A research report released by Gf Securities Co., Ltd. indicates that the rise of semiconductor manufacturing is elevating the strategic importance of CD-SEM, with domestic substitution entering an accelerated phase. As domestic wafer fabs continue to expand capacity and existing production lines seek higher localization rates, domestically produced CD-SEM equipment is poised for batch adoption, which will directly drive demand for localized upstream core components. The firm highlights strong recommendations within the semiconductor equipment space.
In the semiconductor equipment segment, breakthroughs in CD-SEM systems and their core components are expected to trigger a value reassessment across the metrology and inspection equipment supply chain. Companies involved in core equipment and components stand to benefit from the accelerating pace of domestic substitution, with attention drawn to key beneficiaries across the industrial chain.
Metrology and inspection equipment is the cornerstone of front-end semiconductor manufacturing, ensuring yield and process stability.
Integrated circuit manufacturing involves hundreds of process steps, and quality inspection equipment is embedded throughout the wafer fabrication process. Its core function is to identify defects, quantify deviations, and maintain process stability. By technology route, front-end metrology and inspection equipment is divided into two main categories: optical and electron beam. Optical technology, which uses light scattering, reflection, and diffraction for rapid imaging and measurement, offers high speed and throughput and remains the market mainstream, with Skyverse as a representative player. Electron beam technology, which scans with electron beams to achieve sub-nanometer resolution, provides exceptional precision but operates at slower speeds, and is primarily reserved for critical dimension measurement and defect review where accuracy is paramount, with Dongfang Jingyuan as a key representative. The two technology routes each have distinct strengths and coexist in a complementary manner.
CD-SEM represents a new frontier for domestic substitution in front-end metrology, covering the entire process from wafer to mask.
Electron beam metrology tools fall into four main categories: CD-SEM (Critical Dimension Scanning Electron Microscope), EBI (Electron Beam Inspection), DR-SEM (Electron Beam Defect Review), and HV-SEM (High-Voltage Electron Beam Metrology, currently under R&D and industrialization verification). Among these, CD-SEM is the most widely used and broadly applied core category in front-end manufacturing. CD-SEM is used for inline measurement of critical pattern dimensions—such as line width, pitch, and hole diameter—after processes like lithography and etching. As process nodes advance toward 7nm and below, the limitations of traditional optical metrology in resolution and localized structure identification become increasingly evident. With its sub-nanometer electron beam imaging capability, CD-SEM has become an indispensable dimensional benchmark for closed-loop control in lithography and etching. Its core value lies in stable, low-damage, highly repeatable inline batch measurement capabilities.
Products are classified into three types based on application: wafer CD-SEM, mask CD-SEM, and high-voltage CD-SEM. The competitive focus has shifted from "seeing clearly" to "measuring accurately, measuring quickly, and enabling closed-loop control." Key parameters include sub-nanometer measurement precision, low landing energy (below 300eV), high-speed automated sampling, and integration capability with APC systems. Applications span logic chips, DRAM, 3D NAND, and compound semiconductors, covering post-lithography development inspection, post-etch review, and mask manufacturing in front-end processes. The technology is irreplaceable for EUV thin-resist pattern monitoring and high-aspect-ratio structure measurement.
Domestic substitution in the CD-SEM market enters an accelerated validation phase.
According to data from LP Information, the global CD-SEM market was valued at approximately USD 858 million in 2025 and is projected to grow to USD 1.495 billion by 2032, representing a CAGR of 8.5%. In the domestic market, driven by China's semiconductor self-sufficiency strategy, wafer fab expansion combined with localization rate requirements is jointly catalyzing demand, leading to continuous expansion of the overall domestic metrology and inspection equipment market. While the global market is still dominated by international giants such as Hitachi High-Tech and Applied Materials, domestic manufacturers led by Dongfang Jingyuan have already achieved batch validation and adoption of 12-inch CD-SEM systems in production lines, as indicated by the company's official website and prospectus. In terms of resolution, throughput, and tool-to-tool matching, these systems are benchmarked against international mainstream standards. Domestic substitution is transitioning from "first-tool validation" to "batch adoption."
Risks include cyclical fluctuations in the semiconductor industry and market, potential delays in the industrialization of new CD-SEM technologies and processes, intensifying competition in the semiconductor equipment sector, and supply chain security risks related to upstream core components.