环球市场动态 内 地 经 济 景 气 边 际 回 升 股 票 周五 A 股继续走高，半导体板块出 现回调，军工等板块持续活跃；港 股结束三连跌，大型科技股多数回 暖；欧洲股市下跌，地缘冲突和法 国政局影响市场情绪较低；美国 7 月 PCE 数据高于预期，降息概率下 调推动投资者获利了解，美股回落， 科技股表现不佳，阿里巴巴 (BABA US) 财报优于预期推动中概股大 涨。 $${\mathcal{H}}\;\;{\tilde{\chi}}\sqsubset\;I\;{\widehat{\mathbb{P}^{\oplus}}}\;\;{\overline{{\mathbb{H}}}}$$ 美国通胀指标 7 月依然居高不下， 市场等待俄乌和谈进展，上周五国 际油价下跌；市场围绕特朗普将美 联储理事库克免职的法律纠纷升级 之际，金价上涨，逼近历史高点。 铜价连续四周攀升。 固 定 收 益 美国国债涨跌互现，两年期收益率 收低，收益率曲线趋陡，美联储领 导层不确定高企。亚洲市场月末资 金流向卖盘偏多，利差略微走宽。 产品及投资方案部 I 环球市场动态 I 2025 年 9 月 1 日 产品及投资方案部 注：bp/ ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Semiconductor Sector in China - **Recent Performance**: The A-share semiconductor sector experienced a rally of 13% last week, outperforming the CSI300 index by the same percentage in August [1][3] Core Insights and Arguments - **Drivers of Rally**: 1. Launch of DeepSeek's V3.1 model, which supports next-generation local AI chips [1][3] 2. China Mobile's announcement of a supplier list for its Rmb5 billion AI server tender [1][3] 3. Strong wafer fab equipment (WFE) imports in July, which increased by approximately 14% year-on-year and 11% month-on-month [3] - **Valuation Expectations**: - The semiconductor sector is expected to undergo a re-rating, with a preference for local AI, China WFE, and Apple supply chain stocks due to positive catalysts [1][3] - Current trading levels are about 20% above historical average price-to-earnings ratios (PER), but WFE and Apple supply chain stocks are trading at 0.5 standard deviations below average [3] - **Investment Preferences**: - Favorable outlook on server companies like Huaqin and Inspur within the local AI supply chain [3] - Preference for leading WFE companies such as AMEC and Apple supply chain players like Cowell and Luxshare [3] - Caution advised on Android smartphone component suppliers due to sub-seasonal demand in the second half of 2025 [3] Additional Important Information - **China Mobile's AI Server Tender**: - The tender includes various packages with specific volumes and candidate suppliers, indicating a strong demand for indigenous AI solutions [4] - Notable allocations include H3C and ZTE dominating several packages, with Inspur securing 100% of one package [4] - **WFE Import Data**: - The increase in WFE imports is seen as a positive indicator for the demand in China, with expectations of flat to single-digit growth year-on-year driven by advanced memory and logic capacity expansions [3][10] - **Market Dynamics**: - Despite the overall positive sentiment, there is caution regarding semiconductor price hikes from foundries and integrated device manufacturers (IDMs) [3] - **Performance of A-share WFE Names**: - A-share WFE companies have underperformed compared to tech and semiconductor indices year-to-date, despite guidance for 30-50% sales growth [3] This summary encapsulates the key points discussed in the conference call, focusing on the semiconductor sector's performance, investment preferences, and market dynamics.

中微公司 20250829.docx AceCamp AI 2025-08-30 摘要 中微公司 2025 年上半年 LD 导体化学沉积设备销售额同比大幅增长 608.2%，归母净利润达 7.06 亿元，同比增长 36.6%，显示出强劲的 增长势头。 2025 年第二季度毛利率小幅下降至 38.54%，主要受新设备导入初期 成本及客户折扣影响，预计为一次性因素，全年毛利率目标仍维持在 40%以上。 公司积极布局外延扩张，未来将按照集成电路、半导体领域等 3D 生产 战略，通过刻蚀、薄膜延伸到量检测，再到湿法工艺，实现业务扩展。 受益于国内逻辑芯片需求的显著增加和国产替代加速，中微公司预计逻 辑器件制造订单将持续增长，存储器件制造也将受益于技术升级和市场 扩展。 中微公司上半年新签订单同比增长 40%，与确认销售增长同步，其中存 储客户订单占比约 67%，逻辑客户占比约 30%，先进制程订单占比超 70%。 Q&A 中微公司 2025 年上半年业绩表现如何？ 中微公司在 2025 年上半年实现营业收入 49.61 亿元，同比增长 43.9%。其中， 等离子体刻蚀设备销售额为 37.81 亿元，同比增长 40.1 ...

上海证券有限责任公司王亚琪,刘阳东近期对中微公司进行研究并发布了研究报告《中微公司2025H1业绩点评：25H1营收和业绩实现高增，新品 研发周期加速》，给予中微公司买入评级。 中微公司(688012) 投资摘要 公司发布2025年半年报报告。2025H1公司实现营收49.61亿元，同比+43.88%；归母净利润7.06亿元，同比+36.62%；扣非后归母净利润5.39亿元， 同比+11.49%。2025Q2单季度来看，公司实现营收27.87亿元，同比+51.26%，环比+28.25%；归母净利润3.93亿元，同比+46.82%，环比+25.47%； 扣非后归母净利润2.40亿元，同比+9.16%，环比-19.39%。 高端刻蚀设备和LPCVD快速放量，25H1营收实现高增。2025H1，公司营收同比高增43.88%，单Q2收入同比+51.26%，收入增长提速，主因应用 于先进逻辑和先进存储制造的高端刻蚀设备出货量显著提升以及LPCVD实现快速放量。分产品看，1)刻蚀设备：2025H1刻蚀设备销售收入约 37.81亿元，同比增长约40.12%，主因公司针对先进逻辑和存储器件制造中关键刻蚀工艺的高端产品新增付运 ...

证券研究报告·行业跟踪周报·机械设备 机械设备行业跟踪周报 强推 PCB 设备高景气投资机会；推荐业绩兑 现低估值高增速的工程机械 增持（维持） [Table_Tag] [1.Table_Summary] 推荐组合：北方华创、三一重工、中微公司、恒立液压、中集集团、拓荆科技、海天 国际、柏楚电子、晶盛机电、杰瑞股份、浙江鼎力、杭叉集团、先导智能、长川科技、 华测检测、安徽合力、精测电子、纽威股份、芯源微、绿的谐波、海天精工、杭可科 技、伊之密、新莱应材、高测股份、纽威数控、华中数控。 2.投资要点： 【PCB 设备】头部 PCB 厂纷纷规划高阶 HDI 扩产，扩产竞赛下看好设备商充分受益 AI 算力服务器需求激增推动 PCB 市场扩容，2024 年 PCB 下游中服务器/存储方向产值 为 109.16 亿元，同比+33%，占比约为 15%。AI 算力服务器对 PCB 需求向更高阶数的 HDI 板方向发展，2024 年全球 HDI 板产值增速达 18.8%，均远超 PCB 行业的整体增 速 5.8%。国内以胜宏科技、沪电股份、深南电路等代表的 PCB 板厂纷纷宣布高阶 HDI 产能扩产计划。以头部厂商为例：1） ...

市规则》 等有关法律法规和规范性文件的要求，对中微公司使用自有资金支付募投项目所 需资金并以募集资金等额置换事项进行了审慎核查，具体情况如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到账情况 经上海证券交易所审核同意，并根据中国证券监督管理委员会于 2021 年 3 月 3 日出具证监许可[2021]645 号文《关于同意中微半导体设备（上海）股份有 限公司向特定对象发行股票注册的批复》，公司向特定对象发行 80,229,335 股人 民币普通股 A 股股票。截至 2021 年 6 月 22 日止，公司完成了人民币普通股 A 股 80,229,335 股的发行，每股发行价格为人民币 102.29 元，股款以人民币缴足， 合计人民币 820,665.87 万元，扣除承销及保荐费用共计人民币 8,206.66 万元（不 含增值税）后，实际收到募集资金计人民币 812,459.21 万元，再扣除其他发行费 用人民币合计 642.96 万元（不含增值税）后，实际募集资金净额为人民币 到位，业经普华永道中天会计师事务所（特殊普通合伙）予以验证并出具了普华 永道中天验字（2021）第 0638 号验资报告。 ...

点击招商研究小程序查看PDF报告原文 事件： 中微公司发布2025半年报，25Q2收入同比高增长，利润稳健增长，公司加大研发投入以加速新 品推出节奏，刻蚀设备在先进制程工艺产线持续上量，EPI等新品验证进展顺利。 投资评级。 25Q2收入同比高增长，加大研发投入短期影响利润表现。 ①25H1收入49.6亿元，同比+43.9%；归母净 利润7.1亿元，同比+36.6%；扣非净利润5.4亿元，同比+11.5%；②25Q2收入27.9亿元，同比+51.3%/环 比+28.3%；毛利率38.5%，同比+0.4pct/环比-3pcts；归母净利润3.93亿元，同比+46.8%/环比+25.5%；扣 非净利润2.4亿元，同比+9.2%/环比-19.4%；扣非净利率8.6%，同比-3.3pcts/环比-5pcts。公司利润增速 低于收入增速，主要系研发等支出影响，25H1研发费用11.16亿元，同比+96.7%；公司扣非净利润增速 低于归母净利润增速，主要受非经常损益影响，包括政府补助、以公允价值计量的对外股权投资 （25H1为1.68亿元，同比增加1.76亿元）等。 刻蚀设备在先进制程产线持续上量，EPI设备验证进展顺利 ...

Core Insights - In the first half of 2025, the company achieved a revenue of approximately 4.961 billion yuan, representing a year-on-year growth of about 43.88% [1] - The net profit attributable to the parent company was approximately 706 million yuan, with a year-on-year increase of about 36.62% [1] - The company's R&D investment totaled 1.492 billion yuan, an increase of 53.70% year-on-year, accounting for 30.07% of its revenue [1] Revenue and Profit Growth - The sales revenue from etching equipment was approximately 3.781 billion yuan, up by about 40.12% year-on-year [2] - LPCVD equipment sales reached approximately 199 million yuan, showing a significant increase of 608.19% [2] - The company has achieved large-scale production of various key etching processes in advanced logic and storage devices, contributing to strong revenue growth [2] Market Position and Product Development - The company’s etching equipment now covers over 95% of etching applications, extending its technological capabilities to 5nm and more advanced processes [2] - The company has a strong patent portfolio with 3,038 applications filed, including 2,507 invention patents, and 1,901 patents granted [5] - The company is expanding its product layout in the semiconductor micro-manufacturing field, including MOCVD equipment for GaN-based devices and new TSV deep silicon etching equipment [6] R&D and Innovation - The company employs a three-tiered R&D model focusing on "pre-research, mass production, and iteration," with a strong emphasis on advanced process technology below 5nm [6] - The R&D process is organized into independent teams for different product categories, optimizing resource use and enhancing innovation [5] - The company’s R&D investment intensity exceeds revenue proportion, ensuring a technological edge in the market [6] Industry Outlook - The semiconductor manufacturing equipment sales are projected to reach $130 billion by 2026, with China and South Korea being major spending regions [7] - The company’s founder has over 40 years of industry experience, contributing to its strong market position and technological advancements [7] - The company has established a business model that combines equipment sales with process validation and service, creating a stable cash flow and reducing risks associated with equipment cycles [8]

证券研究报告·公司点评报告·半导体 中微公司（688012） 2025 年中报点评：业绩持续增长，平台化布 局陆续落地 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 6,264 | 9,065 | 11,472 | 14,179 | 17,540 | | 同比（%） | 32.15 | 44.73 | 26.55 | 23.60 | 23.70 | | 归母净利润（百万元） | 1,786 | 1,616 | 2,432 | 3,402 | 4,454 | | 同比（%） | 52.67 | (9.53) | 50.53 | 39.89 | 30.92 | | EPS-最新摊薄（元/股） | 2.85 | 2.58 | 3.88 | 5.43 | 7.11 | | P/E（现价&最新摊薄） | 79.06 | 87.39 | 58.06 | 41.50 | 31.70 | [Table_Tag] [投资要点 T ...

证券研究报告 | 公司点评报告 2025 年 08 月 29 日 中微公司（688012.SH） 25Q2 利润同比稳健增长，加快研发投入和新品推出节奏 TMT 及中小盘/电子 中微公司发布 2025 半年报，25Q2 收入同比高增长，利润稳健增长，公司加大 研发投入以加速新品推出节奏，刻蚀设备在先进制程工艺产线持续上量，EPI 等新品验证进展顺利。维持"增持"投资评级。 ❑ 风险提示：下游晶圆厂扩产不及预期，晶圆厂产能利用率下滑的风险，新品 研发不及预期，行业竞争加剧的风险。 | 财务数据与估值 | | | | | | | --- | --- | --- | --- | --- | --- | | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | 营业总收入(百万元) | 6264 | 9065 | 11929 | 15121 | 18500 | | 同比增长 | 32% | 45% | 32% | 27% | 22% | | 营业利润(百万元) | 1980 | 1704 | 2394 | 3233 | 4212 | | 同比增长 | 57% | -14% | ...