Etching is a process of selective etching or stripping of the substrate surface or surface covering film by chemical or physical methods. At present, dry etching occupies the absolute mainstream position in semiconductor etching, accounting for more than 90% of the market. At the same time, plasma etching is the main etching method used in wafer manufacturing. Capacitive plasma etching (CCP) and inductive plasma etching (ICP) are two common plasma etching methods. With the continuous development of current integrated circuit technology, the size of the core devices constituting the chip continues to shrink, and the processing and manufacturing of the chip becomes more and more sophisticated. Atomic layer etching (ALE) can accurately control the etching depth, which has become the trend of technology upgrading in the future.
As the backbone of semiconductor equipment, etching equipment is expected to take the lead in completing domestic replacement. Semiconductor equipment is mainly used in semiconductor manufacturing and packaging and testing process. It is the foundation and core of the semiconductor industry. With the miniaturization of semiconductor process and the complexity of structure, the types and technical difficulties of semiconductor etching equipment are increasing. From the perspective of Chinese market, etching machine, especially dielectric etching machine, is the most advantageous field of semiconductor equipment in China, and it is also one of the important semiconductor equipment with the highest proportion of domestic substitution. At present, the representative companies of etching equipment manufacturers in China are Advanced Micro-Fabrication Equipment Inc.China(688012) , Naura Technology Group Co.Ltd(002371) , etc.
The terminal demand is the amount of catalytic etching equipment, and the market scale is expected to exceed 110 billion US dollars in 2022. With the development of emerging industries such as 5g, big data, Internet of things and artificial intelligence, semiconductor equipment is expected to usher in a new round of development opportunities, thus promoting the demand for global etching equipment. Semi predicts that the global semiconductor equipment market will continue to grow, with an increase of 45% to US $103 billion in 2021 and a new high of US $114 billion in 2022.
Advanced technology increases the etching steps and etching difficulty, and the deduction volume and price of etching equipment rise together. For logic circuits, process miniaturization and technical iteration increase the steps of etching and the difficulty of etching; For 3dnand, multi-step etching is required for higher stacking layers, and the anisotropy and deviation of etching should be ensured as small as possible; For DRAM, the circuit pattern density increases and the number of multiple patterning repetitions increases, which greatly increases the equipment demand of the etching process. Advanced processes and complex structures increase the etching steps and difficulties, and boost the price and quantity of semiconductor etching equipment.
The field of etching equipment has long been monopolized by overseas leaders, and some technologies of Chinese etching enterprises have reached the world-class level. According to Gartner statistics, the top three global etching enterprises are Fanlin semiconductor, Tokyo electronics and applied materials, with a total global market share of 91%. The market share of Chinese etching equipment manufacturers in the global etching equipment market is less than 2%. However, in recent years, relying on capital and policy support, Chinese etching manufacturers have been catching up with remarkable results. For example, the dielectric etching of Advanced Micro-Fabrication Equipment Inc.China(688012) has entered the TSMC 7Nm / 5nm production line and is the only domestic etching equipment manufacturer to enter the TSMC production line. From the bidding situation of wafer factories, the construction of new production capacity of Chinese wafer factories has been increasing, and the share of Chinese semiconductor etching equipment manufacturers such as Advanced Micro-Fabrication Equipment Inc.China(688012) and Naura Technology Group Co.Ltd(002371) has further increased. As China’s etching leaders closely follow the development of advanced processes, increase R & D investment, and actively acquire and integrate, the overall domestic etching equipment is expected to accelerate the completion of domestic substitution.
We are optimistic that etching equipment, as the backbone of semiconductor equipment, will deeply benefit from the high prospect of downstream semiconductor industry and terminal application. At the same time, the proportion of domestic substitution is expected to further increase. It is suggested to pay attention to the leading enterprise of integrated circuit equipment Advanced Micro-Fabrication Equipment Inc.China(688012) and the leader of domestic semiconductor equipment Naura Technology Group Co.Ltd(002371) .
Risk tips
The downstream demand is less than expected, the technological breakthrough is less than expected, and the import of upstream core components is limited.
