证券代码：688012 证券简称：中微公司 公告编号：2024-061 中微半导体设备（上海）股份有限公司 关于副总经理、核心技术人员变动的公告 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（以下简称"中微公司"或"公司"） 董事会于近日收到倪图强先生、杨伟先生提交的书面辞职报告。倪图强先生 因个人原因，申请辞去公司副总经理、核心技术人员职务。杨伟先生因个人 原因，申请辞去公司核心技术人员职务。辞职后，倪图强先生、杨伟先生仍 在公司任职。 公司拥有专业的研发技术团队及完整的研发体系，能够支持公司现有及未来 核心技术及产品的持续研发工作。本次核心技术人员的变动不会对公司现有 项目研发进展、持续经营能力、核心竞争力产生重大不利影响。 （一）核心技术人员的具体情况 倪图强先生，1962 年生，美国国籍，中国科学技术大学学士、硕士，美国德 州大学博士、博士后。2004 年 8 月加入中微公司，现任中微公司副总经理、核心 技术人员。截至本公告披露日，倪图强先生直接持股 764,358 股，所持股 ...

一、集中竞价减持主体减持前基本情况 | | | 持股数量 | | | | --- | --- | --- | --- | --- | | 股东名称 | 股东身份 | | 持股比例 | 当前持股股份来源 | | | | （股） | | | 证券代码：688012 证券简称：中微公司 公告编号：2024-060 中微半导体设备（上海）股份有限公司 董监高集中竞价减持股份结果公告 本公司董事会、全体董事及相关股东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）董监高因以下事项披露集中竞价减持计划实施结果： 披露的减持时间区间届满 | 股东名称 | 减持数量 | 减持比例 | 减持期间 | 减持方式 | 减持价格区 间 | 减持总金额 | 减持完成情 | 当前持股 数量 | 当前持股 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | （股） | | | | （元/股） | （元） | 况 | （股） | 比例 | | 尹志尧 | 230,000 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 175.25 CNY [1][4] Core Insights - The company has experienced rapid revenue and order growth, with a 36% year-on-year increase in revenue for the first half of 2024, reaching 3.45 billion CNY. However, the net profit attributable to the parent company decreased by 48% to 517 million CNY due to increased R&D expenses and changes in accounting standards [1][4] - The company’s etching equipment revenue grew by 57% to 2.7 billion CNY, with new orders increasing by 51% to 3.94 billion CNY, indicating a significant market share gain in key etching processes for advanced logic and memory devices [1][4] - The thin film deposition equipment has started to contribute, with the first sales of LPCVD equipment generating 28 million CNY in revenue and 168 million CNY in new orders [1][4] Financial Summary - Revenue is projected to grow from 6,264 million CNY in 2023 to 8,384 million CNY in 2024, reflecting a 34% year-on-year increase. The net profit attributable to the parent company is expected to decrease to 1,444 million CNY in 2024, down from 1,786 million CNY in 2023 [1][6] - The gross margin is forecasted to decline to 41.5% in 2024, while the net margin is expected to be 17.2% [1][6] - The company’s return on equity (ROE) is projected to be 7.8% in 2024, increasing to 13.6% by 2026 [1][6]

Investment Rating - The investment rating for the company is "Neutral" [2][11] Core Viewpoints - The company has experienced significant growth in plasma etching equipment revenue, with a 50.7% year-on-year increase in new orders for the first half of 2024 [6][7] - The company achieved a revenue of 3.448 billion yuan in the first half of 2024, representing a year-on-year increase of 36.46% [6][8] - The company is planning to develop more products in the LPCVD equipment category, with new orders amounting to 168 million yuan in the first half of 2024 [7][8] - The company expects total new orders to exceed 7.5 billion yuan in the first three quarters of 2024, a year-on-year increase of over 50% [8] Summary by Sections Financial Performance - In the first half of 2024, the company's revenue from plasma etching equipment reached 2.698 billion yuan, up 56.68% year-on-year, while MOCVD equipment revenue fell by 49.04% to 152 million yuan [6][8] - The company's gross profit margin for the first half of 2024 was 41.32%, a decrease of 4.57 percentage points [6][8] - The company forecasts revenues of 8.2 billion yuan, 11.6 billion yuan, and 14.05 billion yuan for 2024E, 2025E, and 2026E respectively, with year-on-year growth rates of 30.92%, 41.47%, and 21.10% [7][11] Order and Delivery Insights - The company has delivered a record number of etching equipment, with new orders for etching equipment reaching 3.94 billion yuan in the first half of 2024, a year-on-year increase of 50.7% [6][7] - The company has accumulated over 3,600 CCP etching reaction chambers produced and shipped by June 2024 [6][8] Market Position and Future Outlook - The company is positioned as a leader in the MOCVD market for GaN-based LEDs and is developing new products for various applications, including deep UV LEDs and Mini-LEDs [8][9] - The company plans to expand its market share in the semiconductor equipment sector, particularly in advanced processes and mature process expansions in domestic wafer fabs [8][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 127.45 CNY per share [1]. Core Views - The company has shown significant revenue growth, with a forecasted increase in new orders for 2024, indicating a strong upward trend in performance [4][10]. - The company is experiencing pressure on net profit margins due to increased R&D expenses, but the overall order growth and production capacity suggest a positive outlook for future earnings [6][10]. Summary by Sections Financial Performance - For the first half of 2024 (24H1), the company reported revenue of 3.448 billion CNY, a year-on-year increase of 36%. However, the net profit attributable to shareholders was 517 million CNY, a decrease of 48% year-on-year [5]. - The gross margin for 24H1 was 41.32%, down 2.59 percentage points from the previous year, primarily due to fluctuations in customer and product mix [5]. - The company expects new orders for 2024 to be between 11 billion and 13 billion CNY, representing a growth of 32% to 56% compared to 2023 [5]. Orders and Production - The company signed new orders worth 4.7 billion CNY in 24H1, a 40% increase year-on-year. The total new orders for the first three quarters of 2024 exceeded 7.5 billion CNY, up over 50% year-on-year [6]. - The company’s contract liabilities (prepayments) at the end of 24H1 were 2.535 billion CNY, showing a significant increase from 772 million CNY at the end of 2023 [6]. R&D and Technological Advancements - The company has made significant breakthroughs in advanced equipment development, including successful validation and mass production of high aspect ratio etching equipment [7]. - The R&D expenses for 24H1 reached 568 million CNY, a 95% increase year-on-year, accounting for 16.47% of revenue [6]. Profit Forecast - The net profit forecast for 2024-2026 has been adjusted to 1.8 billion, 2.42 billion, and 3.34 billion CNY respectively, reflecting the impact of fluctuating gross margins on net profit [10].

Financial Performance - The company's revenue for the first half of 2024 reached 3.448 billion CNY, a year-on-year increase of 36.46% [1] - Plasma etching equipment revenue was 2.698 billion CNY, up approximately 56.68% year-on-year [1] - MOCVD equipment revenue was 152 million CNY, a decrease of about 49.04% compared to the same period last year [1] - The net profit attributable to shareholders for the first half of 2024 was 517 million CNY, a decrease of approximately 48.48% year-on-year [2] - R&D investment for the first half of 2024 was 970 million CNY, a significant increase of 110.84% [2] Order and Market Outlook - New orders for the first half of 2024 totaled 4.7 billion CNY, a year-on-year increase of approximately 40.3% [2] - The company expects cumulative new orders for the first three quarters of 2024 to exceed 7.5 billion CNY, with a year-on-year growth of over 50% [2] - Advanced process orders accounted for over 70% of new orders in the first half of 2024 [2] R&D and Innovation - The company is focusing on six categories of equipment with over 20 new devices under development [2] - R&D expenses accounted for 28.2% of operating revenue in the first half of 2024 [4] - The company is actively developing new MOCVD products and has made good progress in the market [2] Industry Trends - The dry etching equipment market has an average annual growth rate of over 15% from 2013 to 2023, while chemical film equipment has an average growth rate of over 14% [3] - The transition from 2D to 3D memory devices requires significant use of multilayer film deposition and high aspect ratio etching [3] Strategic Focus - The company is enhancing its competitive edge in the detection industry, including optical and electron beam detection [5] - The company aims to balance short-term profitability with long-term development through continuous innovation and market expansion [3]

中微半导体设备（上海）股份有限公司（以下简称"公司"）近日收到上海创 投通知，国资监管机构决定将上海科创集团持有的上海浦东科创集团有限公司 46%股权无偿划转给上海市浦东新区国有资产监督管理委员会。后续上海创投与 浦东新产投不再是一致行动关系。现将有关权益变动情况公告如下： 一、信息披露义务人及本次权益变动基本情况 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。 证券代码：688012 证券简称：中微公司 公告编号：2024-059 中微半导体设备（上海）股份有限公司 关于大股东权益变动的提示性公告 重要内容提示： 上海创投与浦东新产投为一致行动关系。 本次股权划转完成后，浦东新产投控股股东不变，实际控制人变更为上海市 浦东新区国有资产监督管理委员会。变更后浦东新产投股权结构图如下： 上海创投与浦东新产投不再是一致行动关系。 1、信息披露义务人基本情况 | 信息披露义务人 | 上海创业投资有限公司 | | | | --- | --- | --- | --- | | 注册地址 | 上海市静安区新闸路 号 669 39 | 层 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [6][9]. Core Views - The company has experienced significant revenue growth due to increased demand for etching equipment, although profitability is under short-term pressure due to rising costs and increased R&D expenses [4][5]. - The company's etching equipment revenue reached 2.698 billion yuan in the first half of 2024, a year-on-year increase of approximately 56.68%, with its share of total revenue rising from 68.16% in the first half of 2023 to 78.26% in the first half of 2024 [5]. - The company is expected to benefit from the ongoing upgrades in advanced logic processes and storage technologies, leading to stable revenue and profit growth in the future [9]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved operating revenue of 3.448 billion yuan, a year-on-year increase of 36.46%, while net profit attributable to shareholders decreased by 48.48% to 517 million yuan [3][4]. - The company's gross margin has declined due to new accounting standards affecting warranty costs and increased operating expenses, particularly a 94.58% rise in R&D expenses [4]. Equipment Sales and Market Position - The company’s MOCVD equipment sales were approximately 152 million yuan, down about 49.04% year-on-year, but it maintains a leading position in the international market for GaN-based MOCVD equipment [6]. - The company has developed new products that have been validated by clients, indicating potential for future growth in the MOCVD market, which is projected to exceed 800 units annually by 2026 [6]. Future Projections - Revenue forecasts for 2024, 2025, and 2026 are 8.154 billion yuan, 10.767 billion yuan, and 14.121 billion yuan respectively, with corresponding EPS estimates of 2.94 yuan, 3.58 yuan, and 4.49 yuan [8][9]. - The company is expected to maintain a stable growth trajectory, with projected net profit growth rates of 2.2% in 2024 and 21.7% in 2025 [8].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][5]. Core Insights - The company reported significant growth in orders and revenue in H1 2024, with a total revenue of 3.448 billion yuan, representing a year-on-year increase of 36.46%. However, the net profit attributable to shareholders decreased by 48.48% to 517 million yuan due to the absence of stock disposal gains that were present in the previous year [2][3]. - The company achieved its first sales of LPCVD equipment, contributing 28 million yuan to revenue. The etching equipment segment saw a revenue increase of 56.68% to 2.698 billion yuan, while MOCVD equipment revenue fell by 49.04% to 152 million yuan [2][3]. - The company added new orders worth 4.7 billion yuan in H1 2024, a growth of approximately 40.3%, with etching equipment orders increasing by 50.7% to 3.94 billion yuan [2][3]. Summary by Sections Financial Performance - In H1 2024, the company's gross margin was 41.32%, down 4.57 percentage points year-on-year. If calculated under previous accounting standards, the gross margin would have been 44.07% [2][3]. - The net profit margin for H1 2024 was 14.97%, a decrease of 24.70% year-on-year. The company’s operating expenses increased, with R&D expenses rising by 94.58% to 568 million yuan [2][3]. Market Position and Strategy - The company is a leader in plasma etching equipment and is actively expanding its portfolio in thin film deposition and inspection equipment. It aims to cover 50%-60% of the semiconductor equipment market in the next five to ten years [3][5]. - The company is developing advanced etching technologies and has successfully validated multiple new equipment products in customer production lines [3][5]. Earnings Forecast - The company is projected to achieve revenues of 8.367 billion yuan in 2024, 10.865 billion yuan in 2025, and 13.994 billion yuan in 2026, with corresponding net profits of 2.081 billion yuan, 2.660 billion yuan, and 3.514 billion yuan respectively [3][5].

Investment Rating - The report maintains a "Recommended" investment rating for the company [2][4]. Core Views - The company achieved a revenue of 3.448 billion yuan in the first half of 2024, representing a year-on-year increase of 36.46%. However, the net profit attributable to shareholders decreased by 48.48% year-on-year to 517 million yuan, primarily due to the absence of gains from the sale of shares in 2023 [3][4]. - The company continues to invest heavily in research and development, with R&D expenses reaching 970 million yuan in the first half of 2024, a 110.84% increase from the previous year [4][5]. - New orders surged to 4.7 billion yuan in the first half of 2024, a year-on-year growth of approximately 40.3%, with etching equipment orders increasing by 50.7% [4][5]. Summary by Sections Financial Performance - In the first half of 2024, the company's overall gross margin was 41.32%, down 4.57 percentage points year-on-year, and the net margin was 14.97%, down 24.7 percentage points year-on-year [4]. - The revenue from etching equipment was 2.698 billion yuan, a 56.68% increase year-on-year, while revenue from MOCVD equipment fell by 49.04% to 152 million yuan [4][5]. Market Position and Product Development - The company is a leader in etching equipment, with a comprehensive range of products that are widely used by top-tier clients in the semiconductor industry [5]. - The company is also making progress in developing MOCVD equipment for third-generation semiconductor applications, with successful initial results in Micro-LED applications [5]. Future Outlook - The report forecasts net profits for the company to be 2.073 billion yuan, 2.565 billion yuan, and 3.160 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 42x, 34x, and 27x [5][7].