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].

Investment Rating - The report assigns a "Buy" rating for the company [4]. Core Insights - The company is a leading domestic semiconductor equipment manufacturer with significant revenue growth, achieving a compound annual growth rate (CAGR) of 33.93% from 2019 to 2023 [1][24]. - The semiconductor equipment market is expected to grow significantly, with a projected market size of $128 billion by 2025, driven by advancements in technology and increased demand for AI and cloud computing applications [2][38]. - The company has a diversified product portfolio, focusing on plasma etching equipment and MOCVD technology, which positions it well to benefit from the trend of domestic equipment autonomy [3][4]. Summary by Sections Section 1: Company Overview - The company specializes in high-end semiconductor micro-processing equipment and has established itself as a leader in the domestic market [17]. - Its core products include plasma etching equipment, which is widely used in advanced semiconductor manufacturing processes [18]. Section 2: Market Opportunities - The semiconductor industry is experiencing a recovery, with AI and HPC driving demand, leading to a forecasted global semiconductor sales increase of 16% in 2024 [33]. - The domestic equipment market is expected to reach $35 billion in sales by 2024, highlighting the growth potential for local manufacturers [39]. Section 3: Product Development and Strategy - The company is enhancing its product offerings through both internal development and external partnerships, aiming to cover a broader range of semiconductor manufacturing processes [3]. - It has made significant advancements in its etching and MOCVD equipment, which are critical for the production of advanced semiconductor devices [18][19]. Section 4: Financial Projections - Revenue projections for 2024-2026 are estimated at 9.065 billion, 12.269 billion, and 15.213 billion yuan, respectively, with corresponding year-on-year growth rates of 44.72%, 35.35%, and 24.00% [4][9]. - The company's net profit is expected to fluctuate, with a projected decline in 2024 followed by substantial growth in subsequent years [4][9].

中国 证券研究 2025 年 2 月 20 日 中微公司 - A 强劲势头有望延续；维持"增持"评级 根据我们近期的供应链调研，得益于先进制程晶圆代工厂资本开支高企 ，2025 年中国晶圆加工设备（WFE）需求远好于之前担忧。加上新建成 熟制程产能在国产化率方面的追赶，我们认为国内企业或将继续大幅扩 大市占率。我们预计中微公司等头部企业将跑赢，得益于其产品组合和 客户群不断扩大。我们目前预计公司 2025-27 年收入/盈利年复合增长率 为 52%/69%，且我们截至 2026 年 6 月的新目标价为 220.0 元，基于 20 倍的一年动态市盈率。维持"增持"评级。 增持 688012.SS, 688012 CH 股价（2025 年 2 月 20 日）： 205.10 元 ▲ 目标价（2026 年 6 月）： 220.00 元 之前（2025 年 12 月）： 195.00 元 证券研究报告 科技 证券分析师: 冯令天 AC (86-21) 6106 6359 billy.feng@jpmorgan.com 登记编号: S1730520030005 证券分析师: 许日 (86-21) 6106 6318 r ...

证券研究报告 电子 | 半导体 非金融|首次覆盖报告 hyzqdatemark 2025 年 02 月 18 日 证券分析师 葛星甫 SAC：S1350524120001 gexingfu@huayuanstock.com 市场表现： | 基本数据 | | | 2025 | 年 | | | 日 | | 17 | | | | 02 | 月 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 193.21 | | | | | | | | | | | 一 年 内 | 最 | 高 | | | | | | 最 | | 低 | / | 256.99/115.50 | | | | | （元） | | | | | | | | | | | | | | | | | 总市值（百万元） | | | | | 120,246.90 | | | | | | | | | | | | 流通市值（百万元） | | | | | 120,246.90 | | ...

Summary of Zhongwei Company Conference Call Company Overview - **Company**: Zhongwei Company - **Industry**: Semiconductor Equipment Manufacturing Key Financial Projections - **2024 Revenue**: Expected to be approximately 9.065 billion yuan, a year-on-year increase of 44.73% [4] - **Earnings**: Projected net profit attributable to shareholders between 1.5 billion to 1.7 billion yuan, a decrease of 16% to 4.81% year-on-year [6] - **R&D Investment**: R&D expenses expected to reach 2.45 billion yuan, a significant increase of 94.13% year-on-year [2][4] Product Development and Market Strategy - **Product Focus**: Major investments in etching equipment and thin film deposition, with over 20 new devices planned for market launch in 2025 [2][5] - **Customer Base**: Anticipated shift in customer structure, with storage clients' revenue share expected to rise significantly [9] - **Supply Chain Strategy**: Achieved 100% non-American components since 2023, aiming for a diversified supply chain to mitigate geopolitical risks [6][12] Market Trends and Customer Dynamics - **Geopolitical Impact**: Increased acceptance of domestic semiconductor equipment among clients since the second half of 2024, driven by geopolitical factors [6][8] - **Client Structure**: The company expects a more balanced client structure, reducing reliance on a few major clients [6][9] Growth Opportunities - **CVD and Thin Film Equipment**: Optimistic outlook for growth in CVD and thin film equipment, with plans to expand product offerings from three to six to eight types by 2025 [15][16] - **Advanced Logic Chips**: Focus on advanced process technologies, with significant potential for growth once production lines are optimized [17][18] Challenges and Risk Management - **Supply Chain Stability**: Currently no supply chain shortages reported, maintaining a diverse supplier network [13] - **R&D Adjustments**: R&D investments will be adjusted based on the company's performance throughout 2025 [22] Additional Insights - **New Product Launches**: New products in the measurement and detection category expected to be ready for demo by 2025, with full maturity anticipated by 2026 [23] - **Employee Incentives**: Annual stock incentive programs for employees, integrated into compensation packages [27] - **Order Composition**: Advanced process orders currently account for approximately 80% of total orders, indicating a strong position in the high-end market [28]

Core Viewpoint - Shanghai Ximi Technology Co., Ltd. has submitted an IPO counseling record, indicating its intention to go public and expand its production capacity in the semiconductor industry [1][2] Company Overview - Ximi Technology was established in January 2020 and focuses on high-end sealing materials and product solutions for the semiconductor and LCD panel industries [1] - The company began mass production in 2020, offering various types of perfluorinated seals essential for integrated circuit manufacturing [1][2] Production Capacity Expansion - The company launched its third-phase project on June 28, 2023, in the Lingang Industrial Zone, which will increase its production capacity by approximately 60% [1] - Post-expansion, the total production capacity will reach 1 million seals of various sizes, fulfilling about 70% of the domestic semiconductor industry's demand for perfluorinated sealing components [1] Market Position and Competition - Ximi Technology aims to capture market share from leading international brands and become the top domestic player in the perfluorinated seal market [2] - The company has established a strong foothold in the market, with many well-known domestic integrated circuit companies using its products [2] Financial and Ownership Structure - The company has secured nearly 300 million RMB in investments, with significant shareholders including IDG Capital, Ruijing Capital, and Shen Chuang Investment [2] - The actual controller of the company, Chairman Xie Changjie, holds a 20.26% stake [2] Industry Trends - There is a noticeable increase in IPO activities among integrated circuit-related companies, with other firms like Mu Xi Integrated Circuit and Mo Er Thread also pursuing public listings [3] - The semiconductor industry is witnessing a surge in domestic companies aiming to enhance their market presence and technological capabilities [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company is expected to maintain high revenue growth in 2024, with an estimated revenue of 9.065 billion yuan, representing a year-on-year increase of approximately 44.73% [1] - The company is significantly increasing its R&D efforts, with a projected R&D investment of about 2.45 billion yuan in 2024, a year-on-year increase of approximately 94.13% [2] - The company is focusing on the development of thin film equipment and has achieved significant sales in its etching equipment, with a revenue of approximately 7.276 billion yuan in 2024, a year-on-year increase of about 54.71% [1][4] Summary by Sections Revenue and Profit Forecast - The company expects to achieve a net profit attributable to shareholders of 1.5 to 1.7 billion yuan in 2024, a year-on-year decrease of 4.81% to 16.01% [2] - The gross profit margin for 2024 is estimated to be around 42.45%, a decrease of 3.37 percentage points year-on-year [2] Quarterly Performance - For Q4 2024, the company anticipates a revenue of 3.558 billion yuan, a year-on-year increase of 60.10% and a quarter-on-quarter increase of 72.75% [3] - The expected net profit attributable to shareholders for Q4 2024 is between 587 million and 787 million yuan, with a year-on-year change of -6.24% to 25.71% [3] Product Development and Market Position - The company has seen a significant increase in the shipment volume and sales of its high-end etching products, with over 1,000 reaction chambers delivered in the first three quarters of 2024 [4] - The LPCVD thin film equipment has achieved its first sales in 2024, generating approximately 156 million yuan in revenue [1][5] Financial Data and Valuation - The projected revenue for 2024 to 2026 is 9.065 billion, 11.603 billion, and 14.620 billion yuan respectively, with growth rates of 44.7%, 28.0%, and 26.0% [10] - The estimated P/E ratios for 2024, 2025, and 2026 are 69.6, 49.5, and 36.1 respectively [11]

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside in the stock price [7][10]. Core Insights - The company is expected to achieve a revenue growth of 45% in 2024, outperforming expectations, with new product LPCVD equipment orders confirmed to generate revenue of 160 million RMB, marking a new growth point for performance [7][10]. - As a leader in the domestic semiconductor etching equipment sector, the company is enhancing its market share while continuously expanding its product offerings, thereby improving its competitiveness in the high-end semiconductor equipment market [7][10]. - The stock is currently trading at a price-to-earnings (P/E) ratio of 53x and 44x for 2025 and 2026, respectively, suggesting room for valuation improvement amid escalating US-China tech tensions [7][10]. Financial Summary - The company forecasts a net profit of 1.58 billion RMB for 2024, a decrease of approximately 12% year-on-year, primarily due to last year's equity investment gains [10]. - Revenue projections for 2024-2026 are 9.065 billion RMB, 11.266 billion RMB, and 13.629 billion RMB, respectively, with corresponding net profits of 1.58 billion RMB, 2.204 billion RMB, and 2.662 billion RMB [9][10]. - The company plans to invest 2.45 billion RMB in R&D in 2024, a significant increase of about 94.1%, which is expected to enhance long-term competitiveness despite short-term profit limitations [10]. Market Context - The demand for semiconductor equipment in China is expected to continue rising, driven by the need for advanced processes amid US restrictions on high-tech industries [10]. - Domestic wafer fabs are likely to focus more on investments in advanced process technologies to meet the growing demands of industries such as AI, providing greater market opportunities for local equipment manufacturers [10].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is expected to achieve a revenue of 9.07 billion yuan in 2024, representing a year-on-year increase of 44.7%. The sales of etching equipment are projected to be approximately 7.28 billion yuan, up 54.71% year-on-year [8] - The net profit attributable to the parent company is forecasted to decline by 16.0% to 4.8% due to increased R&D expenses and a high base from the previous year [8] - The company is expanding its platform layout and has established a subsidiary in Chengdu to develop key equipment [8] Financial Forecasts - Total revenue is projected to grow from 6.26 billion yuan in 2023 to 8.36 billion yuan in 2025, with a compound annual growth rate (CAGR) of 37.25% from 2024 to 2026 [9] - The net profit attributable to the parent company is expected to reach 1.68 billion yuan in 2024, 2.43 billion yuan in 2025, and 3.40 billion yuan in 2026 [9] - The earnings per share (EPS) is forecasted to be 2.69 yuan in 2024, 3.91 yuan in 2025, and 5.46 yuan in 2026 [9] Revenue and Profitability - The company anticipates a gross margin of 42.54% in 2024, down from 45.83% in 2023, primarily due to increased R&D investments [8] - The net profit margin is expected to decrease to 20.06% in 2024 from 28.51% in 2023 [9] Market Position and Product Development - The company continues to lead in etching products and is successfully expanding its deposition product lines [8] - Significant advancements have been made in the development of third-generation semiconductor equipment, particularly in the MOCVD market [8] Investment in Future Growth - The company plans to invest approximately 3.05 billion yuan in establishing a subsidiary in Chengdu, focusing on R&D and production of CVD and ALD equipment [8]

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 三届监事会第一次会议于 2025 年 1 月 14 日召开。本次会议的通知于 2025 年 1 月 7 日通过电话及邮件方式送达全体监事。会议应出席监事 3 人，实际到会监事 3 人，会议由监事会主席邹非女士主持。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、监事会会议审议情况 （一）审议通过《关于选举公司第三届监事会主席的议案》 证券代码：688012 证券简称：中微公司 公告编号：2025-006 中微半导体设备（上海）股份有限公司 第三届监事会第一次会议决议公告 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 表决结果：3 票赞成，0 票反对，0 票弃权。 具体内容详见公司同日披露于上海证券交易所网站（www.sse.com.cn）的相 关公告及文件。 特此公告。 中微半导体设备（上海）股份有限公司监事会 2025 年 1 月 15 日 公司 2025 年第一 ...