Investment Rating - The report maintains a positive outlook on the semiconductor equipment and components industry, highlighting the acceleration of domestic substitution under the trend of self-control [2][3]. Core Viewpoints - The semiconductor equipment sector continues to experience high revenue growth, with a notable increase in profitability. The selected 14 semiconductor equipment companies achieved total revenues of 732.2 billion and 177.4 billion yuan for 2024 and Q1 2025, respectively, representing year-on-year growth of 33% and 37% [2][7]. - The report emphasizes the trend of domestic substitution in semiconductor equipment and components, driven by the expansion of advanced logic and memory manufacturers, as well as the increasing demand for domestic equipment [2][3]. Summary by Sections 1. Semiconductor Equipment - Revenue: The semiconductor equipment sector maintained high growth, with total revenues of 732.2 billion yuan in 2024 and 177.4 billion yuan in Q1 2025, reflecting year-on-year increases of 33% and 37% [2][7]. - Profit: The total net profit attributable to shareholders for the semiconductor equipment companies was 119.0 billion yuan in 2024 and 25.8 billion yuan in Q1 2025, with year-on-year growth of 15% and 37% [12][16]. - Orders: The total contract liabilities for semiconductor equipment companies reached 192.1 billion yuan in 2024 and 199.1 billion yuan in Q1 2025, indicating a year-on-year increase of 14.1% and 6.3% [34]. 2. Semiconductor Components - Revenue: The four selected semiconductor component companies achieved total revenues of 113.4 billion yuan in 2024 and 24.7 billion yuan in Q1 2025, with year-on-year growth of 9% and a decline of 6% [52][57]. - Profit: The total net profit attributable to shareholders for the semiconductor component companies was 16.1 billion yuan in 2024 and 2.0 billion yuan in Q1 2025, showing a decline of 5% and 45% year-on-year [57][63]. - Cash Flow: The operating cash flow for the semiconductor component companies improved significantly in 2024, with a net cash flow of 10.9 billion yuan, but faced short-term pressure in Q1 2025 with a net cash flow of 2.6 billion yuan [62][66]. 3. Investment Recommendations - The report recommends focusing on platform-based equipment manufacturers such as North China Huachuang and Zhongwei Company, as well as component manufacturers like Xinlai and Fuchuang Precision [2][3].

Investment Rating - The industry investment rating is "Overweight" [3][30]. Core Viewpoints - The humanoid robot industry is expected to see significant growth, with a projected cumulative demand of approximately 2 million units by 2030, indicating a critical breakthrough phase from 0 to 1 [6][24]. - The report highlights key companies to watch in the humanoid robot supply chain, including Tier 1 suppliers and core component manufacturers [6][24]. - The report emphasizes the importance of technological advancements in various sectors, including photovoltaic equipment, energy storage, semiconductor equipment, automation, and hydrogen energy, suggesting a favorable outlook for leading companies in these areas [6][25][26]. Summary by Sections Humanoid Robots - Recent developments include the launch of the first domestic AI-powered exoskeleton robot by Zhiyuan, which features advanced technology for various applications [7]. - The first batch of 220 humanoid robots was delivered by Chery, showcasing their capabilities in customer service and sales guidance [17]. - The World Humanoid Robot Sports Competition is set to take place in August, highlighting the growing interest and innovation in the humanoid robotics field [23]. Photovoltaic Equipment - The penetration rate of N-type photovoltaic technology is accelerating, strengthening the competitive edge of leading companies [25]. - The report suggests focusing on companies that are innovating in cost-reduction technologies and expanding production capacity [25]. Energy Storage - Favorable policies are expected to drive growth in both generation-side and user-side energy storage [25]. - Companies like Xingyun Co. are positioned to benefit from strategic partnerships in the energy storage sector [25]. Semiconductor Equipment - The semiconductor equipment market is projected to reach $140 billion by 2030, with a focus on domestic alternatives due to low current localization rates [26]. - The report recommends monitoring companies that are well-positioned to capitalize on this trend [26]. Automation - The market for industrial tools is expected to grow from approximately 40 billion to 55.7 billion by 2026, with opportunities for leading companies to gain market share through increased concentration and import substitution [26]. Hydrogen Energy - The report highlights the potential of green hydrogen in achieving carbon neutrality, with a focus on companies that integrate the hydrogen supply chain [25].

Core Viewpoint - The semiconductor wet process equipment ultra-pure tank is a critical component for holding wafers, chemical cleaning solutions, and deionized water, with increasing costs and market growth projected for 2024 [1][4][6]. Industry Definition and Characteristics - The ultra-pure tank is essential for ensuring the cleanliness of wafers during wet processing, characterized by ultra-high purity, corrosion resistance, temperature control, and sealing properties [2][4]. Current Industry Development Status - The cost of ultra-pure tanks in China's semiconductor cleaning equipment is expected to reach 210,000 yuan in 2024, an increase of 35,000 yuan from 2023 [4][6]. The market size for ultra-pure tanks is projected to be approximately 303 million yuan in 2024, growing by 22 million yuan from 2023 [6]. Industry Value Chain - The upstream of the ultra-pure tank industry includes raw materials like FTFE, PFA, and PVDF, as well as processing equipment such as injection molding machines and extrusion machines [8]. The midstream involves the manufacturing of ultra-pure tanks, while the downstream applications are primarily in semiconductor cleaning equipment [8]. Market Size and Growth - The PVDF market is projected to reach approximately 35 billion yuan in 2024, reflecting a growing trend in the semiconductor industry [10]. The semiconductor cleaning equipment market in China is expected to grow to 15.882 billion yuan in 2024, an increase of 3.071 billion yuan from 2023, with a forecast of reaching 19.5 billion yuan by 2025 [12]. Competitive Landscape - The ultra-pure tank market is dominated by a few key players, with Japanese firm DNS leading the market. Domestic companies such as Wokai Fluor, Water Huaben, and Nijiass are also significant contributors [15]. The industry is moving towards higher purity, intelligent monitoring, and longer lifespan products, with increased R&D efforts from domestic firms like Zhichun Technology and Beifang Huachuang [15].

Core Viewpoint - The semiconductor wet processing equipment market is experiencing robust growth, driven by the rapid development of the global semiconductor industry, with significant increases in market size projected for both global and Chinese markets in the coming years [1][6][27]. Group 1: Market Size and Growth - The global semiconductor cleaning equipment market is expected to reach approximately 79.407 billion yuan in 2024, an increase of 8.235 billion yuan from 2023 [4]. - The Chinese semiconductor cleaning equipment market is projected to grow to 15.882 billion yuan in 2024, up by 3.071 billion yuan from 2023 [6]. - By 2025, the global semiconductor cleaning equipment market is anticipated to reach 88 billion yuan, while the Chinese market is expected to grow to 19.5 billion yuan [1][6]. Group 2: Industry Definition and Classification - Semiconductor wet processing equipment is essential for various processes in chip manufacturing, including cleaning, etching, and stripping, utilizing chemical solutions to achieve specific objectives [2]. - The main categories of semiconductor wet processing equipment include wet cleaning, wet etching, and stripping equipment, with single-wafer and batch cleaning systems being the most prevalent [2]. Group 3: Industry Chain Structure - The upstream of the semiconductor wet processing equipment industry includes high-purity chemicals, ultra-pure water systems, and precision mechanical components, with significant technological barriers dominated by companies from Europe, the United States, and Japan [8]. - The midstream involves the manufacturing of semiconductor wet processing equipment, while the downstream applications are in semiconductor manufacturing, serving sectors like consumer electronics, automotive electronics, and AI/data centers [8]. Group 4: Competitive Landscape - The global semiconductor wet processing equipment market is highly concentrated, with major players like SCREEN, Tokyo Electron, Lam Research, and SEMES holding over 90% of the market share [17]. - Domestic companies such as Zhichun Technology, North Huachuang, Shengmei Shanghai, and Chip Source are rapidly developing, with some achieving mass production and entering the supply chains of leading domestic wafer manufacturers [17][20]. Group 5: Company Performance - Shengmei Shanghai is projected to achieve a revenue of 5.618 billion yuan in 2024, a year-on-year increase of 44.48%, with net profit reaching 1.153 billion yuan, up 26.65% [23]. - Zhichun Technology has become a leader in high-purity process systems and wet processing equipment in China, reporting a total revenue of 2.639 billion yuan in the first three quarters of 2024, a year-on-year increase of 20.04% [25]. Group 6: Future Trends - The expansion of domestic wafer production capacity and technological advancements are expected to enhance the role of Chinese semiconductor wet processing equipment companies in the global supply chain [27]. - Continuous innovation and accelerated domestic substitution are anticipated to lead to higher cleanliness and integration in equipment, with an expanding share in international markets [27].

证券代码：603690 证券简称：至纯科技 公告编号：2025-049 上海至纯洁净系统科技股份有限公司 关于股份回购进展公告 | 回购方案首次披露日 | 2024/10/29 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 个月 12 | | 预计回购金额 | 8,000万元~16,000万元 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 □为维护公司价值及股东权益 | | 累计已回购股数 | 1,994,601股 | | 累计已回购股数占总股本比例 | 0.52% | | 累计已回购金额 | 4,999.42万元 | | 实际回购价格区间 | 24.20元/股~25.85元/股 | 一、回购股份的基本情况 上海至纯洁净系统科技股份有限公司（以下简称"公司"）于 2024 年 10 月 28 日召开第五届董事会第八次会议审议通过《关于以集中竞价交易方式回购股份 方案的议案》，同意公司使用兴业银行股份有限公司上海分行提供的专项贷款及自 有资金以集中竞价交易方式回购公司已发行的部分人民币普通股股票。回购的股 份将在未来适宜时机 ...

Core Viewpoint - The company, Zhichun Technology, reported a revenue of 3.605 billion yuan for 2024, marking a year-on-year growth of 14.40%, with a net profit attributable to shareholders of 23.5975 million yuan [1][2] Group 1: Financial Performance - The total revenue for 2024 reached 3.605 billion yuan, reflecting a 14.40% increase compared to the previous year [1] - The net profit attributable to shareholders was 23.5975 million yuan [1] - The company secured new orders totaling 5.577 billion yuan in 2024, with a 17.88% increase in new signed orders compared to 2023, excluding long-term orders [2] Group 2: Research and Development - The company invested 442 million yuan in R&D in 2024, a significant increase from 13 million yuan in 2017, with cumulative R&D investment exceeding 1.5 billion yuan over the past five years [1] - The company has established four major technology platforms covering all aspects of wet process technology, maintaining a leading position in certain equipment segments [1] Group 3: Market Position and Strategy - The company’s products, including high-purity gas and chemical equipment, achieved a total shipment of over 36,000 units in 2024, with 88.46% serving 12-inch advanced process customers [1] - The company has focused on localized supply chain construction since 2021, achieving a stable and controllable supply chain, which has proven valuable in the current industry context [1] - The company’s revenue structure, combining equipment, materials, and services, is forming a resilient barrier against industry cycles [2] Group 4: Operational Efficiency - The management has implemented plans to reduce operational costs and improve cash flow through better resource allocation and receivables management [2] - The company aims to enhance shareholder value through both organic growth and external acquisitions, striving for long-term returns for investors [2]

Core Viewpoint - Shanghai ZhiChun Clean System Technology Co., Ltd. (hereinafter referred to as "ZhiChun Technology") has reported a significant decline in net profit for 2024, despite a revenue increase, highlighting the challenges faced in the semiconductor equipment industry [1][2]. Financial Performance - In 2024, ZhiChun Technology achieved operating revenue of 3.605 billion yuan, a year-on-year increase of 14.40% [1] - The net profit attributable to the parent company was 23.5975 million yuan, a decline of over 90% year-on-year [2] - The company reported a shift from profit to loss in net profit after deducting non-recurring gains and losses [1] - In Q1 2025, ZhiChun Technology's revenue was 728 million yuan, down 10.32% year-on-year, with a net profit of 19.0161 million yuan, a decrease of 70.09% [3] Market Dynamics - In 2024, 84.55% of new orders came from the integrated circuit industry, primarily from leading users such as SMIC and Shanghai Huali [2] - The company faced increased competition in the semiconductor wet process equipment sector, which has a relatively low technical threshold and high domestic production rates [2] Strategic Initiatives - ZhiChun Technology plans to acquire 83.78% of Guizhou Weidun Crystal Phosphorus Electronic Materials Co., Ltd. to enhance its competitiveness in the semiconductor materials sector [1][4] - The acquisition aims to integrate high-purity electronic materials into ZhiChun Technology's business, improving its service offerings and core competitiveness [4] - The company anticipates new orders between 5.5 billion and 6 billion yuan for 2025, with a focus on high-end cleaning equipment [4] Ongoing Transactions - As of now, the audit, evaluation, and due diligence for the acquisition of Weidun Crystal Phosphorus are in progress, with further board meetings planned to discuss the transaction [5] - The acquisition is seen as a way to quickly integrate resources and optimize business layout, although it may face challenges such as financial risks and integration difficulties [5]

Core Viewpoint - The annual report of Zhichun Technology (603690) for 2024 indicates a revenue growth of 14.40% year-on-year, with total revenue reaching 3.605 billion yuan and a net profit attributable to shareholders of 23.5975 million yuan [1] Group 1: Financial Performance - In 2024, Zhichun Technology achieved a total new order amount of 5.577 billion yuan, with long-term orders (over 5 years) totaling 117 million yuan [1][3] - The company's R&D investment reached 442 million yuan in 2024, significantly up from 13 million yuan in 2017, with cumulative R&D investment exceeding 1.5 billion yuan over the past five years [1] Group 2: Market Position and Strategy - Zhichun Technology has established the first fully domestically produced 12-inch wafer gas station for 28nm processes, breaking the international suppliers' monopoly [2] - The company has built a production and service base of 420,000 square meters, with an additional 48,700 square meters under construction, supporting its strategic goals [2] Group 3: Order Growth and Client Base - The new orders in 2024 saw a growth of 17.88% compared to 2023, with 84.55% of the new orders coming from the integrated circuit industry, and 88.46% of these orders serving 12-inch integrated circuit clients [3] - The company is expanding its innovation map towards the entire semiconductor industry chain, implementing a LAB2FAB strategy to enhance collaboration between technology research and industry [3] Group 4: Mergers and Acquisitions - Zhichun Technology is planning a strategic acquisition of Weidun Crystal Phosphorus, a leading domestic semiconductor material supplier, which could enhance product synergy and extend its business into critical consumables in semiconductor manufacturing [4] - The management has also developed plans to reduce operating costs and improve cash flow through better resource allocation and receivables management [4]

根据《企业会计准则》及公司会计政策的相关规定，基于谨慎性原则，公司 对合并报表范围内可能发生减值迹象的各项资产进行了全面清查。 计提及核销的具体情况如下： 注：上述合计数尾差系四舍五入所致。 一、计提信用减值、资产减值损失及核销资产对公司的影响 证券代码：603690 证券简称：至纯科技 公告编号：2025-039 上海至纯洁净系统科技股份有限公司关于 2024 年度 计提信用减值、资产减值损失及核销资产的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 上海至纯洁净系统科技股份有限公司（以下简称"公司"）第五届董事会第 十二次会议、第五届监事会第十一次会议审议通过了《关于 2024 年度计提信用 减值、资产减值损失及核销资产的议案》，上述议案无需提交股东会审议。 公司在确定与合同成本有关的资产的减值准备时，首先对按照其他相关企业 会计准则确认的、与合同有关的其他资产确定减值准备；然后根据其账面价值高 于本公司因转让与资产相关的商品预期能够取得的剩余对价以及为转让该相关 商品估计将要发生的成本这两项的差额的，超出部分应当计 ...

证券代码：603690 证券简称：至纯科技 公告编号：2025-041 上海至纯洁净系统科技股份有限公司 关于副总经理退休离任及聘任副总经理的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、副总经理退休离任情况 二、聘任副总经理情况 根据《公司章程》《董事会议事规则》等有关规定，经公司总经理提名、董 事会提名委员会审核资格，公司于 2025 年 4 月 27 日召开第五届董事会第十二次 会议，审议通过了《关于聘任副总经理的议案》，同意聘任白柠先生为公司副总 经理（简历详见附件），其任期自本次董事会审议通过之日起至第五届董事会任 期届满之日止。 特此公告 上海至纯洁净系统科技股份有限公司董事会 2025 年 4 月 29 日 1 附：白柠先生简历 白柠，2002 年至 2012 年任职于上海市信息化办公室（2003 年 8 月更名为上 海市信息化委员会、2008 年 10 月整合划入上海市经济和信息化委员会）；2013 年至 2021 年先后任职于南京协立投资管理有限公司、中电科软件信息服务有限 公司等，2022 年至 ...