[hcdx] Domestic GKJ: Independent and Controllable Drives GKJ Explosion, Focus on Direct-Write Lithography and Core Component Breakthroughs

English summary

Driven by the surge in computing power demand and the acceleration of semiconductor independence and controllability, the domestic GKJ industry is experiencing a historic outbreak. Against the backdrop of traditional front-end lithography being constrained, GKJ localization is rapidly penetrating from components to complete machines, and from back-end packaging to high-end IC substrates and advanced packaging (CoWoS/2.5D). Fivetech is positioned in the core consumables for DUV immersion GKJ, becoming the only domestic supplier of coating for immersion DUV related processes, with high barriers bringing ultra-high profit margins. The company's business began mass production and delivery in February 2026, with orders of over 20 million yuan so far, implying an annualized rate of at least 50 million+. With reference to ASML's shipment of nearly 150 immersion DUV units per year and a cumulative 1,000-2,000 units, the domestic market is still in its infancy, with demand of less than 10 units, and the coating layer is a consumable that needs replacement every 3-4 months. Rough calculation suggests there may be tens to nearly a hundred times growth space. ...