In-depth Analysis of Investment Logic for Lithography Machine Concept Stocks

According to online search information [1], the third phase of the National Integrated Circuit Industry Investment Fund (Big Fund Phase III) has a registered capital of 344 billion yuan, focusing on “chokepoint” segments such as semiconductor equipment and materials. In the first half of 2025, the localization rate of domestic semiconductor equipment increased by 12 percentage points year-on-year, reaching an overall localization rate of 35%, and is expected to rise to 50% in 2025.

• Lithography machine field
  : Shanghai Microelectronics Equipment (SMEE) has achieved mass production of 28nm DUV lithography machines and is accelerating the development of 7nm lithography machine systems based on EUV light source technology [1]
• Memory technology
  : Changxin Memory Technologies (CXMT) has shortened the generation gap of advanced process technologies like LPDDR5 to about 1 year, and Yangtze Memory Technologies Co. (YMTC)'s Xtacking4.0 technology has received international recognition [3]
• Etching equipment
  : AMEC’s ICP dual-reaction chamber etcher Primo Twin-Star has achieved an etching precision of 0.2A (sub-angstrom level) between reaction chambers [1]

World Semiconductor Trade Statistics (WSTS) data shows that the global semiconductor market size reached 346 billion USD in H1 2025, up 18.9% year-on-year [3]. WSTS raised its full-year 2025 forecast to 728 billion USD, a year-on-year increase of 15.4%, and its 2026 forecast to 800 billion USD, expected to grow by 9.9% year-on-year [3].

According to brokerage API data [0], Kaimite Gas (002549.SZ) currently has a stock price of 21.77 yuan, up 7.72% today, with a trading volume of 157.26M, far exceeding the average volume of 102.59M. The company’s market capitalization is 15.14 billion yuan, with a P/E ratio as high as 241.89x.

• Latest quarter (2025-09-30): EPS is 0.03 yuan, revenue is 173 million yuan
• Annual increase: 264.66% year-to-date, 219.21% over one year [0]

According to online search information [4][5], Kaimite Gas’s core driving factors include:

• Lithography gas products have obtained qualified supplier certifications from lithography machine manufacturers such as ASML’s subsidiary Cymer and GIGAPHOTON
• Excimer laser gas products have obtained Coherent certification

• Established cooperative relationships with leading enterprises like SMIC and YMTC
• Actively entering high-end domestic and foreign customers

• Established an electronic specialty gas branch in 2017 and invested in electronic specialty gas projects
• Plans to build production bases in multiple locations nationwide to expand capacity
• Strengthens circular economy model to improve resource utilization efficiency

Kaimite Gas, as a leader in food-grade carbon dioxide in China, continues to expand its product matrix to electronic specialty gases and hydrogen peroxide, opening up growing space [4]. Specialty gases are an emerging industry gradually segmented under industrial gases with the rise of the electronics industry, belonging to high-tech and high-value-added products [5].

According to analysis [3], 2025 will be a year of order growth and performance realization for domestic semiconductor equipment. The resonance of memory expansion and independent controllability brings broad domestic substitution space.

Memory chip architecture is undergoing deep transformation from 2D to 3D. With the introduction of 3D DRAM technology and the evolution of NAND stacking layers to 5xx layers and above, the market for key equipment such as etching and thin film deposition is expected to grow significantly by 1.7x and 1.8x respectively [3].

Big Fund Phase III focuses on “chokepoint” segments like semiconductor equipment and materials; tax incentive policies provide strong support for enterprise development [1].

Kaimite Gas’s current P/E ratio is as high as 241.89x, with a high valuation level and potential correction risk [0].

Technological breakthroughs in core equipment like lithography machines have uncertainties, requiring continuous attention to R&D progress.

Rumors that Japan may tighten photoresist exports [1], although this may accelerate domestic substitution, it also brings supply chain risks.

Lithography machine concept stocks still have active opportunities in the short term driven by policy catalysis and technological breakthroughs, but need to be alert to correction risks of high-valued stocks.

Focus on:

• Technology-leading enterprises
  : Enterprises with leading positions in high-value segments like etching and thin film deposition
• Platform-based leaders
  : Enterprises with broad product line coverage and core technology integration capabilities
• Domestic substitution beneficiaries
  : Enterprises deeply benefiting from memory expansion and 3D technology iteration

As an important participant in the electronic specialty gas segment, the company has obtained international certifications for high-end products like lithography gas and has core technical advantages. With the acceleration of domestic substitution of electronic specialty gases and the rise in demand from emerging fields like hydrogen energy, the company is expected to open up new growth space through capacity expansion [4][5].

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[0] Jinling API Data - Stock prices, financial indicators and company profiles
[1] Securities Times - “Photoresist concept stocks, collective movement!” (https://stcn.com/article/detail/3540556.html)
[2] East Money - “Lithography machine concept moves upward, Kaimite Gas and Optech Optoelectronics hit limit-up” (https://finance.eastmoney.com/a/202512183595174294.html)
[3] Guojin Securities Research Report - “Resonance of memory expansion and independent controllability, broad domestic substitution space”
[4] China Post Securities Research Report - “Kaimite Gas: A rising ‘star’ in electronic specialty gases”
[5] 21st Century Business Herald - “Global lithography machine market is changing, list of 47 core concept stocks in A-share exposed” (https://www.21jingji.com/article/20251014/herald/7a203340ab1a5c7ea11fdfb1cacd1291.html)
[6] China Commerce Industry Research Institute - “2025 China Lithography Machine Industry Chain Map and Investment Layout Analysis” (https://cj.sina.cn/articles/view/7962326780/1da9776fc0010174zi)