[Table_Page] 季报点评|半导体 证券研究报告 [中Table_微Title] 公司（688012.SH） [公Tab司le_I评nves级t] 买入 当前价格 133.04元 24Q1 刻蚀收入高增长，沉积新品拓展稳步推进 合理价值 222.62元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-05-10 ⚫ 24Q1 刻蚀业务收入高增长，研发投入和非经常损益短期拖累利润表 [相Tab对le_P市icQ场uote表] 现 现。公司发布24年一季报。24Q1，公司营收16.05亿元，yoy+31.23%， 公司针对先进逻辑和存储器件制造中关键刻蚀工艺的高端产品新增付 10% 运量显著提升，24Q1刻蚀设备收入13.35亿元，yoy+64.05%；归母 2% 05/23 07/23 09/23 11/23 01/24 03/24 05/24 -7% 净利润 2.49 亿元，yoy-9.53%，主要原因一方面是公司积极推动多款 -15% 新产品研发，研发材料投入增加和研发人员增加下职工薪酬增长，Q1 -24% 研发投入同比增长较多，另一方面非经常性损益为亏损0. ...

证券代码：688012 证券简称：中微公司 公告编号：2024-038 中微半导体设备（上海）股份有限公司 关于调整 2023 年年度利润分配现金分红总额的公告 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"公司"）2023年年度利 润分配拟派发现金分红的总额由 185,672,135.10 元（含税）调整为 185,393,094.00元（含税）； 本次调整原因：公司于2024年4月2日完成了2022年限制性股票激励计划第二 个归属期的股份登记工作，新增股份793,830股，公司股本总数由619,279,423 股增加至620,073,253股。另外，自公司2023年年度利润分配预案披露之日起 至本公告披露日期间，公司通过上海证券交易所交易系统以集中竞价交易方 式累计新增回购公司股份1,723,967股。截至本公告披露日，公司回购专用证 券账户中股份数量为2,096,273股，上述股份不参与本次利润分配，因此公司 实际参与利润分配的股本总数为617,976,980股。公司按 ...

证券代码：688012 证券简称：中微公司 公告编号：2024-037 中微半导体设备（上海）股份有限公司 关于股份回购实施结果的公告 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、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2024/2/1，由董事长提议 | | --- | --- | | 回购方案实施期限 | 待第二届董事会第十九次会议审议通过后 个月 3 | | 预计回购金额 | 30,000 万元~50,000 万元 | | 回购价格上限 | 200.00 元/股 | | 回购用途 | 为维护公司价值及股东权益 | | 实际回购股数 | 209.6273 万股 | | 实际回购股数占总股本比例 | 0.34% | | 实际回购金额 | 30,074.45 万元 | | 实际回购价格区间 | 122.08 元/股~162.49 元/股 | 一、 回购审批情况和回购方案内容 2024 年 2 月 2 日，公司召开第二届董事会第十九次会议，审议通过了《关于 以集中竞价交易方式回购公司股份方案的议案》。审议同意公司使用公司首 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][2] Core Views - The company's revenue from etching equipment grew by 64% year-on-year, indicating strong demand and order fulfillment [1] - In Q1 2024, the company achieved a revenue of 1.605 billion yuan, a year-on-year increase of 31.2%, although net profit slightly declined by 9.5% year-on-year due to increased expenses and reduced non-operating income [1][2] - The company is focusing on enhancing its R&D capabilities and advancing towards platformization in its product offerings [1] Summary by Relevant Sections Financial Performance - Q1 2024 revenue was 1.605 billion yuan, up 31.2% year-on-year but down 27.8% quarter-on-quarter [1] - Net profit for Q1 2024 was 249 million yuan, down 9.5% year-on-year and down 60.2% quarter-on-quarter [1] - Non-recurring net profit was 263 million yuan, up 15.4% year-on-year [1] Revenue Breakdown - Etching equipment revenue reached 1.335 billion yuan in Q1 2024, a 64.1% increase year-on-year, accounting for 83.2% of total revenue [1] - MOCVD equipment revenue was 38 million yuan, down 77.3% year-on-year due to market fluctuations [1] - Spare parts and service revenue was approximately 232 million yuan, down 4.4% year-on-year [1] Inventory and Contracts - As of the end of Q1 2024, contract liabilities increased to 1.169 billion yuan, up 51.5% quarter-on-quarter, reflecting a significant increase in production and shipment [1] - Inventory rose to 5.584 billion yuan, up 31.1% quarter-on-quarter, driven by increased orders and raw material procurement [1] Product Development - The company has successfully validated advanced etching machines and is increasing the coverage of its thin film deposition processes [1] - New products, including LPCVD and ALD equipment, are entering the market, with three already receiving customer certification [1] Earnings Forecast - The company forecasts revenues of 8.379 billion yuan, 10.537 billion yuan, and 13.225 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 2.051 billion yuan, 2.589 billion yuan, and 3.407 billion yuan for the same years [2]

上 市 公 司 电子 公 2024年04月29日 中微公司 (688012) 司 研 究 ——合同负债环比回升 5 成，刻蚀设备营收同比高增 6 成 公 司 点 报告原因：有业绩公布需要点评 评 买入 投资要点： （维持） ⚫ 事件：公司发布2024年一季报，符合预期。2024年一季度公司营收16.1亿，同比增长 31.2%；毛利率44.94%，同比下滑0.93pct；扣非归母净利润2.6亿，同比增长15.4%； 证 市场数据： 2024年04月26日 归母净利润2.5亿，同比下滑9.5%。 券 收盘价（元） 135.04 研 究 一年内最高/最低（元） 185.5/104.92 ⚫ 合同负债大幅增加，预计订单快速增长。2024年一季度末公司合同负债11.7亿，较年初 市净率 4.7 报 息率（分红/股价） 0.15 增长51.5%，同时公司一季度末存货55.8亿、较年初增长31.1%。根据公司财报，公司 告 流通A股市值（百万元） 83735 一季度末发出商品余额19.2亿，较年初增加10.6亿，收到大量发货款，预计公司一季度 上证指数/深证成指 3088.64/9463.91 新签订单增速优异。 注：“息 ...

Investment Rating - The report assigns a "Buy-A" investment rating to the company with a target price of 172.38 CNY, based on a projected PE of 51.00X for 2024 [5][6]. Core Insights - The company achieved a revenue of 6.264 billion CNY in 2023, representing a year-on-year increase of 32.15%. The net profit attributable to the parent company was 1.786 billion CNY, up 52.67% year-on-year [2][3]. - In Q4 2023, the company reported a revenue of 2.222 billion CNY, a 30.97% increase year-on-year and a 46.71% increase quarter-on-quarter. The net profit for the same period was 626 million CNY, reflecting a 66.08% year-on-year increase and a 299.11% quarter-on-quarter increase [2][3]. - The company’s order intake for 2023 reached approximately 8.36 billion CNY, a 32.3% increase year-on-year, with etching equipment orders growing by 60.1% to 6.95 billion CNY [3][4]. Financial Performance Summary - The company’s revenue for 2024 is projected to be 8.268 billion CNY, with net profits expected to reach 2.093 billion CNY. By 2026, revenue is anticipated to grow to 14.406 billion CNY, with net profits of 3.470 billion CNY [5][6]. - The gross profit margin for Q1 2024 was reported at 44.94%, remaining stable compared to the previous year [3][4]. - The company’s earnings per share (EPS) for 2023 was 2.88 CNY, with projections of 3.38 CNY for 2024 and 5.60 CNY for 2026 [6][8]. Market Position and Product Development - The company is focusing on advanced etching equipment for chip manufacturing, with several products already validated in customer production lines. The thin film deposition equipment is also expanding its market coverage [4][5]. - The company has successfully launched multiple products in the tungsten series for thin film deposition, achieving validation from various clients in both logic and memory sectors [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 135.04 CNY per share [1]. Core Insights - The company reported a significant revenue growth of 31% year-on-year in Q1 2024, driven by a remarkable increase in etching equipment sales, which grew over 64% [3][4]. - The net profit for Q1 2024 decreased by 10% year-on-year, primarily due to a reduction in the fair value of listed company shares and a decrease in government subsidies [4]. - The company is experiencing rapid growth in its etching business, with new orders increasing by 60% in 2023, and new product launches enhancing its market position [5][6]. - The company maintains a positive outlook for 2024-2026, with net profit forecasts of 21.2 billion, 26.8 billion, and 34.7 billion CNY respectively, corresponding to P/E ratios of 40, 31, and 24 [6]. Financial Performance Summary - The company's revenue for 2022 was 4,740 million CNY, projected to grow to 14,107 million CNY by 2026, with a compound annual growth rate (CAGR) of approximately 29% [1]. - Net profit is expected to increase from 1,170 million CNY in 2022 to 3,471 million CNY in 2026, reflecting a CAGR of around 29% [1]. - The earnings per share (EPS) is projected to rise from 1.89 CNY in 2022 to 5.60 CNY in 2026 [1]. - The company's return on equity (ROE) is expected to improve from 8% in 2022 to 13% in 2026 [1]. Operational Highlights - The company reported a significant increase in contract liabilities and inventory, indicating strong demand and production activity [3]. - The gross margin for Q1 2024 was 44.94%, slightly down from the previous year, reflecting increased costs associated with higher R&D and operational expenses [3][4]. - The company is focusing on advanced packaging and compound semiconductor technologies, which are expected to drive future growth [6].

电子/半导体 公 司 研 中微公司（688012.SH） 2024Q1 营收同比持续增长，高端刻蚀设备快速放量 究 2024年04月28日 ——公司信息更新报告 投资评级：买入（维持） 罗通（分析师） 刘书珣（联系人） luotong@kysec.cn liushuxun@kysec.cn 日期 2024/4/26 证 书编号：S0790522070002 证书编号： S0790122030106 当前股价(元) 135.04  公司2024Q1营业收入同比持续增长，维持“买入”评级 公 一年最高最低(元) 185.80/104.92 公司发布 2024 年一季报，公司 2024Q1 实现营收 16.05 亿元，YoY+31.23%， 司 信 总市值(亿元) 837.35 QoQ-27.77%；实现归母净利润2.49亿元，YoY-9.53%，QoQ-60.21%；扣非净利 息 流通市值(亿元) 837.35 润 2.63亿元，YoY+15.4%，QoQ-42.56%；毛利率 44.94%，YoY-0.88pcts；净利 更 总股本(亿股) 6.20 率 15.52%，YoY-12.65pcts。我们维持公司 ...

证券代码：688012 证券简称：中微公司 公告编号：2024-031 根据中国证券监督管理委员会《上市公司信息披露管理办法》《公开发行证 券的公司信息披露编报规则第 15 号——财务报告的一般规定》《上海证券交易所 科创板股票上市规则》等规范性文件的相关规定，公司编制了《中微半导体设备 （上海）股份有限公司 2024 年第一季度报告》。 监事会认为：公司 2024 年第一季度报告公允反映了公司报告期内的财务状况 和经营成果，所包含的信息从各个方面真实地反映出公司报告期内的经营管理和 财务状况等事项。公司 2024 年第一季度报告所披露的信息真实、准确、完整，不 存在虚假记载、误导性陈述或重大遗漏。未发现参与公司 2024 年第一季度报告编 制和审议的人员有违反保密规定的行为。 中微半导体设备（上海）股份有限公司 第二届监事会第十九次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 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"）第二 届监事会第十九次会议于 2024 ...

证券代码：688012 证券简称：中微公司 公告编号：2024-032 一、募集资金基本情况 1、2019 年首次公开发行股票募集资金 根据中国证券监督管理委员会核发的《关于同意中微半导体设备（上海）股 份有限公司首次公开发行股票注册的批复》（证监许可[2019]1168），公司于 2019 年 7 月首次公开发行 A 股 53,486,224 股，每股发行价 29.01 元人民币，募集资金 总额为人民币 155,163.54 万元，扣除发行费用人民币 10,593.26 万元后，实际募 集资金净额（下称"募资净额"）为人民币 144,570.28 万元。上述募资资金已由普 华永道中天会计师事务所（特殊普通合伙）审验并出具普华永道中天验字（2019） 第 0411 号《验资报告》予以确认。 中微半导体设备（上海）股份有限公司 关于使用闲置募集资金进行现金管理的公告 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"公司"）于 2024 年 4 月 25 日召开第二届董事会第二十二 ...