海通证券股份有限公司 关于中微半导体设备（上海）股份有限公司 首次公开发行股票及向特定对象发行证券并上市 之保荐总结报告书 | 保荐机构名称： | 海通证券股份有限公司 | | --- | --- | | 保荐机构编号： | Z22531000 | 经中国证券监督管理委员会《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 号）批复，中微半导体设备 （上海）股份有限公司（以下简称"中微公司"、"上市公司"或"公司"）首次公开发行 股票 53,486,224 股，每股面值人民币 1 元，每股发行价格人民币 29.01 元，募集资 金总额为人民币 155,163.54 万元，扣除发行费用后，实际募集资金净额为人民币 144,570.28 万元。本次发行证券已于 2019 年 7 月 22 日在上海证券交易所上市。海 通证券股份有限公司（以下简称"保荐机构"或"海通证券"）担任其持续督导保荐 机构，持续督导期间为 2019 年 7 月 22 日至 2022 年 12 月 31 日。 经中国证券监督管理委员会《关于同意中微半导体设备（上海）股份有限公司 向特定对象 ...

Investment Rating - The report assigns a "Buy" investment rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [17]. Core Insights - The company achieved a revenue of 6.264 billion yuan in 2023, representing a year-on-year growth of 32.15%, with a net profit of 1.786 billion yuan, up 52.67% year-on-year [3][4]. - The company's etching equipment continues to drive revenue growth, with a 49.43% increase in etching equipment revenue to 4.703 billion yuan, accounting for 75% of total revenue [4][5]. - The company has a competitive advantage in etching equipment, with a significant increase in new orders, totaling 8.36 billion yuan, a year-on-year growth of 32.3% [5][8]. Summary by Sections Market Data - Closing price: 149.26 yuan - Circulating market value: 92.434 billion yuan - Price-to-book ratio: 5.19 [1]. Financial Performance - The company reported a gross margin of 45.83% in 2023, a slight increase of 0.09% year-on-year [4]. - The net profit margin improved to 28.48%, up 3.84% year-on-year, aided by non-recurring gains from the sale of shares [4][5]. Revenue and Profit Forecast - Projected revenues for 2023-2025 are 8.339 billion yuan, 10.806 billion yuan, and 13.651 billion yuan, respectively, with corresponding net profits of 2.066 billion yuan, 2.661 billion yuan, and 3.357 billion yuan [7][8]. - Earnings per share (EPS) are expected to grow from 2.88 yuan in 2023 to 5.42 yuan by 2026 [7][8]. Competitive Position - The company has developed a comprehensive range of etching equipment that covers most applications for 28nm and below, enhancing its market share [5]. - New product developments in the thin film deposition equipment sector are expected to contribute significantly to future revenue growth, with plans to launch over 10 new models in 2024 [8].

Investment Rating - The investment rating for the company is "Buy" and is maintained [5] Core Views - The company reported a significant increase in new orders, with a total order amount of approximately 8.36 billion yuan in 2023, representing a year-on-year growth of about 32.3% [7] - The sales revenue from etching equipment reached approximately 4.703 billion yuan, a year-on-year increase of about 49.43%, accounting for 75% of total revenue [7] - The company has made progress in its platform layout through self-research and investment, with successful development of various new equipment [8] Summary by Sections Financial Performance - In 2023, the company achieved operating revenue of 6.264 billion yuan, a year-on-year increase of 32.15%, and a net profit attributable to shareholders of 1.786 billion yuan, up 52.67% year-on-year [2][6] - The fourth quarter of 2023 saw operating revenue increase by 31.0% year-on-year, and net profit attributable to shareholders rose by 66.1% [2][6] Order and Market Position - The company’s market share in etching equipment has increased, leading to a substantial rise in new orders, particularly in the domestic market [7] - The company’s new orders for etching equipment amounted to approximately 6.95 billion yuan, reflecting a year-on-year growth of about 60.1% [7] Product Development - The company has successfully validated its first CVD tungsten equipment and received repeat orders from customers, indicating strong demand for its new products [8] - New products, including ALD titanium nitride equipment and various etching devices, are expected to enter the market for validation in 2024 [8] Future Projections - The company is projected to achieve net profits of 2.017 billion yuan, 2.605 billion yuan, and 3.287 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 48, 37, and 30 [8]

Investment Rating - The report maintains a "Buy" rating for the company [4][8] Core Views - The company achieved a revenue of 6.264 billion yuan in 2023, representing a year-on-year increase of 32.15%, with a net profit of 1.786 billion yuan, up 52.67% year-on-year [5][6] - The company announced a restricted stock incentive plan for 2024, proposing to grant up to 10.8 million shares, which is about 1.74% of the total share capital [5][7] - The sales of etching equipment significantly drove revenue growth, with etching equipment sales reaching approximately 4.703 billion yuan, a year-on-year increase of about 49.43% [6][8] - The company has a strong order intake, with new orders amounting to 8.36 billion yuan in 2023, a 32.3% increase from the previous year [6][8] - The company plans to launch over 10 new types of thin film deposition equipment in 2024, expanding its product coverage in the thin film equipment market [6][8] Summary by Sections Company Overview - Total market capitalization is 92.4 billion yuan, with a debt-to-asset ratio of 17.2% and a price-to-earnings ratio of 51.65 [4][5] Financial Performance - In 2023, the company reported a revenue of 6.264 billion yuan and a net profit of 1.786 billion yuan, with significant contributions from non-recurring gains [6][11] - The company expects revenues of 8.425 billion yuan, 11.333 billion yuan, and 14.973 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 2.061 billion yuan, 2.820 billion yuan, and 3.702 billion yuan [8][11] Market Position - The company has increased its market share in domestic chip production lines, particularly in advanced 5nm and below integrated circuit manufacturing [6][8] - The MOCVD equipment orders saw a decline of approximately 72.2% due to fluctuations in the end market, while the company maintains a leading position in the blue-green LED production line [6][8] Incentive Plans - The 2024 stock incentive plan covers up to 1,798 employees, representing 99.72% of the total workforce, aimed at enhancing employee cohesion and operational efficiency [7][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 149.26 CNY per share [2]. Core Views - The company's stock option incentive plan aims to enhance employee motivation, with 10.8 million restricted shares proposed for allocation, representing 1.74% of the total share capital. The grant price is set at 76.10 CNY per share, which is 50% of the closing price on March 27 [4]. - The incentive plan covers 99.72% of employees, which is expected to boost overall employee engagement and performance [5]. - In 2023, the company achieved a revenue of 6.26 billion CNY, a year-on-year increase of 32%, and a net profit of 1.79 billion CNY, up 53%. The fourth quarter of 2023 saw a revenue of 2.22 billion CNY, marking a 31% year-on-year increase and a 47% quarter-on-quarter increase [6]. - The company signed new orders worth 8.36 billion CNY in 2023, with a significant growth in etching orders, which increased by 60% [6]. - The company is expected to maintain a strong upward trend in performance due to a full order book and favorable industry conditions, with net profit forecasts for 2024-2026 adjusted to 2.12 billion CNY, 2.68 billion CNY, and 3.47 billion CNY respectively [7]. Summary by Sections Company Overview - The company is a leader in the etching segment, benefiting from domestic demand and expected to see revenue growth exceeding previous years [6]. Financial Performance - The company reported a significant increase in both revenue and net profit for 2023, with a notable performance in the fourth quarter [6]. - The financial forecasts for the upcoming years indicate continued growth in revenue and net profit, with corresponding P/E ratios decreasing from 44 in 2024 to 27 in 2026 [7]. Incentive Plan - The stock option incentive plan is designed to cover nearly all employees, which is anticipated to enhance motivation and align employee interests with company performance [5]. Market Position - The company is positioned well within the semiconductor equipment industry, with strong order growth and a favorable market outlook [6][7].

Investment Rating - The report maintains a "Neutral" rating for the company, indicating an expected industry return between -10% and 10% relative to the benchmark index [15][18]. Core Insights - The company has shown significant growth in its etching equipment segment, with new orders reaching 6.95 billion yuan in 2023, a year-on-year increase of approximately 60.1% [8]. - The company's revenue for 2023 is projected at 6.264 billion yuan, reflecting a year-on-year growth of 32.15%, with a net profit of 1.786 billion yuan, up 52.67% from the previous year [9][10]. - The company plans to launch over 10 new types of thin film deposition equipment in 2024, expanding its product coverage in this area [8][10]. Financial Data and Forecast - Revenue and profit forecasts for the company from 2024 to 2026 are as follows: - 2024E Revenue: 8.269 billion yuan, YoY growth of 32.02% - 2024E Net Profit: 1.907 billion yuan, YoY growth of 6.76% - 2025E Revenue: 11.112 billion yuan, YoY growth of 34.38% - 2025E Net Profit: 2.542 billion yuan, YoY growth of 33.30% - 2026E Revenue: 14.390 billion yuan, YoY growth of 29.50% - 2026E Net Profit: 3.411 billion yuan, YoY growth of 34.21% [9][10][12]. Business Segments - The company primarily provides etching equipment, MOCVD equipment, and thin film deposition equipment for semiconductor manufacturing, including integrated circuits and LED products [10]. - The etching equipment segment is expected to see sales growth of 38%, 35%, and 30% from 2024E to 2026E, respectively [10]. - MOCVD equipment sales are projected to grow by 5%, 15%, and 20% over the same period [10]. Valuation - The report employs a PE valuation method, suggesting a reasonable market capitalization range of 66.731 billion yuan to 85.797 billion yuan for the company, with a corresponding share price range of 107.76 yuan to 138.54 yuan [9][10].

证券代码：688012 证券简称：中微公司 公告编号：2024-021 中微半导体设备（上海）股份有限公司 关于公司 2022 年限制性股票激励计划 第二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： 限制性股票拟归属数量：88.5114 万股 归属股票来源：公司向激励对象定向发行公司 A 股普通股股票 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：授予的限制性股票数量总量为 400 万股，约占公司 2022 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 61,624.45 万股的 0.649%。本次授予为一次性授予，无预留权益。 （3）授予价格：49.8 元/股（调整后），即满足授予条件和归属条件后，激 励对象可以每股49.8元的价格购买公司向激励对象增发的公司A股普通股股票。 （4）激励人数：本激励计划授予的激励对象总人数为 1104 人 ...

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》"）《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》"） 等相关法律、法规及规范性文件和《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》"）的有关规定，对公司《2024 年限制性股票激励计 划（草案）》及其摘要进行了核查，发表核查意见如下： 中微半导体设备（上海）股份有限公司监事会 关于公司<2024 年限制性股票激励计划（草案）>及其摘要的 程和内容符合《公司法》《证券法》《管理办法》《上市规则》《监管指南》等有关 法律、法规及规范性文件的规定；对各激励对象限制性股票的授予安排、归属安 排（包括授予数量、授予日、授予价格、任职期限要求、归属条件等事项）未违 反有关法律、法规的规定，未侵犯公司及全体股东的利益。本次限制性股票激励 计划相关议案尚需提交公司股东大会 ...

证券代码：688012 证券简称：中微公司 中微半导体设备（上海）股份有限公司 2024 年限制性股票激励计划 （草案） 中微半导体设备（上海）股份有限公司 二零二四年三月 声 明 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。 本公司所有激励对象承诺，公司因信息披露文件中有虚假记载、误导性陈述 或者重大遗漏，导致不符合授予权益或权益归属安排的，激励对象应当自相关信 息披露文件被确认存在虚假记载、误导性陈述或者重大遗漏后，将由本激励计划 所获得的全部利益返还公司。 特别提示 一、本激励计划系依据《中华人民共和国公司法》《中华人民共和国证券法》 《上海证券交易所科创板股票上市规则》《上市公司股权激励管理办法》《科创板 上市公司自律监管指南第 4 号——股权激励信息披露》等其他有关法律、法规、 规范性文件，以及《中微半导体设备（上海）股份有限公司章程》制订。 五、本激励计划首次授予的激励对象总人数不超过 1798 人，占公司全部职 工人数的 99.72%。包括公司公告本激励计划时在本公司任职的董事、高级管理 人员、核心技术人员 ...

为保证公司 2024 年限制性股票激励计划的顺利实施，现根据《中华人民共 和国公司法》《中华人民共和国证券法》《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》等有关法律、法规和规范性文件、以及《中微半 导体设备（上海）股份有限公司章程》《中微半导体（上海）股份有限公司 2024 年限制性股票激励计划（草案）》（以下简称"激励计划"、"计划"）的相关规定， 特制定《中微半导体设备（上海）股份有限公司 2024 年限制性股票激励计划实 施考核管理办法》（以下简称"本办法"）。 2024 年限制性股票激励计划实施考核管理办法 中微半导体设备（上海）股份有限公司（以下简称"公司"）为进一步健全公 司的激励约束机制，形成良好均衡的价值分配体系，有效地将股东利益、公司利 益和员工个人利益结合在一起，使其更诚信勤勉地开展工作，以保证公司业绩稳 步提升，确保公司发展战略和经营目标的实现。按照收益与贡献匹配的原则，公 司拟实施 2024 年限制性股票激励计划。 中微半导体设备（上海）股份有限公司 考核评价必须坚持公正、公开、公平的原则，严格按照本办法和考核对象的 业绩进行评价，以实现激励计划与激励对象工作业绩 ...