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].

Investment Rating - Strong Buy (Maintained) with a target price of 189.2 RMB, compared to the current price of 131.01 RMB [1] Core Views - The company's revenue in H1 2024 reached 3.448 billion RMB, a year-on-year increase of 36.46%, with a gross margin of 41.32%, down 4.57 percentage points year-on-year [1] - Net profit attributable to the parent company in H1 2024 was 517 million RMB, a year-on-year decrease of 48.48%, while non-GAAP net profit was 483 million RMB, down 6.88% year-on-year [1] - In Q2 2024, the company achieved revenue of 1.843 billion RMB, up 41.37% year-on-year and 14.81% quarter-on-quarter, with a gross margin of 38.17%, down 7.73 percentage points year-on-year and 6.77 percentage points quarter-on-quarter [1] - The company's etching equipment revenue in H1 2024 was 2.698 billion RMB, a year-on-year increase of 56.68%, driven by the acceleration of semiconductor equipment localization [2] - New orders in H1 2024 reached 4.7 billion RMB, a year-on-year increase of approximately 40.3%, with expected cumulative new orders for 2024 projected to be between 11-13 billion RMB [2] - The company's ICP and CCP equipment are rapidly advancing, with 12-inch high-end etching equipment already in mass production for nodes ranging from 65nm to 5nm and beyond [2] - R&D investment in H1 2024 increased by 110.84% year-on-year to 970 million RMB, accounting for 28.15% of revenue, supporting the company's platform-based development [2] Financial Forecasts - Revenue forecasts for 2024-2026 are 8.395 billion RMB, 11.823 billion RMB, and 15.043 billion RMB, respectively [2] - Net profit attributable to the parent company is expected to be 1.8 billion RMB, 2.737 billion RMB, and 3.608 billion RMB for 2024-2026, respectively [2] - The company's gross margin is projected to remain stable at around 46.3%-46.9% from 2024 to 2026 [7] - ROE is expected to increase from 9.3% in 2024 to 14.5% in 2026, reflecting improved profitability [7] Industry and Market Context - The semiconductor equipment industry is benefiting from accelerated localization due to changes in international trade dynamics, with the company well-positioned to capitalize on this trend [2] - The company's etching equipment is gaining market share in both logic and 3D NAND production lines, with successful validation of new ICP and CCP equipment for high-aspect-ratio etching [2] - The company's platform-based strategy and high R&D investment are expected to drive long-term growth, particularly in advanced logic and memory production lines [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company has maintained high revenue growth in Q2 2024, with a year-on-year increase of 41.37% in revenue and a total revenue of 34.48 billion yuan for H1 2024, reflecting a year-on-year growth of 36.46% [4] - The company is focusing on high R&D investments, which have increased by 110.84% year-on-year to 9.7 billion yuan in H1 2024, contributing to market share growth [5] - New orders have shown strong growth, with a total of 47 billion yuan in new orders for H1 2024, representing a year-on-year increase of 40.3% [6] Financial Summary - Revenue for 2024 is projected to be 84.44 billion yuan, with a year-on-year growth of 34.8% [6] - The net profit for 2024 is estimated at 2.09 billion yuan, with a year-on-year increase of 17.2% [6] - The company's gross margin is expected to be 46.5% in 2024, slightly improving from 45.8% in 2023 [6] - Earnings per share (EPS) are projected to be 3.37 yuan for 2024, increasing to 5.83 yuan by 2026 [6] Order Growth and Market Position - The company expects to achieve over 75 billion yuan in new orders in the first three quarters of 2024, with a total annual target of 110-130 billion yuan [6] - The company aims to increase the number of units shipped by over 200% year-on-year in 2024, establishing a solid foundation for revenue recognition [6] - The company is positioned as a leader in the etching equipment market and is accelerating its expansion towards a platform-based business model [4][6]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company has significantly increased its R&D investment, with a 110.84% year-on-year growth in R&D spending, reaching 970 million yuan in the first half of 2024 [3] - New orders have shown robust growth, with a 40.3% year-on-year increase in new orders, totaling 4.7 billion yuan in the first half of 2024 [3] - The company is expected to benefit from domestic production increases, with projected net profits for 2024 and 2025 being adjusted upwards by 7.41% and 21.32%, respectively [3] Summary by Sections Financial Performance - In H1 2024, the company reported revenue of 3.448 billion yuan, a 36.46% increase year-on-year, while net profit attributable to shareholders was 517 million yuan, a decrease of 48.48% [2][3] - The revenue from plasma etching equipment reached 2.698 billion yuan, up approximately 56.68%, while MOCVD equipment revenue fell by about 49.04% to 152 million yuan [3] Order Growth - The company secured new orders worth 4.7 billion yuan in H1 2024, with plasma etching equipment orders accounting for 3.94 billion yuan, reflecting a 50.7% increase [3] - The company produced 833 chambers in H1 2024, a 420% increase year-on-year, laying a solid foundation for future revenue recognition [3] Profit Forecast and Valuation - The net profit forecasts for 2024 and 2025 have been raised to 2.073 billion yuan and 2.686 billion yuan, respectively, with a new forecast for 2026 set at 3.468 billion yuan [3][6] - The corresponding P/E ratios are projected to be 42x for 2024, 32x for 2025, and 25x for 2026 [3][6]

证券研究报告·公司点评报告·半导体 中微公司（688012） 2024 年半年报点评：订单持续高增，平台化 布局加速 2024 年 08 月 23 日 买入（维持） | --- | --- | --- | --- | --- | --- | |----------------------------|-------|-------|-------|-------|-------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 4740 | 6264 | 8124 | 10464 | 13319 | | 同比（%） | 52.50 | 32.15 | 29.70 | 28.81 | 27.29 | | 归母净利润（百万元） | 1170 | 1786 | 2083 | 2581 | 3637 | | 同比（%） | 15.66 | 52.67 | 16.66 | 23.87 | 40.92 | | EPS-最新摊薄（元/股） | 1.88 | 2.87 | 3.35 | 4.15 | 5.85 | | ...

证券代码：688012 证券简称：中微公司 公告编号：2024-058 中微半导体设备（上海）股份有限公司 关于订单和经营等情况的自愿性披露公告 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"）聚焦高端 半导体及泛半导体设备，坚持创新突破，业绩持续高速增长，订单、收入、产品 交付均创历史新高。为让投资者更好地了解公司经营情况，现将相关情况公告如 下： 2024 年上半年公司营业收入同比增长 36.46%达到 34.48 亿元；新增订单 47.0 亿元，同比增长约 40.3%。公司最近两年新开发的薄膜 LPCVD 设备上半年新增 订单 1.68 亿元，新产品开始启动放量。公司设备产品在先进封装等领域不断突 破，持续获得客户订单。公司目前订单充足，预计 2024 年前三季度的累计新增 订单超过 75 亿元，同比增长超过 50%；公司预计 2024 年的累计新增订单将达到 110-130 亿元。公司预计 2024 年全年付运台数将同比去年增长 200%以上，为本 年度的收 ...

业绩简评 公司 2024 年 8 月 22 日披露半年报，上半年实现营收 34.48 亿元， 同比增长 36.46%；实现归母净利润 5.17 亿元，同比减少 48.48%。 其中，Q2 实现营收 18.43 亿元，同比增长 41.37%；实现归母净利 润 2.68 亿元，同比减少 63.23%。归母净利润出现下滑原因主要 系： 23 年公司出售了部分拓荆科技股票，24 年公司并无该项股 权处置收益。此外，公司显著加大研发力度，24 年上半年研发投 入为 9.70 亿，同比大幅增长 110.84%，研发费用率跃升至 16.47%。 经营分析 合同负债快速增长，奠定公司成长动力。24 年上半年公司共生产 专用设备 833 腔，同比增长 420%，为本年度出货打下了较好的基 础。本期末发出商品余额约 27.66 亿，较期初余额的 8.68 亿增长 18.98 亿；本期末合同负债余额约 25.35 亿，较期初余额的 7.72 亿增长约 17.64 亿，当前订单饱满，看好全年业绩释放。 刻蚀设备优势显著、持续突破。公司目前针对逻辑和存储芯片制 造中最关键刻蚀工艺的多款设备已进入量产验证阶段，针对超高 深宽比刻蚀的大功 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 08 月 23 日 中微公司(688012.SH) 刻蚀设备份额快速提高，24H1 订单同 比延续高增长 事件： 1.公司发布 2024 半年度报告，2024H1 实现营收 34.48 亿元，同比增 加 36.46%；实现归母净利润 5.17 亿元，同比减少 48.48%；实现扣非 归母净利润 4.83 亿元，同比减少 6.88%。 2.从 Q2 单季度业绩来看，实现营收 18.42 亿元，同比增加 41.37%， 环比增加 14.81%；实现归母净利润 2.67 亿元，同比减少 63.23%，环 比增加 7.39%；实现扣非归母净利润 2.20 亿元，同比减少 24.32%， 环比减少 16.23%。 24H1 营收同比高增，刻蚀设备份额快速提高： 24H1 营收 34.48 亿元，同比增长 36.46%，，主要系针对先进逻辑和存 储器件制造中关键刻蚀工艺的高端产品新增下运量显著提升，CCP 和 ICP 刻蚀设备的销售增长和在国内主要客户芯片生产线上市占率均 大幅提升。从营收结构来看，24H1 刻蚀设备收入为 26.98 亿元，同 ...

首次授予部分第四个归属期归属名单的核查意见 中微半导体设备（上海）股份有限公司（以下简称"公司"）监事会依据《中 华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以 下简称"《证券法》"）、《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》"）和《中微 半导体设备（上海）股份有限公司章程》（以下简称"《公司章程》"）等有关规 定，对公司 2020 年限制性股票激励计划（以下简称"本次激励计划"）首次授予 部分第四个归属期归属名单进行审核，发表核查意见如下： 本次拟归属的 532 名激励对象符合《中华人民共和国公司法》、《中华人民共 和国证券法》等法律、法规和规范性文件以及《公司章程》规定的任职资格，符 合《上市公司股权激励管理办法》、《上海证券交易所科创板股票上市规则》等法 律、法规和规范性文件规定的激励对象条件，符合《2020 年限制性股票激励计 划（草案修订稿）》规定的激励对象范围，其作为公司本次限制性股票激励计划 激励对象的主体资格合法、有效，激励对象获授限制性股票的归属条件已成就。 中微半导体设备（上海）股 ...