The comprehensive research chemistry focuses on PCB photoresal gum monomers, Osaka gas chemistry and other focuses of noodle light engraving glue resin. There is also the same division of labor layout in the field of light.

Close cooperation upstream and downstream to establish an industrial alliance.

In the 1970s, Japanese semiconductor companies and material companies worked closely to make full use of the business resources such as the capital, talents, and technology of semiconductor enterprises to achieve a leading position. The development of most materials, sample introduction and product verification need to be closely cooperated with downstream and equipment companies.

光刻胶行业深度研究:半导体材料皇冠上的明珠,迎来国产化机遇

To this day, today’s light -engraved glue enterprises have continued to achieve “group development” through capital investment and other methods.

In 2013, Fuji Film and IMEC (Belgian Microelectronics Research Center, which is an indicator R & D institution of global semiconductor), developed a new photoresist technology for organic semiconductor sub -micron technology. In 2017, JSR and IEMC jointly established the EUV photoresal preparation and certification center in Bili time to ensure the authentication of EUV lithography and the quality control of the semiconductor field. In February 2020, under the leadership of JSR, the EUV photoresistor pioneer Inpria completed the $ 31 million financing of round C round. Participants include SK Hynix, Samsung, Intel, and TSMC.

4.4. Resin & lithography caused by the optical and lithography gum products. The core material integration is the key to the control and controlling, optimistic about the first leading leader

On the other hand, the light carved glue industry in my country, my country ’s photoresist research began in the 1970s. At first, it was similar to the international advanced level and started at the same time as Japan. For more than three generations, the development of domestic light -engraved glue enterprises and accelerated catch -ups, mainly the following barriers:

At present, domestic optical glue companies are small, the power is scattered, the lack of industrial alliances, and its development power is weak.

According to TECHCET data, the market for the entire semiconductor in 2021 is only 1.9 billion US dollars, which is a “niche” market. At the same time, the market share is highly concentrated -the four companies of Japan’s JSR, Nobunaga Chemical, Tokyo Yinghua, and Sumitomo Chemistry account for 82%of the market share; in the KRF photoresal market, Tokyo should chemize, Yueyue Chemistry, JSR and DuPont occupy 85%of the market share.

At present, there are very few companies that can produce IC photoresal glue in China. They mainly include Jingrui, Shanghai Xinyang, Nanda Optoelectronics, etc. Compared with their revenue and employees, the size of domestic enterprises is still small, and revenue is often less than that of international leading enterprises. 1 /10.

Due to the small revenue scale, the company’s research and development investment is insufficient, and it has natural disadvantages in terms of technological accumulation. At the same time, due to the need to accelerate the catch -up, domestic photoresist companies have successively invested in buying lithography machines in recent years to verify product performance, because the price of light carved machines is expensive and the pressure of enterprises has doubled. For example, the total price of ARF optical machines in the ARF lithography glue R & D project in ARF Optical Platform is 150 million yuan. Compared with the company’s net profit in 2020 (82 million yuan), it is a small expenditure.

Furthermore, due to the complex and diverse application environment of photoresal glue, sometimes it is necessary to make special customization for each factory. It is difficult to standardize and modularize. From research and development to the customer verification stage from research and development to the customer verification stage, it is used in a large scale. The time required in the middle is based on the year. Under normal circumstances, customers are unwilling to easily replace light -engraved glue suppliers.

The historical experience of the strong combination of Japan’s photoresistic industry and later standing up to show that the development model of domestic optical glue companies has a lack of advantages in the development model of single -fighting and scattered strength. Optical glue giants form an alliance with upstream and downstream companies through capital investment and technical investment to form an almost unbreakable defense line, which increases the obstacles to accelerating the road of domestic photocolian companies.

Lights of lacquer glue are incomplete, the purity of upstream materials is insufficient, and raw materials are seriously dependent on imports.

光刻胶行业深度研究:半导体材料皇冠上的明珠,迎来国产化机遇

For advanced semiconductor materials such as photoresist, hydrogen fluoride, and silicon wafers, purity is one of its core indicators.

Related information shows that currently foreign -advanced enterprises have a photoresistic politement of 1015, and domestic photochemicals are basically staying at 1010 (the higher the resistance, the higher the purity of the resistance). Insufficient optical glue can cause a decrease in the yield of the chip and even pollution accidents. In 2019, TSMC was scrapped by tens of thousands of wafers due to the pollution of light resistance raw materials, and the direct loss reached 550 million US dollars.

For a long time, the development of the photorettic industry in my country has made the development of the raw materials of photoresal lack of power and goals, resulting in most of the current raw materials for the use of raw materials for the current optical materials. Light -engraved rubber raw materials are also one of the core factors that affect purity. At present, the resin used in my country ’s photoresia is basically imported from the United States, Japan, and South Korea. The sensor is mainly imported from Japan, and the layout of the domestic optical glue industry chain is incomplete.

Taking light adhesive solvent as an example. The total mass of solvent is 80%-90%, which is an important raw material for photoresal glue. The most commonly used light -engraved glue solvent propylene glycol methal ether acetate (PMA) is mainly concentrated in the United States, Western Europe and China and other countries and regions. Enterprises. These enterprises have been cultivating the PMA industrial production field for more than 30 years. They have rich technical experience, and it is difficult for domestic enterprises to break through overnight.

The pioneer of the patented patent, the latecomer rejected the door.

To achieve breakthroughs in domestic photoresist, not only facing raw materials, purity and other problems, but also a strong patented barrier.

Due to scale restrictions, the research and development investment in major domestic photoresal enterprises is far lower than that of international enterprises in the same period. In terms of industrialization technical capabilities, international photoresist companies generally embrace i -lit glue, KRF photoresist, ARF/ARFI lithography glue and other products, and are developing EUV photoresal. Patent system and regional coverage. Domestic light -engraved glue companies have only achieved a large number of applications in the middle I lines of light engraving. The KRF photoresal is in the stage of small batches and the series of products. The patent is thin and the self -development ability is weak.

From the perspective of the number of patent applications, this situation can also be reflected. As of 2019, the patent of “Lightscar” is still dominated by foreign applicants, accounting for 67%. In addition, 7 of the top 10 applicants come from Japan. The domestic applicants not only have a small number of patents, but also are mainly research institutes and universities. In terms of year, in 2010, the patented patent of light -carved glue appeared in a well. After 2013, the application of relevant patents has begun to decrease sharply.

Generally speaking, lithographic glue is already a very mature and solid industry.

There is also the same trend in the field of EUV light -engraved glue.

Summarize the domestic lithography glue: Layout EUV to open the imagination space, and grasp the mature process to achieve the key to the national production of the entire industry chain.

Faced with the existing technologies, division of labor, and scale of the Japanese industrial cluster, and the existing oligopoly monopoly pattern of the photoresal industry, domestic photoresistic companies should seize the historic opportunities and domesticization of mainland panels and semiconductor industry chains. Opportunities to accelerate the research and development process and product introduction with downstream enterprises. During the development process, the light -engraved glue required for the downstream process of EUV and other advanced processes to help companies promote the development of “ceiling”, but more importantly, from 0 to 1, from loosening layout to systematic development, grasping the undercupation of downstream mature processes The glue market, realizing the localization of upstream resin & lithography, and the entire industrial chain of photoc jica, is the key to autonomous controlling.

Compared with Japan, South Korea, the United States, and Taiwan in mainland China, the light -engraved glue companies are still in the early stage of development, but from the perspective of downstream demand+autonomous controlling requirements+accelerated dominant perspective, domestic photocalism Gum development is full of opportunities:

(1) The downstream LCD industry transferred to the mainland + the maturity of the integrated circuit to expand its production significantly, referring to the history of the development of the semiconductor industry in Japan, and providing domestic optical glue enterprises with development soil and market space.

(2) Sino -US trade frictions and the epidemic in 2020 make the supply chain security and independent control of the entire industry chain become the top priority; the development of Japan’s optical glue industry cluster provides reference experience for domestic lithography adhesive companies.

(3) Light -engraved glue has the characteristics of high importance+cost non -sensitive attributes, and the supply chain has the characteristics of natural high stability. Recently, the restricted supply of KRF photoresal gum has been restricted to the alarm clock again, and also accelerated the introduction of domestic photocolian products. Under the trend of accelerating import replacement, we are optimistic about the integration of core materials+leading companies with a premium advantage.

(This article is for reference only, does not mean any investment advice of our investment. If you need to use the relevant information, see the original text.)

Source of selected reports: [Future Think Tank Official Website].