Financial Performance - The company's revenue for Q1 2025 reached CNY 2.173 billion, representing a year-on-year growth of 35.40%[4] - Net profit attributable to shareholders was CNY 313 million, an increase of 25.67% compared to the same period last year[7] - Operating profit for Q1 2025 was ¥294,467,825.63, compared to ¥254,409,633.95 in Q1 2024, reflecting a growth of 15.7%[22] - Net profit for Q1 2025 was ¥308,245,968.10, up from ¥248,855,112.06 in Q1 2024, marking a 23.9% increase[22] - The total comprehensive income for Q1 2025 was ¥316,757,327.16, compared to ¥246,253,314.81 in Q1 2024, showing a growth of 28.5%[23] - The company reported a basic earnings per share of ¥0.50 for Q1 2025, compared to ¥0.40 in Q1 2024, indicating improved profitability per share[23] Research and Development - R&D investment totaled CNY 687 million, up 90.53% year-on-year, accounting for 31.60% of revenue, significantly higher than the average of 10%-15% for companies listed on the Sci-Tech Innovation Board[3] - The company successfully launched six new thin-film devices for advanced storage and logic devices, achieving international leading performance[2] - The company aims to accelerate the development of competitive new devices, reducing the typical development time from three to five years to two years or less[3] - Research and development expenses in Q1 2025 amounted to ¥464,353,795.33, significantly higher than ¥214,189,022.44 in Q1 2024, indicating a focus on innovation[21] Cash Flow and Liquidity - Cash flow from operating activities was CNY 377 million, a significant recovery from a negative cash flow of CNY 586 million in the previous year[4] - Cash flow from operating activities for Q1 2025 was ¥2,925,165,528.78, compared to ¥1,743,700,132.21 in Q1 2024, representing a 67.8% increase[25] - The net cash flow from operating activities was 376,808,177.47, compared to a negative cash flow of 586,440,411.60 in the previous period, indicating a significant improvement[26] - The total cash and cash equivalents at the end of the period amounted to 5,936,043,895.92, an increase from 5,207,023,770.05 in the prior period[27] Assets and Liabilities - Total assets as of March 31, 2025, amounted to CNY 27,118,584,850.11, an increase from CNY 26,217,544,719.07 as of December 31, 2024, reflecting a growth of approximately 3.43%[17] - Total liabilities as of the end of the reporting period were ¥6,980,583,129.65, up from ¥6,482,002,827.11 in the previous period[20] - Total equity attributable to shareholders increased to ¥20,144,123,516.91 from ¥19,736,912,284.36, reflecting a growth of 2.1%[20] Shareholder Information - The company reported a total of 45,640 common shareholders at the end of the reporting period[13] - The largest shareholder, Shanghai Chuangye Investment Co., Ltd., holds 93,483,533 shares, representing 15.02% of total shares[13] - The second-largest shareholder, Xunxin (Shanghai) Investment Co., Ltd., owns 80,996,822 shares, accounting for 13.01%[13] - The company has not reported any significant changes in shareholder participation in margin trading or securities lending activities[16] Investment Activities - The total cash inflow from investment activities was 1,698,861,184.27, down from 4,817,822,502.46 in the prior period, reflecting a decrease of approximately 64.7%[26] - The cash outflow from investment activities totaled 1,779,693,358.10, compared to 2,367,634,196.95 previously, showing a reduction of about 25%[26] - The net cash flow from investment activities was -80,832,173.83, contrasting with a positive cash flow of 2,450,188,305.51 in the last period, indicating a significant decline[26] Employee Compensation and Taxes - The cash outflow for employee compensation was 563,717,826.76, up from 395,203,021.59, indicating an increase of approximately 42.5%[26] - The cash paid for taxes was 258,714,301.73, compared to 161,208,019.68 previously, reflecting an increase of about 60.5%[26]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 226.67 CNY [3][5][9] Core Insights - The company has shown continuous high revenue growth, with a projected revenue of 90.7 billion CNY in 2024, representing a 45% year-on-year increase [8] - The company significantly increased its R&D investment to approximately 2.45 billion CNY in 2024, a 94% increase compared to the previous year, driven by the rising demand for new equipment [8] - The company's contract liabilities surged by 235% to approximately 2.59 billion CNY by the end of 2024, indicating strong order expectations [8] Financial Performance Summary - Revenue (in million CNY) is projected to grow from 6,264 in 2023 to 20,009 in 2027, with year-on-year growth rates of 32%, 45%, 33%, 30%, and 28% respectively [4] - The net profit attributable to the parent company is expected to rise from 1,786 million CNY in 2023 to 4,463 million CNY in 2027, with growth rates of 53%, -10%, 51%, 38%, and 33% [4] - The gross margin is projected to decline from 45.8% in 2023 to 41.1% in 2024, primarily due to structural changes in customer composition and discounts offered [8] Equipment Sales and Market Position - The company experienced significant growth in etching equipment sales, with over 1,200 reaction chambers shipped in 2024, marking a historical high [8] - The company's new deposition equipment, including LPCVD and ALD, has successfully entered the market, with over 150 reaction chambers shipped in 2024 [8] - The ICP etching equipment has been installed in over 1,025 reaction chambers across more than 50 customer production lines, achieving an average annual growth rate exceeding 100% over the past four years [8]

营收持续高增，打造设备平台化布局 中微公司 688012.SH 公司研究 | 年报点评 核心观点 盈利预测与投资建议 ⚫ 我们预测公司 25-27 年归母净利润分别为 24.3、33.6、44.6 亿元（原 25-26 年预测 为 23.1、31.3 亿元，主要调整了主营业务收入），采用 DCF 估值法，给予 226.67 元目标价，维持买入评级。 风险提示 ⚫ 研发费用增长影响盈利；晶圆厂扩产进度影响后续新增订单增长；业绩不及预期。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 6,264 | 9,065 | 12,049 | 15,624 | 20,009 | | 同比增长 (%) | 32% | 45% | 33% | 30% | 28% | | 营业利润(百万元) | 1,980 | 1,704 | 2,584 | 3,715 | 5,083 | | 同比增长 (%) | 57% | -14% | 52% | 44% | 37% | | 归 ...

国芯网[原:中国半导体论坛] 振兴国产半导体产业！ 不拘中国、 放眼世界 ！ 关注 世界半导体论坛 ↓ ↓ ↓ 4月21日消息，据外媒报道， 中国半导体设备龙头企业中微半导体创始人尹志尧已放弃美国国籍，恢复中国国籍！ 至于尹志尧放弃了美籍、恢复中国国籍的具体原因，中微公司没有在财报中披露更多细节，但业内普遍猜测，可能与此前 美国商务部对华出口管制措施当中的"美国人"条款有关。 从1984年至2004年，尹志尧在多家海外科技企业工作：1984 年至 1986 年，就职于英特尔中心技术开发部，担任工艺工程 师；1986 年至 1991 年，就职于泛林半导体，历任研发部资深工程师、研发部资深经理；1991 年至 2004 年，就职于应用材 料，历任等离子体刻蚀设备产品总部首席技术官、总公司副总裁及等离子体刻蚀事业群总经理、亚洲总部首席技术官。 2004 年至今，尹志尧担任中微公司董事长、总经理、核心技术人员。 尹志尧进行国籍变更的原因，业内普遍猜测与2022年美国商务部发布的对华出口限制措施当中的"美国人"条款有关。 据了解，创办中微公司之时，尹志尧一直都是以美国籍示人。据中微半导体 2022年发布的年报显示，他仍 ...

国芯网[原:中国半导体论坛] 振兴国产半导体产业！ 不拘中国、 放眼世界 ！ 关注 世界半导体论坛 ↓ ↓ ↓ 对于净利润的下滑，中微公司解释称，是由于市场对中微开发多种新设备的需求急剧增长，2024年加大研发力度。2024年 公司研发投入约24.52亿元，较上年增长11.90亿元，同比增长约94.31%，2024年研发投入占公司营业收入比例约为 27.05%。 4月21日消息，据外媒报道， 中国半导体设备龙头企业中微半导体创始人尹志尧已放弃美国国籍，恢复中国国籍！ 据了解，创办中微公司之时，尹志尧一直都是以美国籍示人。据中微半导体 2022年发布的年报显示，他仍是美国公民 ，而 2023年年报中，中微没有披露尹志尧的国籍。如今到2024年年报，尹志尧国籍进行了变更，放弃了美籍，恢复了中国国 籍。 至于尹志尧放弃了美籍、恢复中国国籍的具体原因，中微公司没有在财报中披露更多细节，但业内普遍猜测，可能与此前 美国商务部对华出口管制措施当中的"美国人"条款有关。 从1984年至2004年，尹志尧在多家海外科技企业工作：1984 年至 1986 年，就职于英特尔中心技术开发部，担任工艺工程 师；1986 年至 199 ...

众所周知，中国正在加紧推进半导体的国产化进程，其中设备作为半导体产业的基石，其国产化水 平决定着整个半导体产业链的自主可控程度。近期有预测称，到2025年中国大陆半导体设备整体 国产化率有望达到50%，该消息引起了行业一众关注。究竟真实进展如何？ 4月21日，企查查显示，中微半导体（上海）有限公司宣布注册资本由10亿元人民币增至40亿元人 民币，增幅达300%。通过增资，中微公司将进一步增强资金实力，加速技术研发和市场拓展，提 升在全球半导体设备市场的竞争力。 中微公司2024年财报显示，公司实现营业收入90.65亿元，同比增长44.7%，其中刻蚀设备贡献超 72亿元，同比增长54.7%，稳居国产刻蚀设备龙头。尽管净利润约16.16亿元，同比下滑9.5%，但 扣非净利润约13.88亿元，同比增长16.5%。这一下滑主要受研发投入激增影响，2024年研发费用 达24.5亿元，同比增长94.3%。公司创始人尹志尧表示，2024年人均销售超过400万元，达到设备 产业国际先进水平。 从出货设备来看，刻蚀领域，该公司的CCP刻蚀设备2024年生产付运超过1200反应台，创历史新 高，累计装机量超过4000反应台；薄膜 ...

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容来自新浪财经，谢谢。 中国半导体设备产业动态频频，以中微公司和北方华创为代表的国内龙头企业纷纷展现强劲的增长 势头和战略布局。中微公司通过大幅增资强化技术研发和市场拓展，巩固其在刻蚀设备领域的领先 地位。 众所周知，中国正在加紧推进半导体的国产化进程，其中设备作为半导体产业的基石，其国产化水 平决定着整个半导体产业链的自主可控程度。近期有预测称，到2025年中国大陆半导体设备整体 国产化率有望达到50%，该消息引起了行业一众关注。究竟真实进展如何？ 4月21日，企查查显示，中微半导体（上海）有限公司宣布注册资本由10亿元人民币增至40亿元人 民币，增幅达300%。通过增资，中微公司将进一步增强资金实力，加速技术研发和市场拓展，提 升在全球半导体设备市场的竞争力。 今年1月，中微公司计划在成都市高新区投资设立全资子公司中微半导体设备（成都）有限公司， 建设研发及生产基地暨西南总部项目。项目总投资约30.5亿元，主要用于研发薄膜设备。该公司将 作为中微公司的西南总部，建设包括研发中心、生产基地和配套设施，预计2025年开工，2027年 投入生产。 点这里加关注， ...

Flash | 17 Apr 2025 13:58:19 ET │ 12 pages Advanced Micro-Fabrication Eq (688012.SS) 2024 Results In-Line with Preliminary, Etcher Revenue Up 55% YoY CITI'S TAKE AMEC today (17 Apr) released its 2024 official results, with revenue and gross profit up 45% and 36% YoY in 2024, both of which are in line with its 2024 preliminary results. Despite strong gross profit growth, net profit dropped by 9% YoY to Rmb1.61bn in 2024, mainly due to lower investment incomes. GPM also contracted by 2.8pp YoY to 41.1% in 202 ...

电子/半导体 中微公司（688012.SH） 收入实现高增，高端化+平台化战略稳步推进 2025 年 04 月 20 日 投资评级：买入（维持） | 日期 | 2025/4/20 | | --- | --- | | 当前股价(元) | 190.00 | | 一年最高最低(元) | 256.99/115.50 | | 总市值(亿元) | 1,182.49 | | 流通市值(亿元) | 1,182.49 | | 总股本(亿股) | 6.22 | | 流通股本(亿股) | 6.22 | | 近 3 个月换手率(%) | 82.17 | 股价走势图 数据来源：聚源 -30% 0% 30% 60% 90% 2024-04 2024-08 2024-12 2025-04 中微公司 沪深300 相关研究报告 《Q3 业绩同环比高增，刻蚀龙头高端 产品加速放量—公司信息更新报告》 -2024.10.31 《高研发助力长期成长，2024H1 新签 订单加速放量—公司信息更新报告》 -2024.8.24 《2024Q1 营收同比持续增长，高端刻 蚀设备快速放量—公司信息更新报 告》-2024.4.28 陈蓉芳（分析师） 陈瑜熙（ ...

电子/半导体 中微公司（688012.SH） 收入实现高增，高端化+平台化战略稳步推进 | 日期 | 2025/4/20 | | --- | --- | | 当前股价(元) | 190.00 | | 一年最高最低(元) | 256.99/115.50 | | 总市值(亿元) | 1,182.49 | | 流通市值(亿元) | 1,182.49 | | 总股本(亿股) | 6.22 | | 流通股本(亿股) | 6.22 | | 近 3 个月换手率(%) | 82.17 | 股价走势图 数据来源：聚源 -30% 0% 30% 60% 90% 2024-04 2024-08 2024-12 2025-04 中微公司 沪深300 相关研究报告 《Q3 业绩同环比高增，刻蚀龙头高端 产品加速放量—公司信息更新报告》 -2024.10.31 《高研发助力长期成长，2024H1 新签 订单加速放量—公司信息更新报告》 -2024.8.24 《2024Q1 营收同比持续增长，高端刻 蚀设备快速放量—公司信息更新报 告》-2024.4.28 陈蓉芳（分析师） 陈瑜熙（分析师） chenrongfang@kysec.cn 证书 ...