Significant Pullback Brings Excellent Bottom-Fishing Opportunity

English summary

1. New increment from mSAP: Dry film photoresist is a core consumable for PCB, accounting for about 2-3% of total PCB output value, and is one of the most undervalued segments in materials. Moreover, in the mSAP process, dry film becomes a necessity. Dry film needs to be immersed in electroplating solution for a long time, which requires higher electroplating resistance and peelability, and traditional wet film cannot meet these requirements. 2. Volume and price rising together: The mSAP process promotes the development of dry film towards high-end products. The price of high-end dry film can reach 30-40 yuan per square meter, far exceeding the 5-7 yuan per square meter of ordinary dry film. Foster's high-end dry film gross margin can reach over 50%, while ordinary dry film is only about 20%. The prevalence of the mSAP process will directly drive the overall demand for dry film photoresist. The market space is expected to more than double next year from the 10-billion-yuan level in 2025. 3. Accelerated domestic substitution: The strong demand for high-end dry film from mSAP, coupled with limited capacity expansion willingness of Japanese suppliers, provides an excellent window for domestic enterprises to achieve domestic substitution. ...