GF Securities: CD-SEM is a new domestic alternative to pioneering quantitative testing, driving the revaluation of the value of the quantum testing equipment industry chain

The Zhitong Finance App learned that GF Securities released a research report saying that with the rise of semiconductor manufacturing, the strategic position of CD-SEM is becoming more and more prominent, and domestic substitution is accelerating. As domestic fabs continue to expand production and demand for increased localization rates of existing production lines, domestic CD-SEM equipment is expected to be introduced into production lines in batches, which will directly drive the localization support demand for upstream core components, focusing on the semiconductor equipment field. In the semiconductor equipment sector, breakthroughs in CD-SEM machines and their core components will drive a revaluation of the value of the inspection equipment industry chain. Core equipment and component companies are expected to benefit from the acceleration of the domestic substitution process. It is recommended to focus on the core beneficiaries of the industrial chain.

The main views of GF Securities are as follows:

Measurement and testing equipment is the core part of ensuring yield and process stability in semiconductor front-end manufacturing

Integrated circuit manufacturing involves hundreds of processes. Quality inspection equipment runs through the entire wafer manufacturing process and undertakes the core functions of finding problems, quantifying deviations, and maintaining process stability. According to the technical route, forward measurement equipment mainly includes two major routes: optical technology achieves rapid imaging and measurement based on the principles of scattering, reflection, and diffraction of light. It is currently the mainstream in the market, representing the current mainstream of the market. The representative manufacturer is Zhongke Flying Measurement; electron beam technology uses electron beam scanning and imaging, with sub-nanoscale resolution, high accuracy but slow speed. It is mainly used in critical size measurement and defect review, which requires extremely high accuracy, representing the manufacturer Dongfang Jingyuan. The two technical routes each have their own strengths, and they complement each other.

CD-SEM is a new domestic alternative to front-channel quantity inspection. It covers the entire front-end process from wafer to photomask

Electron beam measurement equipment is mainly divided into four categories: CD-SEM (critical size measurement), EBI (electron beam defect inspection), DR-SEM (electron beam defect re-inspection), and HV-SEM (high-voltage electron beam measurement, R&D and industrial verification). Among them, CD-SEM is the core category with the largest usage and widest coverage in advanced manufacturing. CD-SEM (Key Size Scanning Electron Microscope) is used to measure key graphic dimensions (such as line width, spacing, pore size) after lithography and etching processes online. As the process node evolves to 7nm and below, the limitations of traditional optical measurement in terms of resolution and local structure recognition are becoming increasingly prominent. With its sub-nanoscale electron beam imaging capability, CD-SEM has become an irreplaceable size scale for closed-loop photo-etching control. Its core value is stable, low damage, and highly reproducible online batch measurement capability. Products are divided into three categories according to application: wafer CD-SEM, photomask CDSEM, and high-pressure CD-SEM. The competitive focus has shifted from “clear visibility” to “accurate measurement, fast measurement, and closable loop”. The core parameters cover sub-nanoscale measurement accuracy, low landing energy (<300eV), high-speed automatic sampling, and linkage capability with APC systems. Applications cover front-end post-lithography imaging, post-etching inspection, and mask manufacturing processes of EUV thin rubber graphics. It is irreplaceable in measurement.

Domestic substitution in the CD-SEM market has entered an accelerated verification period

According to LPInFormation data, the global CD-SEM market size is about US$858 million in 2025, and is expected to increase to US$1,495 million in 2032, with a CAGR of 8.5%. In terms of the domestic market, driven by China's semiconductor autonomous and controllable strategy, the expansion of production plants and the localization rate of production lines require joint catalytic demand, and the overall domestic quantity testing equipment market continues to expand. Currently, the global market is still dominated by international giants such as Hitachi Hi-Tech and Applied Materials, but according to Dongfang Jingyuan's official website and prospectus, domestic manufacturers represented by Dongfang Jingyuan have achieved batch verification and introduction of 12-inch CD-SEM production lines, benchmarking the mainstream international level in terms of resolution, production capacity, and matching of the same type of machine, and domestic substitution is moving from “first verification” to the “batch introduction” stage.

Risk Alerts

The risk of cyclical fluctuations in the semiconductor industry and market, the risk that the industrialization of CD-SEM technology and new processes falls short of expectations, competition in the semiconductor equipment industry increases risks, and upstream core component supply chain security risks.