Goldman Sachs: Japan Electronics/Semiconductors: Photomask Japan 2026 - Preparations for Practical Application and Commercialization
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Goldman Sachs attended the Photomask Japan 2026 conference from April 8-10, reviewing 55 research presentations on photomask technologies. A key takeaway was Dai Nippon Printing's announcement that it successfully manufactured templates using a 10nm line width for nanoimprint lithography (NIL). This achievement aligns with the company's previous update from last December.
Goldman Sachs posits that by combining NIL with self-aligned double patterning (SADP) technology to address uniformity and defect challenges, NIL could serve as a viable method for scaling to specific process nodes without relying on extreme ultraviolet (EUV) lithography. DNP plans to begin mass production of its NIL business in FY3/28 and targets sales of 4 billion yen by FY3/31.
Additionally, multiple research papers confirmed steady progress toward the practical application and commercialization of curvilinear masks. These masks use curved, diagonal, and free-form designs to resolve light diffraction issues in the EUV generation. While curvilinear masks have demonstrated superior performance in various tests, challenges remain in inspection processes and overall yield rates.
Goldman Sachs maintains a Neutral rating on DNP (7912.T) with a 12-month target price of 2,900 yen, based on a sum-of-the-parts valuation. The firm concludes that DNP's growth potential in semiconductor photomasks and battery pouches is already fully priced into current shares.