Bernstein_中国半导体设备：我们能从全球并购交易中学到什么？.pdfVIP

ChinaSemiconductors

ChinaSemicap:WhatcanwelearnfromglobalMAdeals?

After20+yearsofdevelopment,China’ssemicapsectorhasseentheemergenceof

QingyuanLin,Ph.D.

+85221232654leadingdomesticwinners,withNAURAandAMECattheforefront.Asbothcompanies

continuetoexpandtheirbusinessscopethroughacquisitions,webelievethesectoris

enteringaconsolidationphase—apositivetrendalignedwiththeevolutionoftheglobal

ZhengCuiWFEindustry.Inthiscall,weanalyzehowtheglobalsemicapindustryhasconsolidatedand

+85221232694

usethisasanindicatortoprojectfuturedevelopmentsinChina.

FrancisMaLeadingvendorshavestrongincentivestotransformintoplatform-based

+85221232626businessesanddriveconsolidationviaMA.From2008to2024,theworld’stopfive

WFEleaders—ASML,AMAT,LRCX,KLAC,andTEL—havecontinuouslyconsolidatedthe

industry,growingtheircombinedmarketsharefrom46%to71%.Thistrendisdriven

bythreecorefactors:first,fabsrequirelong-term,reliableWFEpartnersthatdeliver

high-qualityproducts,makingthemreluctanttoengagesmallervendors;second,scale

advantagesenableleadingvendorstohavemoreRDbudgetandacceleratingtool

development;andthird,synergiesacrossdifferenttypesofequipmentdrive