中国 证券研究 2025 年 5 月 28 日 中微公司 - A 鉴于需求具有韧性且潜在市场扩大，成长性完好：科技 行业调研及分析师会议要点 我们在最近的科技行业调研期间拜访了中微公司，并参加了分析师会 议。得到的反馈再度证实了我们对公司的正面看法，包括 (1)先进存 储/逻辑晶圆厂加速扩产；(2)产品/客户验证加快；(3)产品组合扩大。 我们目前预计 2025-27 年营收/盈利年复合增长率分别为 49%/72%， 而公司目前股价继近期回调后对应 28 倍的动态市盈率。我们继续看 好中微公司；截至 2026 年 6 月的目标价 220 元基于 20 倍的一年动态 市盈率得出。 分析师声明及重要披露，包括非美国分析师披露，见第 3 页。 摩根大通与其研究报告所覆盖的公司开展业务，或寻求与这些公司开展业务。因此，投资者应意识到其中可能存 在利益冲突，进而可能会影响本报告的客观性。投资者在做出投资决策时，本报告之观点应仅作为投资者的考虑 因素之一。 增持 688012.SS, 688012 CH 股价: 170.93 元 2025 年 5 月 28 日 目标价: 220.00 元 目标价截至日期: 2026 年 ...

Market Performance - During the trading days from May 26 to May 30, all three major A-share indices experienced declines, with the Shanghai Composite Index down by 0.03%, the Shenzhen Component Index down by 0.91%, and the ChiNext Index down by 1.4% [1] - On Friday, the Shanghai Composite Index fell by 0.47% to close at 3347 points, while the Shenzhen Component Index decreased by 0.85% to 10041 points [3] Stock Performance - A total of 32 stocks saw a price increase of over 30% this week, with Luqiao Information leading at a 94.2% increase. Other notable gainers included Shutai Shen with over 60% and several others exceeding 50% [4][5] - Conversely, only three stocks experienced a decline of over 20%, with Lijun Co. leading the drop at 21.89% [4][5] Trading Activity - 82 stocks had a turnover rate exceeding 100% during the week, with Xintiandi topping the list at 247.65%. Other high turnover stocks included Xue Ren Co. and Wangzi New Materials, both exceeding 200% [6][7] - The sectors with high turnover rates included pharmaceuticals, machinery, and light manufacturing [6] Fund Flows - The textile, environmental protection, and coal industries attracted significant capital inflows, while the electric equipment, automotive, machinery, electronics, and computer sectors saw net sell-offs exceeding 5 billion yuan [8] - Stocks with the highest net inflows included Shenghong Technology, Haige Communication, and Hushen Co., with net inflows of 6.76 billion yuan, 5.08 billion yuan, and 4.92 billion yuan, respectively [9] Margin Trading - A total of 1722 stocks received net buying through margin trading, with 597 stocks having net purchases exceeding 10 million yuan. BYD led with a net buying amount of 15.17 billion yuan [10][11] Institutional Research - 435 listed companies were researched by institutions this week, with Zhongwei Company receiving the most attention from 212 institutions [12][13] - 72 stocks were newly favored by institutions, with Sairis receiving a "strong buy" rating and a target price of 184.93 yuan [14][15]

Core Viewpoint - Zhongwei Semiconductor Equipment (Shanghai) Co., Ltd. aims to cover nearly 60% of the high-end integrated circuit equipment market in the future, emphasizing the importance of mergers and acquisitions in the domestic integrated circuit equipment industry [1][6]. Financial Performance - In 2024, Zhongwei achieved revenue of 9.065 billion yuan, a year-on-year increase of 44.7%, and a net profit of 1.388 billion yuan, up 16.5% [2]. - In Q1 2024, the company reported revenue of 2.173 billion yuan, a 35.4% increase year-on-year, with a net profit of 313 million yuan, up 25.67% [2]. - R&D expenses for 2024 reached 2.45 billion yuan, accounting for 27% of sales, with a significant increase in R&D investment over the years [2][3]. R&D Investment - Zhongwei maintains a minimum of 20% R&D investment annually, with the ratio reaching 31.6% in Q1 2024, significantly higher than the average for Sci-Tech Innovation Board companies [3]. - The company has a research team of nearly 400 people, reducing product development time from three to five years to just 18 months [3]. Strategic Development - The company implements a three-dimensional development strategy to expand growth opportunities, focusing on integrated circuit equipment, general semiconductor equipment, and industry chain cultivation [4][5]. - In the integrated circuit equipment sector, Zhongwei has become a leader in plasma etching equipment, contributing over 7.2 billion yuan in revenue in 2024, a 54.7% increase [4]. Market Position and Future Outlook - Zhongwei currently covers approximately 30% of the high-end integrated circuit equipment market, with goals to increase this to nearly 60% in the next five to ten years [4]. - The company has invested over 2 billion yuan in 40 companies, with a focus on supply chain investments, achieving a floating profit of nearly 5.9 billion yuan [5]. Industry Trends - The domestic integrated circuit equipment industry is expected to consolidate, with a trend towards fewer, stronger companies [6]. - Zhongwei has already established a presence in international markets, including the U.S., where it has several reactors in production for 5nm processes [6][7].

Core Viewpoint - The domestic semiconductor equipment industry is accelerating its development, with significant growth in revenue and R&D investment, positioning companies like Zhongwei to become leaders in the global market by 2035 [1][2]. Group 1: Company Performance - Zhongwei achieved a revenue of 9.065 billion yuan in 2024, a year-on-year increase of 44.73%, maintaining an average annual growth rate of over 40% for nearly four years [1]. - The company's net profit attributable to shareholders, excluding non-recurring items, was approximately 1.388 billion yuan, up 16.51% year-on-year [1]. - In the first quarter of 2025, Zhongwei continued to show high growth in performance [1]. Group 2: R&D Investment - In 2024, Zhongwei's R&D investment reached 2.452 billion yuan, a year-on-year increase of 94.31%, accounting for about 27.05% of its revenue [1]. - The company has over 20 new devices in development, including advanced etching and deposition equipment [2]. - R&D spending has shifted focus from etching equipment, which previously accounted for 70%-75% of investments, to increasing efforts in film equipment [2]. Group 3: Market Strategy - Zhongwei aims to increase its market coverage from approximately 30% to 60% in the high-end integrated circuit equipment market over the next 5-10 years [2]. - The company emphasizes the importance of developing differentiated, proprietary high-end equipment to avoid low-end competition [4]. - Zhongwei has invested in 40 companies in the supply chain since its listing, with eight of these companies successfully listed on the A-share market [4]. Group 4: External Environment and Supply Chain - The global semiconductor industry is experiencing new growth opportunities, with increasing competition in the domestic semiconductor equipment sector [3]. - Zhongwei is enhancing its supply chain by developing high-quality suppliers and increasing the localization rate of key components [5]. - The company is committed to maintaining strong relationships with international semiconductor clients and adapting to external policy changes [5].

Core Viewpoint - The legal opinion letter from Shanghai Jintiancheng Law Firm confirms that the company, Zhongwei Semiconductor Equipment (Shanghai) Co., Ltd., has fulfilled the necessary approvals and conditions for the implementation of its 2023 restricted stock incentive plan, including the cancellation of certain restricted stocks due to the disqualification of some incentive targets [1][9]. Group 1: Approval and Authorization of Implementation - The company held its 11th meeting of the 2nd Board of Directors on March 30, 2023, where it approved the 2023 restricted stock incentive plan and related proposals [2]. - The company disclosed the public solicitation of voting rights from independent directors on March 31, 2023, to gather shareholder votes on the incentive plan [3]. - The company conducted an internal public notice regarding the names and positions of the proposed incentive targets from April 4 to April 13, 2023, with no objections received [4]. Group 2: Conditions and Achievements of the Second Vesting Period - The second vesting period for the granted restricted stocks is defined as the period from June 12, 2025, to June 11, 2026, following the grant date of June 12, 2023 [5]. - The conditions for the second vesting period have been met, including the absence of adverse audit reports and the fulfillment of performance targets based on revenue growth compared to benchmark companies [6][7]. Group 3: Cancellation of Restricted Stocks - A total of 318,432 shares of restricted stock will be canceled due to 88 incentive targets no longer qualifying as they have left the company or do not meet the criteria [9]. - The reasons for the cancellation and the number of shares are in compliance with relevant laws and regulations [9]. Group 4: Conclusion - The legal opinion concludes that the cancellation of restricted stocks has received the necessary approvals and that the conditions for the second vesting period have been achieved, aligning with the relevant laws and regulations [9].

Core Viewpoint - The report discusses the achievement of the second vesting period conditions for the 2023 Restricted Stock Incentive Plan of Zhongwei Semiconductor Equipment (Shanghai) Co., Ltd, indicating that the necessary approvals and conditions have been met for the vesting of restricted stocks [1][3][4]. Summary by Sections Approval Process - The 2023 Restricted Stock Incentive Plan has undergone necessary approval procedures, including resolutions from the board and supervisory committee, and independent opinions from independent directors [1][3][4]. Conditions for Vesting - The second vesting period for the restricted stocks is defined as the period from the first trading day after 24 months from the grant date to the last trading day within 36 months from the grant date, specifically from June 12, 2025, to June 11, 2026 [3][4]. - The conditions for vesting have been met, including no adverse audit opinions, no administrative penalties on the incentive objects, and compliance with the required employment duration [3][4]. Performance Assessment - The company’s performance assessment for the vesting is based on the cumulative revenue growth rate compared to benchmark enterprises, with the 2023 revenue reported at 6,263.51 million yuan and the 2024 target at 9,065.17 million yuan, achieving a growth rate of 223.40% [3][4]. - The individual performance assessment for the incentive objects will determine the actual number of shares vested, categorized into five performance levels [4][5]. Conclusion - The independent financial advisor confirms that the vesting conditions for the second period have been achieved, and all necessary approvals have been obtained, complying with relevant laws and regulations [4][5].

Group 1 - The core point of the announcement is the self-examination report regarding insider trading related to the 2025 restricted stock incentive plan of Zhongwei Semiconductor Equipment (Shanghai) Co., Ltd. [1] - The company conducted a self-examination of insider trading activities among individuals with knowledge of the incentive plan prior to its public disclosure, confirming that no insider trading occurred [2][3] - A total of 9 individuals were found to have trading records during the self-examination period, but their transactions were based on independent market judgments and not related to insider information [2] Group 2 - The company adhered to relevant regulations and internal confidentiality measures during the planning of the incentive program, ensuring that only a limited number of personnel had access to insider information [2] - No instances of insider information leakage were identified prior to the public announcement of the incentive plan [2] - The self-examination concluded that all individuals with insider knowledge did not engage in insider trading or leak any related information [2]

Core Points - The company has reviewed the list of 1210 eligible participants for the 2023 restricted stock incentive plan and confirmed their qualifications according to relevant laws and regulations [1][2] - The total number of shares to be granted to these eligible participants is 1.210379 million shares, which complies with legal and regulatory requirements [2] Summary by Sections - **Eligibility Review** - The 1210 participants meet the qualifications set forth by the Company Law, Securities Law, and other relevant regulations, confirming their eligibility for the incentive plan [1] - **Stock Allocation** - The corresponding number of shares for the eligible participants is 1.210379 million shares, and this allocation does not harm the interests of the company or its shareholders [2]

Group 1 - The third meeting of the supervisory board of Zhongwei Semiconductor Equipment (Shanghai) Co., Ltd. was held on May 28, 2025, with all three supervisors present, confirming the legality and validity of the meeting [1] - The supervisory board approved the proposal to cancel part of the restricted stock from the 2023 incentive plan, stating that it complies with relevant laws and does not harm shareholder interests [1] - The board also approved that the second vesting period of the 2023 restricted stock incentive plan has met the vesting conditions, allowing 1,210 incentive recipients to vest 1.210379 million shares [1]

Meeting Overview - The shareholders' meeting was held on May 28, 2025, at the company's office in Shanghai [1] - A total of 503 ordinary shareholders attended, holding 278,059,871 voting rights, which represents 44.4898% of the company's total voting rights [1] Voting Results - All non-cumulative voting proposals were approved with significant majority support, including: - Proposal 1: 99.8466% in favor [1] - Proposal 2: 99.8459% in favor [1] - Proposal 3: 99.7408% in favor [1] - Proposal 4: 99.8332% in favor [1] - Proposal 5: 98.3661% in favor [1] - Proposal 6: 99.8423% in favor [1] - Proposal 7: 99.8408% in favor [2] - Proposal 8: 99.7899% in favor [2] - Proposal 9: 99.8149% in favor [2] - Proposal 10: 94.9379% in favor [2] - Proposal 11: 93.5924% in favor [2] - Proposal 12: 94.4019% in favor [2] - Proposal 13: 93.6142% in favor [2] Related Matters - Certain shareholders were required to abstain from voting on specific proposals due to conflicts of interest [3] - The legal representatives confirmed that the meeting's procedures and voting results complied with relevant laws and regulations [3]