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原标题 半导体设备投资地图
来源 国元证券
我们坚定看好中国芯片产业崛起的机遇,在这一轮晶圆加工产业的扩张潮中,上游设备材料企业有望迎来历史性发展机遇。回顾日本半导体设备产业发展历史,在日本芯片制造产能扩张期,日本本土设备业者与芯片制造业者紧密合作,成就日本在全球半导体设备领域的地位。随着中国大陆芯片制造产能的扩张,上游半导体设备产业将进入长景气周期。
建议关注:
离子注入设备:万业企业
报告要点
1、回看薄膜工艺龙头应用材料,其深厚的技术积累已实现全产业链薄膜沉积设备布局,并结合自身提供的其他设备可包揽一整段完加工循环产线,不光可以提高生产效率、降低机台间协调误差,还可以大幅提高价值量。北方华创是我国半导体设备产品线最多、布局最广的龙头供应商,产品还处于多点开花向系统整合过度阶段,目前开发进度最快的是Al互联PVD工艺,有望实现后道Al互联线国产替代。
2、尺缩缩小趋势+3D结构化是刻蚀设备市场需求增长的核心动力。回看刻蚀工艺设备龙头泛林半导体,其应收增长轨迹中存储类业务贡献最大,逻辑和代工类保持长期稳定增长。
中微公司和北方华创是国产刻蚀设备龙头,产品实用范围分别是介质和硅刻蚀。1)目前中微在介质刻蚀进展很快,技术已经进入7/5nm节点。3D NAND和DRAM对高深宽比介质刻蚀设备需求更大,我们认为随着以长江存储+合肥长鑫为代表的存储芯片产能释放,将拉动国产介质刻蚀设备的需求。2)随着中芯国际14nm先进制程告捷,以及华虹进展飞快,国内逻辑芯片制造将迎来历史拐点,我们认为以中芯国际+华虹半导体为代表的逻辑芯片产能释放将拉动国产硅刻蚀设备的需求。
3、EUV技术壁垒极高,短期国产化可能极低。ArF浸入式光刻机市场空间大概50亿欧元,可用于生产90-7nm大部分主流制程产品,覆盖先进和成熟工艺两大领域。虽然先进制程前道开始导入EUV设备,但是同理,中后道也有望升级光刻设备,使用更多的ArF Im机台填补EUV设备侵蚀份额,需求远高于前道光刻设备。目前国内在浸入式光刻机领域部分技术有所突破,中短期有望实现整机国产化。
随着工艺节点的推进,为保持较高良率需要添加更多清洗步骤,湿法清洗中的单晶圆清洗技术逐渐成为主流。中芯国际14nm先进制程彻底打开国产芯片上行空间,之后的技术演进有望推进至7nm节点,清洗设备需求会持续增长,对国内清洗设备供应商来说是重大机遇。
风险提示:
(1)设备开发进度不及预期;
(2)在建及规划新产线投放进度不及预期;
(3)外部冲击导致市场拓展不及预期等。
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