Group 1 - A new company, Advanced Micro Devices Equipment (Shanghai) Co., Ltd., has been established with a registered capital of 42.5 million yuan [1] - The legal representative of the new company is Yin Zhiyao, and its business scope includes sales of semiconductor device-specific equipment, sales of electronic special equipment, and repair of specialized equipment [1] - The company is jointly held by Zhongwei Company and others, indicating a collaborative investment approach in the semiconductor sector [2]

Investment Rating - The stock investment rating for the company is **Buy | Maintain** [1] Core Views - The company is a leader in etching equipment, with ICP equipment starting to scale up and moving towards full process coverage. From 2020 to 2023, the revenue from etching equipment grew at an average annual rate of over 50%, reaching RMB 4.7 billion in 2023. In H1 2024, etching equipment revenue was RMB 2.698 billion, up 56.68% YoY, accounting for 78.26% of total revenue. The company's plasma etching equipment has been widely adopted by leading domestic and international customers for advanced logic and memory chip manufacturing, with significant increases in market share for both CCP and ICP etching equipment [12] - MOCVD equipment, initially focused on the blue and green LED market, is expanding into the silicon carbide and gallium nitride-based power device markets. Despite a 49.04% YoY decline in H1 2024 revenue to RMB 152 million due to market fluctuations, the company is actively developing MOCVD equipment for new applications such as Micro-LED and power devices [13] - The company's thin film equipment is starting to scale up, with LPCVD new orders reaching RMB 168 million in H1 2024. The company has multiple new thin film deposition equipment products entering the market, with some already receiving repeat orders. The company's tungsten thin film deposition products cover all tungsten applications in memory devices and have completed validation with several logic and memory customers [14] - The company is significantly increasing R&D efforts, with H1 2024 R&D investment reaching RMB 970 million, up 110.84% YoY. The company is focusing on six categories of equipment and over 20 new equipment developments, aiming to catch up with global leaders in the semiconductor equipment industry [18] - China is expected to maintain annual wafer fab equipment investments of over $30 billion for the next four years, accelerating the localization of semiconductor equipment. The company currently covers about 33% of the integrated circuit equipment market, with plans to expand further through ongoing R&D projects [19] Financial Performance - The company's revenue has grown at an average annual rate of over 35% from 2012 to 2023, with etching and MOCVD equipment driving this growth. In H1 2024, the company achieved revenue of RMB 3.448 billion, up 36.46% YoY, with etching equipment revenue at RMB 2.698 billion, up 56.68% YoY, and MOCVD equipment revenue at RMB 152 million, down 49.04% YoY [35] - The company's net profit attributable to the parent company in 2023 was RMB 1.786 billion, up 52.7% YoY, including a one-time gain of RMB 406 million from the sale of part of its stake in another company. In H1 2024, net profit was RMB 520 million, down 48.48% YoY, mainly due to increased R&D spending [38] - The company's gross margin has been steadily improving, reaching 41.32% in H1 2024, despite a one-time impact from new accounting standards that included RMB 94.78 million in expected product quality assurance losses in the cost of sales [42] Market and Industry Outlook - China is expected to maintain annual wafer fab equipment investments of over $30 billion for the next four years, driven by government incentives and policies promoting semiconductor localization. The company is well-positioned to benefit from this trend, with its current coverage of about 33% of the integrated circuit equipment market expected to expand further [19] - The global semiconductor equipment market is projected to reach $95 billion in 2023, with China accounting for 35% of the market. The company's focus on etching, thin film, and metrology equipment aligns with the growing demand for advanced process technologies, which are expected to drive further growth in these segments [19] Product and Technology Development - The company's CCP etching equipment has achieved significant progress, with over 3,600 CCP etching reaction chambers delivered by June 2024. The company is also developing advanced technologies such as ultra-low temperature etching and new etching gases to meet the demands of higher aspect ratio structures [76][81] - The company's ICP etching equipment is rapidly scaling up, with over 700 Primo Nanova reaction chambers in operation by H1 2024. The company is also developing new ICP etching equipment for advanced logic, DRAM, and 3D NAND applications, with several products already in mass production [86][87] - The company's MOCVD equipment continues to lead in the gallium nitride-based MOCVD market, with over 500 chambers delivered by H1 2024. The company is also developing new MOCVD equipment for applications such as Micro-LED and power devices, with several new products in the validation stage [90][91] - The company is actively developing thin film deposition equipment, with 18 new LPCVD-related products in development. The company's tungsten thin film deposition products have been validated by key memory customers and are receiving repeat orders. The company is also developing ALD titanium nitride equipment for advanced memory and logic applications [94][95] R&D and Innovation - The company is significantly increasing its R&D investment, with H1 2024 R&D spending reaching RMB 970 million, up 110.84% YoY. The company is focusing on six categories of equipment and over 20 new equipment developments, aiming to catch up with global leaders in the semiconductor equipment industry [18] - The company has over 20 new equipment development projects in progress, covering advanced logic, memory, power devices, and other emerging fields. The company's R&D efforts are focused on achieving world-class performance in key areas such as high aspect ratio etching, thin film deposition, and advanced packaging [98][99]

证券代码：688012 证券简称：中微公司 公告编号：2024-070 中微半导体设备（上海）股份有限公司 关于 2020 年限制性股票激励计划第四个归属期归属结果暨 股份上市的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 158,696 股。 本次股票上市流通总数为 158,696 股。 本次股票上市流通日期为 2024 年 11 月 20 日。 根据中国证监会、上海证券交易所、中国证券登记结算有限责任公司上海分公 司有关业务规则的规定，中微半导体设备（上海）股份有限公司（以下简称"公司"） 于 2024 年 11 月 15 日收到中国证券登记结算有限责任公司上海分公司出具的《证 券变更登记证明》，公司于 2024 年 11 月 14 日完成了 2020 年限制性股票激励计划 第四个归属期的股份登记工作。现将有关情况公告如下： 一、 本次限制性股票归属的决策程序及相关信息披露 （一）2020 年限制性股票激励计划 （1）2020 年 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [7][8]. Core Insights - The company reported a significant revenue growth of 36.27% year-on-year for the first three quarters of 2024, achieving a total revenue of 5.507 billion yuan. However, the net profit attributable to shareholders decreased by 21.28% to 913 million yuan [1]. - In Q3 2024 alone, the company achieved a revenue of 2.059 billion yuan, marking a year-on-year increase of 35.96% and a quarter-on-quarter increase of 11.77%. The net profit for Q3 surged by 152.63% year-on-year to 396 million yuan [1]. - The company's etching equipment revenue for the first three quarters of 2024 reached 4.413 billion yuan, reflecting a year-on-year growth of 53.77% [1]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 5.507 billion yuan, a 36.27% increase year-on-year, and a net profit of 913 million yuan, down 21.28% year-on-year. The adjusted net profit was 813 million yuan, up 10.88% year-on-year [1]. - Q3 2024 results showed a revenue of 2.059 billion yuan, a 35.96% increase year-on-year and an 11.77% increase quarter-on-quarter. The net profit for Q3 was 396 million yuan, up 152.63% year-on-year and 48.11% quarter-on-quarter [1]. Product Development - The company is experiencing accelerated growth in its plasma etching equipment, with significant increases in new product shipments. The advanced logic and memory device manufacturing processes have seen a notable rise in production [1]. - New products, including several MOCVD devices, are entering the market, and the first sales of LPCVD equipment have been recorded, generating revenue of 28 million yuan [1]. Future Projections - The company is expected to achieve revenues of 8.260 billion yuan, 12.036 billion yuan, and 15.227 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 1.724 billion yuan, 2.611 billion yuan, and 3.264 billion yuan [2][5]. - The projected revenue growth rates are 31.87% for 2024, 45.73% for 2025, and 26.51% for 2026, while net profit growth rates are expected to be -3.47% for 2024, 51.48% for 2025, and 25.01% for 2026 [2][5].

Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][8] Core Views - The company has seen a significant increase in revenue, with a year-on-year growth of 36.27% in the first three quarters, reaching 5.507 billion yuan. The etching equipment revenue grew by 53.77% [1] - New orders signed increased by approximately 52.0%, indicating strong demand in the semiconductor equipment sector [1] - The company is expected to achieve a cumulative new order of 11-13 billion yuan in 2024, reflecting a robust market outlook [1] Financial Performance Summary - Revenue for the first three quarters was 5.507 billion yuan, with a net profit of 913 million yuan, showing a year-on-year decrease of 21.28% [1] - The third quarter revenue was 2.059 billion yuan, up 35.96% year-on-year, and net profit reached 396 million yuan, a significant increase of 152.63% year-on-year [1] - The gross margin for the third quarter improved to 43.73%, up 5.56 percentage points quarter-on-quarter [1] Order and Production Summary - The company delivered over 1,000 CCP devices in the first three quarters, with a total of 1,514 specialized equipment units shipped, marking a year-on-year increase of 238.7% [1] - The company has successfully entered mass production verification for its EPI equipment, receiving high recognition from clients [1] Future Projections - Revenue projections for 2024-2026 are estimated at 8.364 billion yuan, 11.467 billion yuan, and 14.959 billion yuan respectively, with corresponding net profits of 1.546 billion yuan, 2.204 billion yuan, and 3.184 billion yuan [2][4] - The current price-to-earnings ratio (PE) is projected to be 75.9, 53.3, and 36.9 for the years 2024, 2025, and 2026 respectively [2][4]

Investment Rating - The report maintains an "Accumulate" rating for the company [3][9]. Core Views - The company achieved a significant year-on-year increase in net profit of 152.63% in Q3 2024, reaching 396 million yuan, driven by a robust order intake and the ramp-up of new products [2][9]. - The company is positioned as a leader in semiconductor etching equipment, with a strong growth outlook supported by new product launches and a saturated order book [9]. Financial Summary - Q3 2024 revenue reached 2.059 billion yuan, up 35.96% year-on-year and 11.77% quarter-on-quarter, with etching equipment revenue contributing 1.715 billion yuan, a 49.41% increase year-on-year [9]. - The gross margin improved to 43.7%, reflecting a 5.5% increase from the previous quarter [9]. - New orders for the first three quarters of 2024 totaled 7.64 billion yuan, a 52.0% increase year-on-year, with etching equipment orders at 6.25 billion yuan, up 54.7% [9]. Product Development - The company is increasing its R&D investment, with expenditures of 914 million yuan in the first three quarters of 2024, an 81.92% increase year-on-year [9]. - New product developments include MOCVD for silicon carbide and gallium nitride applications, LPCVD equipment with initial sales of 28 million yuan, and EPI equipment entering mass production verification [9]. Valuation - The target price is set at 194.30 yuan, based on a 61.7x PE ratio for 2024, reflecting the company's leadership in the semiconductor etching equipment market and its potential to expand its market coverage [9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5] Core Views - The company has shown continuous revenue growth, with a 36.3% year-on-year increase in revenue for the first three quarters of 2024, reaching 5.507 billion yuan. The revenue from etching equipment was 4.413 billion yuan, a 53.77% increase year-on-year, accounting for 80.1% of total revenue [2][11] - The net profit attributable to the parent company for the first three quarters of 2024 was 913 million yuan, a decrease of 21.3% year-on-year, primarily due to increased R&D expenses and a high base from the previous year [2][11] - The company has significantly increased its R&D investment, with R&D expenses rising by 96% year-on-year, reaching 1.544 billion yuan for the first three quarters of 2024, which constitutes 28% of total revenue [3][15] Summary by Sections Revenue and Profitability - The company achieved total revenue of 5.507 billion yuan in the first three quarters of 2024, with a year-on-year growth of 36.3%. The etching equipment revenue was 4.413 billion yuan, up 53.77% year-on-year [2][11] - The net profit attributable to the parent company was 913 million yuan, down 21.3% year-on-year, mainly due to increased R&D investment and a high base from the previous year [2][11] Margins and Expenses - The gross margin for the first three quarters of 2024 was 42.22%, a decrease of 3.6 percentage points year-on-year. The net profit margin was 16.56%, down 12.1 percentage points year-on-year [3][13] - R&D expenses accounted for 16.6% of total revenue, reflecting a significant increase in investment in new projects [3][15] Orders and Inventory - As of the end of Q3 2024, the company's contract liabilities were 2.988 billion yuan, a year-on-year increase of 119%. Inventory reached 7.822 billion yuan, up 66% year-on-year [4][17] - The company signed new orders totaling 7.64 billion yuan in the first three quarters of 2024, a 52% increase year-on-year, with expectations of 11-13 billion yuan in new orders for the entire year [4][17] Profit Forecast and Valuation - The forecasted net profits for 2024-2026 are 1.68 billion yuan, 2.43 billion yuan, and 3.40 billion yuan, respectively, with corresponding P/E ratios of 67, 46, and 33 times [5][23] - The company maintains a high growth potential, justifying the "Buy" rating [5][23]

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 228.0 CNY [1][2]. Core Insights - The company has shown continuous high growth in performance for Q3 2024, with a revenue increase of 35.96% year-on-year to 20.59 billion CNY, driven by the rapid release of etching equipment and a solid order backlog [2][3]. - The gross margin for Q3 2024 was 43.73%, reflecting a 5.56 percentage point increase from the previous quarter, while the net profit surged by 152.63% year-on-year to 3.96 billion CNY [1][2]. - The company is benefiting from the ongoing domestic substitution of semiconductor equipment, with significant growth in orders, particularly for etching equipment, which saw a 49.41% increase in revenue to 17.15 billion CNY in Q3 2024 [2][3]. Financial Summary - For the first three quarters of 2024, the company achieved total revenue of 55.07 billion CNY, a year-on-year increase of 36.27%, with a gross margin of 42.22% [1]. - The net profit attributable to the parent company for Q1-Q3 2024 was 9.13 billion CNY, showing a year-on-year decrease of 21.28%, while the net profit excluding non-recurring items increased by 10.88% to 8.13 billion CNY [1][3]. - The company’s R&D expenditure for Q1-Q3 2024 was 7.56 billion CNY, representing a year-on-year increase of 95.99%, accounting for approximately 28.03% of total revenue [2]. Order and Product Development - The company secured new orders totaling approximately 76.4 billion CNY in the first three quarters of 2024, marking a year-on-year increase of about 52.0%, with 62.5 billion CNY attributed to etching equipment [2]. - The company’s new product development is progressing well, with significant increases in the shipment of high-end etching products for advanced logic and memory devices [2]. Market Position and Future Outlook - The changing international trade environment is accelerating the domestic production of semiconductor equipment, positioning the company to benefit from this trend [2]. - The company is expected to play a crucial role in the domestic production process of high-end storage and logic production lines, with its equipment entering mass production for advanced technology nodes [2].

Financial Performance - In the first three quarters of 2024, the company's revenue reached 5.507 billion CNY, representing a year-on-year growth of 36.27% [1] - Revenue from plasma etching equipment amounted to 4.413 billion CNY, a significant increase of approximately 53.77% compared to the same period last year [1] - The company received new orders totaling 7.64 billion CNY, reflecting a year-on-year growth of about 52.0% [1] Product Development - The company successfully sold its first LPCVD equipment, generating revenue of 0.28 billion CNY [1] - EPI equipment has entered the mass production verification stage with multiple advanced logic device customers [1] - The company produced 1,160 specialized equipment units, marking a year-on-year increase of approximately 310% [2] Order and Contract Liabilities - New orders for etching equipment reached 6.25 billion CNY, with a year-on-year growth of approximately 54.7% [1] - As of September 2024, the company's contract liabilities amounted to approximately 2.988 billion CNY, a significant increase of about 287% compared to the beginning of the year [3] Research and Development - R&D investment accounted for 28.03% of the company's revenue in the first three quarters of 2024 [2] - The company is developing over 20 types of thin film deposition products, with 6 types already delivered to clients in 2023 [2] Market Outlook - The company anticipates new orders between 11 billion CNY and 13 billion CNY in 2024 [3] - The global semiconductor market is expected to maintain double-digit growth in capital expenditure in 2025, benefiting the company [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant growth in Q3 2024, with a year-on-year revenue increase of 35.96% and a quarter-on-quarter increase of 11.77% [4] - The company is focusing on high-end etching equipment, which has seen a substantial increase in new shipments, particularly in advanced logic and memory device manufacturing [5] - The company is expected to achieve a total new order of 110-130 billion yuan for the year 2024, with a projected shipment increase of over 200% year-on-year [6] Financial Performance Summary - For Q1-Q3 2024, the company achieved a revenue of 55.07 billion yuan, representing a year-on-year increase of 36.27% [4] - The net profit attributable to the parent company for Q3 2024 was 3.96 billion yuan, showing a year-on-year increase of 152.63% [4] - The company has increased its R&D expenses significantly, with a year-on-year growth of approximately 64.38% in Q3 2024 [5] Order and Market Position - The company secured new orders worth 76.4 billion yuan in Q1-Q3 2024, marking a year-on-year increase of about 52% [6] - The company is positioned as a leader in the domestic etching market and is accelerating its expansion towards a platform-based company model [4][6] Financial Forecasts - The forecasted net profits for 2024, 2025, and 2026 are 17.92 billion yuan, 23.91 billion yuan, and 32.33 billion yuan respectively [4] - The expected earnings per share (EPS) for the same years are projected to be 2.88 yuan, 3.84 yuan, and 5.20 yuan respectively [4]