Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [7]. Core Insights - The company reported a net profit that exceeded expectations, with a revenue of 5.51 billion yuan for the first three quarters of 2024, reflecting a year-on-year growth of 36.3%. The gross margin stood at 42.22%, while the net profit attributable to shareholders was 910 million yuan, showing a year-on-year decline of 21.3% [4][5]. - New orders for the company reached 7.64 billion yuan in the first nine months of 2024, with a significant increase of over 50% in orders for etching equipment. The company’s market share for CCP and ICP etching equipment has also seen substantial growth [5][6]. - The company’s production capacity maintained a year-on-year increase, with a total output of 1,160 chambers in the first nine months of 2024, representing a 310% increase year-on-year [6]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 2.06 billion yuan, a year-on-year increase of 36.0% and a quarter-on-quarter increase of 11.8%. The net profit for the quarter was 400 million yuan, marking a year-on-year increase of 152.6% and a quarter-on-quarter increase of 48.1% [4][5]. - The gross margin for Q3 2024 improved to 43.7%, up 5.6 percentage points from Q2 2024. The R&D expense ratio decreased to 16.8%, contributing to a recovery in profitability [6]. Order and Production Insights - The company’s new orders for LPCVD equipment reached 300 million yuan in the first nine months of 2024, with a quarterly order of 132 million yuan in Q3 2024, indicating a strong demand [5]. - The company’s inventory of goods sent out reached 3.51 billion yuan by the end of September, reflecting a quarter-on-quarter increase of 740 million yuan [6]. Future Projections - The company is expected to benefit from the expansion of downstream storage manufacturers, with revenue projections for 2024 to 2026 set at 8.25 billion, 11.62 billion, and 14.92 billion yuan, respectively, with year-on-year growth rates of 31.7%, 40.8%, and 28.5% [7][8].

Investment Rating - The investment rating for the company is maintained at "Buy-A" [1][3]. Core Views - The company has maintained a high growth rate in new orders, with total new orders expected to reach 11-13 billion yuan for the year [1]. - In Q3 2024, the company achieved revenue of 2.059 billion yuan, representing a year-on-year growth of 35.96% and a quarter-on-quarter growth of 11.77% [1]. - The revenue from etching equipment reached 1.715 billion yuan, with a year-on-year increase of 49.41% and a quarter-on-quarter increase of 25.83% [1]. - The net profit attributable to shareholders was 396 million yuan, showing a year-on-year growth of 152.63% and a quarter-on-quarter growth of 48.11% [1]. - The company expects to deliver 110-130 billion yuan in new orders for 2024, with advanced processes accounting for over 70% of the new orders [1][3]. Summary by Sections Financial Performance - In Q3 2024, the company reported a gross margin of 43.73%, a decrease of 2.01 percentage points year-on-year, but an increase of 5.56 percentage points quarter-on-quarter [1]. - R&D investment reached 573 million yuan, a year-on-year increase of 75.12%, reflecting the company's commitment to enhancing its R&D capabilities [1]. - For the first three quarters of 2024, the company received new orders totaling 7.64 billion yuan, a year-on-year increase of approximately 52.0% [1]. Order and Delivery Metrics - The company delivered 1,514 units of specialized equipment in the first three quarters of 2024, a year-on-year increase of 239% [1]. - The balance of goods shipped at the end of September 2024 was approximately 3.507 billion yuan, an increase of 26.40 billion yuan compared to the beginning of the year [1]. - The contract liability balance at the end of September 2024 was approximately 2.988 billion yuan, an increase of about 22.16 billion yuan compared to the beginning of the year [1]. Future Projections - Revenue projections for 2024 to 2026 are estimated at 8.368 billion yuan, 11.163 billion yuan, and 14.590 billion yuan, with growth rates of 33.6%, 33.4%, and 30.7% respectively [3][4]. - The net profit attributable to shareholders is projected to be 1.810 billion yuan, 2.396 billion yuan, and 3.235 billion yuan for the same period, with growth rates of 1.4%, 32.4%, and 35.0% respectively [3][4].

Investment Rating - The investment rating for the company is "Buy" [4][9]. Core Views - The company reported a significant improvement in its quarterly performance, with a year-on-year revenue increase of 36.27% to 5.507 billion yuan in the first three quarters of 2024. However, the net profit attributable to shareholders decreased by 21.28% to 913 million yuan [2][6]. - The company's core product, etching equipment, continues to grow rapidly, with revenue from this segment reaching 4.413 billion yuan, a year-on-year increase of approximately 53.77% [8][9]. - The company is making good progress with new products, including MOCVD and LPCVD equipment, which are expected to contribute positively to future revenue growth [8][9]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 2.059 billion yuan, a year-on-year increase of 35.96% and a quarter-on-quarter increase of 11.77%. The net profit attributable to shareholders for Q3 was 396 million yuan, up 152.63% year-on-year and 48.11% quarter-on-quarter [7]. - The gross margin and net margin for Q3 were 43.73% and 19.22%, respectively, showing improvements in profitability compared to the previous quarter [7]. Revenue and Profit Forecast - The company is expected to achieve revenues of 8.416 billion yuan, 11.097 billion yuan, and 14.280 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 34.36%, 31.86%, and 28.69% [9][10]. - The net profit attributable to shareholders is projected to be 1.895 billion yuan, 2.415 billion yuan, and 3.124 billion yuan for the same years, with growth rates of 6.12%, 27.41%, and 29.36% [9][10]. Valuation Metrics - The earnings per share (EPS) are forecasted to be 3.05 yuan, 3.88 yuan, and 5.02 yuan for 2024, 2025, and 2026, with corresponding price-to-earnings (P/E) ratios of 59x, 46x, and 36x [9][10]. - The company maintains a strong market position as a leading domestic etching equipment manufacturer, with new business lines expected to sustain high growth [9].

Investment Rating - The investment rating for the company is upgraded to "Outperform the Market" [1] Core Views - The company has shown significant growth in its high-end etching equipment shipments, with a notable increase in new orders for LPCVD equipment amounting to 300 million yuan in the first three quarters of 2024 [5][10] - In Q3 2024, the company achieved a revenue of 2.059 billion yuan, representing a year-on-year increase of 35.96% and a quarter-on-quarter increase of 11.77% [5] - The company is expected to see a substantial increase in shipment volumes in 2024, with a projected year-on-year growth of over 200% [7] Financial Performance - In Q3 2024, the company's net profit attributable to shareholders was 396 million yuan, a year-on-year increase of 152.63% and a quarter-on-quarter increase of 48.11% [5] - The total revenue for the first three quarters of 2024 reached 5.507 billion yuan, a year-on-year increase of 36.27% [5] - The company’s gross profit margin for Q3 2024 was 43.73%, an increase of 5.56 percentage points quarter-on-quarter [5] Orders and Production - The company received new orders totaling 7.64 billion yuan in the first three quarters of 2024, a year-on-year increase of 52% [10] - The etching equipment segment alone accounted for 6.25 billion yuan of new orders, reflecting a year-on-year increase of 54.7% [10] - The company produced 1,160 specialized equipment units in the first three quarters of 2024, a year-on-year increase of approximately 310% [7] Research and Development - R&D expenditure for the first three quarters of 2024 was 1.544 billion yuan, a year-on-year increase of 95.99%, representing about 28.03% of the company's revenue [6] - The company has successfully launched new products, including the LPCVD equipment, which generated 28 million yuan in revenue [6][10] Revenue Forecast - Revenue projections for the company are 8.673 billion yuan, 12.280 billion yuan, and 15.322 billion yuan for 2024E, 2025E, and 2026E respectively, with year-on-year growth rates of 38.47%, 41.58%, and 24.78% [9][10] - The net profit attributable to shareholders is expected to be 1.834 billion yuan, 2.580 billion yuan, and 3.226 billion yuan for the same years, with growth rates of 2.71%, 40.64%, and 25.05% respectively [9][10] Valuation - The company is assigned a PE valuation of 50x-55x for 2025E, corresponding to a market value range of 129.101 billion yuan to 142.011 billion yuan, and a reasonable share price range of 207.49 yuan to 228.24 yuan [7][14]

Core Insights - The company reported a revenue of 5.507 billion yuan for the first three quarters of 2024, representing a year-on-year growth of approximately 36.27% due to increased recognition of its plasma etching equipment in both domestic and international markets [1] - The company achieved a revenue of 4.413 billion yuan from etching equipment, marking a year-on-year increase of about 53.77% [1] - The company has actively engaged in the MOCVD market, focusing on applications for silicon carbide and gallium nitride power devices, and has made significant progress in developing specialized MOCVD equipment for Micro-LED and other display fields [1] Financial Performance - The company recorded a net profit attributable to shareholders of 913 million yuan for the first three quarters of 2024, a decrease of approximately 21.28% year-on-year, primarily due to increased R&D expenditures and the absence of previous gains from stock disposals [2] - R&D expenses for the first three quarters of 2024 increased by 7.56 billion yuan, representing a growth of about 95.99%, accounting for approximately 28.03% of the company's revenue, significantly higher than the average for the Sci-Tech Innovation Board [2] - The company achieved a net profit of 396 million yuan in the third quarter of 2024, a year-on-year increase of approximately 152.63%, driven by revenue growth and improved gross margins [3] Order and Production Metrics - The company secured new orders totaling 7.64 billion yuan in the first three quarters, reflecting a year-on-year growth of about 52.0%, with etching equipment orders contributing 6.25 billion yuan [2] - The company produced 1,160 specialized equipment units, a year-on-year increase of approximately 310%, corresponding to a production value of about 9.419 billion yuan, which supports future shipments and revenue recognition [2] - The company’s new LPCVD equipment generated revenue of 28 million yuan, marking the first sales of this new product [1]

证券代码：688012 证券简称:中微公司 公告编号：2024-068 中微半导体设备（上海）股份有限公司 第二届董事会第二十六次会议决议公告 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。 一、董事会会议召开情况 中微半导体设备（上海）股份有限公司（以下简称"中微公司"或"公司"）于 2024 年 10 月 29 日召开了第二届董事会第二十六次会议（以下简称"本次会议"）。 本次会议的通知于 2024 年 10 月 22 日通过电话及邮件方式送达全体董事。会议 应出席董事 11 人，实际到会董事 11 人，会议由公司董事长尹志尧先生主持。本 次会议的召集和召开程序符合有关法律、行政法规、部门规章、规范性文件和公 司章程的规定。会议决议合法、有效。 二、董事会会议审议情况 会议经全体参会董事表决，形成决议如下： （一）审议通过《关于公司 2024 年第三季度报告的议案》 根据《中华人民共和国证券法》《上市公司信息披露管理办法》《上海证券交 易所科创板股票上市规则》《科创板上市公司自律监管指南第 3 号——日常信息 披露》等 ...

证券代码：688012 证券简称：中微公司 公告编号：2024-067 中微半导体设备（上海）股份有限公司 关于作废处理 2020 年限制性股票激励计划 部分限制性股票的公告 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。 中微半导体设备（上海）股份有限公司（下称"中微公司"或"公司"）于 2024 年10月29日召开第二届董事会第二十六次会议和第二届监事会第二十三次会议， 审议通过了《关于作废处理部分限制性股票的议案》，现将有关事项说明如下： 一、公司 2020 年限制性股票激励计划已履行的决策程序和信息披露情况 7、2020 年 6 月 6 日，公司于上海证券交易所网站（www.sse.com.cn）披露 了《关于独立董事公开征集委托投票权的公告》（公告编号：2020-036），根据公 司其他独立董事的委托，独立董事陈世敏先生作为征集人就 2020 年第二次临时 股东大会审议的公司 2020 年限制性股票激励计划相关议案向公司全体股东征集 投票权。 1、2020 年 3 月 18 日，公司召开第一届董事会第八次会议，会 ...

证券代码：688012 证券简称：中微公司 公告编号：2024-066 中微半导体设备（上海）股份有限公司 2020 年限制性股票激励计划预留授予部分 第四个归属期符合归属条件的公告 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： 一、本次股权激励计划批准及实施情况 （一）本次股权激励计划方案及履行的程序 1、本次股权激励计划主要内容 （1）股权激励方式：第二类限制性股票。 （2）授予数量：授予的限制性股票总量为 800 万股，约占公司 2020 年限制 性股票激励计划（以下简称"激励计划"）草案公告时公司股本总额 53,486.2237 万股的 1.49%。其中首次授予 670 万股，约占激励计划草案公告时公司股本总额 的 1.25%；预留 130 万股，约占激励计划草案公告时公司股本总额的 0.24%。 | 首次授予的限制性 | 自首次授予之日起 24 个月后的首个交 | 25% | | --- | --- | --- | | 股票第二个归属期 | 易日至首次授予之日起 个月内的最 36 | | | | ...

合归属条件暨作废部分限制性股票之 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所关于 中微半导体设备（上海）股份有限公司 2020 年限制性股票激励计划预留授予部分第四个归属期符 上海市锦天城律师事务所关于 中微半导体设备（上海）股份有限公司 2020 年限制性股票激励计划预留授予部分第四个归属期符合归 属条件暨作废部分限制性股票之法律意见书 致：中微半导体设备（上海）股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受公司的委托，担任公司 2020 年限制性股票激励计划的专项法律顾问。 本所律师根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中 华人民共和国公司法》（以下简称"《公司法》"）、《上市公司股权激励管理 办法》（以下简称"《管理办法》"）、《上海证券交易所科创板股票上市规则》 （以下简称"《上市规则》"）及《科创板上市公司自律监管指南第 4 号——股 权激励信息披露》（以下简称"《监管指南 4 号》 ...

公司简称：中微公司 证券代码：688012 上海荣正企业咨询服务（集团）股份有限公司 关于 中微半导体设备（上海）股份有限公司 2020 年限制性股票激励计划预留授予部分 第四个归属期归属条件成就 之 独立财务顾问报告 2024 年 10 月 | 一、释义 2 | | | --- | --- | | 二、声明 3 | | | 三、基本假设 4 | | | 四、独立财务顾问意见 5 | | | （一）本次限制性股票激励计划的审批程序 | 5 | | （二）本次限制性股票激励计划预留授予部分第四个归属期归属条件的成就 | | | 情况 | 8 | | （三）本次归属的具体情况 | 9 | | （四）结论性意见 | 10 | | 五、备查文件及咨询方式 11 | | | （一）备查文件 | 11 | | （二）咨询方式 | 11 | 一、释义 | 中微公司、公司、上 | 指 | 中微半导体设备（上海）股份有限公司 | | --- | --- | --- | | 市公司 | | | | 本激励计划、本计划 | 指 | 中微半导体设备（上海）股份有限公司 2020 年限制性股票激励 | | | | 计划 | | 限制性 ...