The Era Of Localization Of Electronic Materials Is Coming
Electronic materials are the core of fine chemicals, and the domestic 100 billion market has maintained a growth of more than 10%. Mainly used in semiconductors, printed circuit boards (PCB), display devices, new energy batteries and other fields. The industry has many varieties, a large market and high profits. However, the self-sufficiency rate in most areas of the industry is less than 30%, and the import substitution space is huge. Take semiconductor electronic chemicals as an example. In 2014, the domestic market reached 37.8 billion yuan, and the average annual growth rate in 2009-14 was 18%, and the self-sufficiency rate was less than 10%. The domestic market is almost monopolized by foreign-funded companies, and there is huge room for import substitution.
Benefiting from the support of the National IC Fund and the global trillion electronics industry's transfer to the domestic market, the downstream semiconductor and LCD industries have grown rapidly, the stickiness of electronic chemical users, and high local supporting needs have driven the rapid growth of domestic demand for electronic materials. From the perspective of electronic materials, there are mainly photoresist, high-purity reagents, electronic special gas, large silicon wafers, polishing materials and packaging materials. These areas are relatively good runways and have the potential to create large companies.
The global electronics industry chain's trend of shifting to the domestic market is unstoppable. Historically, foreign giants have digested high valuations through high growth. Through the transfer of the global electronics industry chain, we believe that China has an unshirkable responsibility for undertaking the trillion electronics industry chain. By analyzing the leading Japanese electronic materials, it is found that from 1998-07, it is a period of rapid growth, and the company's rapid growth has digested its high valuation. At the same time, the development of foreign electronic materials industry is inseparable from the support of large groups to provide overall solutions.
The era of localization is approaching, and endogenous and epitaxial casts the leading domestic electronic materials. The outbreak of downstream demand is superimposed on local support, with strong support from national, local, and social funds. Domestic electronic materials companies are expected to grow endogenously by 30%, and some epitaxial growth will exceed 50%. The 100 billion market is expected to create a 100 billion market leader in electronic materials.