20230628_华创证券_电子行业深度研究报告：光刻胶半导体国产替代核心材料国内厂家有望迎来发展新阶段_26页.pdf
2009 1210 2023 06 28 40-50%30%SEMI 2021 6.1%10%23H2 Fab&G 436nm I 365nm KrF 248nm ArF/ArFi 193nm/134nm EUV 13.5nm TECHCET 2020 ArFi 40%KrF 33%&TECHECT 2021 19 2026 28.5 20212026 5 CAGR 5.9%SEMI 12 2021 68.47%12 130nm&2022 39.3 35%12.32%/2020 ArF(TOK JSR)CR4 80%KrF TOK JSR 85%g/i KrF/ArF EUV g/i KrF 2022 ArF 2021 EUV EUV+0755-82755859 S0360517100004 S0360521120002%()435 0.06()72,149.95 7.79()51,496.16 7.27%1M 6M 12M-0.3%7.8%-5.4%-0.2%8.9%8.0%MR MR XR 2023-06-02 TMT 2023-05-25 2023-05-25-21%-11%-1%9%22/06 22/09 22/11 23/02 23/04 23/062022-06-272023-06-27 300 2009 1210 40-50%30%SEMI 2021 6.1%+TECHECT 2022 21.34 12.32%10%23H2 WUDWwPmRsRqRtNpMsPpQoP8ObP8OtRnNnPoNlOpPrPfQsQzQ8OmMwOvPnQsRuOpPpM 2009 1210 3.6+.7 ArF KrF.7&.9.12.12 1.13 2&.14.16 1.16 2.18.19 1.19 2&.20 3.21 4.21 5 ArF.22 6&LNG&.22.23 2009 1210 4 1.6 2.6 3 2021.7 4.7 5.8 6.8 7.8 8 28nm.9 9 2020.9 10 2020.9 11 2017-2022.10 12 2017-2022.10 13 2018-2025F 200mm.10 14 2021-2026F 300mm.10 15/%.11 16.11 17.11 18.12 19/%.12 20.12 21.13 22.13 23.14 24.15 25.15 26.16 27.16 28.17 29 2020 G/I.17 30 2020 KrF.17 31 2020 ArF.18 32 2020 EUV.18 33.18 2009 1210 5 34.19 2009 1210 6 1 10-50 40-50%30%SEMI 2021 6.1%2 SEMI ICAC 2009 1210 7 3 2021 SEMI 2021 1 2 2021&2021 2021 2022+4 WSTS wind+ArF KrF 硅材料,33.0%光掩模,12.9%光刻胶,6.1%光 刻 胶 配套试剂,7.1%电子气体,4.0%工 艺 化 学品,14.0%溅射靶材,2.9%CMP 抛 光材料,7.1%其他,12.9%2009 1210 8 5 LAM Research 2 6 0.5 2 1 G I KrF ArF EUV5 g/i 20 80 0.8-1.2m 436nm 90 0.35-0.5m 365nm 0.35m g/i 248 KrF 193 ArF EUV 13.5nm 7nm ASML EUV 7 g 436nm 0.5um 6/8 2009 1210 9 i 365nm 0.5um-0.35um 6/8/12 KrF 248nm 250nm-130nm 8/12 ArF()193nm 130nm-65nm 12 ArF()193nm 65nm-14nm,7nm 12 EUV 13.5nm 7nm 12 EUV ArF/ArFi g/i KrF 2021 28nm 28nm 250-130nm KrF 31%8 2021 28nm ArF(i)KrF TECHCET 2020 ArFi 40%KrF 33%I/G ArF 17%10%SIA 2020 ArF 40%KrF 39%9 2020 10 2020 TECHCET SIA&ArF/ArFi,67%KrF,31%I line,2%40%33%17%10%1%ArFi KrF I/g line ArF 其他40%39%20%ArF KrF G/I 线 2009 1210 10 5G SEMI 2022 147.13 3.9%138 9.5%SEMI 2022 727 8.9%447 10.5%11 2017-2022 12 2017-2022 SEMI SEMI SEMI 200mm 2021-2025 20%2025 700 300mm 2023 2026 960 13 2018-2025F 200mm 14 2021-2026F 300mm SEMI SEMI&SEMI 2000 12 2021 68.47%2022 70%12 130nm SUMCO 28nm 2012 10%2021 60%&-10%0%10%20%30%40%0501001502017 2018 2019 2020 2021 2022出 货 面积/亿平方 英寸 销售额/亿美元出 货 面积YoY 销售额YoY-5%0%5%10%15%20%01002003004005006007008002017 2018 2019 2020 2021 2022E晶圆制造 材料 封装材料 YoY 2009 1210 11 15/%16 SEMI SUMCO 14nm(line)(space)(line)(line)193nm-(LELE)17 EUV 17 TECHCET 2021 21.4 2022 23.0 7.5%2026 28.5 2009 1210 12 20212026 5 CAGR 5.9%18 TECHCET TrendBank 2021 29 2022 35%39.3 19/%20 Knometa Research Cision 0.05.010.015.020.025.030.02021 2022E 2026E0%5%10%15%20%2011 2021 2024E1011.513.616.620.724.80510152025302015 2016 2017 2018 2019 2020 2009 1210 13 21 2021 1 PAG Photo-Acid Generator PAC Photo-Active Compound PAG(PEB)PAG KrF ArF EUV PAC g/i PGEMA PMA 22 50%-90%10%-40%1%-6%2009 1210 14 1%Trend Bank G/I 10-20%KrF 7-10%ArF EUV 5%23 TrendBank KrF ArF ArF 2&1 10-20%7-10%4-5%3-4%0%20%40%60%80%100%G/I lineKrFArFEUV树脂 溶剂 其他 2009 1210 15 24 2 25 g/i KrF ArF g/i stepper,TEL ACT-clean track ASML KrF scanner Nikon-KrF scanner,TEL ACT-clean track ASML ArF scanner,TEL lithus clean track TEL ACT-clean track 3 KrF ArF 4 PRS STR MSTR RELEASE 2009 1210 16 26 1 1960s 1995 IBM 1980s KrF KrF IBM KrF 1960s 1986 1995 KrF IBM KrF KrF 27 2009 1210 17 EUV TOK JSR EUV 2019 EUV EUV 2021 2022 12 EUV EUV 28/g/i KrF ArF EUV TOK JSR 36Kr ETNEWS TrendBank 2020 KrF JSR 31.4%21.9%10.9%21%CR4 85%ArF JSR 25%21.8%16.8%15.8%CR4 80%EUV JSR 29 2020 G/I 30 2020 KrF 东京应化（TOK）,25.2%陶氏化学（Dow）,19.1%住友化学（Sumitomo chem）,15.7%其他,40.0%东京应化（TOK）,31.4%信越化学（Shin Etsu）,21.9%陶 氏 化 学（Dow）,10.9%JSR,21.0%其他,14.9%2009 1210 18 31 2020 ArF 32 2020 EUV 2 PCB i g 2021 G I 10%KrF 1%2021/KrF 33 PCB-50%LCD 5%5%TFT-LCD g 10%i 10%KrF 1%ArF 1%EUV(02)2021 g/i KrF 2022 ArF ArF EUV 东京应化（TOK）,15.8%信越化学（Shin Etsu）,21.8%JSR,25.0%住友化学（Sumitomo chem）,16.8%其他,20.7%东京应化（TOK）,52%其他,48%2009 1210 19 EUV EUV 34 G/I KrF ArF ArF EUV G I 2022 KrF 321.85%DKN KrF 2023 2022 I 12 30 KrF 20 KrF 55nm 40nm 28nm 2022 KrF 15 26 ArF-immersion15 ArF-dry11 14-90nm 9 ArF-immersion ArF-dry 2018 02 i KrF 0.25 0.13 m KrF-50nm 55nm-+KrF ArF Fab 1+2002 2021 35%2022 16.37+35.75%OPW 94.38%225.81%2009 1210 20 2010 02“”“ArF”2023 3 60 ArF 26 65nm 55nm 40nm 28nm LOGIC 3D NAND DRAM KrF 30 55nm 40nm 28nm I line 15 PAD Lift-off IDM 12 2&/75 2020 TFT-LCD Array 14nm G I KrF KrF Poly AA Metal TM/TV Thick Implant Contact Hole DKN KrF 2022 1.77 53.48%G/I 45.45%KrF 321.85%I KrF 8-12 2022 2.42 19%45%4-Mask Array Layer Halftone AMOLED 2009 1210 21 3 1 SEMI G5 2 NMP NMP 3%-6%NMP SDI NMP EVTank GGII 2025 NMP 376 4 CAGR41%2023 3 7.5 NMP I 1993 G i KrF ArF 2 ArF KrF 4 2004 1 90-14nm 14nm 20-14nm PCMP CMP 2 PVDF 15%2022 ArF 2022 KrF ArF ArF-i ASML1900 1400 2009 1210 22 5 ArF LED MO ALD/CVD ArF 2022 15.8+60.62%1.87+37.07%1.26+78.39%ArF 2017 2018 02“”“”2020 2021 ArF 50nm 55nm ArF ASML ArF 2022 11 9 1 2024 2019 12 20.21 11%4 2 6&LNG&LNG LNG/SOD LDS DRAM 1b 200X NAND 3 Intel LNG-162 3 LNG 2 GTT 2009 1210 23 LNG 23 LNG 2023 LNG TFT RGB CNT TrendBank 2022 LCD 97 18.56%LG Display 2022 OLED RGB CNT CMOS RGB RDL I-Line SOC 2009 1210 24 2019 2016 2017 3 2020 2019 2021 2021 1 2022 2022 7 9 2022 2009 1210 25 010-63214682 010-63214682 010-63214682 010-63214682 010-63214682 010-66500808 010-66500821 010-63214682 0755-82828570 0755-83715428 0755-82756804 0755-82871425 0755-83024576 0755-82871425 021-20572536 021-20572555 021-20572257-2552 021-20572506 021-20572585 021-20572509 021-20572548 021-20572573 0755-82756805 021-20572559 021-20572559 0755-82756805 021-20572559 玙 021-25072549 2009 1210 26 A 300 500/6 20%6 10%20%6-10%10%6 10%20%3-6 5%3-6-5%5%3-6 5%26 C 3A 1061 A 19 33 12 100033 518034 200120 010-66500801 0755-82027731 021-20572500 010-66500900 0755-82828562 021-20572522
