Summary of Conference Call Notes Company and Industry Overview - **Company**: 中微公司 (Company A) - **Industry**: Semiconductor Equipment Manufacturing, specifically Wafer Fabrication Equipment (WFE) Key Points and Arguments 1. **Market Sentiment Improvement**: The market sentiment for domestic WFE has rapidly improved over the past two to three months, driven by successful IPOs of several AI chip companies and the upcoming IPO of Changxin Storage during the storage upcycle. This improvement is expected to sustain the valuation adjustments for WFE companies as the expansion of the domestic AI supply chain enhances capital expenditure resilience [1][6][11]. 2. **Sales and Profit Forecast**: 中微公司 is projected to maintain strong sales and profitability through 2027, primarily due to the increasing sales proportion of advanced storage applications. The company is expected to enhance its leading position through internal R&D and external acquisitions [1][11]. 3. **Acquisition Strategy**: 中微公司 announced the acquisition of a 64.69% stake in Hangzhou Zhonggui, a non-listed company specializing in CMP processes and equipment. This acquisition is seen as a strategic move to enhance its position as a comprehensive supplier and diversify its product offerings [6][11]. 4. **Valuation Adjustments**: The global WFE companies are currently valued at 2-3 standard deviations, reflecting potential investment drivers in the AI chip and storage capacity sectors. The domestic WFE market is expected to experience sustainable valuation adjustments over the next 2-3 years due to improved domestic substitution levels and strong sales growth [6][11]. 5. **Target Price Update**: The target price for 中微公司 has been raised to 380.00 CNY, based on a 32x forward P/E ratio, which is close to the historical average of domestic peers. This reflects the company's strong growth prospects and improving market sentiment [2][15]. Financial Highlights - **Revenue Projections**: - FY2024: 9,065 million CNY - FY2025: 13,813 million CNY - FY2026: 22,461 million CNY - FY2027: 29,935 million CNY - Revenue growth rates are projected at 44.7% for FY2024, 52.4% for FY2025, and 62.6% for FY2026 [3][10]. - **Profitability Metrics**: - Adjusted net profit for FY2026 is projected at 4,979 million CNY, with an adjusted EPS of 7.95 CNY [10][11]. Additional Important Information 1. **Risks**: Key risks affecting the rating and target price include potential restrictions on sourcing critical components from U.S. suppliers, interruptions in capacity expansion affecting delivery schedules, and weak downstream demand impacting customer procurement or capital expenditures [16][11]. 2. **Market Performance**: The stock has shown strong performance with a year-to-date increase of 23.4% and a 12-month increase of 85.0% [8]. 3. **Analyst Ratings**: The current rating for 中微公司 is "Overweight," indicating expected performance above the average total return of stocks covered by the research team [24][27]. 4. **Market Position**: 中微公司 is recognized as the second-largest semiconductor equipment manufacturer in China, benefiting from the decoupling of the semiconductor supply chain and accelerated domestic spending on WFE equipment [11][14]. This summary encapsulates the essential insights from the conference call, highlighting the company's strategic direction, financial outlook, and market dynamics.

截至发稿，翟云飞累计任职时间9年349天，现任基金资产总规模3.91亿元，任职期间最佳基金回报 81.76%， 任职期间最差基金回报-12.79%。 上银中证半导体产业指数发起式A（024069）成立日期2025年5月13日，最新规模2215.53万。今年以来 收益14.35%，同类排名315/5525；成立以来收益82.13%。 上银中证半导体产业指数发起式A（024069）基金经理为翟云飞。 1月15日，中微公司涨5.49%，截至发稿，报371.71元/股，成交39.19亿元，换手率1.75%，总市值 2327.44亿元。 资料显示，中微半导体设备(上海)股份有限公司位于上海市浦东新区金桥出口加工区(南区)泰华路188 号，成立日期2004年5月31日，上市日期2019年7月22日，公司主营业务涉及高端半导体设备的研发、生 产和销售。主营业务收入构成为：专用设备86.17%，备品备件12.84%，其他0.99%。 从基金十大重仓股角度 数据显示，上银基金旗下1只基金重仓中微公司。上银中证半导体产业指数发起式A（024069）三季度 持有股数3.29万股，占基金净值比例为14.27%，位居第一大重仓股。根据 ...

Group 1 - The core point of the news is that Zhongwei Semiconductor Equipment Co., Ltd. experienced a stock price increase of 5.49%, reaching 371.71 CNY per share, with a total market capitalization of 232.74 billion CNY [1] - The company specializes in the research, production, and sales of high-end semiconductor equipment, with its main business revenue composition being 86.17% from specialized equipment, 12.84% from spare parts, and 0.99% from other sources [1] Group 2 - According to data, Zhongyin Fund has a significant holding in Zhongwei Company, with the Zhongyin SSE Sci-Tech Innovation Board 50 ETF (588720) reducing its holdings by 62,300 shares in the third quarter, now holding 40,600 shares, which accounts for 5.89% of the fund's net value [2] - The fund has achieved a year-to-date return of 11.55%, ranking 702 out of 5525 in its category, and a cumulative return of 50.97% since its inception [2]

Core Viewpoint - The company, Zhongwei Semiconductor Equipment, has shown significant stock performance and financial growth, indicating a strong position in the semiconductor equipment industry. Group 1: Stock Performance - On January 15, Zhongwei's stock rose by 2.02%, reaching 359.50 yuan per share, with a trading volume of 2.559 billion yuan and a turnover rate of 1.16%, resulting in a total market capitalization of 225.099 billion yuan [1] - Year-to-date, Zhongwei's stock price has increased by 31.82%, with a 3.94% rise over the last five trading days, 38.55% over the last 20 days, and 20.24% over the last 60 days [1] Group 2: Financial Performance - For the period from January to September 2025, Zhongwei achieved a revenue of 8.063 billion yuan, representing a year-on-year growth of 46.40%, and a net profit attributable to shareholders of 1.211 billion yuan, up by 32.66% year-on-year [2] - Since its A-share listing, Zhongwei has distributed a total of 496 million yuan in dividends [3] Group 3: Shareholder and Institutional Holdings - As of September 30, 2025, Zhongwei had 60,800 shareholders, an increase of 29.52% from the previous period, with an average of 10,301 circulating shares per person, a decrease of 22.79% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the third-largest shareholder with 55.8939 million shares, and various ETFs showing a decrease in holdings [3]

（原标题：中微公司现7笔大宗交易 均为折价成交） 中微公司1月14日大宗交易平台共发生7笔成交，合计成交量60.25万股，成交金额1.92亿元。成交价格均为318.32元，相对今日收盘价折价9.67%。 从参与大宗交易营业部来看，机构专用席位共出现在4笔成交的买方或卖方营业部中，合计成交金额为1.77亿元，净买入1.77亿元。 进一步统计，近3个月内该股累计发生71笔大宗交易，合计成交金额为29.22亿元。 证券时报•数据宝统计显示，中微公司今日收盘价为352.38元，上涨1.84%，日换手率为2.75%，成交额为61.15亿元，全天主力资金净流出1.91亿 元，近5日该股累计上涨0.01%，近5日资金合计净流出13.54亿元。 市盈率: 73.26倍 资金流向：最新份额为5.7亿份，减少了600.0万份，净申 赎-656.5万元。 | 成交量 | 成交金 额 | 成交价 | 相对当日 收盘折溢 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万 | 格 | 价 | 买方营业部 | 卖方营业部 | | 股） | 元） | （元） | （%） | | | ...

Group 1 - Domestic wafer fabs are experiencing a recovery in capacity utilization and a strong willingness to expand production, driven by AI, which is expected to lead to a super cycle in storage [1] - The semiconductor equipment demand is anticipated to rise due to increased domestic production rates and the push for self-sufficiency in logic chips [1] - The market is witnessing a significant increase in trading volume, indicating a high risk appetite, although short-term volatility is expected due to the further increase in margin financing [1] Group 2 - The AI-driven global storage chip industry is entering a "super cycle," with supply-demand mismatches leading to higher-than-expected price increases [1] - Domestic and international storage expansions are ongoing, with companies like Changxin and Changcun accelerating their IPO processes, which is expected to boost upstream semiconductor equipment investment opportunities [1] - The low domestic production rate of semiconductor equipment and tightening export controls from the US, Japan, and the Netherlands are likely to accelerate the progress of domestic semiconductor equipment production [1]

Group 1 - The core viewpoint of the news highlights a resurgence in the storage and semiconductor equipment sectors, driven by a "super cycle" in storage demand, with several storage companies experiencing significant stock price increases [1] - The semiconductor equipment ETF (561980) saw a 3.26% increase, with a trading volume exceeding 1.4 billion yuan, reflecting a recent peak in fund size [1] - The first annual report forecast indicates a substantial net profit growth of 427.19%-520.22% for 2025, boosting market sentiment in the sector [1] Group 2 - From an industry perspective, storage chips represent one of the largest downstream markets in the semiconductor equipment space, with expected price increases for storage products continuing into 2026 [2] - TrendForce forecasts a 55-60% quarter-on-quarter increase in conventional DRAM prices and over 60% for Server DRAM in Q1 2026, alongside a 33-38% increase in NAND Flash prices [4] - The demand for storage is driven by new platforms like NV's Rubin AI, which is expected to significantly increase memory capacity and NAND demand [3] Group 3 - The domestic storage leader is set to receive IPO approval, aiming to raise 29.5 billion yuan for production line upgrades and next-generation technology, which is expected to enhance domestic equipment demand [5] - The localization rate of semiconductor manufacturing equipment in China is currently low, with projections indicating an increase from 25% in 2024 to 30% by 2026 [5] - The semiconductor equipment ETF (561980) focuses on high-tech segments of the semiconductor industry, with a significant concentration in leading companies across various sub-sectors [6]

Group 1 - The core point of the article highlights the recent performance of Zhongwei Company, which saw a stock increase of 5.18%, reaching a price of 363.92 yuan per share, with a trading volume of 2.973 billion yuan and a turnover rate of 1.35%, resulting in a total market capitalization of 227.867 billion yuan [1] - Zhongwei Semiconductor Equipment (Shanghai) Co., Ltd. is located in the Pudong New Area of Shanghai and was established on May 31, 2004. The company went public on July 22, 2019, and its main business involves the research, production, and sales of high-end semiconductor equipment [1] - The revenue composition of Zhongwei Company is primarily from specialized equipment (86.17%), spare parts (12.84%), and other sources (0.99%) [1] Group 2 - From the perspective of fund holdings, one fund under Huatai Asset Management has Zhongwei Company as its top holding. The Huatai Zijin CSI Semiconductor Industry Index Fund A (021718) increased its holdings by 15,000 shares in the third quarter, bringing the total to 51,800 shares, which constitutes 13.58% of the fund's net value [2] - The Huatai Zijin CSI Semiconductor Industry Index Fund A (021718) was established on July 17, 2024, with a latest scale of 30.3534 million. The fund has achieved a year-to-date return of 11.69%, ranking 498 out of 5520 in its category, and a one-year return of 84.5%, ranking 245 out of 4203 [2] - The fund manager, Mao Tian, has a tenure of 8 years and 36 days, with the total asset size of the fund being 586 million yuan. During his tenure, the best fund return was 133.76%, while the worst was -34.21% [2]

Group 1: Policy and Industry Dynamics - Recently, companies such as SMIC, Hua Hong, and Zhongwei have initiated merger and acquisition transactions, employing three different integration strategies [1] - Since the release of the "Eight Policies for the Sci-Tech Innovation Board," nearly 170 equity acquisition transactions have been disclosed, with over 100 expected in 2025, indicating significant policy effects [1][15] - Among these, major asset restructurings reached 50 transactions, with 37 in 2025, far exceeding the total of 17 from 2019 to 2023 [1][15] Group 2: Market Trends and Performance - The Sci-Tech Innovation Board has seen a rebound in the past week, with sectors such as chips, information technology, and new materials all experiencing gains [3][17] - The top five industries on the Sci-Tech Innovation Board are electronics, biomedicine, computers, power equipment, and machinery, collectively accounting for 87.4% of the board's market capitalization [18] Group 3: Sector Insights - The new generation information technology sector is primarily focused on the electronic chip industry, with a significant rebound reflecting market interest in AI computing infrastructure [19] - Storage chip prices are expected to surge, with Samsung and SK Hynix planning a 60%-70% increase in server DRAM prices in Q1 2026 compared to Q4 2025 [19] - The high-end equipment manufacturing sector is crucial for enhancing the overall competitiveness of China's manufacturing industry, supported by policies for large-scale equipment updates [6][19] - The pharmaceutical sector is witnessing a turning point in demand, with a notable increase in new orders for domestic CROs and a positive outlook for innovation-driven drug development [20][21]

Investment Strategy - The report emphasizes focusing on FAB and storage manufacturers that are expanding production and the recovery cycle of analog chips [3] - Longxin plans to raise 29.5 billion yuan, while SMIC Southern will receive a total cash contribution of 7.778 billion USD from shareholders [3] - Recommended companies include SMIC, Hua Hong Semiconductor, Zhongwei Company, and others [3] Market Trends - Microchip CEO noted a broad recovery in multiple end markets, with initial orders for the new quarter significantly better than the same period last year [3] - The storage demand is driven by AI, with prices still in an upward cycle; TrendForce predicts a 55-60% increase in general DRAM contract prices for Q1 2026 [3][30] Company Performance - The semiconductor index rose by 4.47% in December 2025, underperforming the electronics sector by 0.69 percentage points but outperforming the CSI 300 index by 2.19 percentage points [8] - Notable stock performances included Micron Technology (+20.74%) and Microchip Technology (+18.92%) [10] Semiconductor Sales Data - Global semiconductor sales reached 75.28 billion USD in November 2025, marking a year-on-year increase of 29.8% [26] - China’s semiconductor sales accounted for 26.9% of the global total, with a year-on-year growth of 15% [36] Price Trends in Storage - DRAM and NAND Flash contract prices increased in November, with DRAM prices rising from 7.00 USD to 8.10 USD and NAND Flash prices from 5.19 USD to 4.35 USD [30] - Predictions indicate a 55-60% increase in general DRAM contract prices and a 33-38% increase in NAND Flash prices for Q1 2026 [30][32]