点击 最 下方 "在看"和" "并分享，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 行业|深度|研究报告 2025年4月28日 半导体设备行业深度:驱动因素、发展趋势、 产业链及相关公司深度梳理 半导体设备作为半导体产业链的基石,其发展不仅直接影响芯片制造的效率与质量,更是国家科技实力 与产业安全的关键所在。近年来,全球半导体设备市场规模屡创新高,而中国大陆凭借持续加大的资本 投入,已成为全球最重要的半导体设备市场之一。然而,美系厂商在半导体设备领域的长期垄断,使得 国产设备的崛起之路充满艰辛。在外部压力与内部需求的双重驱动下,国产半导体设备企业正加速技术 突破与市场替代进程,从光刻机、刻蚀设备到薄膜沉积设备、清洗设备等关键领域,国产设备的竞争力 不断提升,市场份额逐步扩大。 本报告将深入剖析半导体设备行业的驱动因素、市场现状、产业链格局以及相关核心企业的发展态势, 旨在为读者了解半导体产业发展提供一份全面、深入的行业洞察。 目录 | 一、行业概述 . | | --- | | 二、市场现状 . | | 三、驱动因素 . | | 四、行业发展趋势 | | 五、产业链分析 | | 六、相关公司 . | ...

S0340521070002 电话：0769-22110619 邮箱： liumenglin@dgzq.com.cn 超配（维持） 国产替代持续推进，下游扩产拉动需求增长 深 度 半导体设备专题报告 2025 年 4 月 28 日 SAC 执业证书编号： S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 资料来源：Wind，东莞证券研究所 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 推荐 分析师：刘梦麟 SAC 执业证书编号： 分析师：陈伟光 半导体设备是产业链上游支撑性环节，晶圆厂扩产拉动需求增长。 半导体设备位于半导体产业链最上游，其技术水平直接决定芯片制 造的工艺能力与良率水平，是行业发展的支撑性环节。在一条集成 电路产线中，设备投资的资本开支占比可达70%-80%，其市场规模跟 随全球半导体市场规模实现提升，且增速高于同期半导体市场整体 增速。近年来，受益半导体市场规模增长、下游晶圆厂扩产以及内 资晶圆厂话语权提升 ...

半导体材料ETF紧密跟踪中证半导体材料设备主题指数，中证半导体材料设备主题指数选取40只业务涉及半导体材料和半导体设备等领域的上市公司证券作 为指数样本，反映半导体材料和设备上市公司证券的整体表现。 数据显示，截至2025年3月31日，中证半导体材料设备主题指数(931743)前十大权重股分别为北方华创(002371)、中微公司(688012)、沪硅产业(688126)、华 海清科(688120)、拓荆科技(688072)、南大光电(300346)、长川科技(300604)、鼎龙股份(300054)、雅克科技(002409)、TCL科技(000100)，前十大权重股合计 占比60.82%。 | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 002371 | 北方华创 | 0.93% | 16.44% | | 688012 | 中微公司 | 0.22% | 13.55% | | 688126 | 沪硅产业 | -1.71% | 5.61% | | 688120 | 华海清科 | -0.15% | 4.31% | | 688072 | 拓荆科技 | 1. ...

| 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 3295 | -0.0 | -2.2 | 0.56 | | 深证综指 | 1916 | 7 0.31 | 2 -6.0 | 1.84 | | | | | 1 | | | 风格指数 | 昨日表现 | 1 个月表现 | 6 个月表 | | --- | --- | --- | --- | | | （％） | （％） | 现（％） | | 大盘指数 | 0.08 | -3.41 | -3.75 | | 中盘指数 | 0.42 | -6.23 | -7.11 | | 小盘指数 | 0.26 | -6.03 | -0.46 | 今日重点推荐 2025 年 04 月 28 日 美债，风险"解除"了吗？——关税"压力测试"系列之四 ◼ 一、股债汇"三杀"，这次有何不同？ ◼ 70 年代以来，美国出现过 8 次股债汇"三杀"，其中 3 次出现了衰退。 ◼ 二、美债"暴跌"，谁是"始作俑者"？ ◼ 风险提示：地缘政治冲突升级；美国经济放缓超 ...

点击招商研究小程序查看PDF报告原文 中微公司发布2025一季报。公司收入同比快速增长，利润同比稳健提升。公司显著增大研发投入力度， 多种关键刻蚀工艺实现量产，LPCVD设备获得批量订单，EPI设备进入量产验证阶段，子公司已规划 多款量检测设备新品。 2024年刻蚀设备收入快速增长，薄膜沉积设备实现首台销售。 公司全年收入90.65亿元，同比+44.7%； 归母净利润16.16亿元，同比-9.5%；扣非净利润13.88亿元，同比+16.5%；剔除股份支付费用后的扣非 净利润18.46亿元，同比+23.6%。公司全年刻蚀设备收入约72.77亿元，同比+54.72%；薄膜沉积设备实 现首台销售，全年收入约1.56亿元；MOCVD设备收入约3.79亿元。 25Q1收入同比快速增长，显著加大研发力度。 25Q1公司收入21.73亿元，同比+35.4%/环比-38.9%；毛 利率41.5%，同比-3.4pcts/环比+2.3pcts；归母净利润3.13亿元，同比+25.7%/环比-55.4%；扣非净利润 2.98亿元，同比+13.4%/环比-48%。公司25Q1研发投入6.87亿元，同比+90.53%，收入占比达31. ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown rapid growth in etching equipment and is accelerating the launch of new film deposition products [1] - The company reported a total revenue of 9.07 billion yuan in 2024, a year-on-year increase of 44.7%, while the net profit attributable to shareholders decreased by 9.5% to 1.62 billion yuan [8] - The company expects to sign new orders worth 11 to 13 billion yuan in 2024, reflecting a year-on-year growth of 31.6% to 55.5% [8] - The company is expanding its layout in the field of measurement equipment, particularly focusing on electron beam measurement [8] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 12.09 billion yuan, with a year-on-year growth rate of 33.4% [7] - Net profit attributable to shareholders is expected to reach 2.44 billion yuan in 2025, representing a year-on-year growth of 51.2% [7] - The company’s gross profit margin is projected to improve from 41.1% in 2024 to 42.5% in 2025 [7] - The return on equity (ROE) is expected to increase from 8.2% in 2024 to 11.0% in 2025 [7]

Investment Rating - The report maintains a "Buy" rating for the company [1][6][9] Core Insights - The company achieved a revenue of 2.17 billion yuan in Q1 2025, representing a year-on-year increase of 35.4% and a quarter-on-quarter decrease of 38.9% [5][6] - The net profit attributable to the parent company was 313 million yuan, up 25.7% year-on-year but down 55.4% quarter-on-quarter [5][6] - The company’s R&D expenses surged by 116.8% year-on-year, indicating a strong commitment to innovation despite pressure on profit margins [6] - The gross margin for Q1 2025 was 41.5%, a decrease of 3.4 percentage points year-on-year, primarily due to changes in accounting standards affecting warranty costs [6] - The company’s inventory and contract liabilities increased by 5.8% and 18.6% respectively compared to the end of 2024, reflecting future growth potential [6] Revenue and Profit Forecast - Revenue projections for 2025-2027 are 11.7 billion yuan, 15.1 billion yuan, and 19.3 billion yuan, with year-on-year growth rates of 29%, 29%, and 28% respectively [6][8] - Net profit forecasts for the same period are 2.4 billion yuan, 3.3 billion yuan, and 4.3 billion yuan, with growth rates of 50%, 35%, and 32% respectively [6][8] - The corresponding price-to-earnings ratios (PE) for these years are projected to be 48 times, 36 times, and 27 times [6][8]

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside in the stock price [4][5]. Core Insights - The company has demonstrated strong revenue growth, with a 35% year-over-year increase in Q1 2025, driven by the domestic advancement in semiconductor equipment [5][8]. - The company is positioned as a leader in the domestic semiconductor etching equipment sector, enhancing its market share while expanding its product offerings [5]. - The valuation of the company is expected to increase due to the intensifying US-China technology disputes, with projected P/E ratios for 2025-2027 at 53x, 43x, and 34x respectively [5][8]. Summary by Sections Company Overview - The company operates in the mechanical equipment industry, with a current stock price of 187.35 CNY as of April 24, 2025, and a market capitalization of 116.74 billion CNY [2]. - Major shareholders include Shanghai Venture Capital Co., Ltd. with a 15.02% stake [2]. Recent Performance - In Q1 2025, the company achieved revenue of 2.17 billion CNY, reflecting a 35.4% year-over-year growth, and a net profit of 310 million CNY, up 25.7% year-over-year [8]. - The company’s gross margin for Q1 2025 was 41.5%, a decrease of 3.4 percentage points compared to the previous year [8]. Financial Projections - Revenue is projected to grow to 11.76 billion CNY in 2025, with a net profit forecast of 2.2 billion CNY, representing a 36% year-over-year increase [7][8]. - The company’s earnings per share (EPS) are expected to rise to 3.54 CNY in 2025, with further increases anticipated in subsequent years [7][8]. Market Dynamics - The demand for semiconductor equipment is expected to continue rising, particularly in advanced processes, as domestic manufacturers seek to overcome restrictions imposed by foreign entities [8]. - The report highlights that local equipment manufacturers will benefit from increased investments in advanced process technology to meet the growing needs of industries such as AI [8].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company experienced rapid revenue growth, with Q1 2025 revenue reaching 2.17 billion yuan, a year-on-year increase of 35.4%. This growth is attributed to a significant increase in the delivery volume of high-end etching equipment and repeat orders for new products like LPCVD and ALD [7] - The gross margin improved sequentially to 41.5%, with R&D investment increasing by 90.5% year-on-year to 690 million yuan in Q1 2025. The company is actively developing over 20 new devices across six categories [7] - The company has a strong order backlog, with contract liabilities reaching 3.07 billion yuan, up 162.4% year-on-year, and inventory increasing by 33.4% to 7.45 billion yuan [7] - The company is leading in etching products and successfully expanding its coating products, with significant advancements in various technologies and applications [7] - The profit forecast for 2025-2027 is maintained at 2.43 billion, 3.40 billion, and 4.45 billion yuan respectively, with corresponding dynamic P/E ratios of 48, 34, and 26 times [7] Financial Summary - Total revenue for 2023 is projected at 6.26 billion yuan, with a year-on-year growth of 32.15%. The net profit attributable to the parent company is expected to be 1.79 billion yuan, reflecting a 52.67% increase [1] - The company’s earnings per share (EPS) for 2025 is estimated at 3.91 yuan, with a projected P/E ratio of 47.94 [1] - The company’s total assets are expected to reach 32.58 billion yuan by 2025, with a debt-to-asset ratio of 31.97% [8]

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside in the stock price [4][5]. Core Insights - The company has demonstrated strong revenue growth, with a 35% year-over-year increase in Q1 2025, driven by the domestic advancement in semiconductor equipment [5][8]. - The company is positioned as a leader in the domestic semiconductor etching equipment sector, enhancing its market share while expanding its product offerings [5]. - The valuation of the company is expected to increase due to the intensifying US-China technology conflict, with projected P/E ratios for 2025-2027 at 53x, 43x, and 34x respectively [5][8]. Summary by Sections Company Overview - The company operates in the mechanical equipment industry, with a current stock price of 187.35 CNY as of April 24, 2025, and a market capitalization of 116.74 billion CNY [2]. Recent Ratings - The company has consistently received "Buy" ratings in recent evaluations, reflecting positive market sentiment [3][4]. Financial Performance - In Q1 2025, the company achieved revenue of 2.17 billion CNY, a 35.4% increase year-over-year, and a net profit of 310 million CNY, up 25.7% [8]. - The company’s gross margin for Q1 2025 was 41.5%, a decrease of 3.4 percentage points from the previous year [8]. - For 2024, the company is projected to generate revenue of 9.07 billion CNY, a 44.7% increase, with a net profit of 1.62 billion CNY, reflecting a 9.5% decline [8]. Market Dynamics - The demand for semiconductor equipment is expected to rise as domestic manufacturers like Huawei and Yangtze Memory Technologies strive to overcome technological restrictions imposed by the US [8]. - The report anticipates that domestic wafer fabs will increasingly focus on advanced process investments to meet the growing needs of industries such as AI [8]. Profit Forecast - The company is expected to achieve net profits of 2.2 billion CNY, 2.68 billion CNY, and 3.38 billion CNY for 2025, 2026, and 2027 respectively, with year-over-year growth rates of 36%, 21%, and 19% [8].