证券代码：688012 证券简称：中微公司 公告编号：2025-012 中微半导体设备（上海）股份有限公司 2024 年年度利润分配方案公告 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： 每股分配比例：每10股派发现金红利人民币3.00元（含税），不送红股， 不进行公积金转增股本。 本次利润分配以实施权益分派股权登记日登记的总股本扣除公司回购专 户的股份余额为基数，具体日期将在权益分派实施公告中明确。 如在本公告披露之日起至实施权益分派股权登记日期间公司总股本发生 变动的，公司拟维持每股分配比例不变，相应调整分配总额，并将另行公告具体 调整情况。 公司未触及《上海证券交易所科创板股票上市规则》（以下简称"《科 创板股票上市规则》"）第12.9.1条第一款第（八）项规定的可能被实施其他风 险警示的情形。 一、利润分配方案内容 （一）利润分配方案的具体内容 经普华永道中天会计师事务所（特殊普通合伙）审计确认，中微半导体设备 （上海）股份有限公司（以下简称"中微公司"或"公司"）2024 年度实现归属 于上市公 ...

Financial Performance - In 2024, the company achieved revenue of approximately 9.065 billion yuan, an increase of about 2.802 billion yuan compared to 2023, representing a year-on-year growth of approximately 44.73%[8] - The net profit attributable to the parent company, excluding non-recurring gains and losses, reached 1.388 billion yuan, reflecting a year-on-year growth of 44.73%[44] - The company's operating revenue for 2024 is approximately CNY 9.07 billion, an increase of about CNY 2.80 billion, representing a year-on-year growth of 44.73%[85] - The net profit attributable to shareholders for 2024 was CNY 1.62 billion, a decrease of 9.53% compared to 2023[85] - The cash flow from operating activities for 2024 was CNY 1.46 billion, a significant improvement from a negative cash flow in 2023[85] - The company's total assets as of the end of 2024 were CNY 26.22 billion, an increase of 21.80% compared to the end of 2023[85] - The basic earnings per share for 2024 were CNY 2.61, a decrease of 9.69% compared to 2023[86] - The weighted average return on equity for 2024 was 8.66%, a decrease of 2.06 percentage points from 2023[86] Research and Development - The company's R&D investment in 2024 reached 2.452 billion yuan, an increase of 94.31% from 2023, accounting for approximately 27% of revenue, significantly higher than the average R&D investment ratio of 10% to 15% for companies listed on the Sci-Tech Innovation Board[6] - The company has developed over 20 new equipment models across six major categories, significantly accelerating the R&D process from three to five years to just two years or less for competitive new equipment[6] - The company has accelerated its new product development cycle, reducing it from three to five years to two years or less[47] - The company's R&D investment for 2024 is approximately 2.452 billion yuan, an increase of 1.19 billion yuan compared to last year, representing a year-on-year growth of about 94.31%, with R&D investment accounting for approximately 27.05% of the company's revenue[113] - The company has developed six thin film deposition products, including CVD tungsten equipment, which have passed key storage client validations and secured repeat mass production orders[128] Market Position and Growth - The revenue from etching equipment reached approximately 7.277 billion yuan, with a year-on-year growth of about 54.72%, continuing to strengthen the company's competitive advantage[8] - The company has successfully entered the mass production verification stage for its newly developed EPI equipment, meeting advanced process requirements for silicon epitaxial growth[12] - The company’s LPCVD and ALD equipment have received over 150 units in orders, with batch orders in 2024 amounting to approximately 476 million yuan[11] - The company’s CCP and ICP etching equipment sales have significantly increased, with market share in major domestic chip production lines also rising substantially[10] - The market share of the company's MOCVD equipment for LED lighting exceeds 80%, contributing to energy savings on a global scale[13] - The company has become the largest MOCVD equipment supplier in the GaN-based LED market since 2017, with significant progress in developing MOCVD equipment for Micro-LED and high-end display applications[182] Talent and Workforce - The company has expanded its talent acquisition channels globally, recruiting over 110 new graduates from prestigious universities in early 2025[15] - The company has a workforce of 2,480 employees, with 47.98% being R&D personnel[54] - The company has attracted 869 new employees in 2024, enhancing its talent pool and focusing on professional development and training across various sectors[144] Corporate Governance and Compliance - The company emphasizes strict compliance with information disclosure regulations and has received multiple awards for its governance and transparency practices, including the "2024 China Listed Company Excellence Award" and "Outstanding ESG Value Communication Award"[148] - The company has established a robust internal control system and governance structure to ensure the protection of shareholder rights and sustainable development[147] - The company has not reported any significant risks that could materially affect its operations during the reporting period[66] - The company has received a standard unqualified audit report from PwC Zhongtian[67] Innovation and Technology - The company is committed to continuous innovation and providing high-performance, cost-effective equipment solutions[38] - The company is focused on developing semiconductor equipment that is foundational to the digital era[37] - The company has launched a digital product system through its subsidiary, focusing on high-tech manufacturing industries, with over 80 industrial application scenarios covered and more than 900 microservices available for subscription[134] - The company has received multiple awards for its digital transformation initiatives, including recognition as a top case for quality management digital transformation and participation in the formulation of industry standards[135] Strategic Expansion - The company is expanding its production and R&D bases in Guangzhou and Chengdu to meet the growing demand for new product development and capacity[9] - The company has established a new subsidiary, Supermicro, in 2024 to focus on developing electron beam measurement equipment, expanding its market participation in various measurement equipment categories[104] - The company is actively exploring new growth points through subsidiaries, achieving significant progress in their respective segments[109] - The company has completed a 140,000 square meter production and R&D base in Nanchang, which officially started operations in July 2023, and is constructing an 180,000 square meter base in Shanghai, expected to be operational by August 2024[138] Awards and Recognition - In 2024, the company received multiple industry accolades, including the 25th China Patent Award Silver Medal and recognition as one of Forbes China's 50 Most Innovative Companies[15] - The company has received over 100 prestigious awards and recognitions[39] - In 2024, the company received multiple industry awards, including the "Research Investment Achievement Award" and recognition as one of the "Top 50 Innovative Companies in China" by Forbes, indicating improved operational efficiency and high on-time delivery rates[140] Supply Chain and Production - The company has developed over 800 global suppliers through its SRM digital platform, enhancing supply chain autonomy and control[13] - The company has established a dynamic coordination mechanism for demand forecasting, inventory management, and supplier management, enhancing production efficiency and reducing product quality defects year by year[139] - The company utilizes a make-to-order production model, primarily focusing on customized design and manufacturing based on customer orders[171] Environmental Commitment - The company emphasizes energy conservation and emission reduction in its product development, aligning with ESG principles[13] - The company's dual etching machine saves over 30% of total manufacturing parts, significantly reducing carbon emissions[13]

中微公司：2024年净利润16.16亿元，同比下降9.53% 拟10派3元 金十数据4月17日讯，中微公司公告，2024年营业收入为90.65亿元，同比增长44.73%。归属于上市公司 股东的净利润16.16亿元，同比下降9.53%。拟向全体股东每10股派发现金红利3元(含税)。 订阅A股市场资讯 +订阅 ...

"数"说科创板 2025年3月 总体情况 截至2025年3月底，科创板上市公司共计586家。其中，集成电路领域公司总数 达119家，占A股同类上市公司的"半壁江山"，涵盖上游芯片设计、中游晶圆代工及 下游封装测试，形成上下游链条完整、产业功能齐备的发展格局；生物医药领域上 市公司总数112家，重点介入癌症、艾滋病、乙肝、丙肝等治疗领域，已成为美国、 香港之外全球主要上市地；新能源领域，已有17家光伏企业，20家动力电池产业链 公司，绿色经济发展势头良好；工业机器人、轨道交通等产业链也已初具规模。 01 地区分布情况 截至3月底，科创板上市公司已覆盖全国23省（自治区、直辖市），家数排名前五的省市为江苏 省113家，上海93家，广东省91家，北京76家，浙江省51家，合计424家，占比72%。长三角三省一市 合计281家，占比48%。 02 募集资金情况 科创板586家公司合计首发募集资金总额9,207.82亿元。科创板公司平均募集资金金额为15.74亿 元，最大值为中芯国际532.3亿元，中位数为9.90亿元。 科创板公司募集资金前五名 科创板公司募集资金分布情况 | 证券代码 | 证券简称 | 募资总额 | ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3]. Core Views - The company is positioned as a leader in domestic high-end semiconductor equipment, focusing on etching and MOCVD equipment, with a strong emphasis on R&D and innovation to drive growth [12][18]. - The company has demonstrated robust revenue growth, with revenue and net profit expected to continue increasing significantly in the coming years [3][24]. Summary by Sections Company Overview - Established in May 2004, the company has developed a platform-based growth model centered on etching and MOCVD equipment, expanding into thin film deposition and measurement equipment [1]. - The company's plasma etching technology has reached below 5nm, with increasing market share and substantial orders from leading clients [1][12]. Market Position and Technology - The company has delivered over 3,800 CCP reaction chambers and has more than 700 ICP reaction chambers in production, covering over 95% of etching applications [2]. - The company’s MOCVD equipment leads the market in GaN-based devices, with ongoing development for new applications in power devices and Micro-LED manufacturing [1][3]. Financial Performance - Revenue and net profit have shown a compound annual growth rate (CAGR) of 33.0% and 61.7% respectively from 2018 to 2024, with projected revenues of approximately 120.7 billion and 158.0 billion for 2025 and 2026 [1][3]. - The company achieved a revenue of 62.64 billion in 2023, a year-on-year increase of 32.15%, with a net profit of 17.86 billion, up 52.67% year-on-year [24]. Future Projections - The company is expected to achieve revenues of 120.7 billion and 158.0 billion in 2025 and 2026, with corresponding net profits of 25.5 billion and 35.6 billion [3]. - The gross margin is projected to be 42.9% in 2025 and 43.9% in 2026, indicating a favorable valuation with a PE ratio of 49x and 35x for the respective years [3].

Revenue Growth - The company's 2024 revenue reached approximately 9.07 billion CNY, an increase of about 2.80 billion CNY compared to 2023, representing a year-on-year growth of approximately 44.73%[1] - Revenue from etching equipment in 2024 was approximately 7.28 billion CNY, showing a year-on-year increase of about 54.73%[1] R&D Investment - R&D investment for 2024 was approximately 2.45 billion CNY, an increase of 1.19 billion CNY from the previous year, reflecting a year-on-year growth of approximately 94.31%[2] - The company has developed over 20 new devices across six categories, significantly accelerating the new product development cycle to two years or less[2] Profitability - The net profit attributable to the parent company for 2024 was approximately 1.63 billion CNY, a decrease of about 8.93% compared to the previous year[5] - The net profit attributable to the parent company after deducting non-recurring gains and losses was approximately 1.39 billion CNY, an increase of about 16.52% year-on-year[5] Sales Performance - The company achieved a per capita sales figure exceeding 4 million CNY in 2024, up from 3.5 million CNY in 2022[3] Asset Growth - Total assets at the end of the reporting period were approximately 262.29 billion CNY, an increase of 21.85% from the beginning of the period[10] Market Expansion - The company has successfully entered the market with six types of LPCVD film equipment, receiving bulk orders worth approximately 476 million CNY[1] - The company is actively expanding its production and R&D bases, with facilities in Nanchang and Shanghai totaling approximately 320,000 square meters[11]

Investment Rating - The report assigns a "Buy" rating for the company [4]. Core Insights - The company is a leading domestic semiconductor equipment manufacturer with significant revenue growth, achieving a compound annual growth rate (CAGR) of 33.93% from 2019 to 2023 [1][24]. - The semiconductor equipment market is expected to grow significantly, with a projected market size of $128 billion by 2025, driven by advancements in technology and increased demand for AI and cloud computing applications [2][38]. - The company has a diversified product portfolio, focusing on plasma etching equipment and MOCVD technology, which positions it well to benefit from the trend of domestic equipment autonomy [3][4]. Summary by Sections Section 1: Company Overview - The company specializes in high-end semiconductor micro-processing equipment and has established itself as a leader in the domestic market [17]. - Its core products include plasma etching equipment, which is widely used in advanced semiconductor manufacturing processes [18]. Section 2: Market Opportunities - The semiconductor industry is experiencing a recovery, with AI and HPC driving demand, leading to a forecasted global semiconductor sales increase of 16% in 2024 [33]. - The domestic equipment market is expected to reach $35 billion in sales by 2024, highlighting the growth potential for local manufacturers [39]. Section 3: Product Development and Strategy - The company is enhancing its product offerings through both internal development and external partnerships, aiming to cover a broader range of semiconductor manufacturing processes [3]. - It has made significant advancements in its etching and MOCVD equipment, which are critical for the production of advanced semiconductor devices [18][19]. Section 4: Financial Projections - Revenue projections for 2024-2026 are estimated at 9.065 billion, 12.269 billion, and 15.213 billion yuan, respectively, with corresponding year-on-year growth rates of 44.72%, 35.35%, and 24.00% [4][9]. - The company's net profit is expected to fluctuate, with a projected decline in 2024 followed by substantial growth in subsequent years [4][9].

中国 证券研究 2025 年 2 月 20 日 中微公司 - A 强劲势头有望延续；维持"增持"评级 根据我们近期的供应链调研，得益于先进制程晶圆代工厂资本开支高企 ，2025 年中国晶圆加工设备（WFE）需求远好于之前担忧。加上新建成 熟制程产能在国产化率方面的追赶，我们认为国内企业或将继续大幅扩 大市占率。我们预计中微公司等头部企业将跑赢，得益于其产品组合和 客户群不断扩大。我们目前预计公司 2025-27 年收入/盈利年复合增长率 为 52%/69%，且我们截至 2026 年 6 月的新目标价为 220.0 元，基于 20 倍的一年动态市盈率。维持"增持"评级。 增持 688012.SS, 688012 CH 股价（2025 年 2 月 20 日）： 205.10 元 ▲ 目标价（2026 年 6 月）： 220.00 元 之前（2025 年 12 月）： 195.00 元 证券研究报告 科技 证券分析师: 冯令天 AC (86-21) 6106 6359 billy.feng@jpmorgan.com 登记编号: S1730520030005 证券分析师: 许日 (86-21) 6106 6318 r ...

证券研究报告 电子 | 半导体 非金融|首次覆盖报告 hyzqdatemark 2025 年 02 月 18 日 证券分析师 葛星甫 SAC：S1350524120001 gexingfu@huayuanstock.com 市场表现： | 基本数据 | | | 2025 | 年 | | | 日 | | 17 | | | | 02 | 月 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 193.21 | | | | | | | | | | | 一 年 内 | 最 | 高 | | | | | | 最 | | 低 | / | 256.99/115.50 | | | | | （元） | | | | | | | | | | | | | | | | | 总市值（百万元） | | | | | 120,246.90 | | | | | | | | | | | | 流通市值（百万元） | | | | | 120,246.90 | | ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 中微公司 • 中微公司 2024 年研发费用大幅增加至 24.5 亿元，同比增幅高达 94.13%， 主要投入于刻蚀设备、薄膜沉积等领域，并积极布局泛半导体领域，预计 2025 年将有二十多种设备推向市场。 请介绍一下中微公司 2024 年的基本面情况。 2024 年，中微公司预计收入约为 90.65 亿元，同比增长 44.73%。其中，刻蚀设 备销售金额约为 72.76 亿元，同比增长 55%左右。研发投入方面，公司整体研 发费用约为 24.5 亿元，比去年增加了 11.88 亿元，增幅达 94.13%。从利润角 度来看，预计全年归母净利润在 15 亿至 17 亿元之间，同比减少 16%至 4.81%； 扣非净利润大约在 12.8 亿至 14.3 亿元之间，同比增速在 7.43%至 20%之间。 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调 ...