Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5] Core Views - The company has shown continuous revenue growth, with a 36.3% year-on-year increase in revenue for the first three quarters of 2024, reaching 5.507 billion yuan. The revenue from etching equipment was 4.413 billion yuan, a 53.77% increase year-on-year, accounting for 80.1% of total revenue [2][11] - The net profit attributable to the parent company for the first three quarters of 2024 was 913 million yuan, a decrease of 21.3% year-on-year, primarily due to increased R&D expenses and a high base from the previous year [2][11] - The company has significantly increased its R&D investment, with R&D expenses rising by 96% year-on-year, reaching 1.544 billion yuan for the first three quarters of 2024, which constitutes 28% of total revenue [3][15] Summary by Sections Revenue and Profitability - The company achieved total revenue of 5.507 billion yuan in the first three quarters of 2024, with a year-on-year growth of 36.3%. The etching equipment revenue was 4.413 billion yuan, up 53.77% year-on-year [2][11] - The net profit attributable to the parent company was 913 million yuan, down 21.3% year-on-year, mainly due to increased R&D investment and a high base from the previous year [2][11] Margins and Expenses - The gross margin for the first three quarters of 2024 was 42.22%, a decrease of 3.6 percentage points year-on-year. The net profit margin was 16.56%, down 12.1 percentage points year-on-year [3][13] - R&D expenses accounted for 16.6% of total revenue, reflecting a significant increase in investment in new projects [3][15] Orders and Inventory - As of the end of Q3 2024, the company's contract liabilities were 2.988 billion yuan, a year-on-year increase of 119%. Inventory reached 7.822 billion yuan, up 66% year-on-year [4][17] - The company signed new orders totaling 7.64 billion yuan in the first three quarters of 2024, a 52% increase year-on-year, with expectations of 11-13 billion yuan in new orders for the entire year [4][17] Profit Forecast and Valuation - The forecasted net profits for 2024-2026 are 1.68 billion yuan, 2.43 billion yuan, and 3.40 billion yuan, respectively, with corresponding P/E ratios of 67, 46, and 33 times [5][23] - The company maintains a high growth potential, justifying the "Buy" rating [5][23]

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 228.0 CNY [1][2]. Core Insights - The company has shown continuous high growth in performance for Q3 2024, with a revenue increase of 35.96% year-on-year to 20.59 billion CNY, driven by the rapid release of etching equipment and a solid order backlog [2][3]. - The gross margin for Q3 2024 was 43.73%, reflecting a 5.56 percentage point increase from the previous quarter, while the net profit surged by 152.63% year-on-year to 3.96 billion CNY [1][2]. - The company is benefiting from the ongoing domestic substitution of semiconductor equipment, with significant growth in orders, particularly for etching equipment, which saw a 49.41% increase in revenue to 17.15 billion CNY in Q3 2024 [2][3]. Financial Summary - For the first three quarters of 2024, the company achieved total revenue of 55.07 billion CNY, a year-on-year increase of 36.27%, with a gross margin of 42.22% [1]. - The net profit attributable to the parent company for Q1-Q3 2024 was 9.13 billion CNY, showing a year-on-year decrease of 21.28%, while the net profit excluding non-recurring items increased by 10.88% to 8.13 billion CNY [1][3]. - The company’s R&D expenditure for Q1-Q3 2024 was 7.56 billion CNY, representing a year-on-year increase of 95.99%, accounting for approximately 28.03% of total revenue [2]. Order and Product Development - The company secured new orders totaling approximately 76.4 billion CNY in the first three quarters of 2024, marking a year-on-year increase of about 52.0%, with 62.5 billion CNY attributed to etching equipment [2]. - The company’s new product development is progressing well, with significant increases in the shipment of high-end etching products for advanced logic and memory devices [2]. Market Position and Future Outlook - The changing international trade environment is accelerating the domestic production of semiconductor equipment, positioning the company to benefit from this trend [2]. - The company is expected to play a crucial role in the domestic production process of high-end storage and logic production lines, with its equipment entering mass production for advanced technology nodes [2].

Financial Performance - In the first three quarters of 2024, the company's revenue reached 5.507 billion CNY, representing a year-on-year growth of 36.27% [1] - Revenue from plasma etching equipment amounted to 4.413 billion CNY, a significant increase of approximately 53.77% compared to the same period last year [1] - The company received new orders totaling 7.64 billion CNY, reflecting a year-on-year growth of about 52.0% [1] Product Development - The company successfully sold its first LPCVD equipment, generating revenue of 0.28 billion CNY [1] - EPI equipment has entered the mass production verification stage with multiple advanced logic device customers [1] - The company produced 1,160 specialized equipment units, marking a year-on-year increase of approximately 310% [2] Order and Contract Liabilities - New orders for etching equipment reached 6.25 billion CNY, with a year-on-year growth of approximately 54.7% [1] - As of September 2024, the company's contract liabilities amounted to approximately 2.988 billion CNY, a significant increase of about 287% compared to the beginning of the year [3] Research and Development - R&D investment accounted for 28.03% of the company's revenue in the first three quarters of 2024 [2] - The company is developing over 20 types of thin film deposition products, with 6 types already delivered to clients in 2023 [2] Market Outlook - The company anticipates new orders between 11 billion CNY and 13 billion CNY in 2024 [3] - The global semiconductor market is expected to maintain double-digit growth in capital expenditure in 2025, benefiting the company [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant growth in Q3 2024, with a year-on-year revenue increase of 35.96% and a quarter-on-quarter increase of 11.77% [4] - The company is focusing on high-end etching equipment, which has seen a substantial increase in new shipments, particularly in advanced logic and memory device manufacturing [5] - The company is expected to achieve a total new order of 110-130 billion yuan for the year 2024, with a projected shipment increase of over 200% year-on-year [6] Financial Performance Summary - For Q1-Q3 2024, the company achieved a revenue of 55.07 billion yuan, representing a year-on-year increase of 36.27% [4] - The net profit attributable to the parent company for Q3 2024 was 3.96 billion yuan, showing a year-on-year increase of 152.63% [4] - The company has increased its R&D expenses significantly, with a year-on-year growth of approximately 64.38% in Q3 2024 [5] Order and Market Position - The company secured new orders worth 76.4 billion yuan in Q1-Q3 2024, marking a year-on-year increase of about 52% [6] - The company is positioned as a leader in the domestic etching market and is accelerating its expansion towards a platform-based company model [4][6] Financial Forecasts - The forecasted net profits for 2024, 2025, and 2026 are 17.92 billion yuan, 23.91 billion yuan, and 32.33 billion yuan respectively [4] - The expected earnings per share (EPS) for the same years are projected to be 2.88 yuan, 3.84 yuan, and 5.20 yuan respectively [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [7]. Core Insights - The company reported a net profit that exceeded expectations, with a revenue of 5.51 billion yuan for the first three quarters of 2024, reflecting a year-on-year growth of 36.3%. The gross margin stood at 42.22%, while the net profit attributable to shareholders was 910 million yuan, showing a year-on-year decline of 21.3% [4][5]. - New orders for the company reached 7.64 billion yuan in the first nine months of 2024, with a significant increase of over 50% in orders for etching equipment. The company’s market share for CCP and ICP etching equipment has also seen substantial growth [5][6]. - The company’s production capacity maintained a year-on-year increase, with a total output of 1,160 chambers in the first nine months of 2024, representing a 310% increase year-on-year [6]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 2.06 billion yuan, a year-on-year increase of 36.0% and a quarter-on-quarter increase of 11.8%. The net profit for the quarter was 400 million yuan, marking a year-on-year increase of 152.6% and a quarter-on-quarter increase of 48.1% [4][5]. - The gross margin for Q3 2024 improved to 43.7%, up 5.6 percentage points from Q2 2024. The R&D expense ratio decreased to 16.8%, contributing to a recovery in profitability [6]. Order and Production Insights - The company’s new orders for LPCVD equipment reached 300 million yuan in the first nine months of 2024, with a quarterly order of 132 million yuan in Q3 2024, indicating a strong demand [5]. - The company’s inventory of goods sent out reached 3.51 billion yuan by the end of September, reflecting a quarter-on-quarter increase of 740 million yuan [6]. Future Projections - The company is expected to benefit from the expansion of downstream storage manufacturers, with revenue projections for 2024 to 2026 set at 8.25 billion, 11.62 billion, and 14.92 billion yuan, respectively, with year-on-year growth rates of 31.7%, 40.8%, and 28.5% [7][8].

Investment Rating - The investment rating for the company is maintained at "Buy-A" [1][3]. Core Views - The company has maintained a high growth rate in new orders, with total new orders expected to reach 11-13 billion yuan for the year [1]. - In Q3 2024, the company achieved revenue of 2.059 billion yuan, representing a year-on-year growth of 35.96% and a quarter-on-quarter growth of 11.77% [1]. - The revenue from etching equipment reached 1.715 billion yuan, with a year-on-year increase of 49.41% and a quarter-on-quarter increase of 25.83% [1]. - The net profit attributable to shareholders was 396 million yuan, showing a year-on-year growth of 152.63% and a quarter-on-quarter growth of 48.11% [1]. - The company expects to deliver 110-130 billion yuan in new orders for 2024, with advanced processes accounting for over 70% of the new orders [1][3]. Summary by Sections Financial Performance - In Q3 2024, the company reported a gross margin of 43.73%, a decrease of 2.01 percentage points year-on-year, but an increase of 5.56 percentage points quarter-on-quarter [1]. - R&D investment reached 573 million yuan, a year-on-year increase of 75.12%, reflecting the company's commitment to enhancing its R&D capabilities [1]. - For the first three quarters of 2024, the company received new orders totaling 7.64 billion yuan, a year-on-year increase of approximately 52.0% [1]. Order and Delivery Metrics - The company delivered 1,514 units of specialized equipment in the first three quarters of 2024, a year-on-year increase of 239% [1]. - The balance of goods shipped at the end of September 2024 was approximately 3.507 billion yuan, an increase of 26.40 billion yuan compared to the beginning of the year [1]. - The contract liability balance at the end of September 2024 was approximately 2.988 billion yuan, an increase of about 22.16 billion yuan compared to the beginning of the year [1]. Future Projections - Revenue projections for 2024 to 2026 are estimated at 8.368 billion yuan, 11.163 billion yuan, and 14.590 billion yuan, with growth rates of 33.6%, 33.4%, and 30.7% respectively [3][4]. - The net profit attributable to shareholders is projected to be 1.810 billion yuan, 2.396 billion yuan, and 3.235 billion yuan for the same period, with growth rates of 1.4%, 32.4%, and 35.0% respectively [3][4].

Investment Rating - The investment rating for the company is "Buy" [4][9]. Core Views - The company reported a significant improvement in its quarterly performance, with a year-on-year revenue increase of 36.27% to 5.507 billion yuan in the first three quarters of 2024. However, the net profit attributable to shareholders decreased by 21.28% to 913 million yuan [2][6]. - The company's core product, etching equipment, continues to grow rapidly, with revenue from this segment reaching 4.413 billion yuan, a year-on-year increase of approximately 53.77% [8][9]. - The company is making good progress with new products, including MOCVD and LPCVD equipment, which are expected to contribute positively to future revenue growth [8][9]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 2.059 billion yuan, a year-on-year increase of 35.96% and a quarter-on-quarter increase of 11.77%. The net profit attributable to shareholders for Q3 was 396 million yuan, up 152.63% year-on-year and 48.11% quarter-on-quarter [7]. - The gross margin and net margin for Q3 were 43.73% and 19.22%, respectively, showing improvements in profitability compared to the previous quarter [7]. Revenue and Profit Forecast - The company is expected to achieve revenues of 8.416 billion yuan, 11.097 billion yuan, and 14.280 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 34.36%, 31.86%, and 28.69% [9][10]. - The net profit attributable to shareholders is projected to be 1.895 billion yuan, 2.415 billion yuan, and 3.124 billion yuan for the same years, with growth rates of 6.12%, 27.41%, and 29.36% [9][10]. Valuation Metrics - The earnings per share (EPS) are forecasted to be 3.05 yuan, 3.88 yuan, and 5.02 yuan for 2024, 2025, and 2026, with corresponding price-to-earnings (P/E) ratios of 59x, 46x, and 36x [9][10]. - The company maintains a strong market position as a leading domestic etching equipment manufacturer, with new business lines expected to sustain high growth [9].

Investment Rating - The investment rating for the company is upgraded to "Outperform the Market" [1] Core Views - The company has shown significant growth in its high-end etching equipment shipments, with a notable increase in new orders for LPCVD equipment amounting to 300 million yuan in the first three quarters of 2024 [5][10] - In Q3 2024, the company achieved a revenue of 2.059 billion yuan, representing a year-on-year increase of 35.96% and a quarter-on-quarter increase of 11.77% [5] - The company is expected to see a substantial increase in shipment volumes in 2024, with a projected year-on-year growth of over 200% [7] Financial Performance - In Q3 2024, the company's net profit attributable to shareholders was 396 million yuan, a year-on-year increase of 152.63% and a quarter-on-quarter increase of 48.11% [5] - The total revenue for the first three quarters of 2024 reached 5.507 billion yuan, a year-on-year increase of 36.27% [5] - The company’s gross profit margin for Q3 2024 was 43.73%, an increase of 5.56 percentage points quarter-on-quarter [5] Orders and Production - The company received new orders totaling 7.64 billion yuan in the first three quarters of 2024, a year-on-year increase of 52% [10] - The etching equipment segment alone accounted for 6.25 billion yuan of new orders, reflecting a year-on-year increase of 54.7% [10] - The company produced 1,160 specialized equipment units in the first three quarters of 2024, a year-on-year increase of approximately 310% [7] Research and Development - R&D expenditure for the first three quarters of 2024 was 1.544 billion yuan, a year-on-year increase of 95.99%, representing about 28.03% of the company's revenue [6] - The company has successfully launched new products, including the LPCVD equipment, which generated 28 million yuan in revenue [6][10] Revenue Forecast - Revenue projections for the company are 8.673 billion yuan, 12.280 billion yuan, and 15.322 billion yuan for 2024E, 2025E, and 2026E respectively, with year-on-year growth rates of 38.47%, 41.58%, and 24.78% [9][10] - The net profit attributable to shareholders is expected to be 1.834 billion yuan, 2.580 billion yuan, and 3.226 billion yuan for the same years, with growth rates of 2.71%, 40.64%, and 25.05% respectively [9][10] Valuation - The company is assigned a PE valuation of 50x-55x for 2025E, corresponding to a market value range of 129.101 billion yuan to 142.011 billion yuan, and a reasonable share price range of 207.49 yuan to 228.24 yuan [7][14]

证券时报记者 王一鸣 10月29日晚间，中微公司（688012）发布2024年第三季度报告。据披露，公司2024年前三季度营业收入 为55.07亿元，同比增长约36.27%；主要系公司的等离子体刻蚀设备在国内外持续获得更多客户的认 可，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量显著提升，先进逻辑器件中段 关键刻蚀工艺和先进存储器件超高深宽比刻蚀工艺实现量产所致。 中微公司介绍，2024年前三季度刻蚀设备收入为44.13亿元，同比增长约53.77%。公司紧跟MOCVD市 场发展机遇，积极布局用于碳化硅和氮化镓基功率器件应用的市场，并在Micro-LED和其他显示领域的 专用MOCVD设备开发上取得良好进展，几款已付运和即将付运的MOCVD新产品正在陆续进入市场。 此外，本年前三季度公司新产品LPCVD设备实现首台销售，收入0.28亿元。公司EPI设备已顺利进入客 户端量产验证阶段，已完成多家先进逻辑器件与MTM器件客户的工艺验证，并且获得客户高度认可。 订单方面，前三季度公司新增订单76.4亿元，同比增长约52.0%。其中刻蚀设备新增订单62.5亿元，同 比增长约54.7%；LPCVD新增订单 ...

证券代码：688012 证券简称:中微公司 公告编号：2024-068 中微半导体设备（上海）股份有限公司 第二届董事会第二十六次会议决议公告 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。 一、董事会会议召开情况 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"）于 2024 年 10 月 29 日召开了第二届董事会第二十六次会议（以下简称"本次会议"）。 本次会议的通知于 2024 年 10 月 22 日通过电话及邮件方式送达全体董事。会议 应出席董事 11 人，实际到会董事 11 人，会议由公司董事长尹志尧先生主持。本 次会议的召集和召开程序符合有关法律、行政法规、部门规章、规范性文件和公 司章程的规定。会议决议合法、有效。 二、董事会会议审议情况 会议经全体参会董事表决，形成决议如下： （一）审议通过《关于公司 2024 年第三季度报告的议案》 根据《中华人民共和国证券法》《上市公司信息披露管理办法》《上海证券交 易所科创板股票上市规则》《科创板上市公司自律监管指南第 3 号——日常信息 披露》等 ...