China Micro Corporation (688012): Japanese regulation + storage security China Micro Corporation Α fully shows.
Etching equipment market space is vast/competitive concentration is high/barriers are high. As a domestic leader, China Microelectronics has undertaken the important task of domestically replacing key etching equipment. The recent implementation of Japanese equipment export restrictions and the "Micron review" incident further highlights China's The importance of etching equipment for micro companies, we believe that the company is based on etching equipment and thin-film equipment is the spear, and is expected to follow the growth path of AMAT/LAM and become a leader in semiconductor equipment platforms.
Damascus and extremely high aspect ratio etching are the focus of the "de-J" trend and the "Micron review" incident, and China Microelectronics is expected to achieve a breakthrough.
Damascene etching is a key technology in the production of logic chips. In the production process of logic devices of 28 nanometers and below, the integrated Damascene etching process needs to complete the etching of through holes and trenches at one time. One of the etching processes with the highest rate, Japan’s TEL (Tokyo Electronics) has an oligopoly in this product, and the market feedback of AMEC’s Damascus etching solution is good. Recently, the Japanese government announced a new export control policy for 23 types of semiconductor equipment. The "de-J" process of Damascus etching equipment is expected to speed up; in addition, extremely high aspect ratio etching is the most difficult and critical process in 3D NAND storage. (>40:1) deep hole/deep groove, the US and Japanese equipment oligopoly monopolizes this market, China Microelectronics is making good progress, XD-RIE series products already have a 60:1 fine hole etching potential, for domestic 3D NAND production lines The localization of equipment on the 128th floor and above is of great significance. The recent "Micron Review" incident is expected to further promote the localization of storage, and the importance of Micron is highlighted.
New equipment such as LPCVD/ALD/EPI is progressing smoothly, and the advantages of MOCVD equipment are highlighted, waiting for the market to recover.
Thin film deposition and etching belong to the two core links of semiconductor front-end equipment, both of which are chemical processes in the cavity. AMEC is further developing LPCVD, EPI and ALD products to improve the coverage of high-end key processes and improve the process integration scheme . CVD/ALD equipment: In 2022, the company's first CVD tungsten equipment will be shipped to key storage clients for verification and evaluation. At the same time, the company is connecting with more logic and storage customers to verify CVD tungsten equipment. The company is further developing new types of CVD tungsten and ALD tungsten equipment to achieve material filling of higher aspect ratio structures. At present, laboratory tests have begun and key customers have started docking verification. In addition, the company developed high-end storage and logic devices. ALD titanium nitride equipment is also advancing steadily, and has entered the stage of laboratory testing; in terms of EPI equipment, the company has completed the establishment of a research and development team and entered the stage of prototype design, manufacturing and commissioning. According to Gartner data, the global market space for LPCVD/ALD/EPI/MOCVD equipment will total US$7.3 billion in 2022, accounting for about 32% of the market space for thin-film equipment. The company has rapidly achieved platform expansion through endogenous R&D.
Waiyan holds Shanghai Ruili/shares in Tuojing Technology, and has become a leader in platformization along with the development of AMAT/LAM.
Zhongwei Company has further improved its layout in the field of thin film deposition equipment by participating in Tuojing Technology. The 28-nanometer chip production line has also undergone 14-nanometer process verification, and the 3D memory chip production line supports the production of 64-layer 3D NAND chips, and is verifying the measurement performance of 96-layer 3D NAND chips. In the short term, the "de-J" trend and the "Micron review" event-driven companies have become the focus, and the importance of Micron in the high-barrier big track has become prominent. In the medium and long term, after reviewing the two leading companies AMAT and LAM Growth history, AMAT started with thin film deposition technology and then expanded to etching and other technologies to build platform barriers; LAM started with etching technology and then entered into thin film deposition and other fields to open up the growth ceiling, all of which succeeded in the core high barrier competition in the early stage of development At the same time, the two leading companies have a rich history of extension mergers and acquisitions, which is similar to the strategic planning/development trend of China Micro.
"De-J". Lmao.
Marketing 101: Never let a good crisis go to waste.
"Oh no, you can't get Japanese tools at time, do not worry, here are ours tools"
