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Recently, Asahi KASEI in Japan issued a supply adjustment notice to some customers, intending to tighten its PIMEL series photosensitive material supply. This supply restriction is mainly due to the rapid growth of AI computing power demand, which has caused the company's production capacity to be unable to match market demand in a timely manner.
Today, news came from the market again that ASAHI KASEI will cut off the supply of PSPI (trade name PIMEL), which is widely used in advanced packaging downstream. Its customers include top companies such as TSMC, Samsung, and Shenghe, with a domestic market space of 6 billion yuan+
PIMEL is a liquid photosensitive polyimide (PSPI) material developed by Asahi Kasei, which has key application value in the field of semiconductor packaging. It is mainly used in the surface protection layer, bump passivation layer, and RDL insulation layer of components. In the wafer level packaging (WLP) process, the manufacturing of the passivation layer and RDL rewiring layer dielectric on the wafer surface relies on photosensitive insulation materials. Due to the unique advantages of PSPI, which combines photosensitive characteristics and insulation performance, it can significantly simplify the multi-layer wiring process flow of 2P2M, 4P4M and other materials.
Asahi Kasei is a leading enterprise in the global PSPI field, with a market share of over 30%. Its PSPI product (trade name PIMEL) is widely used in advanced packaging production lines by leading companies such as TSMC, Samsung, and Shenghe Jingwei. For example, TSMC's CoWoS packaging technology highly relies on PSPI as the RDL (rewiring) insulation layer, and the value of single crystal wafers has jumped from 50-100 yuan for ordinary packaging to over 500 yuan. Due to Asahi Kasei prioritizing the needs of major customers such as TSMC, the supply of other manufacturers (such as Sunlight and Changdian Technology) may be reduced, directly leading to capacity constraints, especially in the delivery cycle of high-end packaging fields such as AI chips and HBM storage.
The global PSPI market has long been monopolized by Japanese and American companies, with the top five manufacturers (Asahi Kasei, Toray, HDM, Fujifilm, JSR) accounting for 95% of the market share. After the interruption of supply by Asahi Kasei, it is difficult to quickly fill the gap through other overseas suppliers such as Toray and JSR in the short term, as the production capacity of top companies has been locked in by TSMC and others. Samsung and other companies may be forced to turn to domestic alternatives, but certification cycles (usually 6-12 months) and technical compatibility issues will delay the replacement process.
Domestic substitution breakthrough: parallel technological breakthroughs and capacity release
With the increasing demand for self-sufficiency in the semiconductor industry chain, domestic enterprises have made substantial progress in the PSPI field, and some products have been certified by top customers and achieved bulk supply.
Core breakthrough enterprises:
1. Yanggu Huatai (subsidiary Bomi Technology): The only enterprise in China to mass produce PSPI, with products deeply bound to Huawei HiSilicon. In 2023, it won Huawei's "Best Technological Breakthrough Award", with an annual shipment volume of tens of millions and a production capacity of 500 tons (full production value of 1 billion yuan). After the interruption of supply by Asahi Kasei, Bomi Technology is expected to quickly fill the gap in the domestic market, coupled with the mass production of PI orientation agents, the long-term market value may reach 24 billion yuan.
2. Aisen Corporation: PSPI will begin shipping in 2024, with clients including leading chip manufacturers such as Silan Microelectronics and China Resources Microelectronics. After the completion of the Nantong 2000 ton photoresist (including PSPI) fundraising project, the expected output value is over 3 billion yuan. The self-developed positive PSPI product won the first order from a wafer fab, breaking the monopoly of the United States and Japan and becoming a milestone in localization.
3. Dinglong Co., Ltd.: The PSPI production line in Xiantao Industrial Park has an annual capacity of 1000 tons and has become the top supplier of mainstream panel factories in China. In 2024, the semiconductor business revenue increased by 134.54% year-on-year. Layout high-end wafer photoresist and packaging materials, ArF/KrF photoresist enters the gallon sample stage, and temporary bonding adhesive obtains mass production orders.
4. Aolaide: PSPI materials have passed mass production tests with some customers, and G 'materials and packaging materials have been stably supplied on the production lines of top panel manufacturers. The 8.6th generation evaporation source equipment has won a bid of 655 million yuan from BOE.
5. Lianlong: By acquiring South Korean IPI company, it quickly entered the PSPI field. YPI and TPI products have been verified by customers, and the first phase production capacity of Yixing base is expected to be trial produced by the end of 2024, with a long-term output value exceeding 2 billion yuan.
Dual drive of technology and market:
Technological breakthrough: Domestic enterprises have approached international standards in core indicators such as PSPI photosensitivity and high temperature resistance through independent research and development, as well as mergers and acquisitions. The cost of some products is more than 30% lower than that of imports.
Policy support: The second phase of the National Grand Fund and local government special funds will focus on supporting the localization of semiconductor materials, and the certification cycle for top enterprises will be shortened to 6-12 months.
Conceptual stock sorting: clear tiers for mass production, validation, and research and development
The current A-share PSPI concept stocks can be divided into three tiers, covering the entire advanced packaging industry chain:
First tier (already in mass production):
Yanggu Huatai: PSPI capacity release+Huawei binding, with the greatest short-term flexibility.
Aisen Corporation: Positive PSPI domestic first order+capacity expansion, benefiting from accelerated wafer fab substitution.
Dinglong Corporation: Driven by both display and packaging, leading the industry in semiconductor business growth.
Second tier (validation phase):
Powerful New Materials: PSPI sends samples to top customers, with industry-leading verification progress.
Guangxin Materials: PAPI photoresist has completed laboratory testing and is a potential technological breakthrough point.
Guofeng New Materials: Cooperating with the University of Science and Technology of China to develop PSPI, the construction of the pilot line is being promoted.
Third tier (technical reserve):
Aolaide: PSPI bulk supply+large volume of evaporation source equipment, outstanding technical synergy.
Li'an Long: With the support of South Korean IPI technology, it is worth looking forward to the ramp up of production capacity at the Yixing base.
Wanrun Corporation: PSPI for OLED has been supplied to panel factories, and the expansion of automotive grade products is underway.
Industry outlook: Demand explosion and resonance of domestic substitution
On the demand side, advanced packaging technologies such as AI chips and HBM storage are driving an annual growth of over 30% in the global PSPI market, while domestic demand is also experiencing a simultaneous surge.
On the supply side, overseas supply disruptions are forcing domestic substitution to accelerate, leading to the release of production capacity by top enterprises and the formation of a moat with customer stickiness.
Conclusion: The supply interruption incident of Asahi Kasei is a catalyst for the rise of the domestic PSPI industry. Domestic enterprises are shifting from "substitution following" to "independent leadership" with technological breakthroughs and capacity reserves. Driven by both policy support and market demand, enterprises with mass production capabilities and top customer resources are expected to benefit first and become the core targets of the wave of semiconductor material localization.