Thin film deposition: one of the three core devices in the previous channel, with a global market scale of US $30 billion. Thin film deposition process is a key process in semiconductor manufacturing, which determines the performance and yield of chips to a great extent. As the core equipment of wafer manufacturing, thin film deposition equipment has high value share and broad market space. According to semi data, as one of the three main equipment of wafer manufacturing (lithography, etching and film deposition), the investment scale of film deposition equipment accounts for 25% of the total investment of wafer manufacturing equipment. According to maximizemarketresearch data, the global market scale of semiconductor film equipment in 2020 was US $17.2 billion. Thanks to the development of chip structure in the direction of 3D, the demand for film equipment will accelerate, It is estimated that the market will reach US $34 billion by 2025 and the CAGR will exceed 14% from 2020 to 2025. At the same time, we estimate that the market scale of China’s semiconductor thin film deposition equipment will be at least US $5.5 billion in 2021, with a broad market space.
Global pattern: Amat / lam / TEL takes the lead, and the localization rate in 2021 is less than 10%. As the key equipment of wafer manufacturing, thin film deposition has high technical, talent and R & D barriers. Overseas enterprises such as Amat, Lam, Tel and ASM monopolize the market. In terms of CVD equipment, Amat, Lam and Tel are three pillars. The main enterprises in China are tuojing technology and Naura Technology Group Co.Ltd(002371) , while Advanced Micro-Fabrication Equipment Inc.China(688012) has a high share in the field of MOCVD equipment applied to LED; In terms of PVD equipment, Amat is the dominant company, and China Naura Technology Group Co.Ltd(002371) is gradually opening the road of localization; In terms of ALD equipment, ASM and Tel monopolize the market, and China tuojing technology, Naura Technology Group Co.Ltd(002371) , shengmei Shanghai have layout. According to the approximate calculation of the proportion of revenue in 2021, the market share of semiconductor thin film equipment of Chinese enterprises is less than 10%. Therefore, at present, the localization of semiconductor thin film equipment is in the early stage, and the market share has great room for improvement.
Chinese manufacturers: tuojing / Huachuang / Zhongwei / shengmei multi-point flowering, and the investment in film deposition equipment is at the right time. China’s leading semiconductor thin film equipment enterprises continue to make efforts in different advantageous fields, and localization presents a trend of comprehensive promotion. Tuojing technology and Naura Technology Group Co.Ltd(002371) have entered a growth stage of 1-10 in the advantageous segments of CVD and PVD respectively, with significant first mover advantages. At the same time, some later entrants are opening up new fields, in a breakthrough stage of 0-1, and have great growth flexibility. On the whole, Chinese enterprises have a comprehensive layout of semiconductor thin film equipment and good progress in the introduction of new products. They will continue to grow by undertaking strong localization demand, focusing on product expansion / technology upgrading / core enterprises in subdivided fields with first mover advantage.
What? Key companies
Tuojing Technology (CVD leader), Naura Technology Group Co.Ltd(002371) (PVD leader), Advanced Micro-Fabrication Equipment Inc.China(688012) (MOCVD leader), shengmei Shanghai and Yitang shares (unlisted).
Risk tips
Risk of continuous spread of the epidemic; The downstream demand is lower than the expected risk; Supply chain instability risk.
