Summary of Conference Call Records Industry Overview - The focus is on the cleanroom industry, particularly companies like Yaxing Integration and Shenghui Integration, which are leaders in this sector [1][2]. Key Insights and Arguments - **AI Demand and Capital Expenditure**: Recent financial reports from several overseas leaders have exceeded expectations, confirming the robust demand for AI and indicating that AI capital expenditures are entering an expansion phase. Cleanrooms, as a front-end infrastructure segment, are expected to see a corresponding increase in demand [1]. - **U.S. Semiconductor Investments**: The U.S. has significantly increased investments in the semiconductor manufacturing chain, attracting major companies like TSMC and Samsung to establish factories in the U.S. By the end of 2024, TSMC is expected to have invested $65 billion in the U.S. and announced an additional $100 billion investment in March 2025. Recent "tariff-for-investment" policies have led TSMC and other Taiwanese companies to commit to at least $250 billion in direct investments in the U.S., which is likely to drive rapid growth in regional cleanroom demand [1]. - **Southeast Asia Developments**: - **Singapore**: The RIE2030 initiative plans to invest SGD 37 billion over the next five years in key economic sectors like semiconductors, aiming to double the output of the semiconductor and related manufacturing industries by 2030. This initiative is attracting major players such as UMC, World Advanced, and Micron to establish factories [2]. - **Vietnam and Thailand**: These countries are leveraging labor cost advantages and industrial cluster benefits to accelerate the transfer of precision manufacturing (PCB) and other supply chains, leading to robust regional capital expenditures [2]. Supply Side Dynamics - Cleanroom production capacity is primarily concentrated in mainland China and Taiwan, with the top five companies holding nearly 40% of the market share. Mainland leaders like Shenzhen Sanda A are actively pursuing overseas expansion. However, there are potential restrictions on mainland capacity moving to the U.S., leading to a significant mismatch in supply and demand in the U.S. market. It is anticipated that there will be an accelerated introduction of Taiwanese cleanroom leaders to the U.S. market, with project profit margins expected to exceed expectations, contributing significantly to performance growth. Continuous recommendations are made for Yaxing Integration (a Taiwanese cleanroom leader securing multiple large contracts in Singapore) and Shenghui Integration (which has established a U.S. subsidiary and is expected to benefit from TSMC's orders) [2]. Risk Factors - Potential risks include a downturn in semiconductor capital expenditures, increased competition within the industry, and the possibility that expansion efforts in the U.S. may not meet expectations [3].

Core Insights - The report discusses the implementation of the "Tax Law Principle" and its implications for service industries such as internet and finance, indicating that current tax arrangements are unlikely to change significantly in the short term [2][3][12] - The real estate sector is experiencing a favorable shift in financing policies, with REITs and private placements opening new equity financing channels to alleviate financial pressures on real estate companies [3][13] Tax Law Implementation - The State Council approved the "Implementation Regulations of the Value-Added Tax Law of the People's Republic of China" on December 19, 2025, and subsequent announcements have clarified tax details, suggesting stability in tax arrangements for service industries [2][3][12] - The definition of "basic services" in telecommunications is evolving, with mobile data and internet broadband still classified as "value-added services" subject to a 6% VAT rate, while traditional voice services are recognized as "basic services" with a 9% VAT rate [2][3][12] Real Estate Sector Analysis - The financing environment for the real estate industry is improving, with a shift from debt financing to equity financing, including the introduction of REITs and private placements [3][13] - Recent regulatory changes, such as the gradual retreat from the "three red lines" policy, indicate a more supportive financing environment for real estate companies [13] - The report maintains a "positive" rating for the real estate sector, highlighting the potential for recovery in the industry as financing policies become more favorable [3][13] Investment Recommendations - The report recommends several quality real estate companies for investment, including China Jinmao, Poly Developments, and China Resources Land, among others, due to their potential for recovery and attractive valuations [13] - The report emphasizes the importance of monitoring the evolving financing landscape and the impact of government policies on the real estate market [3][13]

证券日报网讯2月2日，圣晖集成（603163）在互动平台回答投资者提问时表示，公司将在定期报告中披 露相应时间点的股东人数。 ...

证券之星消息，2月2日专业工程板块较上一交易日下跌3.74%，圣晖集成领跌。当日上证指数报收于 4015.75，下跌2.48%。深证成指报收于13824.35，下跌2.69%。专业工程板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300029 | *ST天龙 | 5.38 | 4.26% | 10.52万 | | 5834.46万 | | 601096 | 宏盛华源 | 5.52 | 3.95% | 153.19万 | | 8.44亿 | | 300712 | 永福股份 | 28.79 | 3.08% | ● 7.65万 | | 2.22亿 | | 002135 | 东南网架 | 6.10 | 1.67% | 67.60万 | | 4.19亿 | | 605598 | 一海港澳 | 58.69 | 1.50% | 8.27万 | | 4.94亿 | | 605178 | 时空科技 | 67.96 | 1.39% | 4.62万 | | 3.19亿 | | ...

- The quantitative factors that performed well in the broker gold stock pool over the past month include total market capitalization, single-quarter net profit growth rate, and analyst net upgrade ratio[3][30] - The quantitative factors that performed poorly in the broker gold stock pool over the past month include post-earnings announcement gap excess, single-quarter ROE, and intraday return rate[3][30] - The broker gold stock performance enhancement portfolio achieved an absolute return of 11.47% and an excess return of 4.15% relative to the partial equity hybrid fund index for the period from January 5, 2026, to January 30, 2026[5][43] - The broker gold stock performance enhancement portfolio ranked in the 16.69th percentile among active equity funds for the period from January 5, 2026, to January 30, 2026[5][43] - The broker gold stock index achieved a return of 7.60% for the period from January 5, 2026, to January 30, 2026, compared to a return of 7.32% for the partial equity hybrid fund index over the same period[24]

中国经济网北京2月2日讯 圣晖集成(603163.SH)近日披露《向不特定对象发行可转换公司债券预 案》。 本次向不特定对象发行可转换公司债券的募集资金总额不超过55,000.00万元（含55,000.00万元）， 扣除发行费用后的募集资金净额将用于投入高科技产业专项工程建设项目，该项目包括多个专项工程建 设子项目，具体如下： | 序号 | 项目名称 | 项目总投资 (万元) | 拟使用募集资 金(万元) | | --- | --- | --- | --- | | 1 | 543/250100026/洁净机电工程 | 38.444.68 | 11.000.00 | | 2 | 331/250200031/无尘室工程 | 22.047.95 | 6.000.00 | | 3 | 298/250400039/机电包 | 12.600.92 | 9.500.00 | | 4 | 019/T251200002/机电工程 | 40.338.56 | 28.500.00 | | | 合计 | 113,432.10 | 55.000.00 | 本次发行证券的种类为可转换为公司A股股票的可转换公司债券。本次发行的可转换公司债 ...

国盛证券研报指出，圣晖集成是台资电子洁净室龙头，拓美布局加速成长。公司在封装、精密制造等洁 净室领域龙头地位显著，积累日月光（矽品科技）、富士康、鹏鼎、纬创等优质客户资源，2018-2024 年收入规模稳步扩张至20亿元，复合增速达14%；2025Q1-3延续快速扩张态势，实现营收21亿元，同增 46%。美国AI资本开支强劲，洁净室供需严重错配。台湾圣晖落地美国子公司，美国业务有望贡献显著 业绩增量。此外，东南亚需求高景气，PCB等资本开支大幅扩张。Q4末在手订单同增46%，有望带动今 年业绩增长提速。考虑下游资本开支高景气，预计公司2025-2027年归母净利润分别为1.44/2.30/3.47亿 元，同增26%/59%/51%，对应EPS分别为1.44/2.30/3.47元/股，当前股价对应PE分别为77/48/32倍，看好 后续美国区域业务突破带动业绩增长，首次覆盖给予"买入"评级。 ...

Investment Rating - The report gives a "Buy" rating for the company, marking the first coverage of the stock [4][6]. Core Insights - The company is a leading Taiwanese semiconductor cleanroom provider, with significant advantages in the packaging sector. It has established a strong position in cleanroom system integration, serving key clients in the semiconductor and precision manufacturing industries [1][14]. - The company has seen steady revenue growth, with a compound annual growth rate (CAGR) of 14% from 2018 to 2024, reaching a revenue of 2 billion yuan in 2024. The first three quarters of 2025 continued this trend with a revenue of 2.1 billion yuan, a year-on-year increase of 46% [1][4]. - The establishment of a subsidiary in the United States is expected to significantly contribute to the company's revenue, with potential orders from major clients like TSMC estimated to bring in 17.5 billion yuan in total contracts [3][4]. Company Overview - The company was founded in 2003 as a subsidiary of Taiwan's Shenghui and specializes in cleanroom system integration, covering the entire EPCO (Engineering, Procurement, Construction, and Operation) value chain [14]. - The business structure is primarily focused on cleanroom system integration, with downstream sectors including semiconductors (59%), precision manufacturing (31%), and others [1][14]. Financial Analysis - The company experienced a decline in net profit in 2024 due to fluctuations in gross margin, but it is expected to recover in 2025 with a projected net profit of 144 million yuan, a year-on-year increase of 26% [4][28]. - The gross margin has been under pressure, decreasing from 16% in 2020 to 13% in 2024, but is anticipated to improve as project structures optimize [28][35]. - The company has maintained a strong order backlog, with orders reaching 2.54 billion yuan by the end of Q4 2025, a 46% increase year-on-year, which is expected to drive revenue growth [4][47]. Industry Insights - The U.S. semiconductor capital expenditure is robust, with significant investments from major players like TSMC and Samsung, leading to a mismatch in cleanroom supply and demand [2][3]. - The Southeast Asian market is experiencing high demand for cleanroom services, driven by the expansion of semiconductor-related industries, with the company seeing substantial revenue growth from this region [3][4].

每经AI快讯，圣晖集成1月30日晚间发布公告称，公司第三届第四次董事会会议于2026年1月30日在公 司会议室以现场结合通讯的方式召开。会议审议了《关于公司2026年度内部审计工作计划的议案》等文 件。 每经头条（nbdtoutiao）——中国无人驾驶"军团"，"武装"阿布扎比 （记者 张明双） ...

格隆汇1月30日丨圣晖集成(603163.SH)公布向不特定对象发行可转换公司债券预案，本次向不特定对象 发行可转换公司债券的募集资金总额不超过55,000.00万元（含55,000.00万元），扣除发行费用后的募集 资金净额将用于投入高科技产业专项工程建设项目，本项目包括多个专项工程建设子项目，具体如下： 543/250100026/洁净机电工程、331/250200031/无尘室工程、298/250400039/机电包、019/T251200002/机 电工程。 ...