Photosensitive dry film (core elasticity link)

English summary

1. Significant value increase: According to the latest institutional estimates, the unit price of mSAP-specific high-end photosensitive dry film is about 60-80 yuan/square meter, about 10 times that of ordinary dry film (5-7 yuan/m2); meanwhile, in the mSAP process, the value share of materials such as photosensitive dry film and plating chemicals has increased from 4%-6% in traditional PCB to over 10%. 2. Progress by domestic manufacturers - First Applied Material: Global No.1 in photosensitive dry film capacity; mSAP-grade high-end dry film has achieved mature batch shipments; IC substrate dry film has completed small-batch sales, expected to officially ramp up in H2 2026, and has entered supply chains of leading PCB manufacturers such as Shennan Circuits and Kinwong. - Rongda Photosensitive: Phase I of Zhuhai base has 120 million m2 dry film capacity, current utilization rate is about 40%-50%, expected to reach full production by end of 2026; products can meet mSAP 10-25μm fine line exposure needs. 3. Clear substitution pace: Japanese manufacturers have limited willingness to expand capacity, coupled with concentrated domestic PCB capacity and head customers accelerating import of domestic supply chains, domestic substitution of photosensitive dry film is entering an accelerated period; ...