Summary of Key Points from the Conference Call Industry Overview - The conference focused on the semiconductor equipment industry in China, specifically companies AccoTEST, AMEC, and NAURA, during SEMICON China 2025 [1] Core Insights 1. **Competition from SiCarrier**: - Equipment makers do not perceive SiCarrier, backed by Huawei, as an immediate threat due to concerns over technology leakage among Chinese chip makers [1][2] - SiCarrier claims to have a complete product line, but cooperation with Chinese chip makers is uncertain unless it can produce qualified DUV lithography machines [2] 2. **Revenue Growth Expectations**: - Equipment manufacturers anticipate a revenue/order growth of 25%-30% year-over-year in 2025, driven by ongoing import replacement trends, which are not influenced by typical semiconductor cycles [1] 3. **In-House Component Development**: - Companies are increasingly designing or manufacturing key components internally to ensure supply security. For instance, AccoTEST is designing chips for ATE, while NAURA is producing flowmeters [1] Company-Specific Updates AccoTEST - **Order Growth**: Expected ATE order growth of over 30% year-over-year in Q1 2025, with visibility extending into Q2 2025 [3] - **New Product Confidence**: Management is optimistic about securing firm orders for the STS8600 product, which is priced approximately 20% lower than global competitors [3] - **In-House Chip Design**: The decision to design chips internally is driven by the lack of tailored offerings from major suppliers, not geopolitical issues [3] NAURA - **Revenue and Order Growth**: Projected revenue and new order growth of 25%-30% in 2025 [4] - **M&A Considerations**: Following the acquisition of a stake in Kingsemi, NAURA is considering further expansion through mergers and acquisitions [4] - **Component Production**: Plans to design and produce key components like E-Chucks and flowmeters for local peers, in addition to removing US components from its supply chain [4] AMEC - **Growth Projections**: Anticipates a 30% growth in both revenue and orders for 2025 [5] - **New Product Revenue**: The LPCVD product is expected to see a revenue increase of approximately 200% year-over-year in 2025 [5] - **Certification Process**: The 90:1 HAR etching machine is currently undergoing certification with Chinese NAND customers, which is crucial for producing advanced 3D NAND [5] Additional Insights - The semiconductor equipment market in China is characterized by a strong focus on domestic production and supply chain security, with companies actively seeking to reduce reliance on foreign technology and components [1][4][5] - The overall sentiment among the equipment makers is optimistic, with significant growth expected despite potential competitive pressures from new entrants like SiCarrier [1][2][3][4][5]

Investment Rating - The report indicates a positive investment outlook for the semiconductor equipment industry, highlighting an overall upward trend in orders and revenue growth for key players in the sector. Core Insights - Semiconductor equipment manufacturers are experiencing an increase in orders, driven by new product developments and rising wafer processing rates, which in turn boost material demand [1][3] - The report emphasizes the competitive landscape for special materials like silicon carbide, with some product prices recovering [1] - The emergence of new suppliers in advanced packaging equipment, particularly in 2.5D, 3D, and 3.5D technologies, is noted, with domestic projects propelling certain companies to prominence [1][3] Summary by Sections North Huachuang's Revenue and R&D Investment - North Huachuang anticipates Q1 2025 revenue of 7 to 8 billion yuan, with a 30% increase in chip orders, projecting total chip orders for the year at approximately 38 billion yuan [4] - The company is actively investing in R&D across ion implantation and electroplating, planning to expand production by 3,000 to 4,000 units annually [4] North Huachuang's Acquisition of New Yao Wei - North Huachuang is set to complete the acquisition of New Yao Wei by June 2025, which is expected to add around 1 billion yuan to its consolidated revenue [5] New Source Energy's Development in Cleaning Equipment - New Source Energy reported over 2 billion yuan in revenue from chemical cleaning agents, with total revenue projected to reach around 1.2 billion yuan in 2025 [6] Wan Ye Enterprise's Progress in Ion Implantation - Wan Ye Enterprise's subsidiary, Kaisi Tong, has received approximately 54 new orders and aims to launch a prototype of its medium-energy ion implantation equipment by mid-2025 [9] Micro Company’s Latest Developments - Micro Company reported revenue of about 9.1 billion yuan in 2024, with a 30% year-on-year growth, and expects similar growth rates in 2025 [15] Trends in Storage Equipment - The storage equipment sector is expected to see significant growth, with domestic companies enhancing their competitiveness, particularly in high aspect ratio etching equipment [16] New Products from Tuo Jing Technology - Tuo Jing Technology has launched new products including advanced packaging laser glass equipment and PLD devices, with a significant increase in orders anticipated by 2025 [17] Huahai Qingke's Progress in CMP Equipment - Huahai Qingke has introduced new CMP equipment and is expected to achieve a 30% growth in revenue this year, driven by collaborations with traditional and advanced packaging companies [18] Jiangfeng Electronics' Target Markets - Jiangfeng Electronics holds about 20% of the global target market share, with strong demand driven by AI and semiconductor manufacturing expansions [19][20]

数据统计显示，中证沪港深张江自主创新50指数近一个月下跌6.62%，近三个月上涨7.11%，年至今上 涨10.05%。 据了解，中证沪港深张江自主创新50指数从沪港深三地市场中选取50只业务涉及生物医药、集成电路、 人工智能、高端装备制造、节能环保、新材料等产业的张江高新区上市公司证券作为指数样本，以反映 沪港深三地市场张江高新区新兴产业上市公司证券的整体表现。该指数以2014年12月31日为基日，以 1000.0点为基点。 中证沪港深张江自主创新50指数上涨0.03%，前十 大权重包含中芯国际等 从中证沪港深张江自主创新50指数持仓样本的行业来看，信息技术占比67.98%、医药卫生占比 20.15%、工业占比6.75%、通信服务占比2.12%、原材料占比1.69%、房地产占比0.89%、可选消费占比 0.42%。 金融界3月24日消息，上证指数上涨0.15%，中证沪港深张江自主创新50指数 (SHS张江50，931596)上涨 0.03%，报1485.13点，成交额293.43亿元。 从指数持仓来看，中证沪港深张江自主创新50指数十大权重分别为：韦尔股份（11.04%）、中芯国际 （9.85%）、中微公司（ ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3]. Core Views - The company is positioned as a leader in domestic high-end semiconductor equipment, focusing on etching and MOCVD equipment, with a strong emphasis on R&D and innovation to drive growth [12][18]. - The company has demonstrated robust revenue growth, with revenue and net profit expected to continue increasing significantly in the coming years [3][24]. Summary by Sections Company Overview - Established in May 2004, the company has developed a platform-based growth model centered on etching and MOCVD equipment, expanding into thin film deposition and measurement equipment [1]. - The company's plasma etching technology has reached below 5nm, with increasing market share and substantial orders from leading clients [1][12]. Market Position and Technology - The company has delivered over 3,800 CCP reaction chambers and has more than 700 ICP reaction chambers in production, covering over 95% of etching applications [2]. - The company’s MOCVD equipment leads the market in GaN-based devices, with ongoing development for new applications in power devices and Micro-LED manufacturing [1][3]. Financial Performance - Revenue and net profit have shown a compound annual growth rate (CAGR) of 33.0% and 61.7% respectively from 2018 to 2024, with projected revenues of approximately 120.7 billion and 158.0 billion for 2025 and 2026 [1][3]. - The company achieved a revenue of 62.64 billion in 2023, a year-on-year increase of 32.15%, with a net profit of 17.86 billion, up 52.67% year-on-year [24]. Future Projections - The company is expected to achieve revenues of 120.7 billion and 158.0 billion in 2025 and 2026, with corresponding net profits of 25.5 billion and 35.6 billion [3]. - The gross margin is projected to be 42.9% in 2025 and 43.9% in 2026, indicating a favorable valuation with a PE ratio of 49x and 35x for the respective years [3].

证券研究报告 | 行业深度报告 2025 年 03 月 15 日 存储等行业周期边际复苏，设备、模拟等公司并购整合加速 半导体行业月度深度跟踪 TMT 及中小盘/电子 半导体部分领域周期边际复苏，部分消费级存储产品价格有望在 25Q2 触底反 弹，AI 端侧 SoC 厂商业绩亮眼，2025 年部分模拟和特种 IC 公司业绩有望边际 改善；近期半导体设备、模拟等行业并购整合进程加速，半导体细分产业进入 发展新阶段。建议关注景气周期边际复苏的存储板块、受益于国内 AI 生态发展 的国产算力芯片、并购整合进展加速的设备/模拟等环节、AI 端创新加速的 SoC 等环节、自主可控需求相对迫切的先进制造/设备/零部件/材料等上游环节，同 时建议关注各科创指数和半导体指数核心成分股，景气复苏趋势下把握业绩增 长有望延续的公司。 2、库存端：不同类型芯片客户库存表现分化，工业类模拟库存呈好转迹象。 全球手机链芯片大厂 24Q4 库存环比微增/库存周转天数环比微降，PC 链芯片 厂商英特尔、AMD 24Q4 库存和 DOI 环比上升，英特尔表示 PC 行业库存去 化仍在进行，AMD 表示 Q4 微软和索尼还在持续致力于减少渠道 ...

Core Viewpoint - The article highlights the journey of Yin Zhiyao, a prominent figure in the semiconductor industry, who transitioned from Silicon Valley to lead a domestic company in China, contributing significantly to the country's semiconductor self-sufficiency and innovation [2][15]. Group 1: Historical Context and Contributions - In 1984, Yin Zhiyao joined Intel, where he made significant improvements in plasma etching technology, enhancing uniformity from ±15% to ±5%, which became an industry standard [5]. - Yin's move to Lam Research in 1986 marked a pivotal point in his career, where he led the development of the "Rainbow" project, resulting in the world's first etching machine capable of 0.5-micron processes, significantly increasing market share [6][8]. - The "Rainbow" project not only showcased the capabilities of Chinese engineers but also disrupted the semiconductor equipment market, proving that Eastern innovation could set global standards [8]. Group 2: Transition to Strategic Leadership - In 1991, Yin Zhiyao became Vice President at Applied Materials, where he transformed the company's etching business by focusing on customer needs and integrating equipment with process solutions, leading to a significant market share increase [10][12]. - His strategic shift towards customization and collaboration with major clients like Samsung and TSMC helped Applied Materials regain its competitive edge, with etching equipment market share rising to 42% by 2004 [12][13]. Group 3: Founding of Zhongwei Company - In 2004, at the age of 60, Yin Zhiyao returned to China to establish Zhongwei Company, focusing on domestic semiconductor equipment production amidst international technological barriers [15]. - Zhongwei's first dry etching machine launched in 2005 filled a critical gap in China's high-end semiconductor equipment market, challenging the dominance of Western firms [16]. - The company faced legal challenges from American firms but successfully built a supply chain that reduced reliance on U.S. components, demonstrating strategic foresight [17]. Group 4: Technological Advancements and Market Impact - By 2017, Zhongwei delivered its first 5nm etching machine, significantly advancing the capabilities of Chinese semiconductor manufacturers and contributing to a rise in domestic chip self-sufficiency from 5% in 2016 to 20% in 2023 [18]. - Zhongwei's innovations in etching technology have begun to dismantle the market monopolies held by major players like Lam Research and Applied Materials, fostering vertical integration within China's semiconductor industry [18]. Group 5: Philosophical Insights and Future Directions - The article concludes with reflections on the nature of technological advancement, emphasizing the importance of deep understanding and persistent effort in overcoming challenges in the semiconductor field [20][21]. - Yin Zhiyao's journey illustrates a broader narrative of China's technological evolution, highlighting the shift from dependency to self-reliance and innovation in the global semiconductor landscape [21].

在2025年全国两会召开之际，科创板也迎来"提质增效重回报"专项行动实施一周年。 一年来，超八成科创板公司积极响应，发布相关行动方案并持续评估落实，科创50、科创100成份股公司全覆盖，以投资者为本的市场文化加速形成。 作为落实"科创板八条"的一项重要举措，上交所持续推动"提质增效重回报"专项行动常态化、长效化开展，近期已引导全体科创板公司继续开展2025年度专项行 动，并于上交所官网、上交所APP上线 "提质增效重回报"专栏，便利投资者等各方了解最新进展。 新"国九条"明确要求上市公司聚焦主业、提升发展质量。科创板公司积极响应，从行动方案来看，公司在对以往经营情况分析的基础上，提出了一系列可操作、可 落实、可检验的具体举措，提高产能利用率、净资产收益率等经营指标，推动公司提升经营质量。近四成科创板公司明确募投项目年度预计目标和推进计划。同 时，在专项行动倡议下，更多科创板公司开始从仅关注发展规模，向更多关注经营效率和盈利能力转变。 强本固基：聚焦主业提升经营质量 威胜信息是科创板首批披露行动方案的公司，行动方案注重价值创造和投资者回报。公司2024年提出，将落实"三增三去"：增合同，增回款，增市场份额；去浪 ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the market by more than 5% over the next six months [34]. Core Insights - The Chinese ICT market is projected to grow to $751.76 billion by 2028, with the enterprise-level ICT market expected to reach approximately $269.36 billion in 2024, reflecting an 11.7% increase from 2023 [2][5]. - In 2024, global AI PCs are anticipated to account for 17% of total PC shipments, with Apple leading the market at 54% share, followed by Lenovo and HP at 12% each. The fourth quarter of 2024 is expected to see AI PC shipments reach 15.4 million units, a quarter-on-quarter increase of 18% [2][10]. - The global DRAM industry revenue is projected to reach $28.6 billion in the fourth quarter of 2024, with a quarter-on-quarter increase of 9.9%. Samsung holds the largest market share at 39.3%, followed by SK Hynix and Micron [2][15]. Summary by Sections Industry News and Commentary - The semiconductor industry is currently in a recovery phase, driven by a rebound in consumer electronics, which is expected to initiate a new upward cycle for semiconductors. Key investment lines include wafer fab expansion and the A1 industry chain [2][28]. - The semiconductor industry index has shown a year-to-date increase of 37.6%, outperforming the CSI 300 index by 24.2 percentage points [21]. Market Performance - The semiconductor industry index experienced a weekly decline of 3.62%, underperforming the CSI 300 index by 1.4 percentage points [21]. - As of the last trading day of the week, the overall P/E ratio for the semiconductor industry was 84.2 times, with 34 stocks rising, 1 remaining flat, and 126 declining [24]. Investment Recommendations - Recommended stocks include Northern Huachuang, Zhongwei Company, Tuojing Technology, and Dinglong Co., with a focus on A1+ semiconductor investment opportunities such as Haiguang Information, Shengke Communication, Hengxuan Technology, and Shenghong Technology [28][32].

Revenue Growth - The company's 2024 revenue reached approximately 9.07 billion CNY, an increase of about 2.80 billion CNY compared to 2023, representing a year-on-year growth of approximately 44.73%[1] - Revenue from etching equipment in 2024 was approximately 7.28 billion CNY, showing a year-on-year increase of about 54.73%[1] R&D Investment - R&D investment for 2024 was approximately 2.45 billion CNY, an increase of 1.19 billion CNY from the previous year, reflecting a year-on-year growth of approximately 94.31%[2] - The company has developed over 20 new devices across six categories, significantly accelerating the new product development cycle to two years or less[2] Profitability - The net profit attributable to the parent company for 2024 was approximately 1.63 billion CNY, a decrease of about 8.93% compared to the previous year[5] - The net profit attributable to the parent company after deducting non-recurring gains and losses was approximately 1.39 billion CNY, an increase of about 16.52% year-on-year[5] Sales Performance - The company achieved a per capita sales figure exceeding 4 million CNY in 2024, up from 3.5 million CNY in 2022[3] Asset Growth - Total assets at the end of the reporting period were approximately 262.29 billion CNY, an increase of 21.85% from the beginning of the period[10] Market Expansion - The company has successfully entered the market with six types of LPCVD film equipment, receiving bulk orders worth approximately 476 million CNY[1] - The company is actively expanding its production and R&D bases, with facilities in Nanchang and Shanghai totaling approximately 320,000 square meters[11]

Core Viewpoint - The article emphasizes the importance of the semiconductor industry in China's new industrialization, highlighting the role of the Science and Technology Innovation Board (STAR Market) in supporting the growth and innovation of this sector through capital and policy initiatives [1][2]. Group 1: Industry Support and Development - The China Securities Regulatory Commission (CSRC) aims to enhance support for key industries such as integrated circuits, industrial mother machines, and medical equipment, recognizing the semiconductor industry as a strategic and foundational sector for economic development [1]. - Since its establishment, the STAR Market has become the preferred platform for semiconductor companies to go public, with 116 semiconductor firms listed, accounting for 60% of A-share semiconductor companies [1][2]. - The STAR Market has facilitated significant capital inflow, with 116 semiconductor companies raising a total of 298.9 billion yuan through IPOs, representing over 80% of the total IPO fundraising in the A-share semiconductor sector [2]. Group 2: Capital Utilization and R&D Investment - The average capital utilization rate among the 116 semiconductor companies is 66%, indicating high efficiency in fund usage [2]. - In the first three quarters of 2024, these companies invested a total of 32.9 billion yuan in R&D, with a median R&D intensity of 17%, significantly higher than the overall A-share level of 4% [2]. - Notable advancements include the development of a new generation of CPUs by Loongson Technology and the introduction of domestically produced CMP equipment by Huahai Qingshi, showcasing the impact of increased R&D investment [2]. Group 3: Policy Innovations and Talent Attraction - The STAR Market has implemented flexible stock incentive mechanisms to attract and retain high-end talent, with 77 semiconductor companies launching 150 stock incentive plans, covering approximately 66% of the sector [3]. - The introduction of policies to support mergers and acquisitions has led to a surge in high-quality industry consolidations, with 76 disclosed equity acquisitions since the "Eight Measures" policy, totaling over 19 billion yuan [4]. Group 4: Market Mechanisms and Investment Products - The STAR Market has established a market-friendly environment for venture capital and institutional investors, including the introduction of a market-making system to enhance liquidity and price stability [6]. - The STAR Market has also launched thematic indices and ETFs focused on the semiconductor industry, catering to investor demand and facilitating participation in the sector's growth [6].